What is Delcath Systems' operating income?

Delcath Systems' total operating income in 2025 was $660 thousand, based on the following breakdown: Total Gross Profit: $73.43 million Total Operating Expenses: $72.77 million

Delcath Systems (DCTH) Financials

$14.37 +0.29 (+2.06%)

Closing price 10/19/2026 04:00 PM Eastern

Extended Trading

$14.37 0.00 (0.00%)

As of 08:09 AM Eastern

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Annual Income Statements for Delcath Systems

This table shows Delcath Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-15	-18	-45	-19	-18	-48	-26	-37	-48	-26	2.70
Consolidated Net Income / (Loss)	-15	-18	-45	-19	-8.88	-48	-26	-37	-48	-26	2.70
Net Income / (Loss) Continuing Operations	-15	-18	-45	-19	-8.88	-48	-26	-37	-48	-26	2.70
Total Pre-Tax Income	-15	-18	-25	-18	-8.88	-24	-26	-37	-48	-26	3.51
Total Operating Income	-15	-16	-18	-27	-20	-21	-25	-34	-38	-12	0.66
Total Gross Profit	1.29	1.44	2.01	2.40	0.86	1.01	2.88	2.03	1.43	31	73
Total Revenue	1.75	1.99	2.72	3.41	1.58	1.65	3.56	2.72	2.07	37	85
Operating Revenue	1.75	1.99	2.72	3.41	1.58	1.65	3.56	2.72	2.07	37	85
Total Cost of Revenue	0.46	0.55	0.70	1.01	0.72	0.64	0.67	0.69	0.64	6.19	12
Operating Cost of Revenue	0.46	0.55	0.70	1.01	0.72	0.64	0.67	0.69	0.64	6.19	12
Total Operating Expenses	16	18	20	29	21	22	27	36	40	43	73
Selling, General & Admin Expense	10	9.43	9.68	9.82	11	11	14	17	22	30	44
Research & Development Expense	6.49	8.45	10	20	9.49	11	14	19	18	14	29
Total Other Income / (Expense), net	0.50	-1.55	-6.60	8.92	11	-2.85	-1.12	-2.69	-9.44	-14	2.85
Interest & Investment Income	-	-	-22	-7.96	-4.75	-0.18	-1.19	-2.69	-1.44	0.13	2.92
Other Income / (Expense), net	0.56	13	15	17	16	-2.68	0.07	0.00	-8.00	-14	-0.07
Income Tax Expense	-	-	-	-	-	-	-	-	-	0.00	0.81
Basic Earnings per Share	($5,096.00)	($3,707.00)	($3,250.00)	($504.00)	($342.83)	($8.35)	($3.59)	($4.12)	($2.94)	($0.93)	$0.08
Weighted Average Basic Shares Outstanding	2.89K	4.85K	14.04K	38.15K	25.90K	2.90M	7.15M	8.86M	16.23M	28.51M	35.82M
Diluted Earnings per Share	($5,096.00)	($3,707.00)	($3,250.00)	($504.00)	($342.83)	($8.35)	($3.59)	($4.12)	($2.94)	($0.93)	$0.07
Weighted Average Diluted Shares Outstanding	2.89K	4.85K	14.04K	38.15K	25.90K	2.90M	7.15M	8.86M	16.23M	28.51M	39.92M
Weighted Average Basic & Diluted Shares Outstanding	2.89K	4.85K	14.04K	38.15K	25.90K	2.90M	7.15M	10.06M	24.56M	33.40M	34.75M

This table shows Delcath Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-11	-11	-14	1.86	-3.40	1.07	2.70	0.83	-1.90	-1.07	2.67
Consolidated Net Income / (Loss)	-11	-11	-14	1.86	-3.40	1.07	2.70	0.83	-1.90	-1.07	2.67
Net Income / (Loss) Continuing Operations	-11	-11	-14	1.86	-3.40	1.07	2.70	0.83	-1.90	-1.07	2.67
Total Pre-Tax Income	-11	-11	-14	1.86	-3.35	1.26	3.21	0.38	-1.33	-0.91	3.16
Total Operating Income	-11	-10	-3.91	-1.26	3.04	0.64	2.59	-0.39	-2.18	-1.64	2.40
Total Gross Profit	0.37	2.24	6.25	9.56	13	17	21	18	18	21	26
Total Revenue	0.54	3.14	7.77	11	15	20	24	21	21	25	29
Operating Revenue	0.54	3.14	7.77	11	15	20	24	21	21	25	29
Total Cost of Revenue	0.17	0.90	1.52	1.64	2.13	2.85	3.32	2.62	3.01	3.74	2.99
Operating Cost of Revenue	0.17	0.90	1.52	1.64	2.13	2.85	3.32	2.62	3.01	3.74	2.99
Total Operating Expenses	12	13	10	11	9.94	16	18	18	20	23	24
Selling, General & Admin Expense	6.96	8.81	6.77	6.95	7.02	11	11	10	11	13	13
Research & Development Expense	4.71	3.70	3.39	3.87	2.91	5.01	6.88	7.99	9.37	9.82	10
Total Other Income / (Expense), net	0.24	-0.81	-9.84	3.12	-6.38	0.62	0.62	0.76	0.85	0.73	0.76
Interest & Investment Income	0.02	-0.20	-0.08	0.11	0.30	0.62	0.65	0.80	0.86	0.79	0.78
Other Income / (Expense), net	0.23	-0.61	-9.76	3.01	-6.68	0.00	-0.03	-0.03	-0.00	-0.06	-0.02
Income Tax Expense	-	0.00	0.00	0.00	-	0.20	0.51	-0.46	0.56	0.16	0.49
Basic Earnings per Share	($0.45)	($0.45)	($0.48)	$0.06	($0.06)	$0.03	$0.08	$0.02	($0.05)	($0.03)	$0.07
Weighted Average Basic Shares Outstanding	16.23M	24.89M	28.36M	28.74M	28.51M	34.64M	35.79M	36.38M	35.82M	36.02M	35.89M
Diluted Earnings per Share	($0.45)	($0.45)	($0.48)	$0.06	($0.06)	$0.03	$0.07	$0.02	($0.05)	($0.03)	$0.07
Weighted Average Diluted Shares Outstanding	16.23M	24.89M	28.36M	32.35M	28.51M	39.51M	40.26M	40.06M	39.92M	36.02M	39.76M
Weighted Average Basic & Diluted Shares Outstanding	24.56M	27.79M	28.00M	31.97M	33.40M	34.83M	34.98M	35.31M	34.75M	34.52M	34.70M

