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Side-by-side financial comparison of OCULAR THERAPEUTIX, INC (OCUL) and Velo3D, Inc. (VELO). Click either name above to swap in a different company.
OCULAR THERAPEUTIX, INC is the larger business by last-quarter revenue ($13.3M vs $9.4M, roughly 1.4× Velo3D, Inc.). Velo3D, Inc. runs the higher net margin — -231.9% vs -488.0%, a 256.0% gap on every dollar of revenue. On growth, OCULAR THERAPEUTIX, INC posted the faster year-over-year revenue change (-22.4% vs -25.2%). Velo3D, Inc. produced more free cash flow last quarter ($-8.3M vs $-57.1M). Over the past eight quarters, Velo3D, Inc.'s revenue compounded faster (-1.8% CAGR vs -5.3%).
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.
Velo3D, Inc. develops and sells advanced end-to-end metal additive manufacturing (3D printing) solutions, comprising industrial-grade printers, specialized processing software, and high-performance metal materials. It primarily serves global aerospace, defense, energy, semiconductor and industrial manufacturing markets, enabling customers to produce complex, high-precision metal parts that are difficult to manufacture with traditional methods.
OCUL vs VELO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.3M | $9.4M |
| Net Profit | $-64.7M | $-21.9M |
| Gross Margin | 88.0% | -73.6% |
| Operating Margin | -526.5% | -231.0% |
| Net Margin | -488.0% | -231.9% |
| Revenue YoY | -22.4% | -25.2% |
| Net Profit YoY | -33.6% | -2.9% |
| EPS (diluted) | $-0.27 | $-0.87 |
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 | $9.4M | ||
| Q3 25 | $14.5M | $13.6M | ||
| Q2 25 | $13.5M | $13.6M | ||
| Q1 25 | $10.7M | $9.3M | ||
| Q4 24 | $17.1M | $12.6M | ||
| Q3 24 | $15.4M | $8.2M | ||
| Q2 24 | $16.4M | $10.3M | ||
| Q1 24 | $14.8M | $9.8M |
| Q4 25 | $-64.7M | $-21.9M | ||
| Q3 25 | $-69.4M | $-11.2M | ||
| Q2 25 | $-67.8M | $-13.3M | ||
| Q1 25 | $-64.1M | $-25.0M | ||
| Q4 24 | $-48.4M | $-21.3M | ||
| Q3 24 | $-36.5M | $-21.9M | ||
| Q2 24 | $-43.8M | $935.0K | ||
| Q1 24 | $-64.8M | $-27.5M |
| Q4 25 | 88.0% | -73.6% | ||
| Q3 25 | 87.8% | 3.2% | ||
| Q2 25 | 85.6% | -11.7% | ||
| Q1 25 | 88.2% | 7.5% | ||
| Q4 24 | 92.8% | -3.5% | ||
| Q3 24 | 89.9% | 49.4% | ||
| Q2 24 | 90.8% | -28.0% | ||
| Q1 24 | 91.0% | -28.8% |
| Q4 25 | -526.5% | -231.0% | ||
| Q3 25 | -472.3% | -73.3% | ||
| Q2 25 | -502.6% | -85.4% | ||
| Q1 25 | -597.5% | -123.6% | ||
| Q4 24 | -296.1% | -167.0% | ||
| Q3 24 | -298.2% | -213.8% | ||
| Q2 24 | -265.1% | -187.7% | ||
| Q1 24 | -214.0% | -211.1% |
| Q4 25 | -488.0% | -231.9% | ||
| Q3 25 | -477.3% | -82.0% | ||
| Q2 25 | -503.9% | -97.7% | ||
| Q1 25 | -598.7% | -268.4% | ||
| Q4 24 | -283.3% | -168.5% | ||
| Q3 24 | -236.6% | -265.3% | ||
| Q2 24 | -266.3% | 9.0% | ||
| Q1 24 | -438.9% | -281.2% |
| Q4 25 | $-0.27 | $-0.87 | ||
| Q3 25 | $-0.38 | $-0.65 | ||
| Q2 25 | $-0.39 | $-0.94 | ||
