Ocular Therapeutix, Inc. logo OCUL - Ocular Therapeutix, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
1
BUY 16
HOLD 2
SELL 0
STRONG
SELL
0
| PRICE TARGET: $25.50 DETAILS
HIGH: $30.00
LOW: $21.00
MEDIAN: $25.50
CONSENSUS: $25.50
UPSIDE: 209.84%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1
Revenue
Revenue 10.8 13.2 14.5 13.5 10.7 17.1 15.4 16.4 14.8 14.8 15.1 15.2 13.4 14.1 12.0 12.3 13.2 12.3 12.2 11.7 7.3 7.3 5.9 1.6 2.6 2.3 0.8 0.7 0.5 0.5 0.5 0.6 0.3 0.5 0.5 0.4 0.5 0.5 0.5 0.4 0.5 0.4 0.4 0.5 0.4 0.5 0.1 0.1 0.0 0 0 0 0
Cost of Revenue 1.3 1.6 1.8 1.9 1.3 1.2 1.6 1.5 1.3 1.4 1.4 1.3 1.2 1.0 1.1 1.2 1.3 1.1 1.3 1.1 0.9 0.7 0.5 0.1 0.8 0.8 0.8 0.6 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 10.5 0 0 0
Gross Profit 9.5 11.7 12.8 11.5 9.4 15.9 13.9 14.9 13.4 13.4 13.7 13.9 12.2 13.1 10.9 11.1 11.9 11.2 10.8 10.6 6.5 6.7 5.4 1.4 1.8 1.4 0.0 0.1 0.4 0.4 0.4 0.5 0.3 0.4 0.4 0.3 0.4 0.4 0.4 0.3 0.4 0.3 0.3 0.4 0.4 0.5 0.1 0.1 0.0 (10.5) 0 0 0
Operating Expenses
R&D Expenses 66.2 50.8 52.4 51.1 42.9 41.0 37.1 28.9 20.7 16.2 15.0 15.1 14.7 13.5 13.7 13.1 13.1 12.6 12.7 13.9 10.9 7.6 7.0 8.0 6.1 10.1 10.2 9.4 11.3 10.3 9.7 8.7 8.2 7.9 8.1 8.1 6.7 7.3 5.7 7.0 7.1 6.9 8.3 6.7 4.7 5.1 4.5 4.3 5.0 2.8 2.8 2.4 2.5
SG&A Expenses 36.6 30.6 29.1 28.1 30.5 25.4 22.8 29.7 24.3 17.3 17.9 19.4 20.0 18.9 18.7 17.9 16.6 16.7 17.7 17.0 15.8 13.4 12.5 11.3 12.3 12.7 12.9 12.3 8.7 7.4 5.5 5.3 5.5 5.2 7.5 10.6 9.3 5.5 3.9 4.5 3.8 3.7 3.2 3.3 2.8 2.9 2.4 1.7 1.9 0.6 0.7 0.6 0.6
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.0) 0 0 0 0 0 0 0 0.0 0 0 0 (0.0) 0 0 0.0 0.0 0.0 0 0 0 0 0 0.0 0.0 0.0 0.0
Operating Expenses 102.8 81.4 81.5 79.2 73.4 66.4 59.9 58.5 45.1 33.5 32.9 34.5 34.7 32.4 32.4 31.0 29.7 29.2 30.4 30.9 26.7 21.0 19.4 19.3 18.4 22.8 23.2 21.7 20.0 17.7 15.2 14.1 13.7 13.1 15.6 18.7 16.0 12.9 9.6 11.4 10.9 10.6 11.5 10.0 7.5 8.0 6.9 6.0 6.8 3.4 3.4 3.0 3.1
Operating Income
Operating Income (93.3) (69.8) (68.7) (67.6) (63.9) (50.6) (46.0) (43.6) (31.6) (20.1) (19.2) (20.6) (22.5) (19.4) (21.5) (19.9) (17.8) (18.0) (19.5) (20.2) (20.2) (14.3) (14.0) (17.9) (16.6) (21.4) (23.1) (21.6) (19.7) (17.3) (14.8) (13.6) (13.5) (12.7) (15.2) (18.3) (15.7) (12.5) (9.2) (11.1) (10.5) (10.3) (11.2) (9.6) (7.1) (7.5) (6.8) (5.9) (6.8) (3.4) (3.4) (3.0) (3.1)
