Nephros Inc. (NEPH) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NEPH SEC filings page.
Nephros Inc. (NEPH) reported $20.7M in revenue over the twelve months to Jun 30, 2026, up 24.2% from the prior twelve months. 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).
Revenue scale is now dropping through to profit as margin expansion and cash conversion reinforce the business's operating inflection.
In FY2025, operating cash flow of$1.6M exceeded net income of$1.2M , indicating reported profit was accompanied by cash generation rather than merely accounting improvement. That reverses FY2024, when net income of$74K coexisted with operating cash flow of-$492K , so the latest earnings show materially better conversion.
Revenue moved from
The current ratio of 4.1x remains ample, but it fell from 5.3x in FY2024 as receivables and inventory expanded alongside sales. That pattern means growth is tying up more working capital even while liabilities remain modest relative to assets, rather than being funded wholly by suppliers.
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 Nephros Inc.'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.
Nephros Inc. held $5.4M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $1.6M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Nephros Inc. scores 85/100 among other emerging companies.
Nephros Inc. had 11M shares outstanding at the end of fiscal year 2025, against 11M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Nephros Inc. scores 71/100 among other emerging companies.
Nephros Inc. spent $1.3M on research and development in fiscal year 2025, which was 7.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Nephros Inc. scores 30/100 among other emerging companies.
Nephros Inc. reported revenue of $18.8M in fiscal year 2025, against $14.2M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Nephros Inc. scores 61/100 among other emerging companies.
Not available for Nephros Inc., and counted as zero in the overall score.
Nephros Inc.'s cash, cash equivalents and investments came to $5.4M at the end of fiscal year 2025, against $3.4M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Nephros Inc. scores 70/100 among other emerging companies.
Nephros Inc. scores -3.82, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($48.5M) relative to total liabilities ($3.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Nephros Inc. 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, Nephros Inc. generates $1.34 in operating cash flow ($1.6M OCF vs $1.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Nephros Inc. earns $1,146.00 in operating income for every $1 of interest expense ($1.1M vs $1K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Nephros Inc. generated $6.0M in revenue in Q2 2026. This represents an increase of 36.2% from the same quarter a year earlier. Against the prior quarter it is up 15.4%.
Nephros Inc.'s EBITDA was $1.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 338.9% from the same quarter a year earlier. Against the prior quarter it is up 885.7%.
Nephros Inc. reported $1.2M in net income in Q2 2026. This represents an increase of 405.1% from the same quarter a year earlier. Against the prior quarter it is up 755.0%.
Nephros Inc. earned $0.11 per diluted share (EPS) in Q2 2026. This represents an increase of 450.0% from the same quarter a year earlier. Against the prior quarter it is up 1000.0%.
Cash & Balance Sheet
Nephros Inc. held $4.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Nephros Inc.'s gross margin was 66.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 3.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.5 percentage points.
Nephros Inc.'s operating margin was 20.2% in Q2 2026, reflecting core business profitability. This is up 14.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 18.3 percentage points.
Nephros Inc.'s net profit margin was 19.9% in Q2 2026, showing the share of revenue converted to profit. This is up 14.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 17.2 percentage points.
Nephros Inc.'s ROE was 10.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 7.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.7 percentage points.
Capital Allocation
Nephros Inc. invested $366K in research and development in Q2 2026. This represents an increase of 17.7% from the same quarter a year earlier. Against the prior quarter it is up 5.8%.
Not reported for Q2 2026.
Not reported for Q2 2026.
