What is Nephros' operating income?

Nephros' total operating income in 2025 was $1.15 million, based on the following breakdown: Total Gross Profit: $11.63 million Total Operating Expenses: $10.48 million

Nephros (NEPH) Financials

$3.76 +0.12 (+3.30%)

Closing price 07/16/2026 04:00 PM Eastern

Extended Trading

$3.92 +0.16 (+4.26%)

As of 07/16/2026 07:56 PM Eastern

Compare

Annual Income Statements for Nephros

This table shows Nephros' 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	-3.16	-3.03	-0.81	-3.40	-3.42	-4.77	-4.11	-7.38	-1.58	0.07	1.19
Consolidated Net Income / (Loss)	-3.09	-3.03	-0.81	-3.33	-3.18	-4.53	-3.87	-7.11	-1.58	0.07	1.19
Net Income / (Loss) Continuing Operations	-1.33	-3.03	-0.81	-3.33	-3.18	-4.53	-2.78	-4.28	-1.58	0.07	1.19
Total Pre-Tax Income	-1.33	-3.03	-2.60	-3.42	-3.40	-4.53	-2.78	-4.28	-1.58	0.09	1.21
Total Operating Income	-3.42	-2.87	-2.23	-3.02	-3.16	-4.28	-3.25	-4.34	-1.59	0.01	1.15
Total Gross Profit	1.06	1.29	2.29	3.20	6.08	4.91	5.63	4.73	8.41	8.72	12
Total Revenue	1.94	2.32	3.81	5.69	0.00	8.56	10	9.98	14	14	19
Operating Revenue	1.94	2.32	3.81	5.69	0.00	8.56	10	9.98	14	14	19
Total Cost of Revenue	0.88	1.03	1.52	2.48	-6.08	3.65	4.58	5.24	5.83	5.44	7.16
Operating Cost of Revenue	0.88	1.03	1.52	2.48	-6.08	3.65	4.58	5.24	5.83	5.44	7.16
Total Operating Expenses	4.48	4.16	4.52	6.22	9.24	9.19	8.89	9.07	10.00	8.72	10
Selling, General & Admin Expense	3.44	2.85	3.30	4.52	6.12	6.47	7.20	7.59	8.91	7.68	9.00
Research & Development Expense	0.83	1.08	1.00	1.54	3.09	2.76	1.50	1.26	0.87	0.91	1.34
Depreciation Expense	0.21	0.23	0.22	0.16	0.19	0.19	0.19	0.22	0.21	0.14	0.14
Total Other Income / (Expense), net	2.09	-0.16	-0.37	-0.40	-0.25	-0.25	0.47	0.06	0.02	0.08	0.06
Interest Expense	0.04	0.17	0.30	0.37	0.20	0.11	-0.44	0.02	0.00	0.00	0.00
Interest & Investment Income	0.00	0.01	0.00	0.00	0.00	0.01	0.01	0.01	0.06	0.09	0.14
Other Income / (Expense), net	2.14	0.00	-0.07	-0.04	-0.05	-0.15	0.02	0.06	-0.04	-0.01	-0.08
Income Tax Expense	-	0.00	-1.79	-0.09	-0.23	-	-	-	0.00	0.02	0.01
Basic Earnings per Share	($0.09)	($0.06)	($0.02)	($0.50)	($0.45)	($0.52)	($0.41)	($0.73)	($0.15)	$0.01	$0.11
Weighted Average Basic Shares Outstanding	34.78M	48.58M	52.94M	6.85M	7.54M	9.08M	10.02M	10.30M	10.39M	10.53M	10.61M
Diluted Earnings per Share	($0.09)	($0.06)	($0.02)	($0.50)	($0.45)	($0.52)	($0.39)	($1.43)	($0.15)	$0.01	$0.11
Weighted Average Diluted Shares Outstanding	34.78M	48.58M	52.94M	6.85M	7.54M	9.08M	10.02M	10.30M	10.39M	10.60M	10.97M
Weighted Average Basic & Diluted Shares Outstanding	34.78M	48.58M	52.94M	6.85M	7.54M	9.08M	10.02M	10.46M	10.54M	10.60M	10.64M

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-0.18	-0.65	-0.14	-0.29	0.18	0.32	0.56	0.24	0.34	0.07	0.14
Consolidated Net Income / (Loss)	-0.18	-0.65	-0.14	-0.29	0.18	0.32	0.56	0.24	0.34	0.07	0.14
Net Income / (Loss) Continuing Operations	-0.18	-0.66	-0.17	-0.29	0.18	0.35	0.56	0.24	0.34	0.06	0.14
Total Pre-Tax Income	-0.18	-0.65	-0.17	-0.29	0.18	0.36	0.56	0.25	0.34	0.06	0.14
Total Operating Income	-0.20	-0.65	-0.20	-0.32	0.21	0.32	0.57	0.25	0.31	0.02	0.10
Total Gross Profit	2.19	2.02	2.19	1.91	2.15	2.48	3.15	2.80	2.92	2.76	2.99
Total Revenue	3.74	3.25	3.52	3.25	3.52	3.87	4.88	4.42	4.76	4.73	5.21
Operating Revenue	3.74	3.25	3.52	3.25	3.52	3.87	4.88	4.42	4.76	4.73	5.21
Total Cost of Revenue	1.55	1.23	1.34	1.34	1.37	1.40	1.72	1.62	1.85	1.97	2.22
Operating Cost of Revenue	1.55	1.23	1.34	1.34	1.37	1.40	1.72	1.62	1.85	1.97	2.22
Total Operating Expenses	2.40	2.67	2.39	2.23	1.94	2.16	2.59	2.55	2.60	2.74	2.90
Selling, General & Admin Expense	2.14	2.41	2.14	1.94	1.72	1.87	2.25	2.20	2.23	2.32	2.52
Research & Development Expense	0.21	0.21	0.21	0.25	0.19	0.25	0.30	0.31	0.34	0.40	0.35
Depreciation Expense	0.06	0.05	0.03	0.03	0.03	0.03	0.04	0.04	0.03	0.03	0.03
Total Other Income / (Expense), net	0.02	-0.01	0.03	0.03	-0.02	0.05	-0.01	-0.00	0.03	0.04	0.04
Interest & Investment Income	0.01	0.03	0.03	0.02	0.02	0.03	0.01	0.03	0.04	0.05	0.03
Other Income / (Expense), net	0.01	-0.03	0.01	0.01	-0.04	0.02	-0.02	-0.03	-0.02	-0.01	0.01
Basic Earnings per Share	($0.02)	($0.06)	($0.02)	($0.03)	$0.02	$0.04	$0.05	$0.02	$0.03	$0.01	$0.01
Weighted Average Basic Shares Outstanding	10.46M	10.39M	10.50M	10.51M	10.54M	10.53M	10.60M	10.60M	10.61M	10.61M	10.65M
Diluted Earnings per Share	($0.02)	($0.06)	($0.02)	($0.03)	$0.02	$0.04	$0.05	$0.02	$0.03	$0.01	$0.01
Weighted Average Diluted Shares Outstanding	10.46M	10.39M	10.50M	10.51M	10.58M	10.60M	10.62M	10.81M	11.04M	10.97M	10.99M
Weighted Average Basic & Diluted Shares Outstanding	10.48M	10.54M	10.54M	10.54M	10.54M	10.60M	10.60M	10.60M	10.63M	10.64M	10.86M

