Delcath Sys Financials
This page shows Delcath Sys (DCTH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Delcath Sys has an operating margin of 0.8%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 24/100, suggesting thin profitability after operating expenses. This is up from -33.4% the prior year.
Delcath Sys's revenue surged 129.1% year-over-year to $85.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Delcath Sys carries a low D/E ratio of 0.11, meaning only $0.11 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 10.92, Delcath Sys holds $10.92 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Delcath Sys converts 24.6% of revenue into free cash flow ($21.0M). This strong cash generation earns a score of 86/100.
Delcath Sys generates a 2.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 17/100. This is up from -38.4% the prior year.
Delcath Sys scores 11.95, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($334.6M) relative to total liabilities ($12.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Delcath Sys passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Delcath Sys generates $8.34 in operating cash flow ($22.5M OCF vs $2.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Delcath Sys generated $85.2M in revenue in fiscal year 2025. This represents an increase of 129.1% from the prior year.
Delcath Sys's EBITDA was $898K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 107.3% from the prior year.
Delcath Sys reported $2.7M in net income in fiscal year 2025. This represents an increase of 110.2% from the prior year.
Delcath Sys earned $0.07 per diluted share (EPS) in fiscal year 2025. This represents an increase of 107.5% from the prior year.
Cash & Balance Sheet
Delcath Sys generated $21.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 209.0% from the prior year.
Delcath Sys held $43.5M in cash against $0 in long-term debt as of fiscal year 2025.
Delcath Sys had 35M shares outstanding in fiscal year 2025. This represents an increase of 5.1% from the prior year.
Margins & Returns
Delcath Sys's gross margin was 86.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.8 percentage points from the prior year.
Delcath Sys's operating margin was 0.8% in fiscal year 2025, reflecting core business profitability. This is up 34.1 percentage points from the prior year.
Delcath Sys's net profit margin was 3.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 74.1 percentage points from the prior year.
Delcath Sys's ROE was 2.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 40.8 percentage points from the prior year.
Capital Allocation
Delcath Sys invested $29.2M in research and development in fiscal year 2025. This represents an increase of 110.8% from the prior year.
Delcath Sys spent $6.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Delcath Sys invested $1.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 176.7% from the prior year.
DCTH Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.7M+0.8% | $20.6M-14.9% | $24.2M+22.1% | $19.8M+31.0% | $15.1M+34.8% | $11.2M+44.2% | $7.8M+147.4% | $3.1M |
| Cost of Revenue | $3.0M+14.7% | $2.6M-20.9% | $3.3M+16.6% | $2.8M+33.8% | $2.1M+29.6% | $1.6M+8.0% | $1.5M+68.2% | $903K |
| Gross Profit | $17.7M-1.2% | $17.9M-13.9% | $20.8M+23.0% | $16.9M+30.6% | $13.0M+35.7% | $9.6M+53.0% | $6.2M+179.4% | $2.2M |