This table details how cash moves in and out of Delcath Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-7.86	-8.20	-26	-1.57	6.61	19	-1.93	-15	0.87	20	11
Net Cash From Operating Activities	-16	-14	-15	-15	-24	-23	-23	-25	-31	-19	23
Net Cash From Continuing Operating Activities	-16	-14	-15	-15	-24	-23	-23	-25	-31	-19	23
Net Income / (Loss) Continuing Operations	-15	-18	-45	-19	-8.88	-24	-26	-37	-48	-26	2.70
Consolidated Net Income / (Loss)	-15	-18	-45	-19	-8.88	-24	-26	-37	-48	-26	2.70
Depreciation Expense	0.62	0.31	0.31	0.44	0.21	0.17	0.15	0.13	0.13	0.13	0.24
Amortization Expense	0.00	14	22	2.83	4.50	0.03	0.32	0.77	0.90	-0.03	-1.59
Non-Cash Adjustments To Reconcile Net Income	0.11	-12	5.35	-11	-14	6.77	8.34	8.54	16	23	24
Changes in Operating Assets and Liabilities, net	-2.44	1.54	2.51	12	-5.56	-5.81	-5.76	2.11	-0.91	-16	-3.07
Net Cash From Investing Activities	0.01	-1.35	-0.52	-0.08	-0.02	-0.78	-0.14	-0.21	-20	-0.98	-27
Net Cash From Continuing Investing Activities	0.01	-1.35	-0.52	-0.08	-0.02	-0.78	-0.14	-0.21	-20	-0.98	-27
Purchase of Property, Plant & Equipment	-0.17	-0.26	-0.52	-0.08	-0.02	-0.78	-0.14	-0.21	-0.06	-0.56	-1.55
Purchase of Investments	-	-	-	-	-	-	-	0.00	-20	-52	-93
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	0.00	0.00	52	68
Net Cash From Financing Activities	8.66	7.41	-11	13	30	42	21	10	52	39	15
Net Cash From Continuing Financing Activities	8.66	7.41	-11	13	30	42	21	10	52	39	15
Repayment of Debt	0.00	0.00	0.00	-4.87	-	0.00	0.00	-0.71	-6.31	-11	0.00
Repurchase of Common Equity	-	-	-	-	0.00	-0.00	-	-	-	0.00	-6.00
Issuance of Common Equity	8.66	2.38	0.02	11	0.00	41	0.00	11	23	7.02	0.48
Other Financing Activities, net	0.00	-26	-9.89	0.52	0.04	1.83	6.39	0.00	35	43	21
Other Net Changes in Cash	-	-	-	-	0.01	-	-	-0.12	0.06	-0.03	0.07
Cash Interest Paid	-	-	-	-	0.00	0.01	0.68	1.87	1.46	1.24	0.00
Cash Income Taxes Paid	-	-	-	-	-	-	-	-	-	0.00	1.55

This table details how cash moves in and out of Delcath Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-28	-0.89	2.97	-6.47	24	-20	22	7.39	1.64	-2.14	6.21
Net Cash From Operating Activities	-8.18	-9.58	-4.45	-3.64	-1.01	2.20	7.29	4.77	8.25	0.86	5.71
Net Cash From Continuing Operating Activities	-8.00	-9.58	-4.45	-3.70	-0.94	2.20	7.29	4.77	8.25	0.86	5.71
Net Income / (Loss) Continuing Operations	-11	-11	-14	1.86	-3.40	1.07	2.70	0.83	-1.90	-1.07	2.67
Consolidated Net Income / (Loss)	-11	-11	-14	1.86	-3.40	1.07	2.70	0.83	-1.90	-1.07	2.67
Depreciation Expense	0.04	0.03	0.03	0.03	0.04	0.04	0.05	0.06	0.08	0.10	0.11
Amortization Expense	0.31	0.05	0.04	-0.06	-0.04	-0.28	-0.43	-0.45	-0.43	-0.41	-0.38
Non-Cash Adjustments To Reconcile Net Income	1.73	3.60	13	-0.83	7.46	6.86	7.21	5.65	4.51	4.95	5.12
Changes in Operating Assets and Liabilities, net	1.05	-2.14	-3.67	-4.71	-5.00	-5.49	-2.24	-1.33	5.98	-2.71	-1.81
Net Cash From Investing Activities	-20	4.66	10	-0.70	-15	-25	-0.42	-0.47	-0.56	-0.57	-0.50
Net Cash From Continuing Investing Activities	-20	4.66	10	-0.70	-15	-25	-0.42	-0.47	-0.56	-0.57	-0.50
Purchase of Property, Plant & Equipment	-0.02	-0.01	-0.10	-0.22	-0.23	-0.14	-0.40	-0.46	-0.55	-0.57	-0.50
Purchase of Investments	-20	-10	-10	-11	-21	-30	-21	-10	-32	-16	-32
Sale and/or Maturity of Investments	-	15	21	11	5.69	5.05	21	10	32	16	32
Net Cash From Financing Activities	0.00	4.02	-2.85	-2.14	40	3.25	15	3.10	-5.94	-2.38	0.96
Net Cash From Continuing Financing Activities	0.00	4.02	-2.85	-2.14	40	3.25	15	3.10	-5.94	-2.38	0.96
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-	-	-3.00	-0.01
Other Financing Activities, net	0.00	0.00	0.43	0.19	42	3.02	15	2.86	0.06	0.23	0.97
Other Net Changes in Cash	0.03	0.02	-0.01	0.01	-0.05	0.06	0.13	-0.01	-0.10	-0.05	0.04

