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. In the quarter to June 2026, revenue grew 36.2%, EPS grew 450.0% and free cash flow fell 31.5%, each against the same quarter a year earlier.
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Nephros Inc. (NEPH) Beneish M-score
Nephros Inc.'s Beneish M-score for fiscal 2025 is −2.60; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.60 | (0.59) |
| FY2024 | −2.01 | 1.30 |
| FY2023 | −3.32 | (0.32) |
| FY2022 | −2.99 | (0.39) |
| FY2021 | −2.61 | (1.17) |
| FY2020 | −1.44 | 1.01 |
| FY2019 | −2.44 | (0.84) |
| FY2018 | −1.61 | 0.88 |
| FY2017 | −2.49 | 1.95 |
| FY2016 | −4.43 | (5.12) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.02 | — | 0.94 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.69 | — | 0.28 | |
| Sales growth index | 1.33 | — | 1.18 | |
| Depreciation index | 0.81 | — | 0.09 | |
| SG&A index | 0.88 | — | −0.15 | |
| Total accruals to total assets | (0.03) | — | −0.15 | |
| Leverage index | 1.46 | — | −0.48 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.60 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RVP Retractable Technologies, Inc. compare | −15.4× |
| HBIO Harvard Bioscience, Inc. compare | −6.5× |
| MLSS Milestone Scientific, Inc. compare | −4.0× |
| BNGO Bionano Genomics, Inc. compare | −3.4× |
| NEPH Nephros Inc. | −2.6× |
| POCI Precision Optics Corp. compare | −2.3× |
| DXR Daxor Corporation compare | — |
| MBOT Microbot Medical Inc. compare | — |
| ZTEKF Zentek Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI