Nephros Inc Financials
This page shows Nephros Inc (NEPH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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 FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Nephros Inc has an operating margin of 0.0%, meaning the company retains $0 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -11.2% the prior year.
Nephros Inc's revenue declined 0.5% year-over-year, from $14.2M to $14.2M. This contraction results in a growth score of 27/100.
Nephros Inc carries a low D/E ratio of 0.31, meaning only $0.31 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 5.31, Nephros Inc holds $5.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Nephros Inc generated -$492K in operating cash flow, capex of $55K consumed most of it, leaving -$547K in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Nephros Inc generates a 0.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 3/100.
Nephros Inc scores -6.59, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($41.3M) relative to total liabilities ($2.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Nephros Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Nephros Inc generates $-6.65 in operating cash flow (-$492K OCF vs $74K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Nephros Inc earns $6.0 in operating income for every $1 of interest expense ($6K vs $1K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Nephros Inc generated $14.2M in revenue in fiscal year 2024. This represents a decrease of 0.5% from the prior year.
Nephros Inc's EBITDA was $141K in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 110.2% from the prior year.
Nephros Inc generated -$547K in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 172.7% from the prior year.
Nephros Inc reported $74K in net income in fiscal year 2024. This represents an increase of 104.7% from the prior year.
Nephros Inc earned $0.01 per diluted share (EPS) in fiscal year 2024. This represents an increase of 106.7% from the prior year.
Nephros Inc held $3.8M in cash against $0 in long-term debt as of fiscal year 2024.
Nephros Inc had 11M shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Nephros Inc's gross margin was 61.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.6 percentage points from the prior year.
Nephros Inc's operating margin was 0.0% in fiscal year 2024, reflecting core business profitability. This is up 11.2 percentage points from the prior year.
Nephros Inc's net profit margin was 0.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 11.6 percentage points from the prior year.
Nephros Inc's ROE was 0.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.
Nephros Inc invested $906K in research and development in fiscal year 2024. This represents an increase of 3.8% from the prior year.
Nephros Inc invested $55K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 26.7% from the prior year.
NEPH Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.8M+7.8% | $4.4M-9.4% | $4.9M+49.9% | $3.3M-13.0% | $3.7M+5.6% | $3.5M-4.1% | $3.7M+44.6% | $2.6M |
| Cost of Revenue | $1.8M+13.9% | $1.6M-5.7% | $1.7M+39.7% | $1.2M-20.3% | $1.5M+5.6% | $1.5M-7.6% | $1.6M+53.1% | $1.0M |
| Gross Profit | $2.9M+4.3% | $2.8M-11.4% | $3.2M+56.1% | $2.0M-7.9% | $2.2M+5.5% | $2.1M-1.5% | $2.1M+38.8% | $1.5M |
| R&D Expenses | $338K+8.7% | $311K+5.4% | $295K+41.8% | $208K+1.5% | $205K-7.2% | $221K-7.5% | $239K-33.2% | $358K |
| SG&A Expenses | $2.2M+1.3% | $2.2M-2.4% | $2.3M-6.5% | $2.4M+12.8% | $2.1M-4.6% | $2.2M+5.4% | $2.1M+18.8% | $1.8M |