This table presents Delcath Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	16	35	8.89	6.84	14	35	33	18	39	77	124
Total Current Assets	15	34	7.59	5.92	13	32	31	16	37	74	120
Cash & Equivalents	13	4.41	4.00	2.52	10	29	23	7.67	13	32	43
Short-Term Investments	-	-	-	-	-	-	-	0.00	20	21	48
Accounts Receivable	0.28	0.40	0.32	0.59	0.02	0.06	0.04	0.37	0.24	11	12
Inventories, net	0.76	0.66	1.25	0.86	0.65	0.86	1.41	2.00	3.32	6.93	10
Prepaid Expenses	0.96	0.70	0.70	0.90	1.76	2.67	2.74	1.97	1.09	2.70	6.50
Plant, Property, & Equipment, net	1.13	1.08	1.30	0.93	0.74	1.35	1.35	1.42	1.35	1.79	3.17
Total Noncurrent Assets	0.00	0.00	0.00	0.00	0.86	0.95	0.62	0.29	0.10	1.04	0.94
Other Noncurrent Operating Assets	-	-	-	0.00	0.86	0.95	0.62	0.29	0.10	1.04	0.94
Total Liabilities & Shareholders' Equity	16	35	8.89	6.84	14	35	33	18	39	77	124
Total Liabilities	7.13	37	8.21	22	21	13	21	24	23	7.84	12
Total Current Liabilities	6.31	36	7.81	18	16	10	5.95	15	16	6.14	11
Accounts Payable	0.28	0.59	3.85	7.72	4.53	1.77	0.64	2.02	1.01	0.96	2.66
Accrued Expenses	2.24	3.41	3.41	7.96	6.95	5.24	4.11	4.69	5.25	5.08	8.19
Other Current Liabilities	3.79	19	0.56	0.03	4.03	0.50	0.42	0.19	0.04	0.11	0.10
Total Noncurrent Liabilities	0.82	0.63	0.40	4.03	4.58	2.52	15	8.99	6.39	1.70	1.46
Other Noncurrent Operating Liabilities	0.82	0.60	0.40	0.63	0.20	0.45	0.21	1.14	6.39	1.70	1.46
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8.60	-1.49	0.68	-15	-6.36	22	12	-5.86	16	69	111
Total Preferred & Common Equity	8.60	-1.49	0.68	-15	-6.36	22	12	-5.86	16	69	111
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	8.60	-1.49	0.68	-15	-6.36	22	12	-5.86	16	69	111
Common Stock	270	278	326	329	365	418	433	452	521	600	639
Retained Earnings	-261	-279	-325	-344	-371	-395	-421	-457	-505	-532	-529
Accumulated Other Comprehensive Income / (Loss)	-0.01	-0.04	0.04	0.05	0.03	-0.10	0.02	-0.08	0.14	0.08	0.58

This table presents Delcath Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	31	21	48	36	34	32	87	117	124	125	137
Total Current Assets	29	19	46	34	31	29	84	113	121	120	131
Cash & Equivalents	24	15	40	12	15	8.32	13	34	42	41	48
Short-Term Investments	-	-	-	15	5.12	5.68	46	47	47	48	48
Accounts Receivable	0.46	0.13	0.21	1.56	3.73	6.94	14	16	14	14	16
Inventories, net	2.34	2.48	2.67	3.63	6.32	6.64	7.13	11	11	9.81	12
Prepaid Expenses	1.96	2.28	2.71	1.28	1.45	1.31	4.38	6.12	7.21	7.00	6.98
Plant, Property, & Equipment, net	1.39	1.40	1.37	1.34	1.42	1.73	1.95	2.40	2.72	3.66	4.02
Total Noncurrent Assets	0.19	0.18	0.11	1.12	1.09	1.07	1.02	0.99	0.97	0.91	2.46
Other Noncurrent Operating Assets	0.19	0.18	0.11	1.12	1.09	1.07	1.02	0.99	0.97	0.91	2.46
Total Liabilities & Shareholders' Equity	31	21	48	36	34	32	87	117	124	125	137
Total Liabilities	25	21	23	21	30	23	7.09	12	9.45	12	16
Total Current Liabilities	13	11	14	13	12	22	5.29	10	8.01	11	13
Accounts Payable	2.43	0.97	0.75	1.49	3.28	0.94	1.62	4.72	2.13	3.46	4.01
Accrued Expenses	7.12	5.55	5.23	4.40	4.42	5.71	3.56	5.60	5.77	7.14	9.07
Other Current Liabilities	0.09	0.09	0.04	0.10	0.10	13	0.11	0.12	0.11	0.09	0.20
Total Noncurrent Liabilities	12	10	8.88	8.14	17	1.53	1.80	1.46	1.44	1.43	2.59
Other Noncurrent Operating Liabilities	6.10	4.93	6.88	8.14	17	1.53	1.80	1.46	1.44	1.43	2.59
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-13	-0.24	25	15	4.19	8.57	80	105	115	113	121
Total Preferred & Common Equity	-13	-0.24	25	15	4.19	8.57	80	105	115	113	121
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-13	-0.24	25	15	4.19	8.57	80	105	115	113	121
Common Stock	453	474	519	531	534	537	610	632	641	642	648
Retained Earnings	-466	-474	-494	-516	-530	-528	-530	-528	-527	-530	-527
Accumulated Other Comprehensive Income / (Loss)	-0.06	-0.06	-0.06	0.16	0.01	0.01	0.38	0.59	0.88	0.57	0.26

