NEPH Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2016βFY2025
Nephros Inc had $18.8M of revenue in fiscal 2025, up 32.7% on the year before. Over five years, revenue changed +17.0% a year on average.
Last close Β· Oct 23, 2026
$3.53
0.3%Hi! I read Nephros Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+32.7%
Yes. Sales grew 32.7% last year.
Does it make a profit?
6.4%
A little. It keeps 6.4% of every sale as profit.
How healthy are the accounts?
6 / 8
Mixed. It passes 6 of 8 health tests.
How is the share priced?
22.1x
One share costs 22.1 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Nephros Inc did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 7, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 12, 2026 | Q4 '25 | After the market closes | 10-K β |
| Nov 6, 2025 | Q3 '25 | After the market closes | 10-Q β |
| Aug 7, 2025 | Q2 '25 | Time not announced | 8-K β |
| May 8, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 6, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 7, 2024 | Q3 '24 | Time not announced | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Nephros Inc had $18.8M of revenue in fiscal 2025, up 32.7% on the year before. Over five years, revenue changed +17.0% a year on average. Its operating margin was 6.1%, up 6.1Β pts: of every 100 in sales, about 6 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Nephros Inc made $1.2M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Nephros Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $7.0M | $3.6M | $4.3M | $3.8M | $5.4M |
| Debt incl. finance leases | $0.4M | $0.1M | β | β | β |
| Debt / equity | 0.0x | 0.0x | β | β | β |
| Interest coverage | β79.3x | β216.8x | β796.5x | 6.0x | 1,146.0x |
| Current ratio | 5.7x | 5.9x | 4.0x | 5.3x | 4.1x |
| Quick ratio | 3.8x | 3.6x | 2.8x | 3.6x | 2.9x |
| Total assets | $17.7M | $11.0M | $11.9M | $11.2M | $13.6M |
| Total liabilities | $2.9M | $2.1M | $3.5M | $2.6M | $3.4M |
| Shareholders' equity | $11.7M | $5.6M | $8.4M | $8.6M | $10.2M |
| Net debt (β = net cash) | β$6.6M | β$3.6M | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Nephros Inc passes 6 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 8 | 2 / 8 | 6 / 9 | 3 / 9 | 4 / 9 | 4 / 9 | 5 / 8 | 5 / 8 | 6 / 8 |
| Accruals ratio | β34.4% | β19.1% | 3.3% | β8.1% | 15.8% | β13.6% | β27.0% | β21.0% | 4.9% | β3.3% |
| Altman Z'' | β152.37 | β79.01 | β35.76 | β32.96 | β15.40 | β17.89 | β38.13 | β34.61 | β34.59 | β26.46 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $2.3M | $3.8M | $5.7M | $10.3M | $8.6M | $10.2M | $10.0M | $14.2M | $14.2M | $18.8M |
| Gross profit | $1.3M | $2.3M | $3.2M | $6.1M | $4.9M | $5.6M | $4.7M | $8.4M | $8.7M | $11.6M |
| Research and development | $1.1M | $1.0M | $1.5M | $3.1M | $2.8M | $1.5M | $1.3M | $0.9M | $0.9M | $1.3M |
| Operating income | β$2.9M | β$2.2M | β$3.0M | β$3.2M | β$4.3M | β$3.3M | β$4.3M | β$1.6M | $0.0M | $1.1M |
| Interest expense | $0.2M | $0.3M | $0.2M | $0.2M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Pretax income | β$3.0M | β$2.6M | β$3.4M | β$3.4M | β$4.5M | β | β | β$1.6M | $0.1M | $1.2M |
| Income tax | β | β$1.8M | β$0.1M | β$0.2M | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$3.0M | β$0.8M | β$3.4M | β$3.2M | β$4.5M | β$3.9M | β$7.1M | β$1.6M | $0.1M | $1.2M |
| Net income to common | β$3.0M | β | β | β$3.4M | β$4.8M | β$4.1M | β$7.4M | β$1.6M | β | β |
| Diluted EPS | β$0.06 | β$0.02 | β$0.50 | β$0.45 | β$0.52 | β$0.41 | β$0.73 | β$0.15 | $0.01 | $0.11 |
| Diluted shares | 0.05B | 0.05B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | β$2.1M | β$0.1M | β$3.7M | β$2.3M | β$6.9M | β$1.4M | β$3.2M | $0.8M | β$0.5M | $1.6M |
| Capital expenditure | $0.0M | β | β | $0.0M | $0.2M | $0.0M | $0.1M | $0.1M | $0.1M | β |
| Free cash flow | β$2.2M | β | β | β$2.3M | β$7.1M | β$1.5M | β$3.4M | $0.8M | β$0.5M | β |
