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Side-by-side financial comparison of Ouster, Inc. (OUST) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Ouster, Inc. is the larger business by last-quarter revenue ($62.2M vs $57.6M, roughly 1.1× Phathom Pharmaceuticals, Inc.). On growth, Ouster, Inc. posted the faster year-over-year revenue change (106.6% vs 94.1%). Ouster, Inc. produced more free cash flow last quarter ($-37.2M vs $-167.0M).
Ouster, Inc. is an American lidar technology company headquartered in San Francisco, California. It builds high-resolution, digital 3D lidar sensors for use in autonomous vehicles, industrial, robotics, drones, mapping, defense, and security systems.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
OUST vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $62.2M | $57.6M |
| Net Profit | — | — |
| Gross Margin | 60.2% | 86.7% |
| Operating Margin | 1.5% | — |
| Net Margin | — | — |
| Revenue YoY | 106.6% | 94.1% |
| Net Profit YoY | — | 71.6% |
| EPS (diluted) | $0.10 | — |
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 | $62.2M | $57.6M | ||
| Q3 25 | $39.5M | $49.5M | ||
| Q2 25 | $35.0M | $39.5M | ||
| Q1 25 | $32.6M | $28.5M | ||
| Q4 24 | $30.1M | $29.7M | ||
| Q3 24 | $28.1M | $16.4M | ||
| Q2 24 | $27.0M | $7.3M | ||
| Q1 24 | $25.9M | — |
| Q4 25 | — | — | ||
| Q3 25 | $-21.7M | $-30.0M | ||
| Q2 25 | $-20.6M | $-75.8M | ||
| Q1 25 | $-22.0M | $-94.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-25.6M | $-85.6M | ||
| Q2 24 | $-23.9M | $-91.4M | ||
| Q1 24 | $-23.8M | — |
| Q4 25 | 60.2% | 86.7% | ||
| Q3 25 | 42.1% | 87.5% | ||
| Q2 25 | 45.2% | 87.2% | ||
| Q1 25 | 41.3% | 86.9% | ||
| Q4 24 | 43.8% | 87.1% | ||
| Q3 24 | 38.3% | 85.6% | ||
| Q2 24 | 33.7% | 81.2% | ||
| Q1 24 | 28.6% | — |
| Q4 25 | 1.5% | — | ||
| Q3 25 | -61.4% | -30.8% | ||
| Q2 25 | -76.5% | -151.7% | ||
| Q1 25 | -73.0% | -276.5% | ||
| Q4 24 | -85.1% | — | ||
| Q3 24 | -98.0% | -433.0% | ||
| Q2 24 | -93.6% | -1055.4% | ||
| Q1 24 | -99.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | -55.0% | -60.5% | ||
| Q2 25 | -58.8% | -191.9% | ||
| Q1 25 | -67.5% | -330.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | -91.1% | -523.3% | ||
| Q2 24 | -88.4% | -1248.6% | ||
| Q1 24 | -91.9% | — |
| Q4 25 | $0.10 | — | ||
| Q3 25 | $-0.37 | $-0.41 | ||
| Q2 25 | $-0.38 | $-1.05 | ||
| Q1 25 | $-0.42 | $-1.31 | ||
| Q4 24 | $-0.46 | — | ||
| Q3 24 | $-0.54 | $-1.32 | ||
| Q2 24 | $-0.53 | $-1.56 | ||
| Q1 24 | $-0.55 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $208.6M | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $261.7M | $-438.2M |
| Total Assets | $349.5M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $208.6M | $130.0M | ||
| Q3 25 | $244.5M | $135.2M | ||
| Q2 25 | $226.5M | $149.6M | ||
| Q1 25 | $168.2M | $212.3M | ||
| Q4 24 | $172.0M | $297.3M | ||
| Q3 24 | $151.4M | $334.7M | ||
| Q2 24 | $184.2M | $276.2M | ||
| Q1 24 | $187.8M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $261.7M | $-438.2M | ||
| Q3 25 | $247.4M | $-422.5M | ||
| Q2 25 | $221.0M | $-405.8M | ||
| Q1 25 | $167.9M | $-338.4M | ||
| Q4 24 | $180.9M | $-253.6M | ||
| Q3 24 | $171.7M | $-187.1M | ||
| Q2 24 | $170.6M | $-233.8M | ||
| Q1 24 | $167.2M | — |
| Q4 25 | $349.5M | $259.1M | ||
| Q3 25 | $353.8M | $240.3M | ||
| Q2 25 | $321.8M | $250.2M | ||
| Q1 25 | $268.6M | $294.2M | ||
| Q4 24 | $276.1M | $378.3M | ||
| Q3 24 | $255.2M | $387.0M | ||
| Q2 24 | $309.9M | $319.4M | ||
| Q1 24 | $317.7M | — |
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 | $-15.4M | $-166.8M |
| Free Cash FlowOCF − Capex | $-37.2M | $-167.0M |
| FCF MarginFCF / Revenue | -59.8% | -290.0% |
| Capex IntensityCapex / Revenue | 35.0% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-64.8M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.4M | $-166.8M | ||
| Q3 25 | $-18.3M | $-14.1M | ||
| Q2 25 | $-1.3M | $-62.7M | ||
| Q1 25 | $-4.9M | $-84.9M | ||
| Q4 24 | $-2.6M | $-266.8M | ||
| Q3 24 | $-3.8M | $-63.6M | ||
| Q2 24 | $-21.6M | $-70.7M | ||
| Q1 24 | $-5.7M | — |
| Q4 25 | $-37.2M | $-167.0M | ||
| Q3 25 | $-20.0M | $-14.1M | ||
| Q2 25 | $-2.2M | $-62.8M | ||
| Q1 25 | $-5.4M | $-84.9M | ||
| Q4 24 | $-4.0M | $-266.9M | ||
| Q3 24 | $-4.3M | $-63.6M | ||
| Q2 24 | $-22.0M | $-70.8M | ||
| Q1 24 | $-7.1M | — |
| Q4 25 | -59.8% | -290.0% | ||
| Q3 25 | -50.7% | -28.6% | ||
| Q2 25 | -6.3% | -159.0% | ||
| Q1 25 | -16.6% | -297.9% | ||
| Q4 24 | -13.3% | -899.8% | ||
| Q3 24 | -15.4% | -389.0% | ||
| Q2 24 | -81.5% | -966.2% | ||
| Q1 24 | -27.4% | — |
| Q4 25 | 35.0% | 0.4% | ||
| Q3 25 | 4.3% | 0.1% | ||
| Q2 25 | 2.5% | 0.2% | ||
| Q1 25 | 1.7% | 0.1% | ||
| Q4 24 | 4.8% | 0.5% | ||
| Q3 24 | 2.0% | 0.3% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 5.3% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