This table displays calculated financial ratios and metrics derived from Delcath Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	63.42%	14.02%	36.30%	25.49%	-53.62%	4.18%	115.98%	-23.52%	-24.05%	1,701.69%	129.08%
EBITDA Growth	14.48%	177.79%	72.20%	-136.83%	108.39%	-4,194.49%	-0.86%	-37.34%	-37.03%	41.58%	97.13%
EBIT Growth	15.64%	75.01%	16.34%	-232.82%	59.43%	-479.95%	-2.01%	-38.38%	-36.41%	42.66%	102.23%
NOPAT Growth	21.21%	-8.09%	-10.49%	-49.03%	26.46%	-7.01%	-15.15%	-38.00%	-12.79%	67.50%	105.84%
Net Income Growth	15.40%	-22.22%	-151.05%	57.40%	53.81%	-444.12%	46.91%	-42.34%	-30.60%	44.66%	110.23%
EPS Growth	15.40%	-22.22%	-151.05%	57.40%	31.98%	97.56%	57.01%	-14.76%	28.64%	68.37%	107.53%
Operating Cash Flow Growth	-5.58%	13.44%	-8.34%	4.33%	-60.80%	3.47%	1.15%	-10.38%	-25.25%	40.22%	220.53%
Free Cash Flow Firm Growth	27.34%	148.29%	-744.78%	74.50%	-123.06%	-56.06%	9.26%	6.26%	-5.08%	-38.99%	86.48%
Invested Capital Growth	-72.38%	-395.33%	76.59%	-254.69%	11.77%	67.83%	113.49%	-415.85%	-230.01%	335.87%	30.10%
Revenue Q/Q Growth	9.19%	13.57%	1.04%	10.33%	-24.22%	-0.66%	82.03%	-35.11%	-4.57%	64.30%	7.07%
EBITDA Q/Q Growth	-18.86%	1,136.37%	22.82%	-166.50%	103.36%	-299.68%	9.70%	-12.02%	-6.54%	21.79%	61.46%
EBIT Q/Q Growth	-16.95%	54.05%	76.42%	-290.70%	82.04%	-415.83%	8.90%	-10.43%	-7.54%	21.93%	165.70%
NOPAT Q/Q Growth	-6.60%	-0.95%	-1.92%	21.42%	13.65%	-12.96%	8.65%	-10.43%	-9.93%	53.61%	-91.37%
Net Income Q/Q Growth	-17.13%	-23.27%	-31.31%	30.35%	72.46%	-942.33%	50.18%	-9.36%	-5.92%	22.68%	125.38%
EPS Q/Q Growth	-17.13%	-23.27%	-31.31%	30.35%	-86.11%	1.53%	35.20%	-13.81%	11.18%	29.55%	16.67%
Operating Cash Flow Q/Q Growth	-7.24%	4.15%	-0.81%	11.43%	-17.51%	1.41%	-4.58%	-5.63%	-2.69%	27.74%	69.78%
Free Cash Flow Firm Q/Q Growth	5.38%	-49.94%	14.65%	52.63%	-483.24%	37.66%	1.17%	-3.84%	-3.01%	-45.57%	82.27%
Invested Capital Q/Q Growth	-27.13%	14.47%	-56.38%	-36.64%	55.04%	19.40%	134.03%	34.01%	-12.68%	553.46%	-22.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.55%	72.39%	74.18%	70.38%	54.49%	61.12%	81.13%	74.77%	69.25%	83.37%	86.16%
EBITDA Margin	-803.03%	547.84%	692.15%	-203.14%	36.77%	-1,445.26%	-674.94%	-1,211.95%	-2,186.73%	-70.90%	-0.89%
Operating Margin	-870.64%	-825.30%	-669.06%	-794.57%	-1,260.00%	-1,294.23%	-690.04%	-1,245.05%	-1,849.01%	-33.36%	0.77%
EBIT Margin	-838.35%	-183.73%	-112.78%	-299.12%	-261.71%	-1,456.93%	-688.13%	-1,245.05%	-2,236.32%	-71.18%	0.69%
Profit (Net Income) Margin	-841.67%	-902.16%	-1,661.77%	-564.19%	-561.96%	-2,935.12%	-721.49%	-1,342.70%	-2,308.86%	-70.92%	3.17%
Tax Burden Percent	99.94%	99.91%	182.18%	105.91%	99.98%	200.00%	100.00%	99.92%	100.12%	100.11%	76.92%
Interest Burden Percent	100.46%	491.48%	808.79%	178.10%	214.78%	100.73%	104.85%	107.93%	103.12%	99.53%	594.92%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	23.08%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-194.43%	2.84%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-147.60%	-0.19%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	131.99%	0.16%
Return on Equity (ROE)	-109.95%	-505.44%	11,112.56%	269.57%	83.39%	-614.62%	-150.74%	-1,198.36%	-961.44%	-62.44%	3.00%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3,562.71%	0.00%	0.00%	-198.39%	-23.32%
Operating Return on Assets (OROA)	-74.16%	-14.36%	-13.88%	-129.57%	-39.28%	-98.19%	-72.21%	-132.79%	-163.54%	-45.97%	0.59%
Return on Assets (ROA)	-74.46%	-70.51%	-204.49%	-244.38%	-84.34%	-197.81%	-75.71%	-143.21%	-168.85%	-45.81%	2.70%
Return on Common Equity (ROCE)	-109.95%	-505.44%	11,112.56%	269.57%	83.39%	-614.62%	-150.74%	-1,198.36%	-961.44%	-62.44%	3.00%
Return on Equity Simple (ROE_SIMPLE)	-170.96%	1,206.11%	0.00%	128.67%	139.67%	-218.82%	-214.60%	623.11%	-302.20%	-38.38%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-12	-13	-19	-14	-15	-17	-24	-27	-8.69	0.51
NOPAT Margin	-609.44%	-577.71%	-468.34%	-556.20%	-882.00%	-905.96%	-483.03%	-871.54%	-1,294.31%	-23.35%	0.60%
Net Nonoperating Expense Percent (NNEP)	-24.53%	-41.75%	-273.70%	-7.93%	104.01%	-191.19%	-44.53%	-343.69%	-226.64%	-46.83%	3.04%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-103.09%	-12.64%	0.46%
Cost of Revenue to Revenue	26.45%	27.61%	25.82%	29.62%	45.51%	38.88%	18.87%	25.23%	30.75%	16.63%	13.84%
SG&A Expenses to Revenue	572.93%	473.59%	356.69%	288.20%	713.86%	674.85%	383.60%	636.37%	1,070.70%	79.43%	51.07%
R&D to Revenue	371.27%	424.10%	386.56%	576.75%	600.63%	680.50%	387.57%	683.45%	847.55%	37.29%	34.31%
Operating Expenses to Revenue	944.19%	897.69%	743.24%	864.95%	1,314.49%	1,355.35%	771.17%	1,319.82%	1,918.26%	116.72%	85.38%
Earnings before Interest and Taxes (EBIT)	-15	-3.66	-3.06	-10	-4.14	-24	-24	-34	-46	-26	0.59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-14	11	19	-6.92	0.58	-24	-24	-33	-45	-26	-0.76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.27	0.00	0.38	0.00	0.00	3.34	4.77	0.00	5.81	5.60	3.21
Price to Tangible Book Value (P/TBV)	1.27	0.00	0.38	0.00	0.00	3.34	4.77	0.00	5.81	5.60	3.21
Price to Revenue (P/Rev)	6.23	1.01	0.10	0.26	0.42	44.82	16.04	11.38	44.41	10.35	4.18
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	132.10
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.76%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	72.41	0.00	0.00	21.38	13.16
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	28.56	12.85	12.81	33.59	8.92	3.12
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	450.22
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	523.22
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.80
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-8.96	0.00	-0.14	-0.31	0.09	1.31	-2.68	0.64	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	-0.31	0.00	1.26	-1.34	0.00	0.00	0.00
Financial Leverage	-1.24	-4.35	29.16	0.48	0.46	-2.22	-1.12	-1.22	-1.86	-0.89	-0.80
Leverage Ratio	1.48	7.17	-54.34	-1.10	-0.99	3.11	1.99	8.37	5.69	1.36	1.11
