NEPHROS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NEPHROS 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	2.32	3.81	5.69	10.3	8.56	10.2	9.98	14.2	14.2	18.8
Cost of revenue	1.03	1.52	2.48	4.25	3.65	4.58	5.24	5.83	5.44	7.16
Gross profit	1.29	2.29	3.2	6.08	4.91	5.63	4.73	8.41	8.72	11.6
Research and development	1.08	1	1.54	3.09	2.76	1.5	1.26	0.87	0.91	1.34
Selling, general and administrative	2.85	3.3	4.52	6.12	6.47	7.2	7.59	8.91	7.68	9
Operating expenses	4.16	4.52	6.22	9.24	9.19	8.89	9.07	10	8.72	10.5
Operating income	-2.87	-2.23	-3.02	-3.16	-4.28	-3.25	-4.34	-1.59	0.01	1.15
Interest expense	0.17	0.3	0.17	0.2	0.11	0.04	0.02	0	0	0
Interest income	0.01	0	0		0.01	0.01	0.01	0.06	0.09	0.14
Other non-operating income	0	-0.07	-0.04	-0.05	-0.25	0.47	0.06	0.02	0.08	0.06
Pre-tax income	-3.03	-2.6	-3.42	-3.4	-4.53			-1.58	0.09	1.21
Income tax		-1.79	-0.09	-0.23		0	0	0	0.02	0.01
Net income to minority interests			0.08	0.24		0.24	0.28
Net income	-3.03	-0.81	-3.4	-3.18	-4.53	-3.87	-7.38	-1.58	0.07	1.19
EBITDA	-2.85	-2.01	-2.85	-2.97	-4.08	-3.06	-4.12	-1.38	0.14	1.29
EPS, basic	-0.50	-0.17	-0.50	-0.45	-0.52	-0.41	-0.73	-0.15	0.01	0.11
EPS, diluted	-0.50	-0.17	-0.50	-0.45	-0.52	-0.41	-0.73	-0.15	0.01	0.11
Shares, basic (weighted)	5.83	6.35	6.85	7.54	9.08	10	10.3	10.4	10.5	10.6
Shares, diluted (weighted)	5.83	6.35	6.85	7.54	9.08	10	10.3	10.4	10.6	11