This table details how cash moves in and out of Nephros' 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	-0.04	-0.97	1.92	2.39	-0.41	4.08	-1.28	-3.34	0.67	-0.55	1.64
Net Cash From Operating Activities	-3.82	-2.32	-0.08	-3.66	-2.28	-6.90	-1.42	-3.23	0.83	-0.49	1.65
Net Cash From Continuing Operating Activities	-3.82	-2.11	-0.08	-3.66	-2.28	-6.90	-1.42	-3.23	0.83	-0.49	1.65
Net Income / (Loss) Continuing Operations	-3.09	-3.03	-0.81	-3.33	-3.18	-4.53	-3.87	-7.11	-1.58	0.07	1.19
Consolidated Net Income / (Loss)	-3.09	-3.03	-0.81	-3.33	-3.18	-4.53	-3.87	-7.11	-1.58	0.07	1.19
Depreciation Expense	0.00	0.02	0.03	0.03	0.02	0.03	0.04	0.09	0.04	0.05	0.06
Amortization Expense	0.21	0.26	0.31	0.17	0.18	0.18	0.21	0.26	0.18	0.09	0.08
Non-Cash Adjustments To Reconcile Net Income	0.23	0.66	0.79	1.32	1.75	1.14	1.32	3.09	1.70	0.85	0.73
Changes in Operating Assets and Liabilities, net	-1.17	-0.02	-0.39	-1.85	-1.04	-3.72	0.88	0.43	0.49	-1.55	-0.41
Net Cash From Investing Activities	-0.01	-0.05	0.00	-0.99	-0.15	-0.24	-0.09	-0.14	-0.08	-0.05	0.00
Net Cash From Continuing Investing Activities	-0.01	-0.05	0.00	-0.99	-0.15	-0.24	-0.09	-0.14	-0.08	-0.05	0.00
Purchase of Property, Plant & Equipment	-0.01	-0.05	-	0.00	-0.01	-0.24	-0.04	-0.14	-0.08	-0.06	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	-	0.00	0.01	0.00
Net Cash From Financing Activities	3.79	1.19	1.99	7.05	2.02	11	0.24	0.03	-0.08	-0.01	-0.01
Net Cash From Continuing Financing Activities	3.79	1.19	1.99	7.05	2.02	11	0.24	0.03	-0.08	-0.01	-0.01
Other Financing Activities, net	2.45	0.00	0.10	0.14	0.67	0.08	0.49	0.12	-0.01	-0.01	-0.01
Cash Interest Paid	0.04	0.11	0.15	0.15	0.14	0.09	0.04	0.02	0.00	0.00	0.00

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	0.56	-0.32	-0.67	-0.55	-0.62	1.30	0.32	0.99	0.10	0.23	-1.38
Net Cash From Operating Activities	0.56	-0.24	-0.67	-0.50	-0.62	1.30	0.32	0.99	0.10	0.23	-1.67
Net Cash From Continuing Operating Activities	0.56	-0.24	-0.67	-0.50	-0.62	1.30	0.32	0.99	0.10	0.23	-1.67
Net Income / (Loss) Continuing Operations	-0.18	-0.65	-0.17	-0.29	0.18	0.35	0.56	0.24	0.34	0.06	0.14
Consolidated Net Income / (Loss)	-0.18	-0.65	-0.17	-0.29	0.18	0.35	0.56	0.24	0.34	0.06	0.14
Depreciation Expense	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.01	0.01	0.01
Amortization Expense	0.05	0.04	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Non-Cash Adjustments To Reconcile Net Income	0.24	0.68	0.19	0.01	0.47	0.19	0.18	0.27	0.17	0.19	0.15
Changes in Operating Assets and Liabilities, net	0.45	-0.32	-0.72	-0.26	-1.31	0.73	-0.46	0.45	-0.44	-0.05	-1.99
Net Cash From Investing Activities	-	-0.08	0.00	-0.05	-	-	0.00	-	-	-	0.00
Net Cash From Continuing Investing Activities	-	-0.08	0.00	-0.05	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	-	-0.00	-0.00	-0.00	-	-0.00	-0.00	-0.00	-0.00	-0.00	0.29
Net Cash From Continuing Financing Activities	-	-0.00	-0.00	-0.00	-	-0.00	-0.00	-0.00	-0.00	-0.00	0.29
Other Financing Activities, net	-	-0.00	-0.00	-0.00	-	-0.00	-0.00	-0.00	-0.00	-0.00	0.29
Cash Income Taxes Paid	-	-	0.00	-	-	-	0.01	-	-	-	0.00

This table presents Nephros' 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	3.97	2.68	4.98	11	12	19	18	11	12	11	14
Total Current Assets	2.46	1.26	3.81	8.17	8.30	15	14	8.26	8.41	8.30	11
Cash & Equivalents	1.25	0.28	2.19	4.58	4.17	8.25	6.97	3.63	4.31	3.76	5.40
Accounts Receivable	0.40	0.39	0.84	1.36	1.05	1.36	1.64	1.29	1.50	1.78	2.41
Inventories, net	0.59	0.48	0.67	1.86	2.56	5.30	4.46	3.15	2.47	2.62	3.23
Prepaid Expenses	0.23	0.10	0.09	0.37	0.53	0.24	0.21	0.19	0.13	0.14	0.18
Plant, Property, & Equipment, net	0.01	0.07	0.05	0.09	0.08	0.30	0.07	0.12	0.15	0.16	0.11
Total Noncurrent Assets	1.49	1.34	1.12	2.29	3.25	3.06	3.94	2.62	3.30	2.75	2.31
Goodwill	-	-	0.00	0.75	0.76	0.76	0.76	0.76	0.76	0.76	0.76
Intangible Assets	1.47	1.26	1.07	1.53	1.35	1.18	1.00	0.83	0.65	0.57	0.48
Other Noncurrent Operating Assets	0.02	0.02	0.01	0.02	1.14	1.13	0.70	1.04	1.89	1.43	1.07
Total Liabilities & Shareholders' Equity	3.97	2.68	4.98	11	12	19	18	11	12	11	14
Total Liabilities	1.31	2.01	3.03	3.76	3.94	2.94	2.90	2.12	3.50	2.63	3.44
Total Current Liabilities	0.96	0.90	1.87	2.65	2.43	1.33	2.39	1.41	2.11	1.56	2.77
Accounts Payable	0.65	0.59	0.87	0.84	0.96	0.42	1.33	0.74	0.87	0.65	0.91
Accrued Expenses	0.24	0.24	0.22	0.40	0.14	0.34	0.44	0.29	0.79	0.57	1.46
Other Current Liabilities	-	-	-	0.00	0.26	0.33	0.31	0.32	0.45	0.35	0.39
Total Noncurrent Liabilities	0.35	1.12	1.16	1.11	1.51	1.61	0.51	0.71	1.39	1.06	0.67
Other Noncurrent Operating Liabilities	-	-	0.00	0.26	0.90	0.77	0.00	0.00	-	1.06	0.67
Total Equity & Noncontrolling Interests	2.66	0.67	1.95	6.80	7.69	16	15	8.88	8.36	8.59	10
Total Preferred & Common Equity	2.66	0.67	1.95	3.80	4.68	13	12	5.59	8.36	8.59	10
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	2.66	0.67	1.95	3.80	4.68	13	12	5.59	8.36	8.59	10
Common Stock	120	121	123	128	132	144	147	148	153	153	153
Retained Earnings	-117	-120	-121	-124	-127	-132	-136	-143	-144	-144	-143