Compound Leverage Factor	1.48	35.23	-439.51	-1.96	-2.12	3.13	2.09	9.03	5.87	1.36	6.62
Debt to Total Capital	0.00%	112.57%	0.00%	-15.80%	-45.90%	8.31%	56.67%	159.61%	39.15%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	112.57%	0.00%	-15.80%	0.00%	8.31%	2.25%	79.83%	39.15%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	-45.90%	0.00%	54.42%	79.78%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	-12.57%	100.00%	115.80%	145.90%	91.69%	43.33%	-59.61%	60.85%	100.00%	100.00%
Debt to EBITDA	0.00	1.22	0.00	-0.29	3.44	-0.08	-0.65	-0.48	-0.22	0.00	0.00
Net Debt to EBITDA	0.00	-1.68	0.00	0.22	-14.08	1.12	0.47	-0.12	0.50	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	3.44	0.00	-0.63	-0.24	0.00	0.00	0.00
Debt to NOPAT	0.00	-1.16	0.00	-0.11	-0.14	-0.13	-0.91	-0.66	-0.38	0.00	0.00
Net Debt to NOPAT	0.00	1.59	0.00	0.08	0.59	1.79	0.66	-0.16	0.84	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-0.14	0.00	-0.87	-0.33	0.00	0.00	0.00
Altman Z-Score	-24.66	-11.41	-52.01	-76.84	-37.68	-13.92	-17.59	-41.08	-19.16	20.14	13.01
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.31	0.95	0.97	0.33	0.79	3.22	5.23	1.10	2.26	12.01	10.92
Quick Ratio	2.04	0.13	0.55	0.17	0.63	2.85	3.84	0.55	1.99	10.44	9.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8.97	4.33	-28	-7.12	-16	-25	-22	-21	-22	-31	-4.16
Operating Cash Flow to CapEx	0.00%	-5,508.91%	-2,938.55%	-19,384.21%	-98,704.17%	-2,924.30%	-15,806.99%	-11,937.80%	-53,881.03%	-3,341.86%	1,455.46%
Free Cash Flow to Firm to Interest Expense	-133.81	0.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-245.07	-0.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-244.93	-1.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.08	0.12	0.43	0.15	0.07	0.10	0.11	0.07	0.65	0.85
Accounts Receivable Turnover	7.75	5.86	7.54	7.55	5.21	42.21	70.40	13.26	6.80	6.68	7.53
Inventory Turnover	0.84	0.78	0.73	0.96	0.95	0.85	0.59	0.40	0.24	1.21	1.37
Fixed Asset Turnover	1.19	1.80	2.28	3.07	1.90	1.58	2.63	1.96	1.49	23.68	34.40
Accounts Payable Turnover	0.90	1.25	0.32	0.17	0.12	0.20	0.56	0.52	0.42	6.27	6.52
Days Sales Outstanding (DSO)	47.11	62.30	48.40	48.32	70.00	8.65	5.19	27.52	53.65	54.60	48.46
Days Inventory Outstanding (DIO)	436.89	470.19	496.73	380.92	383.78	430.30	616.58	907.18	1,528.98	302.45	265.85
Days Payable Outstanding (DPO)	407.66	291.34	1,155.92	2,091.06	3,108.85	1,798.48	656.02	706.59	870.83	58.19	55.99
Cash Conversion Cycle (CCC)	76.35	241.15	-610.79	-1,661.83	-2,655.07	-1,359.53	-34.25	228.11	711.79	298.86	258.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-4.01	-20	-4.65	-16	-15	-4.68	0.63	-1.99	-6.58	16	20
Invested Capital Turnover	-0.55	-0.17	-0.22	-0.32	-0.10	-0.17	-1.76	-3.99	-0.48	8.33	4.78
Increase / (Decrease) in Invested Capital	-1.68	-16	15	-12	1.94	9.86	5.31	-2.62	-4.58	22	4.67
Enterprise Value (EV)	-1.73	-16	-5.07	-0.64	-7.52	47	46	35	69	332	266
Market Capitalization	11	2.02	0.26	0.90	0.67	74	57	31	92	385	357
Book Value per Share	$0.40	($0.68)	$0.26	($1.66)	($0.29)	$5.36	$1.62	($0.68)	$0.72	$2.15	$3.15
Tangible Book Value per Share	$0.40	($0.68)	$0.26	($1.66)	($0.29)	$5.36	$1.62	($0.68)	$0.72	$2.15	$3.15
Total Capital	8.60	12	0.68	-13	-4.36	24	28	9.83	26	69	111
Total Debt	0.00	13	0.00	2.04	2.00	2.00	16	16	10	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	2.00	0.00	15	7.84	0.00	0.00	0.00
Net Debt	-13	-18	-5.32	-1.54	-8.18	-27	-11	3.87	-22	-53	-91
Capital Expenditures (CapEx)	-0.01	0.26	0.52	0.08	0.02	0.78	0.14	0.21	0.06	0.56	1.55
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4.32	-20	-5.55	-13	-14	-4.45	-1.13	-2.56	-1.64	14	18
Debt-free Net Working Capital (DFNWC)	8.29	11	-0.23	-9.79	-3.38	24	26	9.27	31	68	109
Net Working Capital (NWC)	8.29	-1.94	-0.23	-12	-3.38	22	25	1.42	21	68	109
Net Nonoperating Expense (NNE)	4.06	6.46	32	0.27	-5.06	33	8.48	13	21	18	-2.19
Net Nonoperating Obligations (NNO)	-13	-18	-5.32	-1.54	-8.18	-27	-11	3.87	-22	-53	-91
Total Depreciation and Amortization (D&A)	0.62	15	22	3.27	4.72	0.19	0.47	0.90	1.02	0.10	-1.35
Debt-free, Cash-free Net Working Capital to Revenue	-247.17%	-1,018.67%	-204.38%	-392.46%	-858.23%	-270.53%	-31.90%	-94.01%	-79.61%	38.66%	20.58%
Debt-free Net Working Capital to Revenue	474.47%	572.49%	-8.29%	-287.44%	-213.73%	1,476.49%	726.27%	340.79%	1,494.43%	181.74%	127.40%
Net Working Capital to Revenue	474.47%	-97.34%	-8.29%	-347.26%	-213.73%	1,354.98%	708.80%	52.23%	1,002.91%	181.74%	127.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1,783,600,000.00)	($1,297,275,000.00)	($2,275,000.00)	($504.00)	($1,047.00)	($8.35)	($3.59)	($4.12)	($2.94)	($0.93)	$0.08
Adjusted Weighted Average Basic Shares Outstanding	0.00	1.00	1.24K	55.00	72.77K	2.90M	7.91M	8.86M	16.23M	28.51M	35.82M
Adjusted Diluted Earnings per Share	($1,783,600,000.00)	($1,297,275,000.00)	($2,275,000.00)	($504.00)	($1,047.00)	($8.35)	($3.59)	($4.12)	($2.94)	($0.93)	$0.07
Adjusted Weighted Average Diluted Shares Outstanding	0.00	1.00	1.24K	55.00	72.77K	2.90M	7.91M	8.86M	16.23M	28.51M	39.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	($1,297,275,000.00)	($2,275,000.00)	($504.00)	($1,047.00)	$0.00	($3.59)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	20.00	38.15K	25.90K	6.25M	7.15M	10.06M	24.56M	33.40M	34.75M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-12	-13	-19	-14	-15	-17	-24	-27	-8.69	0.51
Normalized NOPAT Margin	-609.44%	-577.71%	-468.34%	-556.20%	-882.00%	-905.96%	-483.03%	-871.54%	-1,294.31%	-23.35%	0.60%
Pre Tax Income Margin	-842.19%	-903.01%	-912.15%	-532.73%	-562.09%	-1,467.56%	-721.49%	-1,343.80%	-2,306.00%	-70.84%	4.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-218.60	-0.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-158.91	-0.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-218.45	-0.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-158.76	-0.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.22%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.22%	0.00%	0.00%	0.00%	0.00%	222.22%