Interest Expense 2.8 2.8 3.0 3.0 3.0 3.1 3.2 3.2 4.1 4.2 3.4 2.0 1.8 1.8 1.8 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.6 1.8 1.7 1.6 1.0 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.3 0.0 0.1 0.1 0.1 0.1
Interest Income 6.0 7.3 3.7 3.5 3.8 4.7 5.7 6.0 3.9 1.5 1.2 0.7 0.6 0.4 0.3 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.3 0.4 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Profitability
EBITDA (92.1) (60.6) (65.3) (63.8) (60.1) (44.3) (32.3) (39.6) (59.9) (24.1) 3.8 (18.0) (28.1) (13.2) (21.9) (16.5) (10.3) (1.6) 4.9 (6.2) 5.4 (83.2) (9.6) (34.2) (19.1) (23.5) (16.5) (22.4) (15.3) (16.4) (14.0) (12.8) (12.7) (12.1) (14.6) (17.9) (15.3) (12.2) (9.0) (10.9) (10.3) (10.1) (11.0) (9.4) (6.9) (7.4) (6.8) (5.9) (6.9) (3.3) (3.3) (2.9) (3.0)
EBIT (93.3) (61.8) (66.4) (64.8) (61.1) (45.3) (33.3) (40.6) (60.8) (25.1) 2.9 (18.7) (28.6) (13.7) (22.4) (17.1) (10.9) (2.2) 4.3 (6.8) 4.8 (83.9) (10.2) (34.9) (19.9) (24.2) (17.1) (22.8) (16.1) (17.0) (14.6) (13.3) (13.3) (12.6) (15.1) (18.2) (15.6) (12.4) (9.2) (11.0) (10.4) (10.2) (11.1) (9.6) (7.1) (7.5) (6.9) (6.1) (7.0) (3.4) (3.4) (3.0) (3.1)
Income Before Tax (88.6) (64.7) (69.4) (67.8) (64.1) (48.4) (36.5) (43.8) (64.8) (29.2) (0.5) (20.7) (30.3) (15.5) (24.2) (18.8) (12.5) (3.9) 2.7 (8.5) 3.1 (85.6) (11.9) (36.6) (21.5) (26.0) (18.8) (24.5) (17.1) (17.4) (15.0) (13.8) (13.8) (13.1) (15.6) (18.7) (16.0) (12.8) (9.6) (11.4) (10.8) (10.6) (11.5) (10.0) (7.6) (8.0) (7.3) (6.4) (7.0) (3.5) (3.5) (3.1) (3.2)
Income Tax Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.1 0.1 0 0 0.1 0.1 0 0 0 0.0 0 0 0 0 0 0 0 0
Net Income (88.6) (64.7) (69.4) (67.8) (64.1) (48.4) (36.5) (43.8) (64.8) (29.2) (0.5) (20.7) (30.3) (15.5) (24.2) (18.8) (12.5) (3.9) 2.7 (8.5) 3.1 (85.6) (11.9) (36.6) (21.5) (26.0) (18.8) (24.5) (17.1) (17.4) (15.0) (13.8) (13.8) (13.1) (15.6) (18.7) (16.0) (12.8) (9.6) (11.4) (10.8) (10.6) (11.5) (10.0) (7.6) (8.0) (7.3) (6.4) (7.0) (3.5) (3.5) (3.1) (3.2)
Per Share Data
EPS (Basic) -0.40 -0.29 -0.38 -0.39 -0.38 -0.29 -0.22 -0.26 -0.49 -0.21 -0.27 -0.26 -0.39 -0.25 -0.31 -0.27 -0.24 -0.24 -0.26 -0.27 -0.27 -1.21 -0.19 -0.64 -0.41 -0.54 -0.40 -0.57 -0.41 -0.42 -0.38 -0.37 -0.40 -0.44 -0.54 -0.64 -0.58 -0.52 -0.39 -0.46 -0.44 -0.43 -0.47 -0.45 -0.35 -0.37 -0.48 -2.10 -2.45 -1.34 -1.34 -1.19 -1.16
