ValueScreener

ValueScreener company report

Nephros, Inc. (NEPH)

NASDAQ / Healthcare / Medical - Instruments & Supplies

Share price

3.51 USD Market dataClose of Oct 15, 2026

Market capitalisation

38.1M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 12, 2026
Ratios computed
Oct 15, 2026
Filed years
16, FY2009 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

19.4% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

31.91x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2025 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 2.3M USDFY2016 Net income: -3.0M USDFY2017 Revenue: 3.8M USDFY2017 Net income: -809.0K USDFY2018 Revenue: 5.7M USDFY2018 Net income: -3.4M USDFY2019 Revenue: 10.3M USDFY2019 Net income: -3.2M USDFY2020 Revenue: 8.6M USDFY2020 Net income: -4.5M USDFY2021 Revenue: 10.2M USDFY2021 Net income: -3.9M USDFY2022 Revenue: 10.0M USDFY2022 Net income: -7.1M USDFY2023 Revenue: 14.2M USDFY2023 Net income: -1.6M USDFY2024 Revenue: 14.2M USDFY2024 Net income: 74.0K USDFY2025 Revenue: 18.8M USDFY2025 Net income: 1.2M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
3 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 31.91x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Healthcare sector (223 companies), 31.91x sits at the 61st percentile; the middle half of that group runs from 13.52x to 42.98x.

Is it good

Return on invested capital was 19.4% in FY2025, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Healthcare sector (233 companies), 19.4% sits at the 85th percentile; the middle half of that group runs from -37.4% to 12.8%.

Is it safe

Interest coverage was 1,146.00x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Nephros, Inc.'s return on invested capital stayed above the median of the Healthcare sector, year by year. (FY2023 to FY2025, 3 fiscal years of Nephros, Inc. with a comparable figure)
The direction
Which way Nephros, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Nephros, Inc.)
What could explain it
What in Nephros, Inc.'s filed statements could explain the movements. (10 readings drawn from the statement lines Nephros, Inc. filed)
What to check next
What to check next on Nephros, Inc., and where in its filings. (3 questions for Nephros, Inc.)
In one paragraph
One paragraph on Nephros, Inc.'s returns, cash, balance sheet and price. (12 of sixteen figures read for Nephros, Inc.)

These are NEPH’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research NEPHPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 12, 2026, accession 0001493152-26-009848.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Nephros, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax19.4% ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Return on equity11.7% ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Return on capital employed, pre-tax10.5% ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Return on assets8.8% ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Gross margin61.9% ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Operating margin6.1% ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Net margin6.3% ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
NEPH 6.3%
POCI -11.5%ZJYL 5.8%RVP -32.8%HBIO -65.5%MLSS -63.8%
-65.5%6.3%
Net margin: NEPH against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Nephros, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.10 ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Current ratio4.06 ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Quick ratio2.89 ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Interest coverage1146.00x ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Altman Z-score-5.58 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Net debt-4.3M ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Total assets 13.6MTotal liabilities 3.4MShareholders' equity 10.2MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Nephros, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 12, 2026, 0001493152-26-009848).

Nephros, Inc: balance sheet position
Total assets13.6M FiledFY2025 10-K, filed Mar 12, 2026
Total liabilities3.4M FiledFY2025 10-K, filed Mar 12, 2026
Shareholders' equity10.2M FiledFY2025 10-K, filed Mar 12, 2026
Cash5.4M FiledFY2025 10-K, filed Mar 12, 2026
Total debt1.1M FiledFY2025 10-K, filed Mar 12, 2026
Net debt-4.3M
Current ratio4.06
Debt to equity0.10

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Nephros, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings31.91x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
P/E on trailing twelve months21.94x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.77x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Price to sales2.05x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Enterprise value to EBIT29.81x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Enterprise value to EBITDA26.56x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Diluted earnings per share0.11 USD FiledFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Graham number1.52 USD ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848

We publish no fair value or price target of our own. Value NEPH on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Nephros, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Nephros, Inc: valuation
Share price3.51 USD
Market capitalisation38.1M USD
Enterprise value to EBITDA26.56x
Graham number1.52 USD
Diluted earnings per share, FY20250.11 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 18.88x, median 35.52x, high 217.00x, latest 21.94x. 394 trading days with a meaningful ratio, 2,128 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Nephros, Inc