This table displays calculated financial ratios and metrics derived from Delcath Systems' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	33,403,138.00	34,826,183.00	34,981,253.00	-	34,746,187.00	34,521,647.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	33,403,138.00	34,826,183.00	34,981,253.00	-	34,746,187.00	34,521,647.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	0.03	0.08	0.02	-	-0.03	0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.52%	425.80%	1,468.89%	2,480.65%	2,701.48%	530.26%	211.05%	83.60%	37.27%	26.33%	20.60%
EBITDA Growth	-34.88%	-33.67%	-105.59%	108.58%	66.02%	103.76%	116.05%	-145.72%	32.79%	-592.38%	-3.08%
EBIT Growth	-41.32%	-30.81%	-99.90%	108.61%	67.14%	105.93%	118.70%	-124.04%	40.97%	-362.38%	-6.96%
NOPAT Growth	-43.93%	-23.46%	51.08%	82.96%	126.88%	107.55%	179.59%	31.79%	-171.87%	-311.05%	-7.19%
Net Income Growth	-31.44%	-23.46%	-90.79%	109.16%	69.49%	109.62%	119.63%	-55.47%	44.20%	-200.09%	-1.08%
EPS Growth	45.12%	41.56%	17.24%	105.26%	86.67%	106.67%	114.58%	-66.67%	16.67%	-200.00%	0.00%
Operating Cash Flow Growth	-11.13%	-124.77%	53.87%	60.27%	87.70%	122.99%	263.85%	231.10%	919.88%	-61.10%	-21.68%
Free Cash Flow Firm Growth	-15.83%	-375.26%	300.05%	19.62%	-499.70%	-127.66%	-1,067.16%	-722.17%	68.95%	87.60%	102.30%
Invested Capital Growth	-230.01%	44.83%	-121.36%	41.39%	335.87%	510.82%	313.68%	858.11%	30.10%	9.74%	5.26%
Revenue Q/Q Growth	24.19%	482.37%	147.40%	44.22%	34.82%	31.02%	22.10%	-14.87%	0.80%	20.58%	16.56%
EBITDA Q/Q Growth	45.62%	1.50%	-25.57%	112.44%	-315.37%	110.79%	440.45%	-136.82%	-216.21%	20.98%	205.34%
EBIT Q/Q Growth	44.44%	1.70%	-25.50%	112.56%	-312.12%	117.44%	298.13%	-116.47%	-419.48%	22.50%	240.30%
NOPAT Q/Q Growth	-7.09%	9.08%	61.94%	54.02%	268.97%	-74.48%	301.41%	-139.40%	-78.02%	25.05%	276.52%
Net Income Q/Q Growth	45.25%	0.22%	-23.67%	113.57%	-282.30%	131.46%	152.29%	-69.23%	-328.43%	43.57%	349.35%
EPS Q/Q Growth	60.53%	0.00%	-6.67%	112.50%	-200.00%	150.00%	133.33%	-71.43%	-350.00%	40.00%	333.33%
Operating Cash Flow Q/Q Growth	10.73%	-17.19%	53.56%	18.22%	72.36%	318.99%	231.05%	-34.57%	72.84%	-89.61%	566.51%
Free Cash Flow Firm Q/Q Growth	27.19%	-242.87%	129.92%	-207.63%	-443.20%	-30.16%	-27.10%	8.51%	79.48%	48.01%	123.60%
Invested Capital Q/Q Growth	-12.68%	21.04%	-116.12%	69.52%	553.46%	37.52%	12.41%	8.15%	-22.18%	15.99%	7.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.27%	71.23%	80.44%	85.36%	85.92%	85.62%	86.26%	87.24%	85.48%	85.05%	89.75%
EBITDA Margin	-1,989.42%	-344.98%	-175.10%	15.11%	-24.13%	2.06%	9.02%	-3.90%	-12.23%	-8.02%	7.25%
Operating Margin	-2,097.22%	-327.43%	-50.37%	-11.24%	20.13%	3.25%	10.72%	-1.89%	-10.54%	-6.55%	8.22%
EBIT Margin	-2,055.29%	-346.93%	-175.99%	15.32%	-24.11%	3.27%	10.58%	-2.05%	-10.55%	-6.78%	8.16%
Profit (Net Income) Margin	-2,066.05%	-353.97%	-176.94%	16.64%	-22.50%	5.40%	11.16%	4.04%	-9.15%	-4.28%	9.16%
Tax Burden Percent	100.66%	100.20%	99.93%	101.91%	101.58%	84.57%	84.15%	221.33%	142.13%	117.84%	84.46%
Interest Burden Percent	99.86%	101.83%	100.61%	106.59%	91.90%	195.67%	125.39%	-89.07%	61.00%	53.57%	132.84%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	15.43%	15.85%	-121.33%	0.00%	0.00%	15.54%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	117.31%	18.31%	99.35%	-29.53%	-35.22%	-18.53%	26.92%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	131.93%	16.98%	98.27%	-32.88%	-34.71%	-18.64%	26.19%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	-117.98%	-14.09%	-86.79%	26.88%	27.83%	14.31%	-20.49%
Return on Equity (ROE)	-961.44%	-500.09%	-2,852.05%	-205.01%	-0.67%	4.23%	12.56%	-2.65%	-7.39%	-4.22%	6.43%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-198.39%	-129.23%	-125.90%	-90.51%	-23.32%	-12.32%	-8.16%
Operating Return on Assets (OROA)	-150.30%	-47.93%	-76.06%	8.75%	-15.57%	2.85%	9.86%	-2.09%	-8.98%	-5.78%	6.14%
Return on Assets (ROA)	-151.09%	-48.90%	-76.48%	9.51%	-14.54%	4.72%	10.40%	4.12%	-7.79%	-3.65%	6.88%
Return on Common Equity (ROCE)	-961.44%	-38.78%	-2,852.05%	-205.01%	-0.67%	4.23%	12.56%	-2.65%	-7.39%	-4.22%	6.43%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-340.55%	-1,343.70%	-398.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.91	-7.19	-2.74	-1.26	2.13	0.54	2.18	-0.86	-1.53	-1.15	2.02
NOPAT Margin	-1,468.05%	-229.20%	-35.26%	-11.24%	14.09%	2.74%	9.02%	-4.18%	-7.38%	-4.58%	6.94%
Net Nonoperating Expense Percent (NNEP)	-34.87%	-22.69%	-108.71%	14.68%	-14.62%	1.34%	1.07%	3.35%	-0.51%	0.10%	0.73%
Return On Investment Capital (ROIC_SIMPLE)	-30.52%	-	-	-	3.09%	0.68%	2.08%	-0.75%	-1.37%	-1.02%	1.67%
Cost of Revenue to Revenue	31.73%	28.77%	19.56%	14.64%	14.08%	14.38%	13.74%	12.76%	14.52%	14.95%	10.25%
SG&A Expenses to Revenue	1,291.84%	280.79%	87.11%	62.08%	46.50%	57.07%	47.05%	50.29%	50.81%	52.30%	45.90%
R&D to Revenue	873.65%	117.87%	43.70%	34.52%	19.30%	25.31%	28.49%	38.84%	45.21%	39.31%	35.63%
Operating Expenses to Revenue	2,165.49%	398.66%	130.81%	96.60%	65.79%	82.37%	75.54%	89.13%	96.02%	91.60%	81.53%
Earnings before Interest and Taxes (EBIT)	-11	-11	-14	1.72	-3.64	0.65	2.56	-0.42	-2.19	-1.70	2.38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-11	-11	-14	1.69	-3.64	0.41	2.18	-0.80	-2.54	-2.00	2.11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.81	8.01	55.48	29.50	5.60	5.30	4.51	3.27	3.21	2.86	3.59
Price to Tangible Book Value (P/TBV)	5.81	8.01	55.48	29.50	5.60	5.30	4.51	3.27	3.21	2.86	3.59
Price to Revenue (P/Rev)	44.41	25.43	19.58	11.17	10.35	7.90	6.74	4.72	4.18	3.57	4.56
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	212.20	313.90	132.10	574.77	816.97