NEPH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.0M+36.2% | $5.2M+6.9% | $4.7M+22.2% | $4.8M+35.4% | $4.4M+35.9% | $4.9M+38.5% | $3.9M+18.9% | $3.5M-6.0% |
| Cost of Revenue | $2.0M+22.6% | $2.2M+28.8% | $2.0M+41.1% | $1.8M+35.1% | $1.6M+21.2% | $1.7M+29.1% | $1.4M+13.1% | $1.4M-11.6% |
| Gross Profit | $4.0M+44.0% | $3.0M-5.1% | $2.8M+11.6% | $2.9M+35.6% | $2.8M+46.2% | $3.2M+44.2% | $2.5M+22.5% | $2.1M-2.1% |
| R&D Expenses | $366K+17.7% | $346K+17.3% | $395K+56.7% | $338K+79.8% | $311K+22.4% | $295K+39.2% | $252K+21.2% | $188K-8.3% |
| SG&A Expenses | $2.4M+9.9% | $2.5M+11.8% | $2.3M+23.7% | $2.2M+29.5% | $2.2M+13.4% | $2.3M+5.2% | $1.9M-22.4% | $1.7M-19.5% |
| Operating Income | $1.2M+389.1% | $97K-82.9% | $18K-94.3% | $314K+52.4% | $248K+178.2% | $566K+383.0% | $317K+148.8% | $206K+201.5% |
| EBITDA | $1.2M+338.9% | $126K-79.2% | $50K-85.8% | $348K+45.0% | $283K+200.0% | $605K+462.3% | $351K+158.7% | $240K+262.2% |
| Interest Expense | $1K0.0% | N/A | N/A | N/A | $1K | N/A | N/A | N/A |
| Income Tax | $13K+44.4% | $0 | $0-100.0% | $3K | $9K | $0 | $15K | $0 |
| Net Income | $1.2M+405.1% | $140K-74.9% | $62K-82.2% | $337K+84.2% | $237K+182.0% | $558K+430.2% | $349K+153.4% | $183K+200.5% |
| EPS (Basic) | $0.11+450.0% | $0.01-80.0% | $0.00-100.0% | $0.03+50.0% | $0.02+166.7% | $0.05+350.0% | $0.04+166.7% | $0.02+200.0% |
| EPS (Diluted) | $0.11+450.0% | $0.01-80.0% | $0.01-75.0% | $0.03+50.0% | $0.02+166.7% | $0.05+350.0% | $0.04+166.7% | $0.02+200.0% |
| Diluted Shares (Avg) | 11M+2.8% | 11M+3.5% | N/A | 11M+4.3% | 11M+2.9% | 11M+1.1% | N/A | 11M+1.1% |
NEPH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.8M+28.8% | $13.8M+17.1% | $13.6M+21.7% | $13.2M+27.5% | $12.2M+10.3% | $11.8M+3.2% | $11.2M-5.5% | $10.4M-4.9% |
| Current Assets | $13.6M+42.0% | $11.5M+27.8% | $11.2M+35.2% | $10.7M+45.5% | $9.6M+20.8% | $9.0M+10.6% | $8.3M-1.3% | $7.4M-13.5% |
| Cash & Equivalents | $4.7M-7.4% | $4.0M-1.5% | $5.4M+43.6% | $5.2M+110.5% | $5.1M+64.7% | $4.1M+12.3% | $3.8M-12.7% | $2.5M-46.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $4.5M+103.3% | $3.6M+85.2% | $3.2M+23.6% | $2.7M-11.6% | $2.2M-20.2% | $2.0M-29.7% | $2.6M+5.9% | $3.1M+36.6% |
| Accounts Receivable | $4.1M+100.8% | $3.5M+31.5% | $2.4M+35.5% | $2.7M+57.4% | $2.0M+8.6% | $2.7M+76.4% | $1.8M+19.1% | $1.7M+17.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $759K0.0% | $759K0.0% | $759K0.0% | $759K0.0% | $759K0.0% | $759K0.0% | $759K0.0% | $759K0.0% |
| Total Liabilities | $3.8M+43.8% | $3.1M+24.4% | $3.4M+31.0% | $3.2M+46.5% | $2.6M-16.7% | $2.5M-23.1% | $2.6M-25.1% | $2.2M-3.7% |
| Current Liabilities | $3.3M+88.7% | $2.5M+66.5% | $2.8M+77.1% | $2.5M+133.2% | $1.8M-9.2% | $1.5M-21.3% | $1.6M-26.1% | $1.1M-42.1% |
| Non-Current Liabilities | $458K-47.5% | $566K-41.6% | $672K-36.8% | $774K-32.9% | $872K-28.6% | $969K-25.9% | $1.1M-23.5% | $1.2M+146.1% |
| Total Equity | $12.0M+24.7% | $10.7M+15.2% | $10.2M+18.8% | $10.0M+22.4% | $9.6M+21.1% | $9.3M+13.6% | $8.6M+2.7% | $8.2M-5.2% |
| Retained Earnings | -$141.8M+1.2% | -$143.0M+0.5% | -$143.1M+0.8% | -$143.2M+1.0% | -$143.5M+0.9% | -$143.8M+0.6% | -$144.3M+0.1% | -$144.7M-0.6% |
Not reported in any period shown, so not listed: Long-Term Debt.