EPS (Diluted) -0.40 -0.29 -0.38 -0.39 -0.38 -0.29 -0.22 -0.26 -0.49 -0.20 -0.25 -0.26 -0.39 -0.24 -0.31 -0.25 -0.22 -0.23 -0.23 -0.25 -0.24 -1.21 -0.17 -0.64 -0.41 -0.54 -0.36 -0.57 -0.39 -0.42 -0.38 -0.37 -0.40 -0.44 -0.54 -0.64 -0.58 -0.52 -0.39 -0.46 -0.44 -0.43 -0.47 -0.45 -0.35 -0.37 -0.48 -2.10 -2.45 -1.34 -1.34 -1.19 -1.16
Shares Outstanding 224.1 222.9 183.9 172.6 169.4 168.0 167.0 165.8 132.0 105.9 79.4 78.0 77.4 77.0 77.0 76.8 76.7 76.6 76.6 76.3 76.1 70.6 63.0 57.1 51.9 48.5 46.9 42.9 42.3 41.1 39.0 37.5 34.4 29.7 29.1 29.0 27.6 24.9 24.9 24.8 24.8 24.7 24.7 22.2 21.4 21.3 15.2 3.0 2.9 2.6 2.6 2.6 2.8
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Current Assets
Cash & Cash Equivalents 666.7 737.1 344.8 391.1 349.7 392.1 427.2 459.7 482.9 195.8 110.5 66.6 79.0 102.3 121.0 134.5 145.4 164.2 179.3 191.9 209.4 228.1 70.6 84.3 48.2 54.4 65.4 61.8 76.3 54.1 56.9 56.8 62.9 41.5 51.2 63.0 54.7 32.9 52.2 48.2 46.2
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 25.7 35.2 23.5 35.7 49.2
Net Receivables 24.3 30.6 30.8 30.4 25.2 32.4 30.2 30.2 26.5 26.2 23.6 27.3 21.1 21.3 19.8 20.5 23.2 21.1 19.6 18.7 13.6 12.3 7.8 2.9 3.4 2.5 1.1 0.6 0.3 0.2 0.2 0.3 0.2 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.2
Inventory 3.7 3.6 3.5 3.0 3.3 3.0 2.4 2.5 2.6 2.3 2.3 2.2 2.3 2.0 1.5 1.5 1.4 1.2 1.2 1.1 1.1 1.2 1.2 1.1 1.1 1.0 0.9 0.8 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Other Current Assets 11.2 10.9 0 8.8 9.5 13.5 13.2 6.1 7.8 7.9 4.9 4.6 4.7 4.0 0 0 0 0 0 0 0 0 0 0 0 0 2.2 2.3 2.4 1.7 1.1 1.2 1.3 0.1 0.9 0 2.6 1.4 0.7 0 0
Total Current Assets 706.0 782.1 387.0 433.4 387.7 441.0 473.0 498.6 519.8 232.2 141.3 100.7 107.2 129.6 145.6 160.3 174.7 191.3 203.9 216.5 228.1 246.2 81.9 90.3 55.2 60.2 69.6 65.4 79.2 56.2 58.3 58.5 64.5 43.3 52.5 68.3 83.3 69.9 76.8 85.0 97.1
Non-Current Assets
Property, Plant & Equipment 24.9 24.3 22.3 16.3 16.6 15.3 15.7 16.9 17.5 18.2 19.4 20.1 19.6 17.9 11.2 11.0 11.2 11.8 12.0 12.4 13.1 13.9 14.6 15.2 15.9 16.8 17.3 17.5 15.7 10.2 10.4 10.4 10.6 10.5 10.2 9.6 5.7 3.3 3.8 3.2 3.1
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 1.6 1.6 1.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 0 0 0 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 6.8 6.6 6.6 1.6 1.6 1.6 1.6 1.7 1.7 1.7 1.7 1.7 1.7 0.2