| Depreciation and amortization | $0.0M | $0.2M | $0.2M | $0.2M | $0.2M | $0.2M | $0.2M | $0.2M | $0.1M | $0.1M |
| Stock-based compensation | $0.6M | $0.8M | $1.0M | $1.3M | $0.8M | $1.3M | $1.0M | $1.1M | $0.2M | $0.3M |
| Acquisitions | β | β | $1.0M | $0.1M | β | β | β | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.3M | $2.2M | $4.6M | $4.2M | $8.2M | $7.0M | $3.6M | $4.3M | $3.8M | $5.4M |
| Total debt | β | β | $1.0M | $0.8M | $0.6M | $0.3M | $0.1M | β | β | β |
| Finance lease liabilities | β | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $1.3M | $3.8M | $8.2M | $8.3M | $15.2M | $13.6M | $8.3M | $8.4M | $8.3M | $11.2M |
| Current liabilities | $0.9M | $1.9M | $2.7M | $2.4M | $1.3M | $2.4M | $1.4M | $2.1M | $1.6M | $2.8M |
| Inventory | $0.5M | $0.7M | $1.9M | $2.6M | $5.3M | $4.5M | $3.2M | $2.5M | $2.6M | $3.2M |
| Property and equipment, net | $0.1M | $0.1M | $0.1M | $0.1M | $0.3M | $0.1M | $0.1M | $0.2M | $0.2M | $0.1M |
| Goodwill | β | β | $0.7M | $0.8M | $0.8M | $0.8M | $0.8M | $0.8M | $0.8M | $0.8M |
| Intangible assets | $2.3M | $2.3M | $0.6M | $0.5M | $0.5M | $0.5M | $0.4M | $0.4M | $0.3M | $0.3M |
| Total assets | $2.7M | $5.0M | $10.6M | $11.6M | $18.5M | $17.7M | $11.0M | $11.9M | $11.2M | $13.6M |
| Total liabilities | $2.0M | $3.0M | $3.8M | $3.9M | $2.9M | $2.9M | $2.1M | $3.5M | $2.6M | $3.4M |
| Shareholders' equity | $0.7M | $2.0M | $3.8M | $4.7M | $12.5M | $11.7M | $5.6M | $8.4M | $8.6M | $10.2M |
| Margins | ||||||||||
| Gross margin | 55.8% | 60.2% | 56.3% | 58.9% | 57.4% | 55.1% | 47.4% | 59.0% | 61.6% | 61.9% |
| Operating margin | β123.7% | β58.4% | β53.0% | β30.5% | β49.9% | β31.8% | β43.5% | β11.2% | 0.0% | 6.1% |
| EBITDA margin | β122.8% | β52.7% | β50.2% | β28.7% | β47.7% | β30.0% | β41.3% | β9.7% | 1.0% | 6.8% |
| Net margin | β130.7% | β21.2% | β59.8% | β30.8% | β52.9% | β37.8% | β71.2% | β11.1% | 0.5% | 6.4% |
| FCF margin | β93.0% | β | β | β22.2% | β83.4% | β14.2% | β33.8% | 5.3% | β3.9% | β |
| Returns | ||||||||||
| Return on capital | β | β | β934.4% | β187.0% | β69.4% | β50.7% | β168.8% | β | β | β |
| Return on capital employed | β160.9% | β71.5% | β38.2% | β34.3% | β24.9% | β21.3% | β45.2% | β16.3% | 0.1% | 10.5% |
| Return on equity | β454.6% | β61.8% | β118.4% | β75.0% | β52.6% | β31.9% | β82.2% | β22.6% | 0.9% | 12.7% |
| Return on assets | β113.2% | β21.1% | β43.8% | β28.7% | β30.0% | β21.4% | β49.6% | β13.8% | 0.6% | 9.6% |
| Return on tangible equity | β | β | β138.3% | β101.5% | β42.3% | β39.2% | β167.4% | β21.8% | 1.0% | 13.1% |
| Growth | ||||||||||
| Revenue growth | β | 64.2% | 49.3% | 81.7% | β17.2% | 19.3% | β2.4% | 42.7% | β0.5% | 32.7% |
| Net income growth | β | β | β | β | β | β | β | β | β | 1,513.5% |
| EPS growth | β | β | β | β | β | β | β | β | β | 1,000.0% |
| FCF growth | β | β | β | β | β | β | β | β | β172.7% | β |
| Share count change | β | 9.0% | β87.1% | 10.2% | 20.4% | 10.3% | 2.8% | 0.9% | 2.1% | 3.5% |
| Financial health | ||||||||||
| Debt / equity | β | β | 0.3x | 0.2x | 0.0x | 0.0x | 0.0x | β | β | β |
| Interest coverage | β16.7x | β7.4x | β17.5x | β16.2x | β38.9x | β79.3x | β216.8x | β796.5x | 6.0x | 1,146.0x |
| Current ratio | 1.4x | 2.0x | 3.1x | 3.4x | 11.4x | 5.7x | 5.9x | 4.0x | 5.3x | 4.1x |
| Quick ratio | 0.9x | 1.7x | 2.4x | 2.4x | 7.4x | 3.8x | 3.6x | 2.8x | 3.6x | 2.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.9% | β | β | 0.1% | 2.8% | 0.4% | 1.4% | 0.5% | 0.4% | β |
| Stock comp / revenue | 23.8% | 20.3% | 17.3% | 12.9% | 9.1% | 12.3% | 9.8% | 7.4% | 1.1% | 1.6% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 2.0 | 6.0 | 3.0 | 4.0 | 4.0 | 5.0 | 5.0 | 6.0 |
| Altman Z'' | β152.4 | β79.0 | β35.8 | β33.0 | β15.4 | β17.9 | β38.1 | β34.6 | β34.6 | β26.5 |
| Accruals ratio | β34.4% | β19.1% | 3.3% | β8.1% | 15.8% | β13.6% | β27.0% | β21.0% | 4.9% | β3.3% |
Source: SEC EDGAR XBRL filings (CIK 0001196298). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