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

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	11	11	11	10	12	12	13	14
Total Current Assets	8.51	8.13	7.93	7.36	8.99	9.58	11	11
Cash & Equivalents	4.62	3.63	3.08	2.46	4.08	5.07	5.17	4.02
Accounts Receivable	1.44	1.52	1.88	1.69	2.68	2.04	2.66	3.52
Inventories, net	2.27	2.78	2.80	3.10	1.95	2.24	2.74	3.62
Prepaid Expenses	0.17	0.20	0.17	0.11	0.28	0.23	0.14	0.34
Plant, Property, & Equipment, net	0.09	0.14	0.19	0.17	0.14	0.13	0.12	0.10
Total Noncurrent Assets	2.33	3.14	2.99	2.86	2.64	2.53	2.42	2.20
Goodwill	0.76	0.76	0.76	0.76	0.76	0.76	0.76	0.76
Intangible Assets	0.69	0.63	0.61	0.59	0.54	0.52	0.50	0.47
Other Noncurrent Operating Assets	0.87	1.76	1.62	1.51	1.34	1.25	1.16	0.98
Total Liabilities & Shareholders' Equity	11	11	11	10	12	12	13	14
Total Liabilities	2.30	3.24	3.17	2.21	2.49	2.64	3.24	3.09
Total Current Liabilities	1.83	1.93	1.95	1.06	1.52	1.77	2.47	2.53
Accounts Payable	0.81	1.11	1.16	0.40	0.56	0.63	0.94	1.46
Accrued Expenses	0.71	0.41	0.44	0.32	0.60	0.77	1.15	0.66
Other Current Liabilities	0.31	0.40	0.36	0.34	0.36	0.37	0.38	0.40
Total Noncurrent Liabilities	0.47	1.31	1.22	1.15	0.97	0.87	0.77	0.57
Capital Lease Obligations	0.47	1.31	-	1.15	0.97	-	0.77	0.57
Total Equity & Noncontrolling Interests	8.62	8.18	7.93	8.17	9.29	9.60	10	11
Total Preferred & Common Equity	8.62	8.18	7.93	8.17	9.29	9.60	10	11
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	8.62	8.18	7.93	8.17	9.29	9.60	10	11
Common Stock	152	153	153	153	153	153	153	154
Retained Earnings	-144	-145	-145	-145	-144	-144	-143	-143

