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Side-by-side financial comparison of OCULAR THERAPEUTIX, INC (OCUL) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Spire Global, Inc. is the larger business by last-quarter revenue ($15.8M vs $13.3M, roughly 1.2× OCULAR THERAPEUTIX, INC). Spire Global, Inc. runs the higher net margin — -176.6% vs -488.0%, a 311.3% gap on every dollar of revenue. On growth, OCULAR THERAPEUTIX, INC posted the faster year-over-year revenue change (-22.4% vs -26.9%). Spire Global, Inc. produced more free cash flow last quarter ($-16.2M vs $-57.1M). Over the past eight quarters, OCULAR THERAPEUTIX, INC's revenue compounded faster (-5.3% CAGR vs -32.6%).
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
OCUL vs SPIR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.3M | $15.8M |
| Net Profit | $-64.7M | $-28.0M |
| Gross Margin | 88.0% | 40.2% |
| Operating Margin | -526.5% | -164.1% |
| Net Margin | -488.0% | -176.6% |
| Revenue YoY | -22.4% | -26.9% |
| Net Profit YoY | -33.6% | 42.7% |
| EPS (diluted) | $-0.27 | $-0.85 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.3M | $15.8M | ||
| Q3 25 | $14.5M | $12.7M | ||
| Q2 25 | $13.5M | $19.2M | ||
| Q1 25 | $10.7M | $23.9M | ||
| Q4 24 | $17.1M | $21.7M | ||
| Q3 24 | $15.4M | $28.6M | ||
| Q2 24 | $16.4M | $25.4M | ||
| Q1 24 | $14.8M | $34.8M |
| Q4 25 | $-64.7M | $-28.0M | ||
| Q3 25 | $-69.4M | $-19.7M | ||
| Q2 25 | $-67.8M | $119.6M | ||
| Q1 25 | $-64.1M | $-20.7M | ||
| Q4 24 | $-48.4M | $-48.8M | ||
| Q3 24 | $-36.5M | $-12.5M | ||
| Q2 24 | $-43.8M | $-16.6M | ||
| Q1 24 | $-64.8M | $-25.5M |
| Q4 25 | 88.0% | 40.2% | ||
| Q3 25 | 87.8% | 36.6% | ||
| Q2 25 | 85.6% | 48.9% | ||
| Q1 25 | 88.2% | 36.8% | ||
| Q4 24 | 92.8% | 32.4% | ||
| Q3 24 | 89.9% | 44.5% | ||
| Q2 24 | 90.8% | 43.0% | ||
| Q1 24 | 91.0% | 26.5% |
| Q4 25 | -526.5% | -164.1% | ||
| Q3 25 | -472.3% | -166.1% | ||
| Q2 25 | -502.6% | -122.7% | ||
| Q1 25 | -597.5% | -106.5% | ||
| Q4 24 | -296.1% | -144.1% | ||
| Q3 24 | -298.2% | -48.0% | ||
| Q2 24 | -265.1% | -48.6% | ||
| Q1 24 | -214.0% | -34.4% |
| Q4 25 | -488.0% | -176.6% | ||
| Q3 25 | -477.3% | -155.3% | ||
| Q2 25 | -503.9% | 623.4% | ||
| Q1 25 | -598.7% | -86.5% | ||
| Q4 24 | -283.3% | -225.2% | ||
| Q3 24 | -236.6% | -43.7% | ||
| Q2 24 | -266.3% | -65.2% | ||
| Q1 24 | -438.9% | -73.3% |
| Q4 25 | $-0.27 | $-0.85 | ||
| Q3 25 | $-0.38 | $-0.61 | ||
| Q2 25 | $-0.39 | $3.72 | ||
| Q1 25 | $-0.38 | $-0.77 | ||
| Q4 24 | $-0.25 | $-1.93 | ||
| Q3 24 | $-0.22 | $-0.50 | ||
| Q2 24 | $-0.26 | $-0.68 | ||
| Q1 24 | $-0.49 | $-1.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $737.1M | $81.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $654.3M | $112.9M |
| Total Assets | $808.1M | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $737.1M | $81.8M | ||
| Q3 25 | $344.8M | $96.8M | ||
| Q2 25 | $391.1M | $117.6M | ||
| Q1 25 | $349.7M | $35.9M | ||
| Q4 24 | $392.1M | $19.2M | ||
| Q3 24 | $427.2M | $36.6M | ||
| Q2 24 | $459.7M | $45.8M | ||
| Q1 24 | $482.9M | $63.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | — | $103.1M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | — | $4.9M | ||
| Q1 24 | — | $123.1M |
| Q4 25 | $654.3M | $112.9M | ||
| Q3 25 | $258.2M | $133.1M | ||
| Q2 25 | $305.9M | $149.2M | ||
| Q1 25 | $265.9M | $3.7M | ||
| Q4 24 | $315.3M | $-11.7M | ||
| Q3 24 | $352.0M | $30.8M | ||
| Q2 24 | $377.7M | $40.3M | ||
| Q1 24 | $408.0M | $52.5M |
| Q4 25 | $808.1M | $211.0M | ||
| Q3 25 | $410.9M | $224.3M | ||
| Q2 25 | $451.3M | $239.5M | ||
| Q1 25 | $405.9M | $208.8M | ||
| Q4 24 | $457.9M | $193.6M | ||
| Q3 24 | $490.4M | $224.2M | ||
| Q2 24 | $517.1M | $230.8M | ||
| Q1 24 | $538.9M | $252.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 2.35× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-54.2M | $-4.3M |
| Free Cash FlowOCF − Capex | $-57.1M | $-16.2M |
| FCF MarginFCF / Revenue | -430.9% | -102.1% |
| Capex IntensityCapex / Revenue | 21.4% | 75.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-216.9M | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-54.2M | $-4.3M | ||
| Q3 25 | $-50.7M | $-12.0M | ||
| Q2 25 | $-55.2M | $-35.1M | ||
| Q1 25 | $-44.7M | $-8.4M | ||
| Q4 24 | $-39.4M | $-19.2M | ||
| Q3 24 | $-36.6M | $14.0M | ||
| Q2 24 | $-24.8M | $-4.4M | ||
| Q1 24 | $-33.9M | $-8.8M |
| Q4 25 | $-57.1M | $-16.2M | ||
| Q3 25 | $-56.7M | $-20.4M | ||
| Q2 25 | $-56.5M | $-38.7M | ||
| Q1 25 | $-46.6M | $-17.3M | ||
| Q4 24 | $-39.6M | $-24.3M | ||
| Q3 24 | $-36.6M | $5.1M | ||
| Q2 24 | $-25.5M | $-9.9M | ||
| Q1 24 | $-34.1M | $-15.9M |
| Q4 25 | -430.9% | -102.1% | ||
| Q3 25 | -390.0% | -161.3% | ||
| Q2 25 | -419.7% | -201.7% | ||
| Q1 25 | -435.6% | -72.6% | ||
| Q4 24 | -232.0% | -112.2% | ||
| Q3 24 | -237.6% | 17.8% | ||
| Q2 24 | -155.4% | -39.0% | ||
| Q1 24 | -231.1% | -45.7% |
| Q4 25 | 21.4% | 75.1% | ||
| Q3 25 | 41.2% | 66.2% | ||
| Q2 25 | 9.3% | 18.8% | ||
| Q1 25 | 18.1% | 37.3% | ||
| Q4 24 | 1.2% | 23.5% | ||
| Q3 24 | 0.6% | 31.2% | ||
| Q2 24 | 4.5% | 21.8% | ||
| Q1 24 | 1.7% | 20.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.29× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
