Delcath Systems, Inc.
DCTH Healthcare Medical Devices
Delcath Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $85.2 million, up 129.1% from fiscal 2024. In the quarter to June 2026, revenue grew 20.6%, EPS fell 12.5% and free cash flow fell 24.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow DCTH
Delcath Systems, Inc. (DCTH) Altman Z-score
Delcath Systems, Inc.'s Altman Z-score for fiscal 2025 is 13.26, in the safe zone (above 2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 13.26 | (4.29) |
| FY2024 | 17.55 | 36.66 |
| FY2023 | −19.11 | 21.95 |
| FY2022 | −41.06 | (23.41) |
| FY2021 | −17.65 | (2.94) |
| FY2020 | −14.71 | 26.64 |
| FY2019 | −41.34 | 43.46 |
| FY2018 | −84.80 | (8,869.62) |
| FY2016 | 8784.82 | (235,160.32) |
| FY2015 | 243945.14 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.88 | — | 1.05 | |
| Retained earnings / total assets | (4.28) | — | −5.99 | |
| EBIT / total assets | 0.01 | — | 0.02 | |
| Market value of equity / total liabilities | 29.15 | — | 17.49 | |
| Sales / total assets | 0.69 | — | 0.69 | |
| Altman Z-score | Safe zone | 13.26 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.26 | ||
Z and Z″ put Delcath Systems, Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SSII SS Innovations International, Inc. compare | 17.5× |
| DCTH Delcath Systems, Inc. | 13.3× |
| TCMD Tactile Systems Technology, Inc. compare | 9.6× |
| BWAY Brainsway Ltd. Sponsored ADR compare | 2.8× |
| KIDS OrthoPediatrics Corp. compare | 1.5× |
| MASS 908 Devices Inc. compare | 1.1× |
| SGHT Sight Sciences, Inc. compare | 0.8× |
| NPCE NeuroPace, Inc. compare | −2.5× |
| CERS Cerus Corporation compare | −4.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets