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Delcath Systems, Inc. (DCTH) stock

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NASDAQ: DCTH Nasdaq Health Care Equipment Next results ~November 9, 2026

C+ Fundamentals grade

Delcath Systems, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$7.7

Valuation models combined (3)

Base case. Range ~$4.7–$13. Weighted average of 3 models (growth cash-flow model, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Delcath Systems, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 0 selling4 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds68 adding, 46 cuttingOf 22 active managers that changed their stake, 12 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Delcath Systems files

Where Delcath Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $95m, up 35.8% on a year earlier, slower than the 67.9% growth a quarter earlier. That growth ranks 16 of 103 among the health care equipment companies we cover. Free-cash-flow margin rose to 18.3% from 5.5% a year earlier. Operating margin narrowed to -1.9% from 7.1%. The diluted share count is up 10.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $12.98 a share, against a share price of $14.75.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Delcath Systems, Inc.'s trailing-twelve-month revenue grew 35.8% year on year, with a free-cash-flow margin of 18.3%. Where it stands out: gross margin of 87.1% ranks 9 of 123 health care equipment companies we cover. Where it lags: change in growth rate of -32.1pp ranks 123 of 129 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 352.7% while net income fell 76.2%: a 429pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 35.8% over the last 12 months, against a median of 9.1% for health care equipment companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Growth slowing. The growth rate is 32.1 points lower than a quarter earlier.
  • Loss-making. Operating margin is -1.9%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 9.0 points on a year ago.
  • Heavy stock-based pay. Stock pay equals 21.2% of revenue, against a median of 6.1% for health care equipment companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 10.8% in a year.
  • High earnings multiple. The shares trade at 1046 times the last 12 months' earnings, so expectations are demanding.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.07 against an average estimate of -$0.09: beat by 180.0%
Revenue
$29m, up 20.6% on a year earlier
Share reaction
+19.6% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
total HEPZATO KIT and CHEMOSAT revenue $104m to $108m (fiscal year 2026); full year gross margins 86% to 89% (fiscal year 2026)
Next report
November 9, 2026; average EPS estimate -$0.07

Delcath Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week-1.5%
  • 1 month-5.6%
  • This year+41.5%
  • 1 year+45.4%
  • 5 years+33.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$95.4M
Operating margin
-1.9%
Net margin
0.6%
EPS (TTM, diluted)
$0.01

Growth

Revenue growth
+35.8%
Change in growth rate
−32.1 pts
Share count change
+10.8%

Cash

Free cash flow (TTM)
$17.5M
FCF margin
18.3%
Stock pay % of revenue
21.2%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Governance
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Delcath Systems, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Delcath Systems, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.21 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$5.8 ~$4.7–$6.8 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.7 ~$0.7–$1.2 Left out: out of range vs price (0.05x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$4.7 ~$5.0–$18 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$13 ~$11–$15 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$7.7 ~$4.7–$13 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Delcath Systems, Inc. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$7.75$3.60$4.16$12.04$10.10$14.29
Market value$55m$32m$68m$343m$403m$556m
+ Net debt (− = net cash)−$18m$9m−$2m−$32m−$43m−$48m
Enterprise value$37m$41m$65m$311m$360m$509m
Multiples
Price / sales 15.6x11.7x32.7x9.2x4.7x5.8x
Price / earnings ————149.3xn/m
Price / free cash flow ————19.2x31.8x
EV / EBITDA ————n/m—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

25 /100

Weak moat

How hard Delcath Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -42.4% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 77.1%, moving by 19.0 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -1226.8%; its worst year was -17980.0%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 7 years, at a median -1007.1% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 1046.5% over five years; stock-based pay has been a median 58.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, before the open. Analysts expect revenue of $26m and EPS of −$0.07 (range −$0.13 to −$0.01) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.14 −269% $106m +25%
Next $0.04 +133% $132m +24%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −78.7% on 90 days ago. In the last 30 days, 0 analysts raised Delcath Systems, Inc.'s forecast and 5 cut it.

