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Side-by-side financial comparison of OCULAR THERAPEUTIX, INC (OCUL) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
Zeo Energy Corp. is the larger business by last-quarter revenue ($18.6M vs $13.3M, roughly 1.4× OCULAR THERAPEUTIX, INC). Zeo Energy Corp. runs the higher net margin — -10.8% vs -488.0%, a 477.1% gap on every dollar of revenue. On growth, Zeo Energy Corp. posted the faster year-over-year revenue change (-0.4% vs -22.4%). Zeo Energy Corp. produced more free cash flow last quarter ($2.3M vs $-57.1M). Over the past eight quarters, Zeo Energy Corp.'s revenue compounded faster (-4.0% 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.
OCUL vs ZEO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.3M | $18.6M |
| Net Profit | $-64.7M | $-2.0M |
| Gross Margin | 88.0% | — |
| Operating Margin | -526.5% | -11.8% |
| Net Margin | -488.0% | -10.8% |
| Revenue YoY | -22.4% | -0.4% |
| Net Profit YoY | -33.6% | -360.9% |
| EPS (diluted) | $-0.27 | — |
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 | $18.6M | ||
| Q3 25 | $14.5M | $23.9M | ||
| Q2 25 | $13.5M | $18.1M | ||
| Q1 25 | $10.7M | $8.8M | ||
| Q4 24 | $17.1M | $18.6M | ||
| Q3 24 | $15.4M | $19.7M | ||
| Q2 24 | $16.4M | $14.8M | ||
| Q1 24 | $14.8M | $20.1M |
| Q4 25 | $-64.7M | $-2.0M | ||
| Q3 25 | $-69.4M | $-3.2M | ||
| Q2 25 | $-67.8M | $-2.4M | ||
| Q1 25 | $-64.1M | $-6.4M | ||
| Q4 24 | $-48.4M | $-435.3K | ||
| Q3 24 | $-36.5M | $-424.3K | ||
| Q2 24 | $-43.8M | $-277.8K | ||
| Q1 24 | $-64.8M | $-1.5M |
| Q4 25 | 88.0% | — | ||
| Q3 25 | 87.8% | 57.9% | ||
| Q2 25 | 85.6% | 59.8% | ||
| Q1 25 | 88.2% | 99.3% | ||
| Q4 24 | 92.8% | — | ||
| Q3 24 | 89.9% | 50.2% | ||
| Q2 24 | 90.8% | 52.3% | ||
| Q1 24 | 91.0% | — |
| Q4 25 | -526.5% | -11.8% | ||
| Q3 25 | -472.3% | -8.3% | ||
| Q2 25 | -502.6% | -15.8% | ||
| Q1 25 | -597.5% | -153.8% | ||
| Q4 24 | -296.1% | -6.0% | ||
| Q3 24 | -298.2% | -15.2% | ||
| Q2 24 | -265.1% | -18.0% | ||
| Q1 24 | -214.0% | -20.1% |
| Q4 25 | -488.0% | -10.8% | ||
| Q3 25 | -477.3% | -13.5% | ||
| Q2 25 | -503.9% | -13.3% | ||
| Q1 25 | -598.7% | -72.4% | ||
| Q4 24 | -283.3% | -2.3% | ||
| Q3 24 | -236.6% | -2.2% | ||
| Q2 24 | -266.3% | -1.9% | ||
| Q1 24 | -438.9% | -7.6% |
| Q4 25 | $-0.27 | — | ||
| Q3 25 | $-0.38 | — | ||
| Q2 25 | $-0.39 | — | ||
| Q1 25 | $-0.38 | $-0.48 | ||
| Q4 24 | $-0.25 | $1.11 | ||
| Q3 24 | $-0.22 | $-0.08 | ||
| Q2 24 | $-0.26 | $0.03 | ||
| Q1 24 | $-0.49 | $-1.54 |
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 | $6.1M |
