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Nephros Inc (NEPH) stock

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NASDAQ: NEPH Nasdaq Health Care Equipment Next results ~November 5, 2026

B Fundamentals grade

Nephros 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

Fair value per share

Under review: valuation models disagree too widely to rate.

Price vs value

Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.

Nephros 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.

  • Funds14 adding, 10 cuttingOf 3 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Nephros files

Where Nephros stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $21m, up 24.2% on a year earlier, faster than the 23.2% growth a quarter earlier. Free-cash-flow margin fell to -4.0% from 11.1% a year earlier. The diluted share count is up 4.0% 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 model value for Nephros is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 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 5, 2026 (estimated)

Nephros Inc's trailing-twelve-month revenue grew 24.2% year on year, with a free-cash-flow margin of -4.0%. Where it stands out: stock pay as % of revenue of 1.3% ranks 17 of 123 health care equipment companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 443% in the quarter to 2026-06-30, the 2nd beat in the last four quarters.

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 24.2% 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.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 110.0% over 90 days.

Things to watch

  • Burning cash. Free cash flow was -4.0% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 85% and a beta of 0.8 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.1 points on a year ago.
  • Weak cash conversion. Free cash flow was -48% of net income over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.05 against an average estimate of $0.01: beat by 443.0%
Revenue
$6m, up 36.2% on a year earlier
Share reaction
+17.6% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.03

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

Price chart

  • 1 day+2.2%
  • 1 week-10.7%
  • 1 month-11.7%
  • This year-33.6%
  • 1 year-43.2%
  • 5 years-58.4%
  • 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)
$20.7M
Operating margin
7.9%
Net margin
8.4%
EPS (TTM, diluted)
$0.16

Growth

Revenue growth
+24.2%
Change in growth rate
+1.0 pts
Share count change
+4.0%

Cash

Free cash flow (TTM)
-$830,000
FCF margin
-4.0%
Stock pay % of revenue
1.3%

Earnings

Last results
August 6, 2026
Next results (est.)
November 18, 2026

News & updates

Updated October 31, 2026

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

  1. Announcement
  2. Results

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

Nephros Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Nephros Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.89 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$6.3 ~$5.2–$7.7 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$3.0 ~$3.0–$5.5 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.9 ~$2.2–$9.4 Included, half weight
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nephros 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 20152016201720182019202020212022202320242025Now
Share price$1.98$3.33$4.05$5.13$9.95$8.58$5.90$1.16$3.46$1.47$4.88$3.24
Market value$8m$18m$24m$35m$75m$78m$59m$12m$36m$16m$54m$36m
+ Net debt (− = net cash)$0$0$0$0−$3m−$8m−$7m−$4m−$4m−$4m−$5m−$5m
Enterprise value$8m$18m$24m$35m$72m$70m$52m$8m$32m$12m$48m$31m
Multiples
Price / sales 3.9x7.7x6.3x6.2x7.3x9.1x5.8x1.2x2.5x1.1x2.8x1.7x
Price / earnings —————————n/m44.8x20.8x
Price / free cash flow ————————47.8x—33.5x—
EV / EBITDA —————————83.9x37.4x17.8x

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

31 /100

Weak moat

How hard Nephros'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 -12.8% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 58.3%, moving by 3.5 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -36.3%; its worst year was -90.7%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 1 of 6 years, at a median -5.7% of revenue.

  • Discipline 2 / 20

    The diluted share count rose 15.5% over five years; stock-based pay has been a median 10.5% 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 5, 2026, after the close. Analysts expect revenue of $5m and EPS of $0.03 (range $0.03 to $0.03) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.17 +55% $22m +18%
Next $0.21 +24% $26m +16%

Next year's EPS estimate has moved +110.0% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +277.8% on 90 days ago. In the last 30 days, 0 analysts raised Nephros Inc's forecast and 1 cut it.