Total Non-Current Assets 26.5 25.9 23.9 18.0 18.2 16.9 17.4 18.5 19.1 19.8 21.1 21.8 21.4 19.7 13.0 12.7 13.0 13.6 13.8 14.2 14.9 15.7 16.3 17.0 17.7 18.6 19.1 24.3 22.3 16.9 12.0 12.0 12.2 12.1 11.9 11.3 7.4 5.0 5.5 4.9 3.3
Total Assets 732.5 808.1 410.9 451.3 405.9 457.9 490.4 517.1 538.9 252.1 162.4 122.6 128.6 149.3 158.6 173.1 187.6 204.9 217.7 230.7 243.0 261.9 98.2 107.3 72.9 78.7 88.7 89.7 101.5 73.0 70.3 70.5 76.7 55.4 64.4 79.7 90.7 74.9 82.3 89.9 100.4
Current Liabilities
Account Payables 8.0 4.2 6.3 5.9 4.6 4.2 4.0 3.7 6.5 4.4 4.0 3.6 5.4 5.1 5.3 3.7 3.4 4.6 4.2 3.9 4.2 2.7 3.2 2.6 2.8 3.3 3.5 4.0 3.9 3.0 2.8 2.1 3.5 3.6 2.6 6.3 3.8 2.1 1.7 1.6 2.1
Short-Term Debt 3.2 0 0 0 0 0 0 0 0 0 0 2.1 0 0 0 0 0 0 0 0 8.3 8.3 6.2 4.1 2.1 0 1.1 1.0 0.7 0 6.1 6.1 6.1 5.5 4.0 2.4 0.9 1.5 3.8 2.5 1.2
Deferred Revenue 0 0 0 0 0.1 0.1 0.2 0.3 0.3 0.3 0.3 0.4 0.5 0.6 0.6 1.2 1.2 0 0 0 0 0 0 0 0 0 0 0 3.4 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 28.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (1.1) (1.0) (0.7) 2.6 0.1 0.4 0.7 1.4 1.2 2.4 3.0 0 1.4 0 0
Total Current Liabilities 47.7 50.8 49.3 42.9 37.9 41.4 36.4 30.0 24.3 34.9 35.1 32.4 29.7 31.4 29.3 26.1 24.0 26.3 25.2 21.6 27.4 26.7 22.9 13.8 11.1 12.0 11.0 10.1 8.6 9.2 13.4 11.9 13.2 13.4 10.9 13.1 8.7 8.3 8.2 6.4 6.0
Non-Current Liabilities
Long-Term Debt 72.1 71.3 70.6 69.9 69.2 68.5 67.8 67.1 66.5 74.9 73.9 53.3 54.7 54.0 53.3 52.7 52.1 51.4 50.8 50.2 39.7 41.2 42.8 47.3 48.3 49.3 46.6 47.9 47.6 24.8 8.1 9.5 11.0 12.5 13.9 15.4 16.8 14.1 11.8 13.0 14.2
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 13.0 14.8 15.1 14.2 14.0 13.4 14.6 22.2 19.7 30.1 24.1 11.9 13.0 6.4 11.6 10.5 13.2 20.2 36.1 59.9 73.3 98.3 28.8 32.5 15.5 12.1 10.6 13.9 11.7 3.2 3.3 3.3 3.3 3.4 3.6 3.1 1.3 0.5 0.0 0.0 0.1
Total Non-Current Liabilities 103.3 102.9 103.4 102.5 102.1 101.2 102.0 109.4 106.7 126.0 119.5 87.1 89.1 82.5 83.1 81.2 83.9 90.6 105.2 128.9 132.2 159.1 79.4 88.1 72.4 70.3 66.4 71.4 67.2 28.0 11.3 12.8 14.3 15.9 17.5 18.5 18.1 14.6 11.8 13.0 14.3
Total Liabilities 151.0 153.7 152.7 145.4 140.0 142.6 138.3 139.4 131.0 160.9 154.5 119.5 118.9 113.9 112.3 107.3 107.8 116.9 130.4 150.5 159.6 185.8 102.3 101.9 83.5 82.4 77.4 81.5 75.8 37.2 24.8 24.7 27.5 29.3 28.5 31.6 26.8 22.9 20.1 19.5 20.3