| Q1 25 | $-0.38 | $-1.87 | ||
| Q4 24 | $-0.25 | $7.06 | ||
| Q3 24 | $-0.22 | $-35.52 | ||
| Q2 24 | $-0.26 | $1.65 | ||
| Q1 24 | $-0.49 | $-55.51 |
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 | $39.0M |
| Total DebtLower is stronger | — | $31.0M |
| Stockholders' EquityBook value | $654.3M | $38.2M |
| Total Assets | $808.1M | $105.3M |
| Debt / EquityLower = less leverage | — | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $737.1M | $39.0M | ||
| Q3 25 | $344.8M | $11.8M | ||
| Q2 25 | $391.1M | $854.0K | ||
| Q1 25 | $349.7M | $3.9M | ||
| Q4 24 | $392.1M | $1.2M | ||
| Q3 24 | $427.2M | $1.6M | ||
| Q2 24 | $459.7M | $3.2M | ||
| Q1 24 | $482.9M | $10.9M |
| Q4 25 | — | $31.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $22.5M | ||
| Q1 25 | — | $21.7M | ||
| Q4 24 | — | $5.7M | ||
| Q3 24 | — | $32.3M | ||
| Q2 24 | — | $33.5M | ||
| Q1 24 | — | $44.0M |
| Q4 25 | $654.3M | $38.2M | ||
| Q3 25 | $258.2M | $29.9M | ||
| Q2 25 | $305.9M | $21.4M | ||
| Q1 25 | $265.9M | $32.8M | ||
| Q4 24 | $315.3M | $39.7M | ||
| Q3 24 | $352.0M | $34.4M | ||
| Q2 24 | $377.7M | $52.1M | ||
| Q1 24 | $408.0M | $45.5M |
| Q4 25 | $808.1M | $105.3M | ||
| Q3 25 | $410.9M | $93.7M | ||
| Q2 25 | $451.3M | $78.4M | ||
| Q1 25 | $405.9M | $91.3M | ||
| Q4 24 | $457.9M | $89.2M | ||
| Q3 24 | $490.4M | $110.8M | ||
| Q2 24 | $517.1M | $116.7M | ||
| Q1 24 | $538.9M | $136.1M |
| Q4 25 | — | 0.81× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.94× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.97× |
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 | $-7.7M |
| Free Cash FlowOCF − Capex | $-57.1M | $-8.3M |
| FCF MarginFCF / Revenue | -430.9% | -88.3% |
| Capex IntensityCapex / Revenue | 21.4% | 6.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-216.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-54.2M | $-7.7M | ||
| Q3 25 | $-50.7M | $-6.0M | ||
| Q2 25 | $-55.2M | $-1.2M | ||
| Q1 25 | $-44.7M | $-12.3M | ||
| Q4 24 | $-39.4M | $-2.2M | ||
| Q3 24 | $-36.6M | $-2.0M | ||
| Q2 24 | $-24.8M | $-8.0M | ||
| Q1 24 | $-33.9M | $-20.5M |
| Q4 25 | $-57.1M | $-8.3M | ||
| Q3 25 | $-56.7M | $-6.3M | ||
| Q2 25 | $-56.5M | $-3.0M | ||
| Q1 25 | $-46.6M | — | ||
| Q4 24 | $-39.6M | $-2.2M | ||
| Q3 24 | $-36.6M | $-2.0M | ||
| Q2 24 | $-25.5M | $-8.0M | ||
| Q1 24 | $-34.1M | $-20.5M |
| Q4 25 | -430.9% | -88.3% | ||
| Q3 25 | -390.0% | -46.5% | ||
| Q2 25 | -419.7% | -22.2% | ||
| Q1 25 | -435.6% | — | ||
| Q4 24 | -232.0% | -17.7% | ||
| Q3 24 | -237.6% | -24.2% | ||
| Q2 24 | -155.4% | -77.1% | ||
| Q1 24 | -231.1% | -209.8% |
| Q4 25 | 21.4% | 6.4% | ||
| Q3 25 | 41.2% | 2.3% | ||
| Q2 25 | 9.3% | 13.3% | ||
| Q1 25 | 18.1% | 0.0% | ||
| Q4 24 | 1.2% | 0.2% | ||
| Q3 24 | 0.6% | 0.2% | ||
| Q2 24 | 4.5% | 0.0% | ||
| Q1 24 | 1.7% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -8.52× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