Consensus EPS forecast Delcath Systems, Inc., last 90 days
−$0.80 −$0.60 −$0.40 −$0.20 $0.00 $0.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.63 Current fiscal year, 60 days ago: −$0.63 Current fiscal year, 30 days ago: −$0.60 Current fiscal year, 7 days ago: −$0.60 Current fiscal year, Now: −$0.14 −$0.14 Next fiscal year, 90 days ago: −$0.45 Next fiscal year, 60 days ago: −$0.45 Next fiscal year, 30 days ago: −$0.51 Next fiscal year, 7 days ago: −$0.51 Next fiscal year, Now: $0.04 $0.04

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.63−$0.45
60 days ago −$0.63−$0.45
30 days ago −$0.60−$0.51
7 days ago −$0.60−$0.51
Now −$0.14$0.04

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.09 $0.07 +180.0%
Mar 2026 −$0.09 −$0.03 +68.1%
Dec 2025 −$0.03 −$0.05 −56.2%
Sept 2025 −$0.09 $0.02 +122.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Total HEPZATO KIT and CHEMOSAT revenue fiscal year 2026 $104m to $108m Raised
    “Total HEPZATO KIT and CHEMOSAT revenue to range from $104 million to $108 million, reflecting an increase in HEPZATO KIT volume of at least 28% over 2025” source
  • Full year gross margins fiscal year 2026 86% to 89%
    “Full year gross margins in the range of 86% to 89%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

5 analysts, Oct 2026
Buy5100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 2026145

Counts of recommendations published by analysts covering Delcath Systems, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.9%
of tradable shares
Days to cover
5.62
at average volume
Short interest, 1 month
−19%
to October 15, 2026
Held by institutions
52%
of shares
Held by insiders
8.1%
of shares
Employees
156
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +45.4%

$9.83 on October 31, 2025 to $14.29

ThenNowEffect
Revenue (last 12 months) $70m $95m +35.8%
Net margin 3.2% 0.6% −82.5%
P/E multiple 154.8x n/m +575.5%
Share count 35m 39m −9.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DCTH−57%−54%+16%+189%−16%+42%
Industry peers (median)−7%−37%−9%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DCTH33%25%50%83%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DCTH−70%−67%−72%−26%−55%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since May 3, 2018: 100% from September 19, 2018 to November 14, 2023. Getting back needed a 269944% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$8.19 – $17.36
From 52-week high
−17.7%
vs 50-day average
−8.4%
vs 200-day average
+15.6%
Volatility (1 year)
50%
Beta vs S&P 500
1.35