Consensus EPS forecast Nephros Inc, last 90 days
$0.00 $0.10 $0.20 $0.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.04 Current fiscal year, 60 days ago: $0.04 Current fiscal year, 30 days ago: $0.04 Current fiscal year, 7 days ago: $0.17 Current fiscal year, Now: $0.17 $0.17 Next fiscal year, 90 days ago: $0.10 Next fiscal year, 60 days ago: $0.10 Next fiscal year, 30 days ago: $0.10 Next fiscal year, 7 days ago: $0.14 Next fiscal year, Now: $0.21 $0.21

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.04$0.10
60 days ago $0.04$0.10
30 days ago $0.04$0.10
7 days ago $0.17$0.14
Now $0.17$0.21

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.01 $0.05 +443.0%
Mar 2026 $0.01 $0.01 0.0%
Dec 2025 $0.01 $0.01 0.0%
Sept 2025 −$0.02 $0.03 +250.0%

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

Analyst recommendations

3 analysts, Oct 2026
Buy267%
Hold133%
Sell00%

Monthly trend

  1. Oct 20261113
  2. Sep 2026213

Counts of recommendations published by analysts covering Nephros 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
0.2%
of tradable shares
Days to cover
0.43
at average volume
Short interest, 1 month
−67%
to October 15, 2026
Held by institutions
18%
of shares
Held by insiders
19.5%
of shares
Employees
36
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 −43.2%

$5.70 on October 31, 2025 to $3.24

ThenNowEffect
Revenue (last 12 months) $17m $21m +24.2%
Net margin 8.0% 8.4% +5.3%
P/E multiple 46.0x 20.8x −54.8%
Share count 11m 11m −3.9%

Biggest factor: p/e multiple.

Last 3 years +98.8%

$1.63 on November 3, 2023 to $3.24

ThenNowEffect
Revenue (last 12 months) $12m $21m +69.7%
P/S multiple 1.4x 1.7x +26.4%
Share count 10m 11m −7.4%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

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
NEPH−31%−80%+198%−58%+232%−34%
Industry peers (median)−7%−37%−9%−19%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NEPH33%17%58%33%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NEPH−45%−85%−33%−64%−42%−49%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 92% from October 17, 2019 to September 30, 2022. Getting back needed a 1147% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.78 – $5.79
From 52-week high
−44.0%
vs 50-day average
−16.6%
vs 200-day average
−11.5%
Volatility (1 year)
85%
Beta vs S&P 500
0.80

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
7 up, 5 down
typical move ±9.2%
After a week
9 up, 3 down
typical move ±14.5%
After a month
10 up, 2 down
typical move ±21.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +17.6% +0.5% +31.0% +13.4%
May 7, 2026 +9.3% +0.5% +3.7% +5.3%
August 11, 2025 +9.2% +0.9% +10.3% +9.5%
May 8, 2025 −2.6% +0.6% +9.7% +95.4%
March 6, 2025 +13.0% −1.2% +11.0% +39.7%
November 13, 2024 −3.7% −0.6% −3.0% −5.5%
May 9, 2024 −3.2% +0.7% +4.6% +0.9%
March 7, 2024 −12.9% +0.4% −30.3% −30.6%
August 9, 2023 +9.4% −0.6% +15.2% +18.1%
April 4, 2023 +8.8% −0.8% +24.6% +26.3%
March 8, 2023 −15.7% −1.7% −16.5% +14.9%
January 11, 2023 +5.3% +1.6% +14.0% +3.5%

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.

Nephros Inc in five measures

Fundamentals grade B
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) Nephros Inc
$12M $14M $16M $18M $20M $22M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $13.5M Revenue (TTM), FY23 Q4: $14.2M Revenue (TTM), FY24 Q1: $14.1M Revenue (TTM), FY24 Q2: $13.8M Revenue (TTM), FY24 Q3: $13.5M Revenue (TTM), FY24 Q4: $14.2M Revenue (TTM), FY25 Q1: $15.5M Revenue (TTM), FY25 Q2: $16.7M Revenue (TTM), FY25 Q3: $17.9M Revenue (TTM), FY25 Q4: $18.8M Revenue (TTM), FY26 Q1: $19.1M Revenue (TTM), FY26 Q2: $20.7M $20.7M