| R&D Expenses | $9.4M+17.3% | $8.0M+16.0% | $6.9M+37.4% | $5.0M+71.8% | $2.9M-24.6% | $3.9M+13.9% | $3.4M-8.3% | $3.7M |
| SG&A Expenses | $10.5M+1.8% | $10.3M-9.0% | $11.4M+0.7% | $11.3M+60.8% | $7.0M+1.0% | $7.0M+2.8% | $6.8M-23.2% | $8.8M |
| Operating Income | -$2.2M-462.9% | -$388K-115.0% | $2.6M+303.4% | $642K-78.9% | $3.0M+341.4% | -$1.3M+67.8% | -$3.9M+61.9% | -$10.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $562K+223.5% | -$455K-189.6% | $508K+160.5% | $195K | $0 | $0 | $0 | $0 |
| Net Income | -$1.9M-328.4% | $830K-69.2% | $2.7M+152.3% | $1.1M+131.5% | -$3.4M-282.3% | $1.9M+113.6% | -$13.7M-23.7% | -$11.1M |
| EPS (Diluted) | N/A | $0.02-71.4% | $0.07+133.3% | $0.03 | N/A | $0.06+112.5% | $-0.48-6.7% | $-0.45 |
DCTH Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $123.6M-0.5% | $124.3M+6.3% | $116.9M+33.8% | $87.3M+14.0% | $76.6M+141.8% | $31.7M-6.6% | $33.9M-6.1% | $36.1M |
| Current Assets | $119.5M-0.9% | $120.6M+6.3% | $113.5M+34.5% | $84.3M+14.4% | $73.8M+155.4% | $28.9M-8.0% | $31.4M-6.7% | $33.6M |
| Cash & Equivalents | $43.5M+3.9% | $41.8M+21.5% | $34.4M+169.4% | $12.8M-60.6% | $32.4M+289.8% | $8.3M-43.7% | $14.8M+25.7% | $11.8M |
| Inventory | $10.3M-4.6% | $10.7M+2.1% | $10.5M+47.5% | $7.1M+2.9% | $6.9M+4.4% | $6.6M+5.2% | $6.3M+73.8% | $3.6M |
| Accounts Receivable | $11.7M-14.6% | $13.8M-13.2% | $15.8M+13.6% | $13.9M+28.0% | $10.9M+57.0% | $6.9M+86.2% | $3.7M+138.2% | $1.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $12.4M+31.4% | $9.4M-20.5% | $11.9M+67.7% | $7.1M-9.6% | $7.8M-66.1% | $23.1M-22.2% | $29.7M+38.4% | $21.5M |
| Current Liabilities | $10.9M+36.7% | $8.0M-23.2% | $10.4M+97.4% | $5.3M-13.9% | $6.1M-71.5% | $21.6M+75.6% | $12.3M-7.9% | $13.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | $0-100.0% | $2.0M-55.5% | $4.5M-39.0% | $7.4M |
| Total Equity | $111.2M-3.2% | $114.8M+9.4% | $105.0M+30.9% | $80.2M+16.7% | $68.7M+702.1% | $8.6M+104.5% | $4.2M-71.3% | $14.6M |
| Retained Earnings | -$528.8M-0.4% | -$527.0M+0.2% | -$527.8M+0.5% | -$530.5M+0.2% | -$531.5M-0.6% | -$528.1M+0.4% | -$530.0M-2.7% | -$516.3M |
DCTH Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.2M+72.8% | $4.8M-34.6% | $7.3M+231.0% | $2.2M+319.0% | -$1.0M+72.4% | -$3.6M+18.2% | -$4.5M+53.6% | -$9.6M |
| Capital Expenditures | $550K+19.8% | $459K+15.3% | $398K+184.3% | $140K-38.9% | $229K+6.0% | $216K+113.9% | $101K+676.9% | $13K |
| Free Cash Flow | $7.7M+78.5% | $4.3M-37.4% | $6.9M+234.2% | $2.1M+267.0% | -$1.2M+68.0% | -$3.9M+15.3% | -$4.6M+52.6% | -$9.6M |
| Investing Cash Flow | -$561K-20.4% | -$466K-12.3% | -$415K+98.3% | -$25.1M-65.1% | -$15.2M-2084.8% | -$697K-106.8% | $10.3M+120.7% | $4.7M |
| Financing Cash Flow | -$5.9M-291.7% | $3.1M-78.8% | $14.6M+350.0% | $3.3M-91.9% | $40.4M+1985.4% | -$2.1M+24.9% | -$2.9M-171.0% | $4.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
DCTH Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.5%-1.8pp | 87.2%+1.0pp | 86.3%+0.6pp | 85.6%-0.3pp | 85.9%+0.6pp | 85.4%+4.9pp | 80.4%+9.2pp | 71.2% |
| Operating Margin | -10.5%-8.6pp | -1.9%-12.6pp | 10.7%+7.5pp | 3.3%-16.9pp | 20.1%+31.4pp | -11.2%+39.1pp | -50.4%+277.1pp | -327.4% |
| Net Margin | -9.2%-13.2pp | 4.0%-7.1pp | 11.2%+5.8pp | 5.4%+27.9pp | -22.5%-39.1pp | 16.6%+193.6pp | -176.9%+177.0pp | -354.0% |