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%	0.32%	0.76%	0.17%	0.12%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	21.38	17.17	16.37	11.07	13.16	9.96	13.42
Enterprise Value to Revenue (EV/Rev)	33.59	21.13	18.28	10.64	8.92	6.80	5.59	3.61	3.12	2.58	3.55
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	663.23	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	308.19	0.00	450.22	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	78.34	48.81	523.22	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	80.95	21.65	11.80	11.01	17.29
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.64	0.50	1.07	0.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.86	-1.73	-5.12	-1.28	-0.89	-0.83	-0.88	-0.82	-0.80	-0.77	-0.78
Leverage Ratio	5.69	3.35	13.91	2.38	1.36	1.30	1.38	1.26	1.11	1.10	1.12
Compound Leverage Factor	5.69	3.41	14.00	2.54	1.25	2.55	1.73	-1.13	0.68	0.59	1.49
Debt to Total Capital	39.15%	33.48%	51.72%	18.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	39.15%	33.48%	51.72%	18.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	60.85%	66.52%	48.28%	81.08%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	-0.22	-0.15	-0.08	-0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.50	0.41	0.28	0.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.38	-0.26	-0.18	-0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.84	0.71	0.61	0.64	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-16.16	-16.94	-17.49	-15.61	21.12	29.21	19.31	19.66	12.94	11.74	12.82
Noncontrolling Interest Sharing Ratio	0.00%	92.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.26	2.52	2.55	1.34	12.01	15.95	10.88	15.06	10.92	11.24	9.83
Quick Ratio	1.99	2.15	1.92	0.97	10.44	13.78	9.28	12.82	9.39	9.67	8.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.33	-11	3.41	-3.68	-20	-26	-33	-30	-6.20	-3.22	0.76
Operating Cash Flow to CapEx	-43,042.11%	-73,723.08%	-4,406.93%	-1,685.19%	-439.30%	1,573.57%	1,832.41%	1,039.65%	1,499.64%	150.35%	1,135.59%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.14	0.43	0.57	0.65	0.87	0.93	1.02	0.85	0.85	0.75
Accounts Receivable Turnover	6.80	4.56	6.17	6.34	6.68	6.95	7.18	7.70	7.53	6.44	6.01
Inventory Turnover	0.24	0.45	0.62	0.91	1.21	1.51	1.18	1.26	1.37	1.50	1.11
Fixed Asset Turnover	1.49	3.38	8.41	14.59	23.68	32.74	36.75	35.82	34.40	32.21	29.73
Accounts Payable Turnover	0.42	0.69	1.28	5.01	6.27	5.24	2.48	7.11	6.52	4.99	2.83
Days Sales Outstanding (DSO)	53.65	80.10	59.20	57.55	54.60	52.55	50.83	47.43	48.46	56.70	60.78
Days Inventory Outstanding (DIO)	1,528.98	803.03	588.87	401.34	302.45	241.67	309.51	290.77	265.85	243.66	328.46
Days Payable Outstanding (DPO)	870.83	526.52	284.19	72.86	58.19	69.72	146.95	51.34	55.99	73.10	128.91
Cash Conversion Cycle (CCC)	711.79	356.61	363.88	386.04	298.86	224.50	213.38	286.85	258.33	227.27	260.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-6.58	-5.19	-11	-3.42	16	21	24	26	20	23	25
Invested Capital Turnover	-0.48	-0.63	-1.46	-4.89	8.33	6.67	11.01	7.07	4.78	4.04	3.88
Increase / (Decrease) in Invested Capital	-4.58	4.22	-6.15	2.42	22	27	35	29	4.67	2.08	1.26
Enterprise Value (EV)	69	97	217	241	332	366	393	287	266	233	339
Market Capitalization	92	117	233	253	385	425	474	376	357	322	435
Book Value per Share	$0.72	$0.60	$0.15	$0.31	$2.15	$2.40	$3.01	$3.28	$3.15	$3.24	$3.51
Tangible Book Value per Share	$0.72	$0.60	$0.15	$0.31	$2.15	$2.40	$3.01	$3.28	$3.15	$3.24	$3.51
Total Capital	26	22	8.68	11	69	80	105	115	111	113	121
Total Debt	10	7.36	4.49	2.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-22	-20	-15	-12	-53	-59	-81	-89	-91	-89	-96
Capital Expenditures (CapEx)	0.02	0.01	0.10	0.22	0.23	0.14	0.40	0.46	0.55	0.57	0.50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.64	0.49	3.69	-4.69	14	20	22	24	18	20	21
Debt-free Net Working Capital (DFNWC)	31	28	24	9.30	68	79	103	113	109	110	117
Net Working Capital (NWC)	21	20	19	7.30	68	79	103	113	109	110	117
Net Nonoperating Expense (NNE)	3.22	3.92	11	-3.12	5.53	-0.53	-0.52	-1.69	0.37	-0.08	-0.65
Net Nonoperating Obligations (NNO)	-22	-20	-15	-12	-53	-59	-81	-89	-91	-89	-96
Total Depreciation and Amortization (D&A)	0.36	0.06	0.07	-0.02	-0.00	-0.24	-0.38	-0.38	-0.35	-0.31	-0.27
Debt-free, Cash-free Net Working Capital to Revenue	-79.61%	10.68%	31.09%	-20.73%	38.66%	37.45%	31.38%	29.76%	20.58%	22.41%	22.38%
Debt-free Net Working Capital to Revenue	1,494.43%	600.43%	198.68%	41.06%	181.74%	146.82%	146.71%	141.46%	127.40%	121.15%	122.89%
Net Working Capital to Revenue	1,002.91%	440.74%	160.87%	32.23%	181.74%	146.82%	146.71%	141.46%	127.40%	121.15%	122.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.45)	($0.45)	($0.48)	$0.06	($0.06)	$0.03	$0.08	$0.02	($0.05)	($0.03)	$0.07
Adjusted Weighted Average Basic Shares Outstanding	16.23M	24.89M	28.36M	28.74M	28.51M	34.64M	35.79M	36.38M	35.82M	36.02M	35.89M
Adjusted Diluted Earnings per Share	($0.45)	($0.45)	($0.48)	$0.06	($0.06)	$0.03	$0.07	$0.02	($0.05)	($0.03)	$0.07
Adjusted Weighted Average Diluted Shares Outstanding	16.23M	24.89M	28.36M	32.35M	28.51M	39.51M	40.26M	40.06M	39.92M	36.02M	39.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	24.56M	27.79M	28.00M	31.97M	33.40M	34.83M	34.98M	35.31M	34.75M	34.52M	34.70M
Normalized Net Operating Profit after Tax (NOPAT)	-7.91	-7.19	-2.74	-0.88	2.13	0.54	2.18	-0.27	-1.53	-1.15	2.02
Normalized NOPAT Margin	-1,468.05%	-229.20%	-35.26%	-7.87%	14.09%	2.74%	9.02%	-1.32%	-7.38%	-4.58%	6.94%
Pre Tax Income Margin	-2,052.50%	-353.27%	-177.07%	16.33%	-22.15%	6.39%	13.27%	1.82%	-6.44%	-3.63%	10.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	222.22%	1,604.28%	1,693.80%

