Ocular Therapeutix, Inc. (OCUL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-101.4%

-$0.10

vs $6.73 price

Levered DCF

-$1.13

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.82

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-8.55×	-7×	-4.09×	-2.7×	-6.64×	-8.09×	-2.07×	-2.54×
P/B	3.47×	4.29×	3.91×	6.11×	6.05×	16.53×	-49.26×	4.23×
P/S	43.86×	21.21×	6.09×	4.2×	12.23×	72.26×	42.31×	76.23×
EV / EBITDA	-6.47×	-5.88×	-3.67×	-2.88×	168.29×	-7.45×	-2.36×	-2.19×
Gross margin	87.3%	91.2%	91.0%	91.2%	89.9%	88.0%	45.0%	76.6%
Operating margin	-521.0%	-269.6%	-141.0%	-152.7%	-179.3%	-361.1%	-2029.9%	-2970.8%
Net margin	-513.2%	-303.7%	-138.1%	-138.0%	-15.1%	-894.3%	-2043.3%	-2899.1%
Current ratio	15.39×	10.66×	6.66×	4.13×	7.26×	9.23×	5×	6.14×
Debt / equity	0.12×	0.24×	0.92×	1.82×	0.67×	0.77×	-16.35×	0.69×
Interest coverage	-22.82×	-12.65×	-7.27×	-11.2×	-11.7×	-9.29×	-14.06×	-34×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-40.6%	-61.4%	-88.6%	-200.8%	-7.4%	-204.5%	2379.4%	-160.8%
Return on invested capital	-35.5%	-41.0%	-37.7%	-65.8%	-43.3%	-25.7%	-126.5%	-89.0%
Return on assets	-32.9%	-42.3%	-32.0%	-47.6%	-3.2%	-59.4%	-109.7%	-79.0%
Free cash flow yield	-9.5%	-10.1%	-21.4%	-29.3%	-12.5%	-4.3%	-44.6%	-33.7%
Earnings yield	-11.7%	-14.3%	-22.7%	-32.9%	-1.2%	-12.4%	-48.3%	-38.0%
Enterprise value	$1.6B	$1B	$243.6M	$178M	$427.3M	$1.1B	$183.7M	$122.4M
Net debt / EBITDA	2.63×	1.8×	1.69×	0.61×	-41.43×	1.16×	-0.06×	0.52×
Cash conversion cycle (days)	183	112	19	-102	-100	-7	-143	-2,120