  1. Precision Optics Corporation, Inc. (POCI)Market cap 47.7M USD
  2. Jin Medical International Ltd. (ZJYL)Market cap 16.9M USD
  3. Retractable Technologies, Inc. (RVP)Market cap 17.9M USD
  4. Harvard Bioscience, Inc. (HBIO)Market cap 37.8M USD
  5. Milestone Scientific Inc. (MLSS)Market cap 29.6M USD

Same industry (Medical - Instruments & Supplies) and size band (Nano, under 50M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

Computed

Nephros, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
FY2016 Free cash flow: -2.2M USDFY2016 Net income: -3.0M USDFY2017 Net income: -809.0K USDFY2018 Net income: -3.4M USDFY2019 Free cash flow: -2.3M USDFY2019 Net income: -3.2M USDFY2020 Free cash flow: -7.1M USDFY2020 Net income: -4.5M USDFY2021 Free cash flow: -1.5M USDFY2021 Net income: -3.9M USDFY2022 Free cash flow: -3.4M USDFY2022 Net income: -7.1M USDFY2023 Free cash flow: 752.0K USDFY2023 Net income: -1.6M USDFY2024 Free cash flow: -547.0K USDFY2024 Net income: 74.0K USDFY2025 Net income: 1.2M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Nephros, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
31.91xFY2025Oct 15, 2026
3.77xFY2025Oct 15, 2026
29.81xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
19.4%FY2025Mar 12, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.10FY2025Mar 12, 2026
4.06FY2025Mar 12, 2026
2.05xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
-5.58FY2025Oct 15, 2026
-2.47FY2025Mar 12, 2026
6/9FY2025Mar 12, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 16 filed fiscal years on record, FY2009 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Nephros, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Nephros, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202518.8M1.1M1.2M0.11n/a6.1%11.7%10-K, Mar 12, 20260001493152-26-009848
FY202414.2M6.0K74.0K0.01-547.0K0.0%0.9%10-K, Mar 24, 20250001641172-25-000234
FY202314.2M-1.6M-1.6M-0.15752.0K-11.2%-18.8%10-K, Mar 15, 20240001493152-24-010107
FY202210.0M-4.3M-7.1M-0.73-3.4M-43.5%-127.1%10-K, Mar 23, 20230001493152-23-008716
FY202110.2M-3.3M-3.9M-0.41-1.5M-31.8%-33.1%10-K, Mar 3, 20220001493152-22-005976
FY20208.6M-4.3M-4.5M-0.52-7.1M-49.9%-36.1%10-K, Mar 1, 20210001493152-21-005090
FY201910.3M-3.2M-3.2M-0.45-2.3M-30.5%-68.0%10-K, Feb 27, 20200001493152-20-003069
FY20185.7M-3.0M-3.4M-0.50n/a-53.0%-89.6%10-K, Mar 12, 20190001493152-19-003127
FY20173.8M-2.2M-809.0K-0.18n/a-58.4%-41.5%10-K, Feb 26, 20180001493152-18-002569
FY20162.3M-2.9M-3.0M-0.54-2.2M-123.7%-454.6%10-K, Mar 20, 20170001493152-17-002633
  • Revenue, compound annual growth FY2016 to FY2025: 26.2%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2024, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Nephros, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.47 ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Piotroski F-score6/9 ComputedFY2025 10-K, filed Mar 12, 2026, 0001493152-26-009848
Named tests met3 of 30 Computed
Beta-0.22 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 3 met, 23 not met, 4 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; ROIC at or above WACC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; EV/EBITDA and coverage; Dividends and buybacks; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Low PEG, low debt (Peter Lynch); High yield, low payout; Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(8)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 8 figures could not be read on this company, among them PEG Ratio, Eps Growth 5Y, Dividend Yield. Each blank in the table above names the rest, with its reason. 4 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolioHow this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map

Apps

  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.

With your permission, Google Analytics, Microsoft Clarity and HubSpot set cookies to measure how this site and the product are used, including recordings of sessions. Nothing is set unless you allow it. Privacy policy