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

View chart data
Period Revenue (TTM)
FY23 Q3 $13.5M
FY23 Q4 $14.2M
FY24 Q1 $14.1M
FY24 Q2 $13.8M
FY24 Q3 $13.5M
FY24 Q4 $14.2M
FY25 Q1 $15.5M
FY25 Q2 $16.7M
FY25 Q3 $17.9M
FY25 Q4 $18.8M
FY26 Q1 $19.1M
FY26 Q2 $20.7M
Revenue growth, TTM YoY Nephros Inc
-20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 33.7% Revenue growth, TTM YoY, FY23 Q4: 42.7% Revenue growth, TTM YoY, FY24 Q1: 22.1% Revenue growth, TTM YoY, FY24 Q2: 12.8% Revenue growth, TTM YoY, FY24 Q3: 0.0% Revenue growth, TTM YoY, FY24 Q4: -0.5% Revenue growth, TTM YoY, FY25 Q1: 10.3% Revenue growth, TTM YoY, FY25 Q2: 21.2% Revenue growth, TTM YoY, FY25 Q3: 32.4% Revenue growth, TTM YoY, FY25 Q4: 32.7% Revenue growth, TTM YoY, FY26 Q1: 23.2% Revenue growth, TTM YoY, FY26 Q2: 24.2% 24.2%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 33.7%
FY23 Q4 42.7%
FY24 Q1 22.1%
FY24 Q2 12.8%
FY24 Q3 0.0%
FY24 Q4 -0.5%
FY25 Q1 10.3%
FY25 Q2 21.2%
FY25 Q3 32.4%
FY25 Q4 32.7%
FY26 Q1 23.2%
FY26 Q2 24.2%
Operating margin (TTM) Nephros Inc
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -12.1% Operating margin (TTM), FY23 Q4: -11.2% Operating margin (TTM), FY24 Q1: -10.6% Operating margin (TTM), FY24 Q2: -9.9% Operating margin (TTM), FY24 Q3: -7.1% Operating margin (TTM), FY24 Q4: 0.0% Operating margin (TTM), FY25 Q1: 5.0% Operating margin (TTM), FY25 Q2: 8.0% Operating margin (TTM), FY25 Q3: 8.1% Operating margin (TTM), FY25 Q4: 6.1% Operating margin (TTM), FY26 Q1: 3.5% Operating margin (TTM), FY26 Q2: 7.9% 7.9%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 -12.1%
FY23 Q4 -11.2%
FY24 Q1 -10.6%
FY24 Q2 -9.9%
FY24 Q3 -7.1%
FY24 Q4 0.0%
FY25 Q1 5.0%
FY25 Q2 8.0%
FY25 Q3 8.1%
FY25 Q4 6.1%
FY26 Q1 3.5%
FY26 Q2 7.9%
FCF margin (TTM) Nephros Inc
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 4.8% FCF margin (TTM), FY23 Q4: 4.3% FCF margin (TTM), FY24 Q1: -2.2% FCF margin (TTM), FY24 Q2: -7.4% FCF margin (TTM), FY24 Q3: -16.1% FCF margin (TTM), FY24 Q4: -4.4% FCF margin (TTM), FY25 Q1: 2.3% FCF margin (TTM), FY25 Q2: 11.1% FCF margin (TTM), FY25 Q3: 14.4% FCF margin (TTM), FY25 Q4: 7.8% FCF margin (TTM), FY26 Q1: -2.7% FCF margin (TTM), FY26 Q2: -4.0% -4.0%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 4.8%
FY23 Q4 4.3%
FY24 Q1 -2.2%
FY24 Q2 -7.4%
FY24 Q3 -16.1%
FY24 Q4 -4.4%
FY25 Q1 2.3%
FY25 Q2 11.1%
FY25 Q3 14.4%
FY25 Q4 7.8%
FY26 Q1 -2.7%
FY26 Q2 -4.0%

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

Where the money goes

FY2025, from the 10-K

Each dollar Nephros took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $18.8M
  2. Cost of revenue $7.2M · 38.1%
  3. Gross profit $11.6M · 61.9%
  4. Research and development $1.3M · 7.1%
  5. Selling, general and admin $9M · 47.9%
  6. Other operating costs $140,000 · 0.7%
  7. Operating income $1.1M · 6.1%
  8. Net income $1.2M · 6.4%

Shares of revenue. Source: Nephros's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