| Total DebtLower is stronger | — | $79.1K |
| Stockholders' EquityBook value | $654.3M | $5.3M |
| Total Assets | $808.1M | $56.9M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $737.1M | $6.1M | ||
| Q3 25 | $344.8M | $3.9M | ||
| Q2 25 | $391.1M | $68.7K | ||
| Q1 25 | $349.7M | $2.9M | ||
| Q4 24 | $392.1M | $5.6M | ||
| Q3 24 | $427.2M | $4.3M | ||
| Q2 24 | $459.7M | $5.3M | ||
| Q1 24 | $482.9M | — |
| Q4 25 | — | $79.1K | ||
| Q3 25 | — | $84.6K | ||
| Q2 25 | — | $642.8K | ||
| Q1 25 | — | $715.4K | ||
| Q4 24 | — | $787.7K | ||
| Q3 24 | — | $858.6K | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $748.8K |
| Q4 25 | $654.3M | $5.3M | ||
| Q3 25 | $258.2M | $-1.7M | ||
| Q2 25 | $305.9M | $-59.4M | ||
| Q1 25 | $265.9M | $-23.1M | ||
| Q4 24 | $315.3M | $-88.9M | ||
| Q3 24 | $352.0M | $-39.3M | ||
| Q2 24 | $377.7M | $-53.0M | ||
| Q1 24 | $408.0M | $-173.0M |
| Q4 25 | $808.1M | $56.9M | ||
| Q3 25 | $410.9M | $58.5M | ||
| Q2 25 | $451.3M | $46.2M | ||
| Q1 25 | $405.9M | $47.4M | ||
| Q4 24 | $457.9M | $61.0M | ||
| Q3 24 | $490.4M | $47.1M | ||
| Q2 24 | $517.1M | $49.1M | ||
| Q1 24 | $538.9M | $50.1M |
| Q4 25 | — | 0.01× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $2.4M |
| Free Cash FlowOCF − Capex | $-57.1M | $2.3M |
| FCF MarginFCF / Revenue | -430.9% | 12.2% |
| Capex IntensityCapex / Revenue | 21.4% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-216.9M | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-54.2M | $2.4M | ||
| Q3 25 | $-50.7M | $-6.6M | ||
| Q2 25 | $-55.2M | $-2.3M | ||
| Q1 25 | $-44.7M | $-2.3M | ||
| Q4 24 | $-39.4M | $3.5M | ||
| Q3 24 | $-36.6M | $162.2K | ||
| Q2 24 | $-24.8M | $-2.2M | ||
| Q1 24 | $-33.9M | $-10.2M |
| Q4 25 | $-57.1M | $2.3M | ||
| Q3 25 | $-56.7M | $-6.8M | ||
| Q2 25 | $-56.5M | $-2.7M | ||
| Q1 25 | $-46.6M | $-2.6M | ||
| Q4 24 | $-39.6M | $3.4M | ||
| Q3 24 | $-36.6M | $116.5K | ||
| Q2 24 | $-25.5M | $-2.3M | ||
| Q1 24 | $-34.1M | $-10.4M |
| Q4 25 | -430.9% | 12.2% | ||
| Q3 25 | -390.0% | -28.6% | ||
| Q2 25 | -419.7% | -15.0% | ||
| Q1 25 | -435.6% | -30.0% | ||
| Q4 24 | -232.0% | 18.2% | ||
| Q3 24 | -237.6% | 0.6% | ||
| Q2 24 | -155.4% | -15.6% | ||
| Q1 24 | -231.1% | -51.5% |
| Q4 25 | 21.4% | 0.9% | ||
| Q3 25 | 41.2% | 1.0% | ||
| Q2 25 | 9.3% | 2.4% | ||
| Q1 25 | 18.1% | 4.2% | ||
| Q4 24 | 1.2% | 0.5% | ||
| Q3 24 | 0.6% | 0.2% | ||
| Q2 24 | 4.5% | 0.7% | ||
| Q1 24 | 1.7% | 1.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OCUL
Segment breakdown not available.
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
