Ocular THERAPEUTIX, Inc. (OCUL) intrinsic value & 10-year financials
Ocular THERAPEUTIX, Inc. (OCUL) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 44.5% a year to $52.0M, with an average return on invested capital of 66.8%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $6.87
- Market cap
- $1.3B
- Revenue (FY2025)
- $52.0M
- Revenue growth (10-yr CAGR)
- 44.5%
- ROIC (10-yr avg)
- 66.8%
- Free cash flow (FY2025)
- -$216.9M
OCUL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $52.0M | -$265.9M | -$1.42 | -$216.9M | -519.8% | 356.8% |
| FY2024 | $63.7M | -$193.5M | -$1.22 | -$136.0M | -269.6% | 203.0% |
| FY2023 | $58.4M | -$80.7M | -$1.02 | -$76.3M | -141.0% | 105.6% |
| FY2022 | $51.5M | -$71.0M | -$0.97 | -$63.3M | -152.7% | 122.4% |
| FY2021 | $43.5M | -$6.6M | -$0.98 | -$66.7M | -179.3% | 72.7% |
| FY2020 | $17.4M | -$155.6M | -$2.56 | -$54.4M | -361.1% | 64.9% |
| FY2019 | $4.2M | -$86.4M | -$1.91 | -$79.8M | -2029.9% | 174.5% |
| FY2018 | $2.0M | -$60.0M | — | -$51.1M | -2970.8% | -190.6% |
| FY2017 | $1.9M | -$63.4M | — | -$58.7M | -3220.1% | -158.5% |
| FY2016 | $1.9M | -$44.7M | — | -$35.9M | -2296.0% | -83.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
OCULAR THERAPEUTIX, INC is a consistent compounder, expanding top-line revenue at 44.5% annually over the past decade.
OCULAR THERAPEUTIX, INC has earned high returns on invested capital, averaging 28.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
OCULAR THERAPEUTIX, INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, OCULAR THERAPEUTIX, INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-47.17 per share.