Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DELCATH SYSTEMS, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.99
2.72
3.56
2.72
2.07
37.2
85.2
Cost of revenue
0.55
0.7
1.01
0.72
0.64
0.67
0.69
0.64
6.19
11.8
Gross profit
1.44
2.01
2.4
0.86
1.01
2.88
2.03
1.43
31
73.4
Research and development
8.45
10.5
19.7
9.49
11.2
13.8
18.6
17.5
13.9
29.2
Selling, general and administrative
9.43
9.68
9.82
11.3
11.1
13.6
17.3
22.1
29.6
43.5
Operating expenses
17.9
20.2
29.5
20.8
22.3
27.4
35.9
39.6
43.4
72.8
Operating income
-16.4
-18.2
-27.1
-19.9
-21.3
-24.5
-33.9
-38.2
-12.4
0.66
Interest expense
14.3
21.7
Interest income
0.02
Other non-operating income
0.02
-0.04
0.05
0
0.15
0.07
0.03
-0.06
-0.03
-0.07
Pre-tax income
-18
-45.1
-19.2
-8.88
-24.2
-25.6
-36.5
-47.7
-26.4
3.51
Income tax
0
0
0
0
0
0
0
0
0
0.81
Net income to minority interests
8.88
24.2
Net income
-18
-45.1
-19.2
-8.88
-24.2
-25.6
-36.5
-47.7
-26.4
2.7
EBITDA
-16.1
-17.9
-26.6
-19.7
-21.1
-24.4
-33.7
-38.1
-12.3
0.9
EPS, basic
-1,853,500.00
-3,250.00
-0.72
-342.83
-8.35
-3.59
-4.12
-2.94
-0.93
0.08
EPS, diluted
-1,853,500.00
-3,250.00
-0.72
-342.83
-8.35
-3.59
-4.12
-2.94
-0.93
0.07
Shares, basic (weighted)
0
0.01
26.7
0.03
2.9
7.15
8.86
16.2
28.5
35.8
Shares, diluted (weighted)
0
0.01
26.7
0.03
2.9
7.15
8.86
16.2
28.5
39.9
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
4.41
4
2.52
10
28.6
22.8
7.67
12.6
32.4
43.5
Short-term investments
0
19.8
20.8
47.6
Receivables
0.4
0.32
0.59
0.02
0.06
0.04
0.37
0.24
10.9
11.7
Inventory
0.66
1.25
0.86
0.65
0.86
1.41
2
3.32
6.93
10.3
Other current assets
0.7
0.7
0.9
1.76
2.67
2.74
1.97
1.09
2.7
6.5
Total current assets
34.2
7.59
5.92
12.6
32.3
31.2
16.2
37.2
73.8
120
Property, plant and equipment
1.08
1.3
0.93
0.74
1.35
1.35
1.42
1.35
1.79
3.17
Lease right-of-use assets
0
0.86
0.95
0.62
0.29
0.1
1.04
0.94
Total assets
35.2
8.89
6.84
14.2
34.6
33.1
17.9
38.6
76.6
124
Accounts payable
0.59
3.85
7.72
4.53
1.77
0.64
2.02
1.01
0.96
2.66
Accrued liabilities
3.41
3.41
7.96
6.95
5.24
4.11
4.69
5.25
5.08
8.19
Deferred revenue
0.48
0.53
0.17
0
Total current liabilities
36.1
7.81
17.8
16
10
5.95
14.7
16.4
6.14
11
Lease liabilities
0
0.2
0.45
0.21
0
0.93
0.84
Other non-current liabilities
0.6
0.4
0.63
0
0.21
1.14
0.84
0.77
0.63
Total liabilities
36.7
8.21
21.8
20.6
12.6
21.2
23.7
22.8
7.84
12.4
Total debt
15.7
10.2
0
Paid-in capital
278
326
329
365
417
433
452
521
600
639
Retained earnings
-279
-325
-344
-371
-395
-421
-457
-505
-532
-529
Treasury stock
-0.05
-0.05
0
Other comprehensive income
-0.04
0.04
0.05
0.03
-0.1
0.02
-0.08
0.14
0.08
0.58
Shareholders' equity
-1.49
0.68
-14.9
-6.36
22.1
12
-5.86
15.8
68.7
111
Total equity
-1.49
0.68
-14.9
-6.36
22.1
12
-5.86
15.8
68.7
111
Total liabilities and equity
35.2
8.89
6.84
14.2
34.6
33.1
17.9
38.6
76.6
124
Shares outstanding
0
0.23
0.01
0.07
6
7.91
10
22.8
33.1
34.7
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-18
-45.1
-19.2
-8.88
-24.2
-25.6
-36.5
-47.7
-26.4
2.7
Depreciation and amortization
0.31
0.31
0.44
0.21
0.17
0.15
0.13
0.13
0.13
0.24
Stock-based compensation
7.94
8.15
9.77
24.2
Deferred income tax
0
0
Change in receivables
-0.14
0.11
-0.29
0.5
-0.04
0.01
-0.32
0.13
-10.6
-0.85
Change in inventory
0.1
-0.54
0.39
0.2
-0.2
-0.56
-0.59
-1.32
-3.61
-3.32
Change in payables
1.51
3.18
8.16
-4.35
-4.4
-1.14
1.8
-0.2
0.48
4.77
Cash from operations
-14.2
-15.4
-14.7
-23.7
-22.9
-22.6
-25
-31.3
-18.7
22.5
Capital expenditures
-0.26
-0.52
-0.08
-0.02
-0.78
-0.14
-0.21
-0.06
-0.56
-1.55
Purchases of investments
0
-19.7
-52.5
-93.2
Sales and maturities of investments
0
0
52
68.2
Cash from investing
-1.35
-0.52
-0.08
-0.02
-0.78
-0.14
-0.21
-19.7
-0.98
-26.6
Debt issued
0
3.72
0
15
Debt repaid
-0.71
-6.31
-10.6
0
Stock issued
