Delcath Sys Financials
Delcath Sys (DCTH) reported $85.2M in revenue for fiscal year 2025, up 129.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Commercial scale finally overtook Delcath's fixed cost base, turning a cash-burning launch profile into cash-generative operations.
Revenue moved from$37.2M in FY2024 to$85.2M in FY2025, enough to push the business past a fixed-cost threshold. The clue is that gross margin stayed high at86.2% while operating margin only just turned positive at0.8% , meaning the commercial engine now covers a cost base that previously had to be financed externally.
Cash conversion quality improved sharply: FY2025 produced
Balance-sheet posture also changed: cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Delcath Sys's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Delcath Sys scores 24.15, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($587.1M) relative to total liabilities ($12.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Delcath Sys passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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 as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
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
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $95.4M | $85.2M+129.1% | $37.2M+1701.7% | $2.1M-24.1% | $2.7M-23.5% | $3.6M+116.0% | $1.6M+4.2% | $1.6M-53.6% | $3.4M+25.5% | $2.7M+36.3% | $2.0M+14.0% | $1.7M+63.4% | $1.1M+35.3% | $790K+128.3% | $346K | $0 |
| Cost of Revenue | $12.4M | $11.8M+90.6% | $6.2M+874.5% | $635K-7.4% | $686K+2.2% | $671K+4.8% | $640K-11.0% | $719K-28.7% | $1.0M+43.9% | $701K+27.5% | $550K+19.0% | $462K+58.8% | $291K-37.3% | $464K+1089.7% | $39K | $0 |
| Gross Profit | $83.1M | $73.4M+136.8% | $31.0M+2069.0% | $1.4M-29.7% | $2.0M-29.5% | $2.9M+186.7% | $1.0M+16.8% | $861K-64.1% | $2.4M+19.1% | $2.0M+39.7% | $1.4M+12.2% | $1.3M+65.2% | $778K+138.7% | $326K+6.2% | $307K | $0 |
| R&D Expenses | $37.6M | $29.2M+110.8% | $13.9M-20.7% | $17.5M-5.8% | $18.6M+34.9% | $13.8M+23.0% | $11.2M+18.0% | $9.5M-51.7% | $19.6M+87.2% | $10.5M+24.2% | $8.4M+30.2% | $6.5M+50.9% | $4.3M-66.1% | $12.7M-51.6% | $26.2M+4.1% | $25.2M |
| SG&A Expenses | $47.3M | $43.5M+47.3% | $29.6M+33.7% | $22.1M+27.8% | $17.3M+26.9% | $13.6M+22.8% | $11.1M-1.5% | $11.3M+14.9% | $9.8M+1.4% | $9.7M+2.6% | $9.4M-5.7% | $10.0M-36.6% | $15.8M-23.6% | $20.7M-26.1% | $28.0M+31.4% | $21.3M |
| Operating Income | -$1.8M | $660K+105.3% | -$12.4M+67.5% | -$38.2M-12.8% | -$33.9M-38.0% | -$24.5M-15.2% | -$21.3M-7.0% | -$19.9M+26.5% | -$27.1M-49.0% | -$18.2M-10.5% | -$16.4M-8.1% | -$15.2M+21.2% | -$19.3M+41.5% | -$33.0M+38.7% | -$53.9M-16.0% | -$46.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $21.7M+51.5% | $14.3M+21285.1% | $67K | N/A | N/A | N/A | N/A |