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.28	2.19	4.58	4.17	8.25	6.97	3.63	4.31	3.76	5.4
Receivables	0.39	0.84	1.36	1.05	1.36	1.64	1.29	1.5	1.78	2.41
Inventory	0.48	0.67	1.86	2.56	5.3	4.46	3.15	2.47	2.62	3.23
Other current assets	0.1	0.09	0.28	0.53	0.24	0.21	0.19	0.13	0.14	0.18
Total current assets	1.26	3.81	8.17	8.3	15.2	13.6	8.26	8.41	8.3	11.2
Property, plant and equipment	0.07	0.05	0.09	0.08	0.3	0.07	0.12	0.15	0.16	0.11
Lease right-of-use assets				1.11	1	0.59	0.97	1.8	1.36	1
Goodwill			0.75	0.76	0.76	0.76	0.76	0.76	0.76	0.76
Intangible assets	2.25	2.25	0.59	0.55	0.51	0.47	0.42	0.38	0.35	0.32
Other non-current assets	0.02	0.01	0.02	0.03	0.09	0.08	0.05	0.09	0.05	0.05
Total assets	2.68	4.98	10.6	11.6	18.5	17.7	11	11.9	11.2	13.6
Accounts payable	0.59	0.87	0.84	0.96	0.42	1.33	0.74	0.87	0.65	0.91
Accrued liabilities	0.24	0.22	0.4	0.14	0.34	0.44	0.29	0.79	0.57	1.46
Deferred revenue	0.07	0.07
Total current liabilities	0.9	1.87	2.65	2.43	1.33	2.39	1.41	2.11	1.56	2.77
Long-term debt					0.48
Lease liabilities				0.89	0.74	0.34	0.7	1.39	1.05	0.66
Total liabilities	2.01	3.03	3.76	3.94	2.94	2.9	2.12	3.5	2.63	3.44
Total debt			1.04	0.82	0.59	0.34	0.07
Paid-in capital	121	123	128	132	144	147	148	153	153	153
Retained earnings	-120	-121	-124	-127	-132	-136	-143	-144	-144	-143
Other comprehensive income	0.07	0.08	0.07	0.07	0.07	0.06
Shareholders' equity	0.67	1.95	3.8	4.68	12.5	11.7	5.59	8.36
Minority interests			3	3.01	3.05	3.05	3.29
Total equity	0.67	1.95	6.8	7.69	15.6	14.7	8.88	8.36	8.59	10.2
Total liabilities and equity	2.68	4.98	10.6	11.6	18.5	17.7	11	11.9	11.2	13.6
Shares outstanding	5.97	6.64	7.18	8.06	9.87	10.3	10.3	10.5	10.5	10.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-3.03	-0.81	-3.33	-3.18	-4.53	-3.87	-7.11	-1.58	0.07	1.19
Depreciation and amortization	0.02	0.22	0.16	0.19	0.19	0.19	0.22	0.21	0.14	0.14
Stock-based compensation	0.55	0.77	0.99	1.33	0.78	1.26	0.98	1.05	0.15	0.3
Deferred income tax					0	0
Change in receivables	-0.02	-0.42	-0.39	0.39	-0.33	-0.28	0.36	-0.22	-0.29	-0.63
Change in inventory	-0.1	-0.2	-1.08	-0.74	-2.76	0.3	0.77	0.39	-0.41	-0.69
Change in payables	-0.08	0.27	-0.13	0.12	-0.54	0.91	-0.59	0.13	-0.22	0.26
Cash from operations	-2.11	-0.08	-3.66	-2.28	-6.9	-1.42	-3.23	0.83	-0.49	1.65
Capital expenditures	-0.05			-0.01	-0.24	-0.04	-0.14	-0.08	-0.06
Acquisitions			-0.99	-0.14		-0.05
Cash from investing	-0.05		-0.99	-0.15	-0.24	-0.09	-0.14	-0.08	-0.05	0
Debt issued					0.48
Stock issued		1.18	3.78	1.99	11.5	0.2
Cash from financing	1.19	1.99	7.05	2.02	11.2	0.24	0.03	-0.08	-0.01	-0.01
Net change in cash			2.39	-0.42	4.08	-1.28	-3.34	0.67	-0.55	1.64
Free cash flow	-2.16			-2.29	-7.14	-1.45	-3.37	0.75	-0.55
Interest paid	0.11	0.15	0.15	0.14	0.09	0.04	0.02	0	0	0
Income taxes paid	0.01	0.01	0	0.01	0.02	0.08

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 $4.23 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	61.3%	Gross profit / revenue.
Operating margin	7.9%	Operating income / revenue.
EBITDA margin	8.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	8.4%	Net income / revenue.
Operating cash flow margin	-3.4%	Cash from operations / revenue.
Return on assets (ROA)	11.0%	Net income / average total assets.
R&D / revenue	7.0%	Research and development expense / revenue.
SG&A / revenue	45.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	32.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	23.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	33.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	34.9%	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	18.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19,000.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	812.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	1,514.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	1,000.0%	EPS vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	21.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.4%	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	-5.9%	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	3.5%	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	2.1%	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	3.9%	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	4.07x	Current assets / current liabilities.
Quick ratio	2.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.40x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	24.1%	Total liabilities / total assets.
Working capital	$10.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.7%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.31x	Revenue / average total assets.
Fixed asset turnover	250x	Revenue / average property, plant and equipment.
Inventory turnover	1.77x	Cost of revenue / average inventory.
Days inventory	207 days	365 x average inventory / cost of revenue.
Receivables turnover	5.06x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	89 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	190 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.16	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	$1.86	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.06	Cash from operations / diluted weighted shares.
Cash per share	$0.43	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$45.9M	Share price x shares outstanding.
Enterprise value	$41.2M	Market cap + total debt - cash - short-term investments.
P/E	26.5x	Market cap / net income. Only when net income is positive.
P/S	2.22x	Market cap / revenue.
EV/Sales	1.99x	Enterprise value / revenue.
EV/EBIT	25.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.4x	Enterprise value / EBITDA, when both are positive.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).

What was NEPHROS INC's revenue in fiscal 2025?

NEPHROS INC reported revenue of $18.8M for fiscal 2025, 32.7% higher than the year before.

Was NEPHROS INC profitable in fiscal 2025?

Yes. Net income was $1.2M, a net margin of 6.4%.

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.

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