OCULOcular Therapeutix, Inc.
Is the business good?
More warning than reassurance: 3 of 9 health tests passed and margins compressing.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is OCUL?
Ocular Therapeutix, Inc. spent more than it took in: an operating loss of $314M on $52M of revenue, 12 months to Q2 2026.
Operating loss · on $52M of revenue · 12 months to Q2 2026
- Share count, year on year
- +30%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 87%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −361% |
| FY2021 | −179% |
| FY2022 | −153% |
| FY2023 | −141% |
| FY2024 | −270% |
| FY2025 | −520% |
Details›
- Gross margin12 months to Q2 2026
- 87%
- Operating margin12 months to Q2 2026
- −603%
- Net margin12 months to Q2 2026
- −579%
- Free cash flow margin
- −490%
- R&D as % of revenue
- 429%
- Revenue, trailing twelve months
- $52M
- Free cash flow, trailing twelve months
- −$255M
- Net income, trailing twelve months
- −$301M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from OCUL and who it buys from, as the companies report it.
- Customer one42%
Share of revenue · FY2025 10-K
- Customer two24%
Share of revenue · FY2025 10-K
- Customer three9.0%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; OCUL’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.