Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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
Safe
Financial health
3.5
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-64.5%
ROE
$2.2B
Market cap
OCULAR THERAPEUTIX, INC earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 3.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-1056%Return on invested capital.Return on invested capital is -1056% and slipping from -398% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+42.2%/yrShare-count dilution.Diluted share count changed +127% over the last 3 years to FY2025 (+42.2%/yr). The count is GROWING — existing holders are being diluted. That's ~42.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~127%.
215d DSOReceivables 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 — watch the trend.
83% of revStock-based comp load.Stock-based compensation ran 83% of revenue in FY2025 — about $0.23 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-511.9%
Debt / Equity0.03x
Free Cash Flow$-216.9M
Latest Revenue$52.0M
Return on Equity-40.6%
Revenue Growth YoY-18.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on OCULAR THERAPEUTIX, INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about OCUL's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown