NEPHROS INC NEPH
is a commercial-stage company that develops and markets high-performance water filtration solutions for points of use, with a core focus
on medical-grade water filtration. Our medical filtration portfolio includes two product lines: infection control and dialysis water.
The infection control segment features both microfilters (0.1 micron), which retain bacteria, and ultrafilters (0.005 micron), which
retain bacteria, viruses, and endotoxins to address a broader spectrum of waterborne pathogens including and beyond Legionella
Last close
3.53
2026-10-23
Market cap
$38.3M
2026-06-30 share count
52-week range
2.66 - 6.42
Valuation FY2025 figures against the last close
P/S2.0x
P/E32.1x
P/FCF23.3x
EV/EBITDA31.9x
Dividend yield—
Diluted EPS0.11
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.8M | $14.2M | $14.2M | $10.0M | $10.2M | $8.6M | $10.3M | $5.7M | $3.8M | $2.3M |
| Cost of revenue | $7.2M | $5.4M | $5.8M | $5.2M | $4.6M | $3.6M | $4.2M | $2.5M | $1.5M | $1.0M |
| Gross profit | $11.6M | $8.7M | $8.4M | $4.7M | $5.6M | $4.9M | $6.1M | $3.2M | $2.3M | $1.3M |
| R&D | $1.3M | $906.0K | $873.0K | $1.3M | $1.5M | $2.8M | $3.1M | $1.5M | — | — |
| SG&A | $9.0M | $7.7M | $8.9M | $7.6M | $7.2M | $6.5M | $6.1M | $4.5M | $3.3M | $2.9M |
| Total operating expenses | $10.5M | $8.7M | $10.0M | $9.1M | $8.9M | $9.2M | $9.2M | $6.2M | $4.5M | $4.2M |
| Operating income | $1.1M | $6.0K | -$1.6M | -$4.3M | -$3.3M | -$4.3M | -$3.2M | -$3.0M | -$2.2M | -$2.9M |
| Interest expense | $1.0K | $1.0K | $2.0K | $20.0K | $41.0K | $110.0K | $195.0K | $172.0K | $302.0K | $172.0K |
| Pre-tax income | $1.2M | $89.0K | -$1.6M | -$7.1M | -$3.9M | -$4.5M | -$3.4M | -$3.4M | -$2.6M | -$3.0M |
| Income tax | $12.0K | $15.0K | $0 | $0 | $0 | — | $225.0K | $93.0K | $1.8M | — |
| Net income | $1.2M | $74.0K | -$1.6M | -$7.1M | -$3.9M | -$4.5M | -$3.2M | -$3.4M | -$809.0K | -$3.0M |
| EPS, basic | 0.11 | 0.01 | -0.15 | -0.73 | -0.41 | — | — | — | — | — |
| EPS, diluted | 0.11 | 0.01 | -0.15 | -0.73 | -0.41 | -0.52 | -0.45 | -0.50 | -0.02 | -0.06 |
| Shares, diluted (wtd. avg.) | 11.0M | 10.6M | 10.4M | 10.3M | 10.0M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.4M | $3.8M | $4.3M | $3.6M | $7.0M | $8.2M | $4.2M | — | — | — |
| Receivables | $2.4M | $1.8M | $1.5M | $1.3M | $1.6M | $1.4M | $1.0M | $1.4M | $836.0K | $388.0K |
| Inventory | $3.2M | $2.6M | $2.5M | $3.2M | $4.5M | $5.3M | $2.6M | $1.9M | $674.0K | $479.0K |
| Total current assets | $11.2M | $8.3M | $8.4M | $8.3M | $13.6M | $15.2M | $8.3M | $8.2M | $3.8M | $1.3M |
| Property, plant and equipment | $106.0K | $161.0K | $152.0K | $116.0K | $72.0K | $295.0K | $81.0K | $91.0K | $52.0K | $70.0K |
| Goodwill | $759.0K | $759.0K | $759.0K | $759.0K | $759.0K | $759.0K | $759.0K | $748.0K | — | — |
| Other intangibles | $318.0K | $349.0K | $381.0K | $423.0K | $465.0K | $506.0K | $548.0K | $590.0K | $2.2M | $2.2M |
| Total assets | $13.6M | $11.2M | $11.9M | $11.0M | $17.6M | $18.5M | $11.6M | $10.6M | $5.0M | $2.7M |
| Accounts payable | $914.0K | $649.0K | $873.0K | $740.0K | $1.3M | $423.0K | $959.0K | $836.0K | $872.0K | $585.0K |
| Total current liabilities | $2.8M | $1.6M | $2.1M | $1.4M | $2.4M | $1.3M | $2.4M | $2.7M | $1.9M | $895.0K |
| Long-term debt | — | — | — | $71.0K | $343.0K | $593.0K | $824.0K | $1.0M | — | — |
| Total liabilities | $3.4M | $2.6M | $3.5M | $2.1M | $2.9M | $2.9M | $3.9M | $3.8M | $3.0M | $2.0M |
| Retained earnings | -$143.1M | -$144.3M | -$144.4M | -$142.8M | -$135.7M | -$131.9M | -$127.3M | -$124.2M | -$121.1M | -$120.3M |
| Total equity | $10.2M | $8.6M | $8.4M | $8.9M | $14.7M | $15.6M | $7.7M | $6.8M | $1.9M | $667.0K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.6M | -$492.0K | $827.0K | -$3.2M | -$1.4M | -$6.9M | -$2.3M | -$3.7M | -$77.0K | -$2.1M |
| Depreciation and amortisation | $55.0K | $46.0K | $39.0K | $93.0K | $38.0K | $25.0K | $24.0K | $29.0K | $28.0K | $19.0K |
| Stock-based compensation | $296.0K | $153.0K | $1.1M | $982.0K | $1.3M | $779.0K | $1.3M | $985.0K | $772.0K | $551.0K |
| Capital expenditure | — | $55.0K | $75.0K | $137.0K | $36.0K | $239.0K | $14.0K | — | — | $45.0K |
| Investing cash flow | $0 | -$50.0K | -$75.0K | -$137.0K | -$85.0K | -$239.0K | -$151.0K | -$991.0K | — | -$45.0K |
| Financing cash flow | -$5.0K | -$5.0K | -$79.0K | $34.0K | $237.0K | $11.2M | $2.0M | $7.0M | $2.0M | $1.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-020416.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M | $3.8M | $5.7M | $10.3M | $8.6M | $10.2M | $10.0M | $14.2M | $14.2M | $18.8M |
| Gross profit | $1.3M | $2.3M | $3.2M | $6.1M | $4.9M | $5.6M | $4.7M | $8.4M | $8.7M | $11.6M |
| Net income | -$3.0M | -$809.0K | -$3.4M | -$3.2M | -$4.5M | -$3.9M | -$7.1M | -$1.6M | $74.0K | $1.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 3841
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SYK | STRYKER CORP | $117.81B | 36.6x | 11.2% |
| MMM | 3M CO | $89.46B | 28.9x | 1.5% |
| BSX | BOSTON SCIENTIFIC CORP | $66.22B | 23.6x | 19.9% |
| BDX | BECTON DICKINSON & CO | $54.18B | 34.2x | 8.2% |
| RMD | RESMED INC | $36.48B | 24.2x | 9.9% |
| DXCM | DEXCOM INC | $29.41B | 37.3x | 15.6% |
| MDLN | Medline Inc. | $29.20B | — | 11.5% |
| WST | WEST PHARMACEUTICAL SERVICES INC | $27.60B | 57.8x | 6.3% |