This table displays calculated financial ratios and metrics derived from Nephros' 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
DEI Shares Outstanding	45,025,803.00	49,216,086.00	54,327,213.00	64,166,988.00	7,963,412.00	9,864,673.00	10,233,083.00	10,316,597.00	10,484,932.00	10,544,225.00	10,626,683.00
DEI Adjusted Shares Outstanding	45,025,803.00	49,216,086.00	54,327,213.00	64,166,988.00	7,963,412.00	9,864,673.00	10,233,083.00	10,316,597.00	10,484,932.00	10,544,225.00	10,626,683.00
DEI Earnings Per Adjusted Shares Outstanding	-0.07	-0.06	-0.01	-0.05	-0.43	-0.48	-0.40	-0.72	-0.15	0.01	0.11
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.21%	19.34%	64.18%	49.30%	-100.00%	0.00%	19.34%	-2.37%	42.74%	-0.53%	32.67%
EBITDA Growth	83.11%	-140.63%	23.86%	-45.17%	-5.43%	-40.21%	29.30%	-31.41%	63.70%	109.35%	807.52%
EBIT Growth	81.34%	-122.96%	19.72%	-32.65%	-5.18%	-37.96%	26.93%	-32.02%	61.67%	99.76%	26,800.00%
NOPAT Growth	-28.18%	16.14%	22.41%	-35.49%	-4.61%	-35.50%	23.93%	-33.30%	63.25%	100.45%	22,642.88%
Net Income Growth	58.11%	1.81%	73.32%	-311.00%	4.39%	-42.37%	14.56%	-83.76%	77.84%	104.70%	1,513.51%
EPS Growth	70.97%	33.33%	66.67%	-2,400.00%	10.00%	-15.56%	25.00%	-266.67%	89.51%	106.67%	1,000.00%
Operating Cash Flow Growth	-52.91%	39.24%	96.68%	-4,655.84%	37.85%	-203.30%	79.47%	-128.23%	125.57%	-159.49%	434.35%
Free Cash Flow Firm Growth	-599.64%	83.34%	2.18%	-195.65%	43.50%	-110.82%	89.94%	-271.55%	76.95%	216.49%	86.41%
Invested Capital Growth	120.33%	-15.04%	16.46%	219.91%	16.18%	61.30%	-19.69%	-10.70%	-9.66%	-11.32%	-0.48%
Revenue Q/Q Growth	9.58%	11.16%	17.02%	5.80%	-100.00%	298.37%	-19.23%	36.29%	5.15%	4.55%	4.79%
EBITDA Q/Q Growth	-2.88%	13.03%	6.51%	-13.84%	12.40%	-11.26%	-0.40%	0.94%	2.60%	115.32%	-21.52%
EBIT Q/Q Growth	8.28%	10.27%	7.15%	-11.51%	11.52%	-10.84%	-1.51%	1.66%	2.50%	99.61%	-23.50%
NOPAT Q/Q Growth	-4.39%	10.18%	8.47%	-12.12%	12.19%	-11.13%	11.05%	-9.55%	2.69%	100.74%	-21.48%
Net Income Q/Q Growth	9.10%	8.45%	70.61%	-142.35%	14.06%	-15.72%	-7.90%	2.66%	10.97%	108.24%	-17.20%
EPS Q/Q Growth	-1,000.00%	-50.00%	50.00%	-150.00%	38.36%	-15.56%	0.00%	0.00%	75.00%	111.11%	-21.43%
Operating Cash Flow Q/Q Growth	-12.01%	17.92%	97.04%	-173.28%	28.16%	-37.70%	45.67%	4.15%	-4.83%	75.80%	-39.50%
Free Cash Flow Firm Q/Q Growth	-247.39%	25.00%	-14.60%	-33.54%	35.56%	-21.08%	82.33%	-532.00%	-244.82%	120.20%	-57.24%
Invested Capital Q/Q Growth	44.64%	5.80%	44.88%	50.81%	3.95%	13.13%	-19.58%	0.67%	21.75%	-29.78%	-14.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.53%	55.78%	60.17%	56.32%	0.00%	57.39%	55.13%	47.43%	59.03%	61.59%	61.87%
EBITDA Margin	-55.20%	-111.29%	-51.61%	-50.18%	0.00%	-49.28%	-29.20%	-39.30%	-9.99%	0.94%	6.42%
Operating Margin	-175.98%	-123.66%	-58.44%	-53.03%	0.00%	-49.94%	-31.83%	-43.46%	-11.19%	0.04%	6.10%
EBIT Margin	-66.10%	-123.49%	-60.38%	-53.65%	0.00%	-51.71%	-31.66%	-42.82%	-11.50%	-0.03%	5.68%
Profit (Net Income) Margin	-158.85%	-130.69%	-21.24%	-58.47%	0.00%	-52.87%	-37.85%	-71.24%	-11.06%	0.52%	6.35%
Tax Burden Percent	232.71%	100.00%	31.14%	97.28%	93.39%	100.00%	138.90%	166.14%	100.00%	83.15%	99.01%
Interest Burden Percent	103.27%	105.83%	112.96%	112.03%	106.08%	102.24%	86.06%	100.14%	96.21%	-2,225.00%	112.92%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.85%	1.00%
Return on Invested Capital (ROIC)	0.00%	-153.36%	-119.68%	-71.77%	0.00%	-43.99%	-30.06%	-47.53%	-19.45%	0.10%	23.57%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	134.19%	-11,645.83%	12.96%	0.00%	-12.23%	-9.10%	27.43%	-3.53%	-1.97%	22.27%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-28.68%	57.85%	-4.24%	0.00%	5.07%	4.56%	-12.61%	1.18%	0.78%	-10.86%
Return on Equity (ROE)	204.71%	-182.05%	-61.83%	-76.02%	-43.89%	-38.91%	-25.51%	-60.14%	-18.27%	0.87%	12.71%
Cash Return on Invested Capital (CROIC)	-761.00%	-137.10%	-134.88%	-176.52%	-60.55%	-90.91%	-8.22%	-36.22%	-9.30%	12.10%	24.05%
Operating Return on Assets (OROA)	-35.02%	-86.19%	-60.04%	-39.26%	0.00%	-29.38%	-17.89%	-29.82%	-14.32%	-0.03%	8.60%
Return on Assets (ROA)	-84.15%	-91.22%	-21.12%	-42.79%	0.00%	-30.03%	-21.39%	-49.61%	-13.78%	0.64%	9.61%
Return on Common Equity (ROCE)	204.71%	-182.05%	-61.83%	-49.95%	-25.67%	-28.77%	-20.37%	-44.00%	-14.79%	0.87%	12.71%
Return on Equity Simple (ROE_SIMPLE)	-115.92%	-454.57%	-41.49%	-87.55%	-68.00%	-36.14%	-33.07%	-127.07%	-18.84%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.39	-2.01	-1.56	-2.11	-2.21	-2.99	-2.28	-3.03	-1.12	0.00	1.13
NOPAT Margin	-123.18%	-86.56%	-40.91%	-37.12%	0.00%	-34.96%	-22.28%	-30.42%	-7.83%	0.04%	6.04%
Net Nonoperating Expense Percent (NNEP)	-54.76%	-287.56%	11,526.15%	-84.73%	-40.45%	-31.76%	-20.96%	-74.97%	-15.93%	2.07%	1.30%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-11.44%	0.06%	11.12%
Cost of Revenue to Revenue	45.47%	44.22%	39.83%	43.68%	0.00%	42.61%	44.87%	52.57%	40.97%	38.41%	38.13%
SG&A Expenses to Revenue	177.11%	123.02%	86.58%	79.43%	0.00%	75.53%	70.42%	76.12%	62.59%	54.20%	47.90%
R&D to Revenue	42.49%	46.51%	26.31%	27.06%	0.00%	32.23%	14.66%	12.58%	6.13%	6.40%	7.13%
Operating Expenses to Revenue	230.50%	179.44%	118.61%	109.35%	0.00%	107.32%	86.96%	90.89%	70.22%	61.55%	55.77%
Earnings before Interest and Taxes (EBIT)	-1.29	-2.87	-2.30	-3.05	-3.21	-4.43	-3.24	-4.27	-1.64	-0.00	1.07
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.07	-2.58	-1.97	-2.85	-3.01	-4.22	-2.98	-3.92	-1.42	0.13	1.21
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	18.25	79.69	30.09	9.63	16.95	6.76	5.16	2.13	4.34	1.81	5.08
Price to Tangible Book Value (P/TBV)	40.83	0.00	66.83	24.03	30.90	7.99	6.08	2.98	5.22	2.13	5.79
Price to Revenue (P/Rev)	25.01	22.91	15.40	6.43	0.00	9.89	5.91	1.20	2.55	1.09	2.76
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	209.46	43.43
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%	0.48%	2.30%
Enterprise Value to Invested Capital (EV/IC)	33.46	44.63	41.49	8.31	15.32	9.59	8.47	2.05	6.13	2.43	9.67
Enterprise Value to Revenue (EV/Rev)	24.37	23.14	15.26	6.55	0.00	9.41	5.59	1.24	2.34	0.83	2.47
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	88.27	38.49
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	43.50
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,353.29	40.95
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	40.34	0.00	28.24
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	18.91	40.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.26	0.85	0.33	0.22	0.07	0.05	0.09	0.17	0.00	0.00