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings (1,245.6) (1,157.0) (1,092.4) (1,023.0) (955.1) (891.1) (842.7) (806.2) (762.4) (697.6) (668.4) (667.8) (647.2) (616.8) (601.3) (577.1) (558.3) (545.8) (542.0) (544.6) (536.1) (539.3) (453.6) (441.7) (405.1) (383.6) (357.6) (338.8) (314.4) (297.2) (279.8) (264.8) (251.0) (237.3) (224.2) (208.6) (189.9) (173.9) (161.1) (151.5) (140.0)
Accumulated Other Comprehensive Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (7.6) 0 0 0 0 (4.8) 0 (0.0) (0.0) 0.0 0.0 0
Total Stockholders' Equity 581.6 654.3 258.2 305.9 265.9 315.3 352.0 377.7 408.0 91.1 7.9 3.1 9.7 35.4 46.2 65.8 79.8 88.0 87.3 80.2 83.4 76.1 (4.1) 5.3 (10.7) (3.6) 11.3 8.3 25.6 35.9 45.5 45.7 49.2 26.1 35.9 48.0 63.9 52.0 62.3 70.4 80.2
Total Liabilities & Equity 732.5 808.1 410.9 451.3 405.9 457.9 490.4 517.1 538.9 252.1 162.4 122.6 128.6 149.3 158.6 173.1 187.6 204.9 217.7 230.7 243.0 261.9 98.2 107.3 72.9 78.7 88.7 89.7 101.5 73.0 70.3 70.5 76.7 55.4 64.4 79.7 90.7 74.9 82.3 89.9 100.4
Debt Metrics
Total Debt 79.5 77.0 77.0 76.9 76.2 75.8 75.1 74.9 74.4 83.4 83.0 64.8 64.6 64.3 59.7 59.5 59.2 59.0 58.7 58.5 56.6 58.4 58.2 61.0 60.1 59.3 58.4 59.3 56.4 24.8 14.2 15.6 17.1 18.0 17.9 17.8 17.7 15.6 15.6 15.5 15.4
Net Debt (587.2) (660.1) (267.8) (314.2) (273.5) (316.3) (352.1) (384.8) (408.5) (112.4) (27.5) (1.8) (14.4) (38.0) (61.3) (75.1) (86.2) (105.2) (120.5) (133.4) (152.8) (169.6) (12.5) (23.3) 12.0 4.9 (7.0) (2.5) (19.8) (29.3) (42.7) (41.2) (45.8) (23.5) (33.2) (45.2) (37.0) (17.3) (36.7) (32.7) (30.8)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Operating Activities
Net Income (88.6) (64.7) (69.4) (67.8) (64.1) (48.4) (36.5) (43.8) (64.8) (29.2) (0.5) (20.7) (30.3) (15.5) (24.2) (18.8) (12.5) (3.9) 2.7 (8.5) 3.1 (85.6) (11.9) (36.6) (21.5) (26.0) (18.8) (24.5) (17.1) (17.4) (15.0) (13.8) (13.8) (13.1) (15.6) (18.7) (16.0) (12.8) (9.6) (11.4) (10.8)
Depreciation & Amortization 1.3 1.2 1.1 1.0 1.0 1.0 1.0 1.0 0.9 1.0 0.9 0.7 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.4 0.8 0.6 0.6 0.6 0.6 0.5 0.5 0.4 0.3 0.3 0.2 0.2 0.2
Stock-Based Compensation 15.6 11.4 0 9.7 10.5 7.2 6.6 11.3 8.0 4.3 4.5 4.4 4.6 4.2 4.2 4.3 4.2 3.8 3.8 4.3 3.1 2.1 1.9 1.8 1.7 2.0 3.2 1.7 1.9 1.9 1.9 1.8 1.8 2.1 1.8 1.8 1.7 1.7 1.4 1.5 1.3