| Operating Income | $314K+26.6% | $248K-56.2% | $566K+187.2% | -$649K-219.7% | -$203K+53.3% | -$435K-42.2% | -$306K+55.8% | -$693K |
| Interest Expense | N/A | $1K0.0% | $1K | N/A | N/A | N/A | $1K-66.7% | $3K |
| Income Tax | $3K-66.7% | $9K | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $337K+42.2% | $237K-57.5% | $558K+185.3% | -$654K-259.3% | -$182K+58.0% | -$433K-41.5% | -$306K+60.3% | -$771K |
| EPS (Diluted) | $0.03+50.0% | $0.02-60.0% | $0.05+183.3% | $-0.06-200.0% | $-0.02+50.0% | $-0.04-33.3% | $-0.03 | N/A |
NEPH Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.2M+8.2% | $12.2M+3.9% | $11.8M-0.7% | $11.9M+8.6% | $10.9M+5.1% | $10.4M-5.0% | $10.9M-0.7% | $11.0M |
| Current Assets | $10.7M+11.8% | $9.6M+6.5% | $9.0M+7.0% | $8.4M-1.2% | $8.5M+7.5% | $7.9M-4.9% | $8.3M+0.8% | $8.3M |
| Cash & Equivalents | $5.2M+1.9% | $5.1M+24.3% | $4.1M-5.2% | $4.3M-6.8% | $4.6M+13.8% | $4.1M+5.8% | $3.8M+5.6% | $3.6M |
| Inventory | $2.7M+22.4% | $2.2M+14.5% | $2.0M-20.9% | $2.5M+8.9% | $2.3M+6.7% | $2.1M-9.5% | $2.3M-25.5% | $3.2M |
| Accounts Receivable | $2.7M+30.4% | $2.0M-23.8% | $2.7M+78.9% | $1.5M+3.7% | $1.4M-8.4% | $1.6M-19.7% | $2.0M+52.6% | $1.3M |
| Goodwill | $759K0.0% | $759K0.0% | $759K0.0% | $759K0.0% | $759K0.0% | $759K0.0% | $759K0.0% | $759K |
| Total Liabilities | $3.2M+22.6% | $2.6M+6.3% | $2.5M-29.0% | $3.5M+52.5% | $2.3M+32.7% | $1.7M-14.9% | $2.0M-62.4% | $5.4M |
| Current Liabilities | $2.5M+39.2% | $1.8M+16.7% | $1.5M-28.2% | $2.1M+15.6% | $1.8M+52.7% | $1.2M-15.4% | $1.4M+0.2% | $1.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $71K |
| Total Equity | $10.0M+4.2% | $9.6M+3.3% | $9.3M+11.2% | $8.4M-3.1% | $8.6M-0.4% | $8.7M-2.7% | $8.9M+59.0% | $5.6M |
| Retained Earnings | -$143.2M+0.2% | -$143.5M+0.2% | -$143.8M+0.4% | -$144.4M-0.5% | -$143.8M-0.1% | -$143.6M-0.3% | -$143.1M-0.2% | -$142.8M |
NEPH Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $99K-90.0% | $994K+208.7% | $322K+235.9% | -$237K-142.2% | $562K+148.7% | $226K-18.1% | $276K+241.5% | -$195K |
| Capital Expenditures | $0 | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Free Cash Flow | $1.3M | N/A | N/A | N/A | N/A | N/A | N/A | -$195K |
| Investing Cash Flow | $0 | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Financing Cash Flow | -$2K-100.0% | -$1K0.0% | -$1K+66.7% | -$3K | $0+100.0% | -$2K+97.3% | -$74K+33.3% | -$111K |
| 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 |
NEPH Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.2%-2.1pp | 63.2%-1.4pp | 64.7%+2.6pp | 62.1%+3.5pp | 58.6%-0.0pp | 58.7%+1.6pp | 57.1%-2.4pp | 59.5% |
| Operating Margin | 6.6%+1.0pp | 5.6%-6.0pp | 11.6%+31.6pp | -19.9%-14.5pp | -5.4%+6.9pp | -12.3%-4.0pp | -8.3%+18.8pp | -27.1% |
| Net Margin | 7.1%+1.7pp | 5.4%-6.1pp | 11.4%+31.5pp | -20.1%-15.2pp | -4.9%+7.4pp | -12.2%-3.9pp | -8.3%+21.9pp | -30.1% |
| Return on Equity | 3.4%+0.9pp | 2.5%-3.5pp | 6.0% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 2.5%+0.6pp | 1.9%-2.8pp | 4.7%+10.3pp | -5.5%-3.8pp | -1.7%+2.5pp | -4.2%-1.4pp | -2.8%+4.2pp | -7.0% |
| Current Ratio | 4.34-1.1 | 5.41-0.5 | 5.92+1.9 | 3.98-0.7 | 4.65-2.0 | 6.61+0.7 | 5.88+0.0 | 5.85 |
| Debt-to-Equity | 0.32+0.0 | 0.280.0 | 0.27-0.2 | 0.42+0.2 | 0.27+0.1 | 0.20-0.0 | 0.23+0.2 | 0.01 |
| FCF Margin | 33.7% | N/A | N/A | N/A | N/A | N/A | N/A | -7.6% |
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Frequently Asked Questions
What is Nephros Inc's annual revenue?
