Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Ocular Therapeutix, Inc (OCUL)
A forensic read on Ocular Therapeutix, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
11.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-7.0
P / E (ttm)
-40.6%
ROE
$2.2B
Market cap
0.00%
Dividend yield
-18.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ocular Therapeutix, Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 11.6, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
215d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 186 to 215 days FY2024→FY2025 (receivables -5% vs revenue -18%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 163 → 186 → 215 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
183d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 173 to 183 FY2024→FY2025 (against cost of goods sold; inventory +17% vs +17% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +119% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +47.9%/yr figure isn't a real buyback/dilution read here.
83% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 83% of revenue in FY2025 — about $0.23 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 18.3% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$52.0M
Revenue Growth YoY-18.5%
Revenue CAGR (2yr)-5.7%
Net Margin-511.9%
Free Cash Flow-$216.9M
Return on Equity-40.6%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ocular Therapeutix, Inc's actual 10-K/10-Q/8-K filings?