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±10.1%
After a week
6 up, 6 down
typical move ±15.7%
After a month
6 up, 6 down
typical move ±16.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +19.6% +0.5% +37.5% +30.5%
May 7, 2026 +2.0% +0.5% +1.8% −2.8%
February 26, 2026 −12.8% −1.0% −11.1% −12.1%
January 12, 2026 +0.8% 0.0% −1.5% −8.1%
November 4, 2025 −8.8% −0.8% −9.5% +5.3%
October 20, 2025 −4.9% +1.0% −16.5% −27.7%
August 6, 2025 −3.1% +0.7% +5.6% +10.7%
May 8, 2025 +27.8% +0.6% +38.2% +37.4%
March 6, 2025 −3.2% −1.2% −10.1% −18.0%
January 13, 2025 +10.5% +0.3% +30.5% +37.2%
November 8, 2024 −9.0% +0.5% −14.2% +6.6%
October 17, 2024 +18.6% +0.4% +12.0% −1.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Delcath Systems, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Delcath Systems, Inc.
$0 $50M $100M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.2M Revenue (TTM), FY23 Q4: $2.1M Revenue (TTM), FY24 Q1: $4.6M Revenue (TTM), FY24 Q2: $11.9M Revenue (TTM), FY24 Q3: $22.6M Revenue (TTM), FY24 Q4: $37.2M Revenue (TTM), FY25 Q1: $53.9M Revenue (TTM), FY25 Q2: $70.2M Revenue (TTM), FY25 Q3: $79.6M Revenue (TTM), FY25 Q4: $85.2M Revenue (TTM), FY26 Q1: $90.4M Revenue (TTM), FY26 Q2: $95.4M $95.4M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.2M
FY23 Q4 $2.1M
FY24 Q1 $4.6M
FY24 Q2 $11.9M
FY24 Q3 $22.6M
FY24 Q4 $37.2M
FY25 Q1 $53.9M
FY25 Q2 $70.2M
FY25 Q3 $79.6M
FY25 Q4 $85.2M
FY26 Q1 $90.4M
FY26 Q2 $95.4M
Revenue growth, TTM YoY Delcath Systems, Inc.
-500% 0% 500% 1000% 1500% 2000% FY14 Q4 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY14 Q4: 35.1% Revenue growth, TTM YoY, FY23 Q4: -24.1% Revenue growth, TTM YoY, FY24 Q1: 56.8% Revenue growth, TTM YoY, FY24 Q2: 350.4% Revenue growth, TTM YoY, FY24 Q3: 945.9% Revenue growth, TTM YoY, FY24 Q4: 1701.7% Revenue growth, TTM YoY, FY25 Q1: 1068.9% Revenue growth, TTM YoY, FY25 Q2: 491.3% Revenue growth, TTM YoY, FY25 Q3: 251.5% Revenue growth, TTM YoY, FY25 Q4: 129.1% Revenue growth, TTM YoY, FY26 Q1: 67.9% Revenue growth, TTM YoY, FY26 Q2: 35.8% 35.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY14 Q4 35.1%
FY23 Q4 -24.1%
FY24 Q1 56.8%
FY24 Q2 350.4%
FY24 Q3 945.9%
FY24 Q4 1701.7%
FY25 Q1 1068.9%
FY25 Q2 491.3%
FY25 Q3 251.5%
FY25 Q4 129.1%
FY26 Q1 67.9%
FY26 Q2 35.8%
Operating margin (TTM) Delcath Systems, Inc.
-2000% -1500% -1000% -500% 0% 500% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -1604.3% Operating margin (TTM), FY23 Q4: -1849.0% Operating margin (TTM), FY24 Q1: -871.2% Operating margin (TTM), FY24 Q2: -303.5% Operating margin (TTM), FY24 Q3: -118.1% Operating margin (TTM), FY24 Q4: -33.4% Operating margin (TTM), FY25 Q1: -2.8% Operating margin (TTM), FY25 Q2: 7.1% Operating margin (TTM), FY25 Q3: 7.4% Operating margin (TTM), FY25 Q4: 0.8% Operating margin (TTM), FY26 Q1: -1.8% Operating margin (TTM), FY26 Q2: -1.9% -1.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -1604.3%
FY23 Q4 -1849.0%
FY24 Q1 -871.2%
FY24 Q2 -303.5%
FY24 Q3 -118.1%
FY24 Q4 -33.4%
FY25 Q1 -2.8%
FY25 Q2 7.1%
FY25 Q3 7.4%
FY25 Q4 0.8%
FY26 Q1 -1.8%
FY26 Q2 -1.9%
FCF margin (TTM) Delcath Systems, Inc.
-2000% -1500% -1000% -500% 0% 500% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -1407.4% FCF margin (TTM), FY23 Q4: -1516.2% FCF margin (TTM), FY24 Q1: -795.4% FCF margin (TTM), FY24 Q2: -265.2% FCF margin (TTM), FY24 Q3: -115.7% FCF margin (TTM), FY24 Q4: -51.7% FCF margin (TTM), FY25 Q1: -14.1% FCF margin (TTM), FY25 Q2: 5.5% FCF margin (TTM), FY25 Q3: 15.1% FCF margin (TTM), FY25 Q4: 24.6% FCF margin (TTM), FY26 Q1: 21.2% FCF margin (TTM), FY26 Q2: 18.3% 18.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -1407.4%
FY23 Q4 -1516.2%
FY24 Q1 -795.4%
FY24 Q2 -265.2%
FY24 Q3 -115.7%
FY24 Q4 -51.7%
FY25 Q1 -14.1%
FY25 Q2 5.5%
FY25 Q3 15.1%
FY25 Q4 24.6%
FY26 Q1 21.2%
FY26 Q2 18.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 0 0 1 1 2 4 3 2 37 85 95
Gross profit 0 0 0 0 1 1 3 2 1 31 73 83