Nephros Inc (NEPH) reported $14.2M in total revenue for fiscal year 2024. This represents a -0.5% 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 Nephros Inc's revenue growing?
Nephros Inc (NEPH) revenue declined by 0.5% year-over-year, from $14.2M to $14.2M in fiscal year 2024.
Is Nephros Inc profitable?
Yes, Nephros Inc (NEPH) reported a net income of $74K in fiscal year 2024, with a net profit margin of 0.5%.
What is Nephros Inc's earnings per share (EPS)?
Nephros Inc (NEPH) reported diluted earnings per share of $0.01 for fiscal year 2024. This represents a 106.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Nephros Inc's EBITDA?
Nephros Inc (NEPH) had EBITDA of $141K in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Nephros Inc's gross margin?
Nephros Inc (NEPH) had a gross margin of 61.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nephros Inc's operating margin?
Nephros Inc (NEPH) had an operating margin of 0.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Nephros Inc's net profit margin?
Nephros Inc (NEPH) had a net profit margin of 0.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Nephros Inc's return on equity (ROE)?
Nephros Inc (NEPH) has a return on equity of 0.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Nephros Inc's free cash flow?
Nephros Inc (NEPH) generated -$547K in free cash flow during fiscal year 2024. This represents a -172.7% 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 Nephros Inc's operating cash flow?
Nephros Inc (NEPH) generated -$492K in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Nephros Inc's total assets?
Nephros Inc (NEPH) had $11.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Nephros Inc's capital expenditures?
Nephros Inc (NEPH) invested $55K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Nephros Inc spend on research and development?
Nephros Inc (NEPH) invested $906K in research and development during fiscal year 2024.
How many shares does Nephros Inc have outstanding?
Nephros Inc (NEPH) had 11M shares outstanding as of fiscal year 2024.
What is Nephros Inc's current ratio?
Nephros Inc (NEPH) had a current ratio of 5.31 as of fiscal year 2024, which is generally considered healthy.
What is Nephros Inc's debt-to-equity ratio?
Nephros Inc (NEPH) had a debt-to-equity ratio of 0.31 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nephros Inc's return on assets (ROA)?
Nephros Inc (NEPH) had a return on assets of 0.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Nephros Inc's cash runway?
Based on fiscal year 2024 data, Nephros Inc (NEPH) had $3.8M in cash against an annual operating cash burn of $492K. This gives an estimated cash runway of approximately 92 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Nephros Inc's Altman Z-Score?
Nephros Inc (NEPH) has an Altman Z-Score of -6.59, placing it in the Distress Zone (elevated 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 Nephros Inc's Piotroski F-Score?
Nephros Inc (NEPH) has a Piotroski F-Score of 5 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 Nephros Inc's earnings high quality?
Nephros Inc (NEPH) has an earnings quality ratio of -6.65x, considered low quality (accrual-driven). 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.
Can Nephros Inc cover its interest payments?
Nephros Inc (NEPH) has an interest coverage ratio of 6.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Nephros Inc?
Nephros Inc (NEPH) scores 38 out of 100 on our Financial Profile, indicating weak 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.