Change in Working Capital 1.0 (2.1) 3.7 0.6 5.5 0.9 (1.2) 3.1 (13.0) (6.6) 6.2 (4.6) (2.5) (2.1) 3.9 4.6 (5.1) (1.0) 2.7 (4.2) (0.3) 5.9 (1.7) 1.1 (4.2) (0.3) 0.4 0.2 (2.2) 1.1 1.6 (0.9) (1.2) (0.0) (1.1) 5.3 (0.6) 1.7 0.6 (0.2) (0.1)
Other Non-Cash Items 4.8 (0.1) 13.9 1.3 2.4 (0.0) (6.5) 3.6 35.1 8.0 (24.0) 1.3 7.8 (4.0) 2.4 (1.6) (5.8) (14.7) (22.7) (12.2) 1.1 1.1 (2.6) 1.1 1.0 1.2 0.7 1.3 0.4 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.0 0.0 0.0
Operating Cash Flow (66.0) (54.2) (50.7) (55.2) (44.7) (39.4) (36.6) (24.8) (33.9) (22.5) (12.9) (20.1) (20.0) (17.0) (13.2) (10.9) (18.6) (15.2) (13.0) (20.1) (17.4) (6.2) (13.7) (14.8) (18.9) (19.5) (19.5) (19.2) (19.4) (13.6) (10.9) (12.2) (12.5) (10.4) (14.4) (11.1) (14.6) (7.6) (7.3) (9.8) (9.3)
Investing Activities
Capital Expenditure (4.7) (2.8) (6.0) (1.2) (1.9) (0.2) (0.1) (0.7) (0.3) (0.5) (0.3) (2.0) (3.4) (2.1) (0.8) (0.5) (0.3) (0.6) (0.3) (0.1) (0.2) (0.3) (0.2) (0.1) (0.2) (0.6) (0.4) (0.5) (0.7) (0.5) (0.5) (0.6) (0.4) (0.6) (2.0) (4.0) (1.7) (0.7) (0.9) (0.2) (0.1)
Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.0) (0.0) 0 0 0
Purchases of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.0) 0 0 (3) (27.7) (2.5) (11.5) 0
Sales/Maturities of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 22.7 12.5 16 14.7 25 25
Other Investing Activities 0 0 0 0.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.1 0.0 22.7 0.0 0.0 0.0 (1.5) 25
Investing Cash Flow (4.7) (2.8) (6.0) (1.1) (1.9) (0.2) (0.1) (0.7) (0.3) (0.5) (0.3) (2.0) (3.4) (2.1) (0.8) (0.5) (0.3) (0.6) (0.3) (0.1) (0.2) (0.3) (0.2) (0.1) (0.2) (0.6) (0.4) (0.5) (0.7) (0.5) (0.5) (0.6) (0.4) (0.5) 1.0 18.7 7.8 (12.4) 11.3 11.8 24.9
Financing Activities
Net Debt Issuance 0 0 0 0 0 0 0 0 0 0 (26.1) 0 0 0 0 0 0 0 0 1.6 (2.1) 0 0 0 0 0 0 (0.1) 37.3 10.5 (1.5) (1.5) (1.0) 0 0 0 2.4 0 0 0 0
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.3) 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 0 0 0 0 4.2 4.0 4.2 1.7 4.9 0.4 82.5 0.8 0.1 0.5 0.4 0.5 0.1 0 0.7 1.0 (0.0) 1.9 0.5 0.7 0.1 0.2 0.0 0.3 0.0 5.8 0.1 0.1 0.3 0.6 (0.1) (0.0) (0.2) (0.1) 0.1 0.0 (0.2)
Financing Cash Flow 0.3 449.4 10.4 97.8 4.2 4.5 4.2 2.2 321.2 108.2 57.1 9.6 0.1 0.5 0.4 0.5 0.1 0.7 0.7 2.7 (1.2) 163.9 0.2 51.1 12.8 9.1 18.6 5.3 42.3 16.3 11.4 6.7 34.2 1.2 1.5 0.8 28.5 0.7 0.1 0.0 (0.2)