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 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3 2 2 2 2 2 2 4 6 10 9 10 10 14 14 19 21
Gross profit 1 1 1 1 1 1 1 2 3 6 5 6 5 8 9 12 13
EBITDA −2 −2 −3 −3 −3 −3 −3 −2 −3 −3 −4 −3 −4 −1 0 1 2
Operating income −2 −2 −3 −3 −3 −3 −3 −2 −3 −3 −4 −3 −4 −2 0 1 2
Net income 4 −7 −7 1 −7 −3 −3 −1 −3 −3 −5 −4 −7 −2 0 1 2
Diluted EPS $4.18 −$7.29 −$0.59 −$1.62 −$2.79 −$0.09 −$0.06 −$0.02 −$0.50 −$0.45 −$0.52 −$0.41 −$0.73 −$0.15 $0.01 $0.11 $0.16
Growth (year on year)
Revenue — −24.6% −18.4% −3.7% +0.5% +11.2% +19.3% +64.2% +49.3% +81.7% −17.2% +19.3% −2.4% +42.7% −0.5% +32.7% +24.2%
EBITDA — — — — — — — — — — — — — — — — +19.4%
Operating income — — — — — — — — — — — — — — — — +22.8%
Net income — −280.4% — — −657.6% — — — — — — — — — — — +30.8%
Diluted EPS — −274.2% — — — — — — — — — — — — — — +25.8%
Margins
Gross margin 38.2% 39.2% 59.2% 48.4% 68.6% 54.5% 55.8% 60.2% 56.3% 58.9% 57.4% 55.1% 47.4% 59.0% 61.6% 61.9% 61.3%
EBITDA margin −59.9% −100.2% −184.0% −190.1% −152.3% −175.9% −122.8% −52.7% −50.2% −28.7% −47.7% −30.0% −41.3% −9.7% 1.0% 6.8% 8.5%
Operating margin −64.3% −104.3% −184.4% −190.6% −152.7% −176.0% −123.7% −58.4% −53.0% −30.5% −49.9% −31.8% −43.5% −11.2% 0.0% 6.1% 7.9%
Net margin 132.1% −316.1% −366.5% 76.0% −421.7% −158.8% −130.7% −21.2% −59.8% −30.8% −52.9% −37.8% −74.0% −11.1% 0.5% 6.4% 8.4%
Free-cash-flow margin −45.0% — −86.1% −205.9% — −196.9% −93.0% — — −22.2% −83.4% −14.2% −33.8% 5.3% −3.9% 8.5% −3.4%
Cash flow
Cash from operations −1 −1 −2 −4 −2 −4 −2 −0 −4 −2 −7 −1 −3 1 −0 2 −1
Capital spending 0 — 0 0 — 0 0 — — 0 0 0 0 0 0 0 0
Free cash flow −1 — −2 −4 — −4 −2 — — −2 −7 −1 −3 1 −1 2 −1
Stock-based pay 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0
Free cash flow after stock pay −1 — −2 −4 — −4 −3 — — −4 −8 −3 −4 −0 −1 1 −1
Balance sheet
Cash — — — — — — — — — 4 8 7 4 4 4 5 5
Total debt 1 0 0 0 0 0 1 2 2 1 1 0 0 — 0 0 0
Net debt (negative = net cash) — — — — — — — — — −3 −8 −7 −4 −4 −4 −5 −5
Diluted shares — — 1m 2m 3m 4m 5m 6m 7m 8m 9m 10m 10m 10m 11m 11m 11m

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 · $16m
Short-term assets $14mLonger-term assets $2m
What it owes, and who funded it · $16m
Short-term liabilities $3mLonger-term liabilities $0mShareholders' equity $12m
  • Short-term assets cover short-term liabilities $14m of assets due within a year against $3m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $14m short-term assets against $458,000 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 Nephros 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

