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Nephros Inc.

NEPH Healthcare Medical Instruments & Supplies

Nephros Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.8 million, up 32.7% from fiscal 2024.

Revenue
+18.0%
EPS
+66.7%
Free cash flow
−251.5%

Quarter to September 2026, against a year earlier

3.16 0.09 −2.77%
Market cap
$33.6M
P/E
18.0×
Fwd P/E
20.2×
Dividend yield
—
F-score
7/9
Altman Z
−3.26
Beneish M
−2.60
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 19.45%

Capital & Financial Ratios $m

Size
Market Cap 33.59
Revenue ttm 21.58
Net income ttm 1.91
Free cash flow ttm (0.91)
Net debt Q (4.55)
Valuation
P/E 17.98
Forward P/E 20.20
Price / sales 1.59
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.74
Financial health
Current ratio Q 5.50 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 1,213.00
Growth
Revenue growth Q +18.01% (above 0%: growing)
Operating income growth Q +59.55% (above 0%: growing)
EPS, this year +42.42% (at or above 15%: strong)
EPS, next year A +65.96% (at or above 15%: strong)
Revenue, next year A +17.83% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +42.75% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 5.2×; over the ten years it ranged from 0.5× in 2022 to 13.4× in 2016.
P/S against its own 10 years 20.68%
10-year low 10-year high
P/B against its own 10 years 23.40%
10-year low 10-year high
EV/Sales against its own 10 years 23.54%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4 4 5 5
Receivables 1 2 2 4
Inventory 2 3 3 5
Other — — — —
8 8 11 13
2023 2024 2025 Q'26
Payables 1 1 1 1
ST’ Debt — — — —
Other — — — —
2 2 3 2

Compound Annual Growth %

10y 5y 3y
Sales 25.46% 17.02% 23.50%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 14.37% (8.11%) 4.73%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.01 Actual 0.06