| Return on Equity | -1.7%-2.4pp | 0.7%-1.9pp | 2.6%+1.2pp | 1.3%+6.3pp | -4.9%-26.7pp | 21.8%+349.5pp | -327.8%-251.8pp | -76.0% |
| Return on Assets | -1.5%-2.2pp | 0.7%-1.6pp | 2.3%+1.1pp | 1.2%+5.7pp | -4.4%-10.3pp | 5.9%+46.4pp | -40.5%-9.7pp | -30.8% |
| Current Ratio | 10.92-4.1 | 15.06+4.2 | 10.88-5.1 | 15.95+3.9 | 12.01+10.7 | 1.34-1.2 | 2.55+0.0 | 2.52 |
| Debt-to-Equity | 0.11+0.0 | 0.08-0.0 | 0.11+0.0 | 0.09+0.1 | 0.00-0.2 | 0.23-0.8 | 1.07+0.6 | 0.50 |
| FCF Margin | 37.1%+16.2pp | 21.0%-7.6pp | 28.5%+18.1pp | 10.4%+18.6pp | -8.2%+26.3pp | -34.4%+24.2pp | -58.6%+247.1pp | -305.7% |
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Frequently Asked Questions
What is Delcath Sys's annual revenue?
Delcath Sys (DCTH) reported $85.2M in total revenue for fiscal year 2025. This represents a 129.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Delcath Sys's revenue growing?
Delcath Sys (DCTH) revenue grew by 129.1% year-over-year, from $37.2M to $85.2M in fiscal year 2025.
Is Delcath Sys profitable?
Yes, Delcath Sys (DCTH) reported a net income of $2.7M in fiscal year 2025, with a net profit margin of 3.2%.
What is Delcath Sys's EBITDA?
Delcath Sys (DCTH) had EBITDA of $898K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Delcath Sys's gross margin?
Delcath Sys (DCTH) had a gross margin of 86.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Delcath Sys's operating margin?
Delcath Sys (DCTH) had an operating margin of 0.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Delcath Sys's net profit margin?
Delcath Sys (DCTH) had a net profit margin of 3.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Delcath Sys's return on equity (ROE)?
Delcath Sys (DCTH) has a return on equity of 2.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Delcath Sys's free cash flow?
Delcath Sys (DCTH) generated $21.0M in free cash flow during fiscal year 2025. This represents a 209.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Delcath Sys's operating cash flow?
Delcath Sys (DCTH) generated $22.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Delcath Sys's total assets?
Delcath Sys (DCTH) had $123.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Delcath Sys's capital expenditures?
Delcath Sys (DCTH) invested $1.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Delcath Sys spend on research and development?
Delcath Sys (DCTH) invested $29.2M in research and development during fiscal year 2025.
What is Delcath Sys's current ratio?
Delcath Sys (DCTH) had a current ratio of 10.92 as of fiscal year 2025, which is generally considered healthy.
What is Delcath Sys's debt-to-equity ratio?
Delcath Sys (DCTH) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Delcath Sys's return on assets (ROA)?
Delcath Sys (DCTH) had a return on assets of 2.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Delcath Sys's Altman Z-Score?
Delcath Sys (DCTH) has an Altman Z-Score of 11.95, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Delcath Sys's Piotroski F-Score?
Delcath Sys (DCTH) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Delcath Sys's earnings high quality?
Delcath Sys (DCTH) has an earnings quality ratio of 8.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Delcath Sys?
Delcath Sys (DCTH) scores 71 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.