Diluted share count
+4.0%
year over year
R&D spending
7.0%
of revenue
Sales & admin spending
45.8%
of revenue
Days sales outstanding
72 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated NEPH ZJYL VVOS SNOA BDMD SRTS Median
Revenue, last 12 months $21m $21m $21m $22m $23m $18m $99m
Revenue growth, last 12 months 24.2% −12.0% 45.2% 47.0% −39.2% −53.4% 9.2%
Revenue growth, 3-year average 19.3% — 10.6% 19.9% — −16.5% 13.5%
Revenue growth, latest quarter 36.2% — 34.9% 59.6% — −68.7% 10.2%
Gross margin 61.3% 29.2% 61.9% 38.9% 83.8% 36.4% 61.2%
Operating margin 7.9% 2.9% −107.9% −6.4% −113.7% −75.7% −8.5%
Operating margin, 3-year average 2.0% — −101.0% −22.4% — −18.6% −17.9%
Net margin 8.4% 5.8% −121.8% −10.3% −121.0% −88.5% −12.0%
Cash from operations / revenue −3.4% 14.0% −82.0% −11.7% −6.0% −38.8% −1.9%
Free-cash-flow margin −4.0% −18.0% −91.0% −12.1% −6.2% −39.8% −3.9%
Free-cash-flow margin, 3-year average −0.1% — −94.3% −15.2% — −11.2% −7.0%
Stock pay / revenue 1.3% — 1.9% 1.2% 77.5% 1.2% 6.1%
Change in share count 4.0% 0.0% 20.4% 55.4% 27.3% 0.2% 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 24.2% 9.1% 35 of 129
Change in growth rate Growth +1.0pp -0.6pp 43 of 129
Gross margin Profitability 61.3% 61.9% 64 of 123
Operating margin Profitability 7.9% -8.3% 35 of 132
Net margin Profitability 8.4% -12.0% 31 of 133
Free-cash-flow margin Cash generation -4.0% -3.4% 66 of 128
Stock pay as % of revenue Cash generation 1.3% 6.1% 17 of 123
Change in share count Balance sheet 4.0% 3.3% 64 of 115
Days sales outstanding Balance sheet 72 days 57 days 86 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 YoY
Products $18.2M ▲ 29.9%
Royalty and Other Revenues $555,000 ▲ 337.0%
Services $520,000 ▲ 566.7%
Other Revenue $24,000 ▼ 44.2%

These categories overlap or exclude eliminations, so shares aren't shown.

From Nephros Inc's 10-K filed March 12, 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
$19M
Institutions reporting
33
Shares held vs prior quarter
▼ 1.1%
Positions opened / closed
7 / 1

Top buyers and sellers, Q2 2026: 14 institutions bought and 10 sold ; the biggest buyer was Navellier & Associates Inc (+34K shares) and the biggest seller Mesirow Financial Investment Management, Inc (−60K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Wexford Capital LP $12.9M 3.6M 67.8% 0.0%
Topline Capital Management, LLC $1.9M 536K 10.1% ▼ 8.0%
Vanguard Capital Management LLC $709,156 199K 3.7% 0.0%
Morgan Stanley $460,227 129K 2.4% ▲ 16.2%
Cornerstone Capital, Inc. $459,459 129K 2.4% 0.0%
Bard Associates Inc $421,271 118K 2.2% ▼ 2.6%
Renaissance Technologies LLC $276,689 78K 1.5% ▼ 22.0%
Geode Capital Management, LLC $250,916 70K 1.3% ▼ 3.7%
Mesirow Financial Investment Management, Inc. $214,200 60K 1.1% ▼ 50.0%
Hightower Advisors, LLC $213,165 60K 1.1% 0.0%
Navellier & Associates Inc $190,920 53K 1.0% ▲ 179.6%
Essex Investment Management Co LLC $138,969 39K 0.7% ▼ 0.1%

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 Nephros Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

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.

Earnings dates and SEC filings

Results announcements

Next expected around November 18, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • August 11, 2025
  • May 8, 2025
  • March 6, 2025
  • November 13, 2024

Recent SEC filings

Data status

When each part of this page on Nephros 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.

Nephros Inc in brief

What does Nephros Inc do?
Nephros Inc is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Nephros Inc's stock ticker?
Nephros Inc trades under the ticker NEPH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Nephros Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Nephros Inc reported revenue of $20.7M, 24.2% higher than a year earlier, according to its SEC filings.
What is Nephros Inc's free cash flow?
Nephros Inc's free-cash-flow margin is -4.0% of revenue over the trailing twelve months, ranking 66 of the 128 health care equipment companies we cover.
Who are Nephros Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Wexford Capital LP, Topline Capital Management, LLC 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 Nephros Inc's market cap?
On November 2, 2026, Nephros Inc's market capitalisation was about $36.1M, with a price-to-earnings ratio of 20.8 and net debt of -$4.7M. Market figures come from third-party market data and may be delayed.
Who are Nephros Inc's competitors?
In our Health Care Equipment peer group, the companies closest to Nephros Inc are Jin Medical International Ltd., Vivos Therapeutics, Inc., Sonoma Pharmaceuticals, Inc., Baird Medical Investment Holdings Ltd and Sensus Healthcare, Inc. The side-by-side comparison below sets their revenue, margins and growth against Nephros Inc's.
When is Nephros Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Nephros Inc announces its own schedule.