Long-Term Debt to Equity	0.00	1.26	0.49	0.12	0.08	0.05	0.03	0.08	0.17	0.00	0.00
Financial Leverage	0.84	-0.21	-0.01	-0.33	-0.33	-0.42	-0.50	-0.46	-0.34	-0.39	-0.49
Leverage Ratio	-2.43	2.00	2.93	1.78	1.53	1.30	1.19	1.21	1.33	1.36	1.32
Compound Leverage Factor	-2.51	2.11	3.31	1.99	1.62	1.32	1.03	1.21	1.28	-30.30	1.49
Debt to Total Capital	0.00%	55.68%	46.06%	24.99%	17.97%	6.46%	4.43%	8.04%	14.26%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	19.67%	15.69%	11.43%	1.38%	1.61%	0.74%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	55.68%	26.39%	9.30%	6.54%	5.08%	2.82%	7.30%	14.26%	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%	33.10%	32.16%	18.33%	19.79%	34.06%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	44.32%	53.94%	41.91%	49.88%	75.22%	75.78%	57.91%	85.74%	100.00%	100.00%
Debt to EBITDA	0.00	-0.32	-0.85	-0.79	-0.56	-0.25	-0.23	-0.20	-0.98	0.00	0.00
Net Debt to EBITDA	0.00	-0.21	0.28	0.81	0.82	1.70	2.11	0.73	2.05	0.00	0.00
Long-Term Debt to EBITDA	0.00	-0.32	-0.49	-0.30	-0.20	-0.20	-0.15	-0.18	-0.98	0.00	0.00
Debt to NOPAT	0.00	-0.42	-1.07	-1.07	-0.76	-0.36	-0.30	-0.26	-1.25	0.00	0.00
Net Debt to NOPAT	0.00	-0.27	0.35	1.10	1.12	2.40	2.76	0.94	2.62	0.00	0.00
Long-Term Debt to NOPAT	0.00	-0.42	-0.61	-0.40	-0.28	-0.28	-0.19	-0.23	-1.25	0.00	0.00
Altman Z-Score	-19.13	-49.52	-22.71	-10.41	-3.57	7.89	2.46	-14.43	-9.45	-12.50	-3.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	34.29%	41.51%	26.07%	20.13%	26.84%	19.08%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.57	1.41	2.04	3.08	3.42	11.44	5.70	5.85	3.98	5.31	4.06
Quick Ratio	1.72	0.77	1.63	2.24	2.15	7.26	3.60	3.48	2.75	3.55	2.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-11	-1.80	-1.76	-5.19	-2.93	-6.18	-0.62	-2.31	-0.53	0.62	1.16
Operating Cash Flow to CapEx	-29,346.15%	-5,151.11%	0.00%	0.00%	-16,257.14%	-2,888.28%	-3,936.11%	-2,360.58%	1,102.67%	-984.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-256.56	-10.44	-5.82	-14.00	-15.04	-56.22	0.00	-115.63	-266.55	620.99	1,157.60
Operating Cash Flow to Interest Expense	-90.83	-13.48	-0.26	-9.87	-11.67	-62.75	0.00	-161.70	413.50	-492.00	1,645.00
Operating Cash Flow Less CapEx to Interest Expense	-91.14	-13.74	-0.26	-9.87	-11.74	-64.93	0.00	-168.55	376.00	-542.00	1,645.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.70	0.99	0.73	0.00	0.57	0.57	0.70	1.25	1.23	1.51
Accounts Receivable Turnover	7.67	5.91	6.22	5.18	0.00	7.11	6.80	6.82	10.24	8.64	8.96
Inventory Turnover	2.28	1.92	2.63	1.96	0.00	0.93	0.94	1.38	2.07	2.14	2.45
Fixed Asset Turnover	299.08	56.59	62.44	79.54	0.00	45.54	55.68	106.12	106.25	90.49	140.74
Accounts Payable Turnover	1.19	1.66	2.08	2.91	0.00	5.28	5.22	5.06	7.23	7.15	9.17
Days Sales Outstanding (DSO)	47.60	61.75	58.65	70.44	0.00	51.35	53.68	53.55	35.66	42.23	40.75
Days Inventory Outstanding (DIO)	160.41	190.33	138.71	186.47	0.00	393.52	388.81	265.01	175.93	170.62	148.95
Days Payable Outstanding (DPO)	306.99	220.03	175.28	125.49	0.00	69.14	69.95	72.18	50.47	51.07	39.82
Cash Conversion Cycle (CCC)	-98.98	32.05	22.07	131.42	0.00	375.73	372.53	246.39	161.12	161.78	149.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1.42	1.20	1.40	4.48	5.21	8.40	6.75	6.02	5.44	4.83	4.80
Invested Capital Turnover	-0.70	1.77	2.93	1.93	0.00	1.26	1.35	1.56	2.48	2.76	3.90
Increase / (Decrease) in Invested Capital	8.38	-0.21	0.20	3.08	0.73	3.19	-1.65	-0.72	-0.58	-0.62	-0.02
Enterprise Value (EV)	47	54	58	37	80	81	57	12	33	12	46
Market Capitalization	49	53	59	37	79	85	60	12	36	16	52
Book Value per Share	$0.06	$0.01	$0.04	$0.06	$0.59	$1.27	$1.14	$0.54	$0.80	$0.81	$0.96
Tangible Book Value per Share	$0.03	($0.01)	$0.02	$0.02	$0.32	$1.07	$0.97	$0.39	$0.66	$0.69	$0.84
Total Capital	2.66	1.51	3.62	9.06	9.37	17	15	9.66	9.75	8.59	10
Total Debt	0.00	0.84	1.67	2.27	1.68	1.08	0.68	0.78	1.39	0.00	0.00
Total Long-Term Debt	0.00	0.84	0.95	0.84	0.61	0.85	0.44	0.71	1.39	0.00	0.00
Net Debt	-1.25	0.54	-0.55	-2.32	-2.48	-7.17	-6.29	-2.86	-2.92	-3.76	-5.40
Capital Expenditures (CapEx)	0.01	0.05	0.00	0.00	0.01	0.24	0.04	0.14	0.08	0.05	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.26	0.07	0.44	2.36	2.78	5.81	4.52	3.29	1.99	2.98	3.06
Debt-free Net Working Capital (DFNWC)	1.51	0.37	2.65	6.94	6.94	14	11	6.92	6.29	6.74	8.46
Net Working Capital (NWC)	1.51	0.37	1.94	5.52	5.87	14	11	6.85	6.29	6.74	8.46
Net Nonoperating Expense (NNE)	0.69	1.02	-0.75	1.21	0.97	1.53	1.59	4.07	0.46	-0.07	-0.06
Net Nonoperating Obligations (NNO)	-1.25	0.54	-0.55	-2.32	-2.48	-7.17	-8.00	-2.86	-2.92	-3.76	-5.40
Total Depreciation and Amortization (D&A)	0.21	0.28	0.33	0.20	0.20	0.21	0.25	0.35	0.21	0.14	0.14
Debt-free, Cash-free Net Working Capital to Revenue	13.22%	2.89%	11.42%	41.50%	0.00%	67.85%	44.23%	32.94%	13.94%	21.01%	16.26%
Debt-free Net Working Capital to Revenue	77.42%	15.91%	69.55%	122.05%	0.00%	164.21%	112.48%	69.37%	44.19%	47.56%	45.01%
Net Working Capital to Revenue	77.42%	15.91%	50.88%	97.05%	0.00%	161.53%	110.05%	68.66%	44.19%	47.56%	45.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.09)	($0.06)	($0.02)	($0.06)	($0.45)	($0.52)	($0.41)	($0.73)	($0.15)	$0.01	$0.11
Adjusted Weighted Average Basic Shares Outstanding	48.58M	50.08M	56.79M	64.61M	9.01M	9.91M	10.26M	10.30M	10.39M	10.53M	10.61M
Adjusted Diluted Earnings per Share	($0.09)	($0.06)	($0.02)	($0.06)	($0.45)	($0.52)	($0.41)	($0.70)	($0.30)	$0.01	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	48.58M	50.08M	56.79M	64.61M	9.01M	9.91M	10.26M	10.46M	10.39M	10.60M	10.97M
Adjusted Basic & Diluted Earnings per Share	($0.09)	($0.06)	($0.02)	($0.06)	($0.45)	($0.52)	($0.41)	($0.70)	($0.15)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	34.78M	48.58M	52.94M	61.62M	7.54M	9.08M	10.02M	10.46M	10.54M	10.60M	10.64M
Normalized Net Operating Profit after Tax (NOPAT)	-2.39	-2.01	-1.56	-2.11	-2.32	-3.15	-2.28	-3.03	-1.12	0.00	1.13
Normalized NOPAT Margin	-123.18%	-86.56%	-40.91%	-37.12%	0.00%	-36.83%	-22.28%	-30.42%	-7.83%	0.04%	6.04%
Pre Tax Income Margin	-68.26%	-130.69%	-68.21%	-60.10%	0.00%	-52.87%	-27.25%	-42.88%	-11.06%	0.63%	6.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-30.60	-16.66	-7.62	-8.22	-16.46	-40.25	0.00	-213.55	-818.50	-4.00	1,068.00
NOPAT to Interest Expense	-57.02	-11.68	-5.16	-5.69	-11.33	-27.20	0.00	-151.73	-557.55	4.99	1,134.60