Cash Position
Net Change in Cash (70.4) 392.3 (46.4) 41.5 (42.4) (35.1) (32.5) (23.3) 287.1 85.3 43.9 (12.4) (23.3) (18.6) (13.6) (10.9) (18.7) (15.1) (12.6) (17.5) (18.7) 157.4 (13.7) 36.1 (6.3) (11.0) (1.4) (14.3) 22.2 2.2 0.0 (6.1) 21.4 (9.6) (11.9) 8.4 21.7 (19.3) 4.1 2.0 15.4
Cash at Beginning 738.7 346.4 391.1 351.3 393.7 428.8 461.3 484.7 197.6 112.3 68.4 80.8 104.1 122.7 136.3 147.2 165.9 181.0 193.6 211.1 229.8 72.4 86.1 49.9 56.2 67.2 68.5 82.9 60.7 58.5 58.4 64.5 43.2 51.2 63.0 54.7 32.9 52.2 48.2 46.2 30.8
Cash at End 668.3 738.7 344.8 392.7 351.3 393.7 428.8 461.3 484.7 197.6 112.3 68.4 80.8 104.1 122.7 136.3 147.2 165.9 181.0 193.6 211.1 229.8 72.4 86.1 49.9 56.2 67.2 68.5 82.9 60.7 58.5 58.4 64.5 41.5 51.2 63.0 54.7 32.9 52.2 48.2 46.2
Free Cash Flow (70.7) (57.1) (56.7) (56.5) (46.6) (39.6) (36.6) (25.5) (34.1) (22.9) (13.2) (22.1) (23.4) (19.1) (14.0) (11.4) (18.9) (15.8) (13.3) (20.2) (17.5) (6.5) (13.9) (14.9) (19.1) (20.1) (20.0) (19.7) (20.1) (14.1) (11.3) (12.8) (12.9) (10.9) (16.4) (15.1) (16.2) (8.3) (8.2) (10.0) (9.4)
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1
Income Statement
Revenue 10.8 13.2 14.5 13.5 10.7 17.1 15.4 16.4 14.8 14.8 15.1 15.2 13.4 14.1 12.0 12.3 13.2 12.3 12.2 11.7 7.3 7.3 5.9 1.6 2.6 2.3 0.8 0.7 0.5 0.5 0.5 0.6 0.3 0.5 0.5 0.4 0.5 0.5 0.5 0.4 0.5 0.4 0.4 0.5 0.4 0.5 0.1 0.1 0.0 0 0 0 0
Gross Profit 9.5 11.7 12.8 11.5 9.4 15.9 13.9 14.9 13.4 13.4 13.7 13.9 12.2 13.1 10.9 11.1 11.9 11.2 10.8 10.6 6.5 6.7 5.4 1.4 1.8 1.4 0.0 0.1 0.4 0.4 0.4 0.5 0.3 0.4 0.4 0.3 0.4 0.4 0.4 0.3 0.4 0.3 0.3 0.4 0.4 0.5 0.1 0.1 0.0 (10.5) 0 0 0
Operating Income (93.3) (69.8) (68.7) (67.6) (63.9) (50.6) (46.0) (43.6) (31.6) (20.1) (19.2) (20.6) (22.5) (19.4) (21.5) (19.9) (17.8) (18.0) (19.5) (20.2) (20.2) (14.3) (14.0) (17.9) (16.6) (21.4) (23.1) (21.6) (19.7) (17.3) (14.8) (13.6) (13.5) (12.7) (15.2) (18.3) (15.7) (12.5) (9.2) (11.1) (10.5) (10.3) (11.2) (9.6) (7.1) (7.5) (6.8) (5.9) (6.8) (3.4) (3.4) (3.0) (3.1)
Net Income (88.6) (64.7) (69.4) (67.8) (64.1) (48.4) (36.5) (43.8) (64.8) (29.2) (0.5) (20.7) (30.3) (15.5) (24.2) (18.8) (12.5) (3.9) 2.7 (8.5) 3.1 (85.6) (11.9) (36.6) (21.5) (26.0) (18.8) (24.5) (17.1) (17.4) (15.0) (13.8) (13.8) (13.1) (15.6) (18.7) (16.0) (12.8) (9.6) (11.4) (10.8) (10.6) (11.5) (10.0) (7.6) (8.0) (7.3) (6.4) (7.0) (3.5) (3.5) (3.1) (3.2)