| Income Tax | $760K | $810K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A |
| Net Income | $532K | $2.7M+110.2% | -$26.4M+44.7% | -$47.7M-30.6% | -$36.5M-42.3% | -$25.6M-6.2% | -$24.2M-172.1% | -$8.9M+53.8% | -$19.2M | N/A | -$18.0M-22.2% | -$14.7M+15.4% | -$17.4M+42.7% | -$30.3M+41.5% | -$51.9M-67.9% | -$30.9M |
| EPS (Diluted) | — | $0.07+107.5% | -$0.93 | -$2.94 | -$4.12-14.8% | -$3.59 | -$8.35 | -$342.83 | -$0.72 | -$3250.00 | N/A | -$0.91 | -$1.84 | -$5.10 | -$13.54 | -$0.68 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DCTH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $123.6M+61.4% | $76.6M+98.4% | $38.6M+116.2% | $17.9M-46.1% | $33.1M-4.4% | $34.6M+143.7% | $14.2M+107.7% | $6.8M-23.0% | $8.9M-74.8% | $35.2M+124.0% | $15.7M-33.8% | $23.8M-35.9% | $37.1M+21.7% | $30.5M-13.5% | $35.2M |
| Current Assets | $119.5M+62.1% | $73.8M+98.5% | $37.2M+130.0% | $16.2M-48.1% | $31.2M-3.7% | $32.3M+156.3% | $12.6M+113.2% | $5.9M-22.0% | $7.6M-77.8% | $34.2M+133.9% | $14.6M-33.5% | $22.0M-35.4% | $34.0M+28.7% | $26.4M-17.4% | $32.0M |
| Cash & Equivalents | $43.5M+34.1% | $32.4M+156.3% | $12.6M+64.9% | $7.7M-66.4% | $22.8M-20.2% | $28.6M+185.7% | $10.0M+297.5% | $2.5M-37.1% | $4.0M-9.3% | $4.4M-65.0% | $12.6M-38.4% | $20.5M-34.5% | $31.2M+31.7% | $23.7M-8.0% | $25.8M |
| Inventory | $10.3M+47.9% | $6.9M+108.7% | $3.3M+66.3% | $2.0M+41.5% | $1.4M+65.1% | $855K+30.7% | $654K-23.8% | $858K-31.3% | $1.2M+89.1% | $660K-12.8% | $757K+116.9% | $349K-51.5% | $719K-34.9% | $1.1M | $0 |
| Accounts Receivable | $11.7M+7.8% | $10.9M+4418.7% | $241K-34.2% | $366K+731.8% | $44K-22.8% | $57K+171.4% | $21K-96.4% | $585K+84.5% | $317K-21.3% | $403K+45.5% | $277K+59.2% | $174K-50.1% | $349K+142.4% | $144K | $0 |
| Total Liabilities | $12.4M+58.3% | $7.8M-65.7% | $22.8M-3.7% | $23.7M+12.0% | $21.2M+68.6% | $12.6M-39.0% | $20.6M-5.6% | $21.8M+165.4% | $8.2M-77.6% | $36.7M+415.0% | $7.1M+26.9% | $5.6M-19.7% | $7.0M-33.1% | $10.5M+14.5% | $9.1M |
| Current Liabilities | $10.9M+78.2% | $6.1M-62.6% | $16.4M+11.6% | $14.7M+147.5% | $6.0M-40.7% | $10.0M-37.3% | $16.0M-9.9% | $17.8M+127.2% | $7.8M-78.4% | $36.1M+471.8% | $6.3M+37.9% | $4.6M-31.0% | $6.6M-34.7% | $10.2M+14.9% | $8.8M |
| Long-Term Debt | N/A | $0-100.0% | $10.2M-35.3% | $15.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $111.2M+61.8% | $68.7M+335.7% | $15.8M+369.3% | -$5.9M-149.0% | $12.0M-45.9% | $22.1M+447.3% | -$6.4M+57.4% | -$14.9M-2303.4% | $678K+145.5% | -$1.5M-117.3% | $8.6M-52.6% | $18.1M-39.7% | $30.1M+50.4% | $20.0M-23.3% | $26.1M |
| Retained Earnings | -$528.8M+0.5% | -$531.5M-5.2% | -$505.2M-10.4% | -$457.5M-8.7% | -$421.0M-6.5% | -$395.3M-6.5% | -$371.2M-7.9% | -$344.1M-5.9% | -$324.8M-16.3% | -$279.2M-6.9% | -$261.2M-6.0% | -$246.5M-7.6% | -$229.1M-15.3% | -$198.8M | N/A |
Not reported in any period shown, so not listed: Goodwill.