EBIT Less CapEx to Interest Expense	-30.90	-16.92	-7.62	-8.22	-16.53	-42.42	0.00	-220.40	-856.00	-54.00	1,068.00
NOPAT Less CapEx to Interest Expense	-57.33	-11.94	-5.16	-5.69	-11.40	-29.38	0.00	-158.58	-595.05	-45.01	1,134.60
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%	0.00%	0.00%	0.00%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	10,484,932.00	10,484,932.00	10,543,675.00	10,544,139.00	10,544,139.00	10,544,225.00	10,600,350.00	10,600,350.00	10,600,604.00	10,626,683.00	10,644,268.00
DEI Adjusted Shares Outstanding	10,484,932.00	10,484,932.00	10,543,675.00	10,544,139.00	10,544,139.00	10,544,225.00	10,600,350.00	10,600,350.00	10,600,604.00	10,626,683.00	10,644,268.00
DEI Earnings Per Adjusted Shares Outstanding	-0.02	-0.06	-0.01	-0.03	0.02	0.03	0.05	0.02	0.03	0.01	0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	55.33%	27.26%	-4.73%	-8.27%	-5.99%	18.93%	38.47%	35.89%	35.42%	22.20%	6.87%
EBITDA Growth	88.09%	5.69%	39.54%	30.03%	243.07%	158.89%	467.92%	190.55%	69.90%	-89.22%	-76.92%
EBIT Growth	84.56%	5.81%	39.12%	30.49%	184.46%	149.34%	382.38%	169.68%	83.44%	-97.62%	-80.18%
NOPAT Growth	84.15%	6.35%	34.64%	27.13%	244.97%	169.78%	504.29%	207.67%	51.08%	-94.32%	-82.86%
Net Income Growth	94.23%	22.88%	54.90%	33.26%	200.55%	148.62%	504.35%	182.01%	84.15%	-77.99%	-74.91%
EPS Growth	96.72%	88.24%	33.33%	25.00%	200.00%	166.67%	350.00%	166.67%	50.00%	-75.00%	-80.00%
Operating Cash Flow Growth	430.59%	-21.54%	-343.48%	-321.68%	-210.85%	650.21%	147.92%	298.40%	115.89%	-82.36%	-618.94%
Free Cash Flow Firm Growth	-8.98%	-46.10%	-111.70%	-98.22%	-260.07%	630.62%	175.79%	816.41%	171.64%	-95.61%	-503.73%
Invested Capital Growth	-25.31%	-9.66%	3.14%	-5.52%	53.75%	-11.32%	5.55%	-6.62%	-18.37%	-0.48%	17.32%
Revenue Q/Q Growth	5.56%	-13.04%	8.24%	-7.67%	8.18%	10.01%	26.02%	-9.39%	7.81%	-0.73%	10.21%
EBITDA Q/Q Growth	65.14%	-359.85%	74.76%	-72.96%	171.27%	89.29%	57.68%	-57.44%	33.73%	-87.99%	237.50%
EBIT Q/Q Growth	56.73%	-252.85%	71.66%	-60.62%	152.58%	106.14%	62.20%	-60.37%	38.43%	-97.32%	1,250.00%
NOPAT Q/Q Growth	53.33%	-219.70%	69.18%	-58.50%	192.83%	53.88%	78.55%	-57.79%	30.26%	-94.22%	438.89%
Net Income Q/Q Growth	57.97%	-259.34%	78.90%	-109.42%	163.32%	73.77%	75.47%	-56.91%	42.19%	-79.23%	100.00%
EPS Q/Q Growth	50.00%	-200.00%	66.67%	-50.00%	166.67%	100.00%	25.00%	-60.00%	50.00%	-66.67%	0.00%
Operating Cash Flow Q/Q Growth	148.67%	-142.17%	-183.54%	25.45%	-24.35%	309.31%	-75.31%	208.70%	-90.04%	132.32%	-826.52%
Free Cash Flow Firm Q/Q Growth	-60.08%	-90.69%	-349.02%	119.21%	-3,694.11%	142.49%	-74.17%	132.33%	180.97%	-97.39%	-2,473.17%
Invested Capital Q/Q Growth	-12.87%	21.75%	7.59%	-17.22%	41.79%	-29.78%	28.06%	-26.77%	23.96%	-14.39%	50.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.63%	62.11%	62.10%	58.79%	61.09%	63.95%	64.67%	63.25%	61.19%	58.38%	57.43%
EBITDA Margin	-3.66%	-19.36%	-4.51%	-8.46%	5.57%	9.59%	12.00%	5.63%	6.99%	0.85%	2.59%
Operating Margin	-5.42%	-19.94%	-5.68%	-9.75%	5.86%	8.19%	11.61%	5.61%	6.59%	0.38%	1.86%
EBIT Margin	-5.16%	-20.93%	-5.48%	-9.53%	4.63%	8.68%	11.17%	4.89%	6.28%	0.17%	2.07%
Profit (Net Income) Margin	-4.86%	-20.10%	-3.92%	-8.89%	5.20%	8.22%	11.44%	5.36%	7.07%	1.48%	2.69%
Tax Burden Percent	100.00%	100.00%	81.66%	100.00%	100.00%	87.36%	100.00%	96.34%	99.12%	112.90%	100.00%
Interest Burden Percent	94.30%	96.04%	87.56%	93.23%	112.27%	108.33%	102.39%	113.89%	113.71%	775.00%	129.63%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.66%	0.88%	0.00%	0.00%
Return on Invested Capital (ROIC)	-9.84%	-34.68%	-9.70%	-18.84%	13.99%	22.60%	29.93%	19.25%	18.77%	1.49%	5.30%
ROIC Less NNEP Spread (ROIC-NNEP)	-8.81%	-27.76%	-9.77%	-16.81%	14.83%	22.57%	30.23%	19.30%	17.87%	0.35%	3.99%
Return on Net Nonoperating Assets (RNNOA)	3.75%	9.30%	3.17%	6.70%	-4.82%	-8.89%	-9.41%	-8.98%	-5.60%	-0.17%	-1.31%
Return on Equity (ROE)	-6.09%	-25.38%	-6.52%	-12.14%	9.17%	13.71%	20.52%	10.27%	13.17%	1.31%	3.99%
Cash Return on Invested Capital (CROIC)	7.04%	-9.30%	-21.14%	-13.54%	-54.22%	12.10%	7.43%	35.39%	43.38%	24.05%	-5.85%
Operating Return on Assets (OROA)	-6.28%	-26.07%	-6.90%	-12.22%	5.89%	10.66%	14.95%	6.99%	9.52%	0.26%	3.10%
Return on Assets (ROA)	-5.92%	-25.04%	-4.93%	-11.39%	6.61%	10.09%	15.31%	7.67%	10.73%	2.24%	4.02%
Return on Common Equity (ROCE)	-4.99%	-20.54%	-6.52%	-12.14%	9.17%	13.71%	20.52%	10.27%	13.17%	1.31%	3.99%
Return on Equity Simple (ROE_SIMPLE)	-20.52%	0.00%	-17.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.14	-0.45	-0.14	-0.22	0.21	0.32	0.57	0.24	0.31	0.02	0.10
NOPAT Margin	-3.80%	-13.96%	-3.98%	-6.82%	5.86%	8.19%	11.61%	5.41%	6.53%	0.38%	1.86%
Net Nonoperating Expense Percent (NNEP)	-1.03%	-6.92%	0.07%	-2.03%	-0.84%	0.03%	-0.29%	-0.05%	0.90%	1.14%	1.31%
Return On Investment Capital (ROIC_SIMPLE)	-	-4.66%	-1.48%	-2.80%	2.21%	3.69%	5.52%	2.49%	2.89%	0.18%	0.86%
Cost of Revenue to Revenue	41.37%	37.89%	37.90%	41.21%	38.91%	36.05%	35.33%	36.75%	38.81%	41.62%	42.57%
SG&A Expenses to Revenue	57.11%	74.09%	60.82%	59.69%	48.92%	48.37%	46.22%	49.81%	46.79%	48.97%	48.37%
R&D to Revenue	5.48%	6.39%	6.02%	7.81%	5.34%	6.51%	6.05%	7.04%	7.09%	8.35%	6.64%
Operating Expenses to Revenue	64.06%	82.05%	67.77%	68.54%	55.23%	55.76%	53.07%	57.64%	54.60%	58.00%	55.56%
Earnings before Interest and Taxes (EBIT)	-0.19	-0.68	-0.19	-0.31	0.16	0.34	0.55	0.22	0.30	0.01	0.11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.14	-0.63	-0.16	-0.28	0.20	0.37	0.59	0.25	0.33	0.04	0.14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.80	4.34	2.82	2.81	2.21	1.81	1.96	4.52	5.01	5.08	2.96
Price to Tangible Book Value (P/TBV)	2.16	5.22	3.40	3.39	2.64	2.13	2.28	5.21	5.73	5.79	3.35
Price to Revenue (P/Rev)	1.15	2.55	1.64	1.62	1.33	1.09	1.18	2.60	2.80	2.76	1.66
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	209.46	23.68	33.66	34.77	43.43	40.88
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%	0.48%	4.22%	2.97%	2.88%	2.30%	2.45%
Enterprise Value to Invested Capital (EV/IC)	2.54	6.13	3.55	3.96	2.43	2.43	2.45	8.46	8.16	9.67	3.90
Enterprise Value to Revenue (EV/Rev)	0.84	2.34	1.48	1.39	1.23	0.83	0.97	2.29	2.55	2.47	1.48
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	88.27	17.24	27.32	29.74	38.49	37.34
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	20.60	30.38	32.77	43.50	44.80
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	2,353.27	19.59	28.63	31.66	40.95	41.75