NEPH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $681K-31.5% | -$1.7M-618.9% | $185K-85.8% | $99K+115.9% | $994K+298.4% | $322K+147.9% | $1.3M+650.2% | -$623K-210.9% |
| Depreciation & Amortization | $29K-17.1% | $29K-25.6% | $32K-5.9% | $34K0.0% | $35K+2.9% | $39K+18.2% | $34K-33.3% | $34K-38.2% |
| Stock-Based Compensation | N/A | $60K-21.1% | N/A | N/A | N/A | $76K+944.4% | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | $1.3M | -$623K |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Financing Cash Flow | -$2K-100.0% | $289K+29000.0% | -$1K0.0% | -$2K | -$1K+50.0% | -$1K+50.0% | -$1K+66.7% | $0 |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NEPH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.9%+3.7pp | 57.4%-7.2pp | 58.4%-5.6pp | 61.2%+0.1pp | 63.2%+4.5pp | 64.7%+2.6pp | 63.9%+1.8pp | 61.1%+2.5pp |
| Operating Margin | 20.2%+14.6pp | 1.9%-9.8pp | 0.4%-7.8pp | 6.6%+0.7pp | 5.6%+15.4pp | 11.6%+17.3pp | 8.2%+28.1pp | 5.9%+11.3pp |
| Net Margin | 19.9%+14.5pp | 2.7%-8.8pp | 1.3%-7.7pp | 7.1%+1.9pp | 5.4%+14.3pp | 11.4%+16.2pp | 9.0%+29.1pp | 5.2%+10.1pp |
| Return on Equity | 10.0%+7.5pp | 1.3%-4.7pp | 0.6%-3.5pp | 3.4%+1.1pp | 2.5%+6.1pp | 6.0%+8.1pp | 4.1%+11.9pp | 2.2%+4.3pp |
| Return on Assets | 7.6%+5.6pp | 1.0%-3.7pp | 0.4%-2.7pp | 2.5%+0.8pp | 1.9%+4.5pp | 4.7%+6.2pp | 3.1%+8.6pp | 1.8%+3.4pp |
| Current Ratio | 4.07-1.3x | 4.55-1.4x | 4.06-1.3x | 4.34-2.6x | 5.41+1.3x | 5.92+1.7x | 5.31+1.3x | 6.95+2.3x |
| Debt-to-Equity | 0.320.0x | 0.290.0x | 0.340.0x | 0.32+0.1x | 0.28-0.1x | 0.27-0.1x | 0.31-0.1x | 0.270.0x |
| Asset Turnover | 0.380.0x | 0.380.0x | 0.350.0x | 0.360.0x | 0.36+0.1x | 0.41+0.1x | 0.35+0.1x | 0.340.0x |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | 33.7% | -17.7% |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Nephros Inc. NEPH | FY2025 | $18.8M | $1.2M | 6.3% | $48.5M | 53/100 |
| Milestone Scientific, Inc. MLSS | FY2025 | $9.0M | $5.7M | 63.8% | $40.2M | 27/100 |
| Precision Optics Corporation, Inc. POCI | FY2025 | $19.1M | -$5.8M | -30.3% | $47.7M | 26/100 |
| Retractable Technologies, Inc RVP | FY2025 | $38.3M | -$12.6M | -32.8% | $20.4M | 24/100 |
| NexGel, Inc NXGL | FY2025 | $11.4M | -$3.0M | -26.3% | $2.8M | 37/100 |
| Harvard Bioscience Inc HBIO | FY2025 | $86.5M | -$56.7M | -65.5% | $36.6M | 38/100 |
Where Nephros Inc. Ranks
Frequently Asked Questions
What is Nephros Inc.'s annual revenue?
Nephros Inc. (NEPH) reported $18.8M in total revenue for fiscal year 2025. This represents a 32.7% 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 grew by 32.7% year-over-year, from $14.2M to $18.8M in fiscal year 2025.
Is Nephros Inc. profitable?
Yes, Nephros Inc. (NEPH) reported a net income of $1.2M in fiscal year 2025, with a net profit margin of 6.3%.
What is Nephros Inc.'s EBITDA?
Nephros Inc. (NEPH) had EBITDA of $1.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Nephros Inc.'s gross margin?
Nephros Inc. (NEPH) had a gross margin of 61.9% in fiscal year 2025, 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 6.1% in fiscal year 2025, 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 6.3% in fiscal year 2025, 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 11.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nephros Inc.'s operating cash flow?
Nephros Inc. (NEPH) generated $1.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nephros Inc.'s total assets?
Nephros Inc. (NEPH) had $13.6M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Nephros Inc. spend on research and development?
Nephros Inc. (NEPH) invested $1.3M in research and development during fiscal year 2025.
What is Nephros Inc.'s current ratio?
Nephros Inc. (NEPH) had a current ratio of 4.06 as of fiscal year 2025, which is generally considered healthy.
What is Nephros Inc.'s debt-to-equity ratio?
Nephros Inc. (NEPH) had a debt-to-equity ratio of 0.34 as of fiscal year 2025, 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 8.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nephros Inc.'s P/E ratio?
Nephros Inc. (NEPH) trades at 28.0x earnings, its market capitalization divided by net income of $1.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $48.5M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Nephros Inc.'s price-to-sales ratio?
Nephros Inc. (NEPH) trades at 2.3x sales, its market capitalization divided by revenue of $20.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $48.5M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Nephros Inc.'s Altman Z-Score?
Nephros Inc. (NEPH) has an Altman Z-Score of -3.82, 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 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 Nephros Inc.'s earnings high quality?
Nephros Inc. (NEPH) has an earnings quality ratio of 1.34x, 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.
Can Nephros Inc. cover its interest payments?
Nephros Inc. (NEPH) has an interest coverage ratio of 1,146.00x, 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 53 out of 100 on our Financial Health Score, indicating moderate 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.