Financials Breakdown Chart

Key Financial Trends

Delcath Systems’ latest statements show a substantial improvement in operating scale and liquidity compared with 2023 and 2024. However, the company’s earnings remain volatile, and its long-term retained deficit and reliance on equity financing remain important risks for investors.

Revenue growth remains strong. Q2 2026 revenue increased to $29.1 million from $24.2 million in Q2 2025 and $7.8 million in Q2 2024. Revenue has generally trended higher as the company has expanded its commercial operations.
Gross margins are favorable. Q2 2026 gross profit was $26.1 million, representing an approximately 89.7% gross margin. This was an improvement from roughly 86.3% in Q2 2025 and 80.5% in Q2 2024.
Operating profitability improved sharply in the latest quarter. Delcath reported operating income of $2.4 million in Q2 2026, compared with operating losses of $1.6 million in Q1 2026 and $2.2 million in Q4 2025. Net income was $2.7 million, or $0.07 per diluted share, versus losses in the prior two quarters.
Liquidity has strengthened considerably. At June 30, 2026, cash and short-term investments totaled approximately $95.9 million. Total current assets of $130.5 million substantially exceeded current liabilities of $13.3 million, providing a current ratio of roughly 9.8.
Operating cash flow turned meaningfully positive. Q2 2026 operating cash flow was $5.7 million, up from $0.9 million in Q1 2026 and well above the operating cash outflows reported during much of 2024. The company also generated a $6.2 million increase in cash during the quarter.
Leverage appears limited. Total liabilities were $15.9 million at the end of Q2 2026, compared with $121.1 million of equity. The balance sheet no longer shows the significant short- and long-term debt balances reported in 2023 and 2024.
Cash management is conservative but does not represent operating growth by itself. Delcath continues to move substantial amounts between cash and short-term investments. In Q2 2026, it purchased and sold approximately $32.3 million of investments, resulting in only a $0.5 million net investing cash outflow. These transactions support liquidity but should not be confused with investment returns or core-business cash generation.
Cash flow quality warrants monitoring. Q2 2026 operating cash flow exceeded reported net income partly because of $5.1 million in non-cash adjustments. Working-capital changes reduced operating cash flow by $1.8 million, indicating that future cash generation will depend on the persistence of earnings and effective management of receivables, inventory and accrued expenses.
The company still has a large accumulated deficit. Retained earnings were negative $527.3 million at June 30, 2026. Although recent quarters have included profits, Delcath has recorded substantial losses over its history and has not yet demonstrated consistent, multi-year profitability.
Share dilution remains a concern. Basic weighted-average shares outstanding rose to 35.9 million in Q2 2026 from 24.9 million in Q1 2024. The increase reflects prior equity financing and other share-related activity, which can reduce the per-share benefit of future earnings for existing investors.

Overall, the financial trend is improving: revenue is expanding, margins are high, the latest quarter was profitable and the balance sheet is well funded. The key questions for investors are whether Delcath can sustain operating profitability without relying heavily on non-cash adjustments and whether future growth can be financed without additional dilution.

10/20/26 07:38 AM ETAI Generated. May Contain Errors.

Delcath Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Delcath Systems' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Over the last 10 years, Delcath Systems' net income changed from -$14.70 million in 2015 to $2.70 million in 2025. See where experts think Delcath Systems is headed by visiting Delcath Systems' forecast page.

Delcath Systems' total operating income in 2025 was $660 thousand, based on the following breakdown:

Total Gross Profit: $73.43 million
Total Operating Expenses: $72.77 million

Over the last 10 years, Delcath Systems' total revenue changed from $1.75 million in 2015 to $85.23 million in 2025, a change of 4,778.7%.

In the past 13 quarters, Delcath Systems' cash and equivalents has ranged from $8.32 million in Q3 2024 to $47.52 million in Q2 2026, and is currently $47.52 million as of their latest financial filing in Q2 2026.

Delcath Systems had total debt of $0.00 at the end of 2025, compared with none in 2024, and none in 2015.

Over the last 10 years, Delcath Systems' book value per share changed from 0.40 in 2015 to 3.15 in 2025, a change of 696.9%.

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Financial statements for NASDAQ:DCTH last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Delcath Systems (DCTH) Financials

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Delcath Systems (DCTH) Financials

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