10.9
0
0.23
2.5
0
0.12
0.25
0.48
Share buybacks
0
-6
Cash from financing
7.41
-10.5
13.2
30.3
42.4
20.8
10.1
51.8
39.4
15
Net change in cash
-8.2
-26.4
-1.75
6.61
18.6
-1.8
-15.1
0.87
19.7
11
Free cash flow
-14.5
-15.9
-14.8
-23.7
-23.7
-22.7
-25.2
-31.3
-19.2
21
Interest paid
0
0.01
0.68
1.87
1.46
1.24
0
Income taxes paid
0
1.55
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.60 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
87.1%
Gross profit / revenue.
Operating margin
-1.9%
Operating income / revenue.
EBITDA margin
-1.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
1.4%
Pre-tax income / revenue.
Net margin
0.6%
Net income / revenue.
FCF margin
18.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
20.5%
Cash from operations / revenue.
Effective tax rate
58.8%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
0.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
0.4%
Net income / average total assets.
Return on invested capital (ROIC)
-1.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
39.4%
Research and development expense / revenue.
SG&A / revenue
49.6%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
21.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.2%
Capital expenditures / revenue.
D&A / revenue
0.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
129.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
215.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
136.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
230.6%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
135.9%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
61.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y
38.2%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
61.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
90.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
29.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
40.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
65.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
69.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
9.83x
Current assets / current liabilities.
Quick ratio
8.42x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
7.22x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
FCF conversion
3,291.0%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
10.6%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.01
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.40
Revenue / diluted weighted shares.
FCF per share
$0.44
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.49
Cash from operations / diluted weighted shares.
Book value per share
$3.50
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
1,017x
Market cap / net income. Only when net income is positive.
P/S
5.67x
Market cap / revenue.
P/B
4.47x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.47x
Market cap / tangible book value, when positive.
P/FCF
30.9x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
27.6x
Market cap / cash from operations, when positive.
EV/Sales
4.67x
Enterprise value / revenue.
EV/FCF
25.4x
Enterprise value / free cash flow, when both are positive.
FCF yield
3.2%
Free cash flow / market cap.
Earnings yield
0.1%
Net income / market cap (the inverse of P/E).
What was DELCATH SYSTEMS, INC.'s revenue in fiscal 2025?
DELCATH SYSTEMS, INC. reported revenue of $85.2M for fiscal 2025, 129.1% higher than the year before.
Was DELCATH SYSTEMS, INC. profitable in fiscal 2025?
Yes. Net income was $2.7M, a net margin of 3.2%.
How much free cash flow did DELCATH SYSTEMS, INC. generate in fiscal 2025?
Cash from operations of $22.5M minus capital expenditures of $1.5M left free cash flow of $21.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.