DCTH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $19.6M | $22.5M+220.5% | -$18.7M+40.2% | -$31.3M-25.3% | -$24.9M-10.4% | -$22.6M+1.2% | -$22.9M+3.5% | -$23.7M-60.8% | -$14.7M+4.3% | -$15.4M-8.3% | -$14.2M+13.4% | -$16.4M-5.6% | -$15.6M+54.4% | -$34.1M+31.8% | -$50.0M-33.8% | -$37.4M |
| Capital Expenditures | $2.1M | $1.5M+176.7% | $559K+863.8% | $58K-72.2% | $209K+46.2% | $143K-81.7% | $782K+3158.3% | $24K-68.4% | $76K-85.5% | $524K+103.1% | $258K+51.8% | $170K+286.4% | $44K-69.0% | $142K-93.3% | $2.1M-18.7% | $2.6M |
| Free Cash Flow | $17.5M | $21.0M+209.0% | -$19.2M+38.5% | -$31.3M-24.4% | -$25.2M-10.6% | -$22.7M+3.8% | -$23.6M+0.3% | -$23.7M-60.1% | -$14.8M+7.0% | -$15.9M-10.0% | -$14.5M+12.8% | -$16.6M-6.4% | -$15.6M+54.5% | -$34.2M+34.3% | -$52.1M-30.4% | -$40.0M |
| Investing Cash Flow | -$2.1M | -$26.6M-2610.5% | -$981K+95.0% | -$19.7M-9330.1% | -$209K-46.2% | -$143K+81.7% | -$782K-3158.3% | -$24K+68.4% | -$76K+85.5% | -$524K | N/A | N/A | N/A | -$142K-105.0% | $2.9M+146.9% | -$6.1M |
| Financing Cash Flow | -$4.3M | $15.0M-61.8% | $39.4M-23.9% | $51.8M+410.5% | $10.1M-51.3% | $20.8M-50.8% | $42.4M+39.8% | $30.3M+129.0% | $13.2M+225.9% | -$10.5M | N/A | N/A | N/A | $41.7M-7.4% | $45.1M+90.7% | $23.6M |
| Share Buybacks | N/A | $6.0M | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DCTH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.2%+2.8pp | 83.4%+14.1pp | 69.3%-5.5pp | 74.8%-6.4pp | 81.1%+20.0pp | 61.1%+6.6pp | 54.5%-15.9pp | 70.4%-3.8pp | 74.2%+1.8pp | 72.4%-1.2pp | 73.6%+0.8pp | 72.8%+31.5pp | 41.3%-47.5pp | 88.7% | N/A |
| Operating Margin | 0.8%+34.1pp | -33.4% | -1849.0% | -1245.0% | -690.0% | -1294.2% | -1260.0% | -794.6% | -669.1% | -825.3% | -870.6% | -1805.8% | -4179.6% | -15569.6% | N/A |
| Net Margin | 3.2%+74.1pp | -70.9% | -2308.9% | -1342.7% | -721.5% | -1467.6% | -562.0% | -564.2% | N/A | -902.2% | -841.7% | -1625.9% | -3838.5% | -14990.8% | N/A |
| Return on Equity | 2.4%+40.8pp | -38.4%+263.8pp | -302.2% | N/A | -214.6%-105.2pp | -109.4% | N/A | N/A | N/A | N/A | -171.0%-75.2pp | -95.8%+5.0pp | -100.8%+158.5pp | -259.2%-140.9pp | -118.3% |
| Return on Assets | 2.2%+36.6pp | -34.4%+89.0pp | -123.5%+80.9pp | -204.4%-127.0pp | -77.4%-7.7pp | -69.7%-7.3pp | -62.5%+218.4pp | -280.9% | N/A | -51.0%+42.5pp | -93.5%-20.3pp | -73.1%+8.6pp | -81.7%+88.5pp | -170.2%-82.6pp | -87.6% |
| Current Ratio | 10.92-1.1x | 12.01+9.7x | 2.26+1.2x | 1.10-4.1x | 5.23+2.0x | 3.22+2.4x | 0.79+0.5x | 0.33-0.6x | 0.970.0x | 0.95-1.4x | 2.31-2.5x | 4.80-0.3x | 5.13+2.5x | 2.60-1.0x | 3.62 |
| Debt-to-Equity | 0.11+0.1x | 0.00-0.6x | 0.64 | N/A | 1.77+1.2x | 0.57 | N/A | N/A | 12.11 | N/A | 0.83+0.5x | 0.31+0.1x | 0.23-0.3x | 0.52+0.2x | 0.35 |
| FCF Margin | 24.6%+76.3pp | -51.7% | -1516.2% | -925.3% | -639.9% | -1436.8% | -1500.8% | -434.6% | -586.4% | -726.5% | -949.6% | -1458.9% | -4334.7% | -15065.3% | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Delcath Sys Ranks
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 24.15, 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 79 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.