EBITDA −30 −45 −53 −32 −18 −15 −24 −34 −38 −12 1 −1
Operating income −31 −46 −54 −33 −19 −15 −25 −34 −38 −12 1 −2
Net income −47 −31 −52 −30 −17 −15 −26 −37 −48 −26 3 1
Diluted EPS −$840.00 −$476.00 −$9478.00 −$5.10 −$1.84 −$637.00 −$3.59 −$4.12 −$2.94 −$0.93 $0.07 $0.01
Growth (year on year)
Revenue — — — +128.3% +35.3% +63.4% +103.5% −23.5% −24.1% +>999% +129.1% +35.8%
EBITDA — — — — — — — — — — — −127.1%
Operating income — — — — — — — — — — — −136.2%
Net income — — — — — — — — — — — −76.2%
Diluted EPS — — — — — — — — — — — −78.5%
Margins
Gross margin — — 88.7% 41.3% 72.8% 73.6% 81.1% 74.8% 69.2% 83.4% 86.2% 87.1%
EBITDA margin — — <−999% <−999% <−999% −835.3% −685.9% <−999% <−999% −33.0% 1.1% −1.5%
Operating margin — — <−999% <−999% <−999% −870.6% −690.0% <−999% <−999% −33.4% 0.8% −1.9%
Net margin — — <−999% <−999% <−999% −841.7% −721.5% <−999% <−999% −70.9% 3.2% 0.6%
Free-cash-flow margin — — <−999% <−999% <−999% −949.6% −639.9% −925.3% <−999% −51.7% 24.6% 18.3%
Cash flow
Cash from operations −24 −37 −50 −34 −16 −16 −23 −25 −31 −19 23 20
Capital spending 2 3 2 0 0 0 0 0 0 1 2 2
Free cash flow −26 −40 −52 −34 −16 −17 −23 −25 −31 −19 21 18
Stock-based pay — — — — — — — 8 8 10 24 20
Free cash flow after stock pay — — — — — — — −33 −39 −29 −3 −3
Balance sheet
Cash 46 26 24 31 20 13 23 8 13 32 43 48
Total debt 0 0 0 0 0 0 5 17 11 0 0 0
Net debt (negative = net cash) −46 −26 −24 −31 −20 −13 −18 9 −2 −32 −43 −48
Diluted shares 56m 65m — — 14m 23m 7m 9m 16m 29m 40m 39m
Returned to shareholders
Buybacks 0 0 — — — — — — — 0 6 —
Total returned 0 0 — — — — — — — 0 6 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $137m
Short-term assets $131mLonger-term assets $6m
What it owes, and who funded it · $137m
Short-term liabilities $13mLonger-term liabilities $3mShareholders' equity $121m
  • Short-term assets cover short-term liabilities $131m of assets due within a year against $13m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $131m short-term assets against $3m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Delcath Systems, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$6M
Diluted share count
+10.8%
year over year
R&D spending
39.4%
of revenue
Sales & admin spending
49.6%
of revenue
Days sales outstanding
61 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated DCTH IRMD CBLL LUNG SGHT XTNT Median
Revenue, last 12 months $95m $89m $102m $87m $83m $110m $99m
Revenue growth, last 12 months 35.8% 11.0% 31.7% −3.4% 9.3% −14.3% 9.2%
Revenue growth, 3-year average 230.8% 12.4% — 13.0% 0.8% 17.3% 13.5%
Revenue growth, latest quarter 20.6% 14.2% 32.5% −4.6% 19.5% −35.0% 10.2%
Gross margin 87.1% 75.5% 88.9% 77.1% 88.0% 59.4% 61.2%
Operating margin −1.9% 32.3% −68.6% −53.0% −33.4% −9.6% −8.5%
Operating margin, 3-year average −99.4% 31.0% −65.1% −64.4% −54.2% −7.3% −17.9%
Net margin 0.6% 26.8% −64.7% −55.0% −35.7% −10.2% −12.0%
Cash from operations / revenue 20.5% 30.4% −53.0% −34.9% −27.9% 0.5% −1.9%
Free-cash-flow margin 18.3% 29.3% −53.7% −35.1% −28.0% −0.6% −3.9%
Free-cash-flow margin, 3-year average −80.5% 24.2% — −39.2% −34.5% −6.2% −7.0%
Stock pay / revenue 21.2% 3.3% 16.1% 19.7% 12.9% 2.7% 6.1%
Change in share count 10.8% 0.3% — 4.7% 4.7% 4.0% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 35.8% 9.1% 21 of 129
Change in growth rate Growth -32.1pp -0.6pp 123 of 129
Gross margin Profitability 87.1% 61.9% 9 of 123
Operating margin Profitability -1.9% -8.3% 50 of 132
Net margin Profitability 0.6% -12.0% 44 of 133
Free-cash-flow margin Cash generation 18.3% -3.4% 14 of 128
Stock pay as % of revenue Cash generation 21.2% 6.1% 100 of 123
Change in share count Balance sheet 10.8% 3.3% 86 of 115
Days sales outstanding Balance sheet 61 days 57 days 68 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
HEPZATOKIT $78.8M 92.5% ▲ 144.0%
CHEMOSAT $6.4M 7.5% ▲ 30.5%
Geography
Region Revenue Share YoY
United States $78.8M 92.5% ▲ 144.0%
Outside the US $6.4M 7.5% ▲ 30.5%