EPS (Diluted) -0.40 -0.29 -0.38 -0.39 -0.38 -0.29 -0.22 -0.26 -0.49 -0.20 -0.25 -0.26 -0.39 -0.24 -0.31 -0.25 -0.22 -0.23 -0.23 -0.25 -0.24 -1.21 -0.17 -0.64 -0.41 -0.54 -0.36 -0.57 -0.39 -0.42 -0.38 -0.37 -0.40 -0.44 -0.54 -0.64 -0.58 -0.52 -0.39 -0.46 -0.44 -0.43 -0.47 -0.45 -0.35 -0.37 -0.48 -2.10 -2.45 -1.34 -1.34 -1.19 -1.16
Balance Sheet
Cash & Equivalents 666.7 737.1 344.8 391.1 349.7 392.1 427.2 459.7 482.9 195.8 110.5 66.6 79.0 102.3 121.0 134.5 145.4 164.2 179.3 191.9 209.4 228.1 70.6 84.3 48.2 54.4 65.4 61.8 76.3 54.1 56.9 56.8 62.9 41.5 51.2 63.0 54.7 32.9 52.2 48.2 46.2
Total Assets 732.5 808.1 410.9 451.3 405.9 457.9 490.4 517.1 538.9 252.1 162.4 122.6 128.6 149.3 158.6 173.1 187.6 204.9 217.7 230.7 243.0 261.9 98.2 107.3 72.9 78.7 88.7 89.7 101.5 73.0 70.3 70.5 76.7 55.4 64.4 79.7 90.7 74.9 82.3 89.9 100.4
Total Debt 79.5 77.0 77.0 76.9 76.2 75.8 75.1 74.9 74.4 83.4 83.0 64.8 64.6 64.3 59.7 59.5 59.2 59.0 58.7 58.5 56.6 58.4 58.2 61.0 60.1 59.3 58.4 59.3 56.4 24.8 14.2 15.6 17.1 18.0 17.9 17.8 17.7 15.6 15.6 15.5 15.4
Stockholders' Equity 581.6 654.3 258.2 305.9 265.9 315.3 352.0 377.7 408.0 91.1 7.9 3.1 9.7 35.4 46.2 65.8 79.8 88.0 87.3 80.2 83.4 76.1 (4.1) 5.3 (10.7) (3.6) 11.3 8.3 25.6 35.9 45.5 45.7 49.2 26.1 35.9 48.0 63.9 52.0 62.3 70.4 80.2
Cash Flow
Operating Cash Flow (66.0) (54.2) (50.7) (55.2) (44.7) (39.4) (36.6) (24.8) (33.9) (22.5) (12.9) (20.1) (20.0) (17.0) (13.2) (10.9) (18.6) (15.2) (13.0) (20.1) (17.4) (6.2) (13.7) (14.8) (18.9) (19.5) (19.5) (19.2) (19.4) (13.6) (10.9) (12.2) (12.5) (10.4) (14.4) (11.1) (14.6) (7.6) (7.3) (9.8) (9.3)
Capital Expenditure (4.7) (2.8) (6.0) (1.2) (1.9) (0.2) (0.1) (0.7) (0.3) (0.5) (0.3) (2.0) (3.4) (2.1) (0.8) (0.5) (0.3) (0.6) (0.3) (0.1) (0.2) (0.3) (0.2) (0.1) (0.2) (0.6) (0.4) (0.5) (0.7) (0.5) (0.5) (0.6) (0.4) (0.6) (2.0) (4.0) (1.7) (0.7) (0.9) (0.2) (0.1)
Free Cash Flow (70.7) (57.1) (56.7) (56.5) (46.6) (39.6) (36.6) (25.5) (34.1) (22.9) (13.2) (22.1) (23.4) (19.1) (14.0) (11.4) (18.9) (15.8) (13.3) (20.2) (17.5) (6.5) (13.9) (14.9) (19.1) (20.1) (20.0) (19.7) (20.1) (14.1) (11.3) (12.8) (12.9) (10.9) (16.4) (15.1) (16.2) (8.3) (8.2) (10.0) (9.4)