Enterprise Value to Operating Cash Flow (EV/OCF)	13.08	40.34	0.00	0.00	0.00	0.00	30.12	19.17	16.82	28.24	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	30.87	0.00	0.00	0.00	0.00	18.91	33.83	23.09	16.90	40.13	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.05	0.17	0.16	0.00	0.14	0.00	0.10	0.00	0.08	0.00	0.05
Long-Term Debt to Equity	0.05	0.17	0.16	0.00	0.14	0.00	0.10	0.00	0.08	0.00	0.05
Financial Leverage	-0.43	-0.34	-0.32	-0.40	-0.32	-0.39	-0.31	-0.47	-0.31	-0.49	-0.33
Leverage Ratio	1.22	1.33	1.31	1.30	1.27	1.36	1.33	1.33	1.30	1.32	1.28
Compound Leverage Factor	1.15	1.27	1.15	1.21	1.42	1.48	1.36	1.52	1.48	10.25	1.66
Debt to Total Capital	5.16%	14.26%	13.78%	0.00%	12.37%	0.00%	9.44%	0.00%	7.18%	0.00%	5.02%
Short-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%
Long-Term Debt to Total Capital	5.16%	14.26%	13.78%	0.00%	12.37%	0.00%	9.44%	0.00%	7.18%	0.00%	5.02%
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	94.84%	85.74%	86.22%	100.00%	87.63%	100.00%	90.56%	100.00%	92.82%	100.00%	94.98%
Debt to EBITDA	-0.32	-0.98	-0.99	0.00	-1.33	0.00	1.10	0.00	0.50	0.00	0.75
Net Debt to EBITDA	2.84	2.05	1.76	0.00	1.50	0.00	-3.55	0.00	-2.86	0.00	-4.56
Long-Term Debt to EBITDA	-0.32	-0.98	-0.99	0.00	-1.33	0.00	1.10	0.00	0.50	0.00	0.75
Debt to NOPAT	-0.41	-1.25	-1.26	0.00	-1.72	0.00	1.26	0.00	0.54	0.00	0.84
Net Debt to NOPAT	3.62	2.62	2.23	0.00	1.94	0.00	-4.03	0.00	-3.04	0.00	-5.10
Long-Term Debt to NOPAT	-0.41	-1.25	-1.26	0.00	-1.72	0.00	1.26	0.00	0.54	0.00	0.84
Altman Z-Score	-12.46	-9.18	-11.62	-12.27	-12.53	-12.40	-10.46	-4.39	-3.68	-3.52	-6.17
Noncontrolling Interest Sharing Ratio	18.01%	19.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.65	3.98	4.21	4.06	6.95	5.31	5.92	5.41	4.34	4.06	4.55
Quick Ratio	3.32	2.75	2.67	2.54	3.92	3.55	4.45	4.01	3.17	2.82	2.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1.37	0.13	-0.32	0.06	-2.20	0.93	0.24	0.56	1.57	0.04	-0.97
Operating Cash Flow to CapEx	0.00%	-316.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	127.70	-318.00	0.00	0.00	0.00	0.00	559.93	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	-237.00	-672.00	0.00	0.00	0.00	0.00	994.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-312.00	-672.00	0.00	0.00	0.00	0.00	994.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.22	1.25	1.26	1.28	1.27	1.23	1.34	1.43	1.52	1.51	1.50
Accounts Receivable Turnover	9.61	10.24	8.08	7.97	8.64	8.64	7.40	8.52	8.24	8.96	6.17
Inventory Turnover	1.96	2.07	2.18	2.21	1.97	2.14	2.46	2.43	2.26	2.45	2.75
Fixed Asset Turnover	125.38	106.25	112.96	96.97	103.80	90.49	108.89	105.26	122.81	140.74	160.71
Accounts Payable Turnover	7.12	7.23	6.09	7.47	8.77	7.15	6.97	6.82	9.88	9.17	7.58
Days Sales Outstanding (DSO)	37.97	35.66	45.17	45.78	42.22	42.23	49.34	42.86	44.30	40.75	59.15
Days Inventory Outstanding (DIO)	186.39	175.93	167.62	164.87	185.61	170.62	148.24	150.52	161.62	148.95	132.78
Days Payable Outstanding (DPO)	51.29	50.47	59.93	48.87	41.60	51.07	52.34	53.49	36.94	39.82	48.13
Cash Conversion Cycle (CCC)	173.06	161.12	152.87	161.78	186.23	161.78	145.24	139.89	168.98	149.88	143.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4.47	5.44	5.85	4.85	6.87	4.83	6.18	4.53	5.61	4.80	7.25
Invested Capital Turnover	2.59	2.48	2.44	2.76	2.39	2.76	2.58	3.56	2.87	3.90	2.85
Increase / (Decrease) in Invested Capital	-1.51	-0.58	0.18	-0.28	2.40	-0.62	0.33	-0.32	-1.26	-0.02	1.07
Enterprise Value (EV)	11	33	21	19	17	12	15	38	46	46	28
Market Capitalization	16	36	23	22	18	16	18	43	50	52	32
Book Value per Share	$0.82	$0.80	$0.78	$0.75	$0.78	$0.81	$0.88	$0.91	$0.94	$0.96	$1.01
Tangible Book Value per Share	$0.68	$0.66	$0.64	$0.62	$0.65	$0.69	$0.75	$0.78	$0.83	$0.84	$0.89
Total Capital	9.09	9.75	9.49	7.93	9.33	8.59	10	9.60	11	10	11
Total Debt	0.47	1.39	1.31	0.00	1.15	0.00	0.97	0.00	0.77	0.00	0.57
Total Long-Term Debt	0.47	1.39	1.31	0.00	1.15	0.00	0.97	0.00	0.77	0.00	0.57
Net Debt	-4.15	-2.92	-2.33	-3.08	-1.30	-3.76	-3.11	-5.07	-4.40	-5.40	-3.45
Capital Expenditures (CapEx)	0.00	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2.06	1.99	2.57	2.89	3.84	2.98	3.39	2.73	3.07	3.06	4.95
Debt-free Net Working Capital (DFNWC)	6.68	6.29	6.20	5.97	6.30	6.74	7.47	7.81	8.24	8.46	8.97
Net Working Capital (NWC)	6.68	6.29	6.20	5.97	6.30	6.74	7.47	7.81	8.24	8.46	8.97
Net Nonoperating Expense (NNE)	0.04	0.20	-0.00	0.07	0.02	-0.00	0.01	0.00	-0.03	-0.05	-0.04
Net Nonoperating Obligations (NNO)	-4.15	-2.92	-2.33	-3.08	-1.30	-3.76	-3.11	-5.07	-4.40	-5.40	-3.45
Total Depreciation and Amortization (D&A)	0.06	0.05	0.03	0.04	0.03	0.04	0.04	0.03	0.03	0.03	0.03
Debt-free, Cash-free Net Working Capital to Revenue	15.18%	13.94%	18.26%	21.02%	28.36%	21.01%	21.87%	16.38%	17.11%	16.26%	25.89%
Debt-free Net Working Capital to Revenue	49.32%	44.19%	44.09%	43.38%	46.49%	47.56%	48.17%	46.79%	45.95%	45.01%	46.90%
Net Working Capital to Revenue	49.32%	44.19%	44.09%	43.38%	46.49%	47.56%	48.17%	46.79%	45.95%	45.01%	46.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.02)	($0.06)	($0.02)	($0.03)	$0.02	$0.04	$0.05	$0.02	$0.03	$0.01	$0.01
Adjusted Weighted Average Basic Shares Outstanding	10.46M	10.39M	10.50M	10.51M	10.54M	10.53M	10.60M	10.60M	10.61M	10.61M	10.65M
Adjusted Diluted Earnings per Share	($0.04)	($0.06)	($0.02)	($0.03)	$0.02	$0.04	$0.05	$0.02	$0.03	$0.01	$0.01
Adjusted Weighted Average Diluted Shares Outstanding	10.46M	10.39M	10.50M	10.51M	10.58M	10.60M	10.62M	10.81M	11.04M	10.97M	10.99M
Adjusted Basic & Diluted Earnings per Share	($0.02)	$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	10.48M	10.54M	10.54M	10.54M	10.54M	10.60M	10.60M	10.60M	10.63M	10.64M	10.86M
Normalized Net Operating Profit after Tax (NOPAT)	-0.14	-0.45	-0.14	-0.22	0.14	0.22	0.40	0.24	0.31	0.01	0.07
Normalized NOPAT Margin	-3.80%	-13.96%	-3.98%	-6.82%	4.10%	5.73%	8.12%	5.41%	6.53%	0.27%	1.30%
Pre Tax Income Margin	-4.86%	-20.10%	-4.80%	-8.89%	5.20%	9.41%	11.44%	5.57%	7.14%	1.31%	2.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-681.00	-193.00	0.00	0.00	0.00	0.00	216.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	-454.30	-140.00	0.00	0.00	0.00	0.00	238.93	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-756.00	-193.00	0.00	0.00	0.00	0.00	216.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-529.30	-140.00	0.00	0.00	0.00	0.00	238.93	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%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Nephros Financials - Frequently Asked Questions