From Delcath Systems, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$219M
Institutions reporting
120
Shares held vs prior quarter
▲ 6.8%
Positions opened / closed
20 / 20

Top buyers and sellers, Q2 2026: 68 institutions bought and 46 sold ; the biggest buyer was Blackrock, Inc (+922K shares) and the biggest seller Private Wealth Advisors, LLC (−281K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Rosalind Advisors, Inc. $41.6M 3.3M 18.9% 0.0%
Blackrock, Inc. $34.1M 2.7M 15.5% ▲ 51.7%
Vanguard Capital Management LLC $15.4M 1.2M 7.0% ▼ 8.1%
Propel Bio Management, LLC $11M 871K 5.0% ▼ 11.0%
Geode Capital Management, LLC $9.2M 733K 4.2% ▲ 5.9%
State Street Corp $8.6M 679K 3.9% ▲ 2.2%
Algert Global LLC $7.3M 581K 3.3% ▲ 298.5%
Millennium Management LLC $7.1M 566K 3.3% ▼ 3.7%
Divisadero Street Capital Management, LP $6.3M 500K 2.9% 0.0%
Morgan Stanley $5.1M 408K 2.3% ▲ 5.8%
Exoduspoint Capital Management, LP $4.5M 360K 2.1% ▲ 900.6%
Private Wealth Advisors, LLC $3.9M 311K 1.8% ▼ 47.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Delcath Systems, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $287,457 4 trades by 3 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $287,457 net buying
Insider Date Trade Shares Price Value
Pennell Sandra Chief Financial Officer March 6, 2026 Buy 5,533 $9.04 $50,018
Michel Gerard J CHIEF EXECUTIVE OFFICER March 2, 2026 Buy 11,200 $8.96 $100,352
Sylvester John Richard Director November 21, 2025 Buy 4,386 $8.89 $38,992
Michel Gerard J CHIEF EXECUTIVE OFFICER November 11, 2025 Buy 11,500 $8.53 $98,095

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Delcath Systems, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Roger Marshall(R-KS 1):Sale (full), $1,001 - $15,000, traded June 9, 2017, filed August 6, 2018

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • January 12, 2026
  • November 4, 2025
  • October 20, 2025

Recent SEC filings

Data status

When each part of this page on Delcath Systems, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Delcath Systems, Inc. in brief

What does Delcath Systems, Inc. do?
Delcath Systems, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Delcath Systems, Inc.'s stock ticker?
Delcath Systems, Inc. trades under the ticker DCTH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Delcath Systems, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Delcath Systems, Inc. reported revenue of $95.4M, 35.8% higher than a year earlier, according to its SEC filings.
What is Delcath Systems, Inc.'s free cash flow?
Delcath Systems, Inc.'s free-cash-flow margin is 18.3% of revenue over the trailing twelve months, ranking 14 of the 128 health care equipment companies we cover.
Who are Delcath Systems, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Rosalind Advisors, Inc., Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Delcath Systems, Inc.'s market cap?
On November 2, 2026, Delcath Systems, Inc.'s market capitalisation was about $556M, with a price-to-earnings ratio of 1045.5 and net debt of -$47.5M. Market figures come from third-party market data and may be delayed.
Who are Delcath Systems, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Delcath Systems, Inc. are Iradimed Corp, Ceribell, Inc., Pulmonx Corp, Sight Sciences, Inc. and Xtant Medical Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Delcath Systems, Inc.'s.
Are insiders buying or selling Delcath Systems, Inc. stock?
Over the last 12 months, Delcath Systems, Inc.'s directors and officers reported 4 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Delcath Systems, Inc.'s next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Delcath Systems, Inc. announces its own schedule.