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY22 −0.13 −0.20 Miss by 0.07
Q2 FY22 −0.14 −0.12 Beat by 0.02
Q3 FY22 −0.12 −0.12 Met by 0.00
Q2 FY26 0.01 0.06 Beat by 0.05
Q3 FY26 0.02 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.01 0.11 0.05 — —
’25 0.05 0.02 0.03 0.01 0.11
’24 (0.02) (0.03) 0.02 0.03 0.01
’23 (0.03) (0.04) (0.02) (0.06) (0.15)
’22 (0.20) (0.12) (0.31) (0.08) (0.73)
’21 (0.06) (0.12) (0.12) (0.11) (0.41)
’20 (0.13) (0.19) (0.12) (0.08) (0.52)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5 6 6 — —
’25 5 4 5 5 19
’24 4 3 4 4 14
’23 4 4 4 3 14
’22 2 3 2 3 10
’21 3 2 3 3 10
’20 3 2 2 2 9
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) 1 0 — —
’25 0 1 0 0 2
’24 (1) (1) (1) 1 0
’23 0 0 1 0 1
’22 (2) (1) 0 0 (3)
’21 0 0 (1) 0 (1)
’20 (2) (2) (2) (2) (7)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) 1 0 — —
’25 0 1 0 0 2
’24 (1) (1) (1) 1 (1)
’23 0 0 1 0 1
’22 (2) (1) 0 0 (3)
’21 0 0 (1) 0 (1)
’20 (2) (2) (2) (2) (7)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2 4 6 10 9 10 10 14 14 19 22 +26.2% 22 26 29 +15.7%
Gross margin, % 55.78 60.17 56.32 58.87 57.39 55.13 47.43 59.03 61.59 61.87 60.55 +6.1 pt
EBT (3) (3) (3) (3) (5) (3) (4) (2) 0 1 2 n/m
EBT margin, % (130.69) (68.21) (60.10) (32.94) (52.87) (27.25) (42.88) (11.06) 0.63 6.42 8.92 +137.1 pt
Net income (3) (1) (3) (3) (5) (4) (7) (2) 0 1 2 n/m
Per share, $
Per share, $ Revenue 0.43 0.65 0.83 1.37 0.94 1.02 0.97 1.37 1.35 1.77 1.99 +17.0%
Earnings (0.54) (0.14) (0.54) (0.45) (0.52) (0.41) (0.73) (0.15) 0.01 0.11 0.18 n/m
Cash flow (0.39) (0.01) (0.53) (0.30) (0.76) (0.14) (0.31) 0.08 (0.05) 0.16 (0.08) n/m
Capex (0.01) 0.00 0.00 0.00 (0.03) 0.00 (0.01) (0.01) 0.00 0.00 0.00 n/m
Free cash flow (0.40) (0.01) (0.53) (0.30) (0.79) (0.14) (0.33) 0.07 (0.05) 0.16 (0.08) n/m
Book value 0.12 0.33 0.99 1.02 1.72 1.47 0.86 0.80 0.82 0.96 1.16 +25.6%
Shares, m 5 6 7 8 9 10 10 10 11 11 11 +7.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 46.12 17.98 4.6
P/S 8.79 6.25 6.18 7.26 9.10 5.79 1.15 2.50 1.09 2.76 1.59 5.1
P/B 30.59 12.21 5.17 9.76 5.00 4.01 1.29 4.26 1.80 5.08 2.74 7.9
EV/Sales 9.03 6.11 5.69 6.97 8.30 5.11 0.78 2.20 0.83 2.47 1.38 4.7
EV/FCF (9.71) (190.74) (8.73) (31.39) (9.95) (35.95) (2.31) 48.26 (18.99) 30.52 (28.78) (22.9)
Cash, $m
Cash, $m Operating cash flow (2) 0 (4) (2) (7) (1) (3) 1 0 2 (1) n/m
Capex 0 — — 0 0 0 0 0 0 — 0 +1.3%
Free cash flow (2) 0 (4) (2) (7) (1) (3) 1 (1) 2 (1) n/m
Balance, $m
Balance, $m Working capital 0 2 6 6 14 11 7 6 7 8 11 +41.6%
Net debt 1 (1) (3) (3) (7) (7) (4) (4) (4) (5) (5) n/m
Shareholders’ equity 1 2 7 8 16 15 9 8 9 10 13 +35.4%
Returns, %
Returns, % ROA (91.22) (21.12) (43.78) (30.83) (31.63) (22.72) (51.53) (13.78) 0.64 9.61 13.39 +100.8 pt
ROIC (149.05) (99.30) (46.53) (41.99) (32.70) (25.81) (51.63) (24.58) 0.08 14.92 14.29 +164.0 pt
ROE (182.05) (61.83) (77.78) (47.21) (40.98) (27.09) (62.48) (18.27) 0.87 12.71 16.95 +194.8 pt
People
People Employees 10 15 18 25 27 34 27 31 31 36 — +15.3%
Revenue/emp, $m 0.23 0.25 0.32 0.41 0.32 0.30 0.37 0.46 0.46 0.52 — +9.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Nephros Inc. vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ZTEKF Zentek Ltd. $62.3M — (loss-making) — −95.36% (below 0%: shrinking) n/m −254.61% (below 0%: shrinking) 0.00% 0.00% Compare
POCI Precision Optics Corp. $54.3M — (loss-making) — (loss-making) +41.95% (above 0%: growing) n/m −45.64% (below 0%: shrinking) 25.34% (1.21%) Compare
DXR Daxor Corporation $50.4M 4.0× 7.6× −27.62% (below 0%: shrinking) n/m −88.56% (below 0%: shrinking) 0.00% 0.00% Compare
HBIO Harvard Bioscience, Inc. $38.5M — (loss-making) — (loss-making) +11.13% (above 0%: growing) n/m −123.43% (below 0%: shrinking) 55.57% (4.30%) Compare
NEPH Nephros Inc. $33.6M 18.0× 20.2× +18.01% (above 0%: growing) +66.67% (above 0%: growing) −251.52% (below 0%: shrinking) 58.45% 8.91%
DAVI Davion Healthcare PLC $32.8M — — — — — — — Compare
MLSS Milestone Scientific, Inc. $27.1M — (loss-making) — (loss-making) +22.27% (above 0%: growing) n/m +66.68% (above 0%: growing) 67.24% (37.37%) Compare
RVP Retractable Technologies, Inc. $16.9M — (loss-making) 11.1× −31.07% (below 0%: shrinking) n/m +56.67% (above 0%: growing) 2.65% (71.46%) Compare
BNGO Bionano Genomics, Inc. $15.4M — (loss-making) — (loss-making) +21.36% (above 0%: growing) n/m −33.93% (below 0%: shrinking) 52.80% (88.34%) Compare
Median of peers $35.6M — — +11.13% — −45.64% 25.34% (4.30%)

All 53 Medical Instruments & Supplies stocks →

Pay and ownership Proxy statement filed 14 October 2026

Ownership

Directors and executive officers, together 8.30%
Pessin Group 8.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Nephros Inc. (NEPH) Latest News

5 Nov

Impact 3 · · GlobeNewswire

13 Aug

Impact 3 · · The Motley Fool transcript

7 Aug

Impact 4 ·
Impact 3 · · Moby

6 Aug

Impact 4 ·

16 Jun

Impact 3 ·

11 May

Impact 3 · · Simply Wall St.

8 May

Impact 3 · · Moby

7 May

Impact 3 · · GlobeNewswire

1 Apr

Impact 3 · · GlobeNewswire

13 Mar

Impact 4 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com
Impact 3 · · Moby

12 Mar

Impact 4 · · GlobeNewswire

13 Feb

Impact 4 · · Simply Wall St.
Impact 4 · · GlobeNewswire
Impact 3 · · Simply Wall St.

12 Feb

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

11 Feb

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

10 Feb

Impact 3 · · Simply Wall St.

9 Feb

Impact 3 · · Simply Wall St.
Impact 3 ·

6 Feb

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

5 Feb

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

4 Feb

Impact 4 · · Simply Wall St.

21 Jan

Impact 3 · · Simply Wall St.
stockrow.com/NEPH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com