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

Nephros' net income appears to be on a downward trend, with a most recent value of $1.19 million in 2025, falling from -$3.09 million in 2015. The previous period was $74 thousand in 2024. Find out what analysts predict for Nephros in the coming months.

Nephros' total operating income in 2025 was $1.15 million, based on the following breakdown:

Total Gross Profit: $11.63 million
Total Operating Expenses: $10.48 million

Over the last 10 years, Nephros' total revenue changed from $1.94 million in 2015 to $18.79 million in 2025, a change of 866.5%.

Nephros' total liabilities were at $3.44 million at the end of 2025, a 31.0% increase from 2024, and a 163.3% increase since 2015.

In the past 10 years, Nephros' cash and equivalents has ranged from $275 thousand in 2016 to $8.25 million in 2020, and is currently $5.40 million as of their latest financial filing in 2025.

Over the last 10 years, Nephros' book value per share changed from 0.06 in 2015 to 0.96 in 2025, a change of 1,521.6%.

Related Companies

Financial statements for NASDAQ:NEPH last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Nephros (NEPH) Financials

Financials Breakdown Chart

Nephros Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Nephros (NEPH) Financials

Annual Income Statements for Nephros

Quarterly Income Statements for Nephros

Annual Cash Flow Statements for Nephros

Quarterly Cash Flow Statements for Nephros

Annual Balance Sheets for Nephros

Quarterly Balance Sheets for Nephros

Annual Metrics And Ratios for Nephros

Quarterly Metrics And Ratios for Nephros

Financials Breakdown Chart

Nephros Financials - Frequently Asked Questions

When does Nephros' fiscal year end?

How has Nephros' net income changed over the last 10 years?

What is Nephros' operating income?

How has Nephros' revenue changed over the last 10 years?

How much debt does Nephros have?

How much cash does Nephros have?

How has Nephros' book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools