What is Nephros Inc's earnings per share (EPS)?

Nephros Inc (NEPH) reported diluted earnings per share of $0.11 for fiscal year 2025. This represents a 1000.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nephros Inc Financials

NEPH

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Nephros Inc (NEPH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 67/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Nephros Inc has an operating margin of 6.1%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 36/100, indicating healthy but not exceptional operating efficiency. This is up from 0.0% the prior year.

Growth

Nephros Inc's revenue surged 32.7% year-over-year to $18.8M, reflecting rapid business expansion. This strong growth earns a score of 88/100.

Leverage

Nephros Inc carries a low D/E ratio of 0.34, meaning only $0.34 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 4.06, Nephros Inc holds $4.06 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 80/100.

Returns

Nephros Inc's ROE of 11.7% shows moderate profitability relative to equity, earning a score of 37/100. This is up from 0.9% the prior year.

Altman Z-Score Distress

-6.96

Nephros Inc scores -6.96, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($30.5M) relative to total liabilities ($3.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

6/9

Nephros Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.38x

For every $1 of reported earnings, Nephros Inc generates $1.38 in operating cash flow ($1.6M OCF vs $1.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

1146.0x

Nephros Inc earns $1146.0 in operating income for every $1 of interest expense ($1.1M vs $1K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$18.8M

YoY+32.7%

5Y CAGR+17.0%

10Y CAGR+25.5%

Nephros Inc generated $18.8M in revenue in fiscal year 2025. This represents an increase of 32.7% from the prior year.

EBITDA

$1.3M

YoY+812.1%

Nephros Inc's EBITDA was $1.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 812.1% from the prior year.

Net Income

$1.2M

YoY+1513.5%

Nephros Inc reported $1.2M in net income in fiscal year 2025. This represents an increase of 1513.5% from the prior year.

EPS (Diluted)

$0.11

YoY+1000.0%

Nephros Inc earned $0.11 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1000.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$5.4M

YoY+43.6%

5Y CAGR-8.1%

10Y CAGR+15.8%

Nephros Inc held $5.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

11M

YoY+0.9%

5Y CAGR+1.5%

Nephros Inc had 11M shares outstanding in fiscal year 2025. This represents an increase of 0.9% from the prior year.

Margins & Returns

Gross Margin

61.9%

YoY+0.3pp

5Y CAGR+4.5pp

10Y CAGR+7.3pp

Nephros Inc's gross margin was 61.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the prior year.

Operating Margin

6.1%

YoY+6.1pp

5Y CAGR+56.0pp

10Y CAGR+182.1pp

Nephros Inc's operating margin was 6.1% in fiscal year 2025, reflecting core business profitability. This is up 6.1 percentage points from the prior year.

Net Margin

6.3%

YoY+5.8pp

5Y CAGR+59.2pp

10Y CAGR+165.2pp

Nephros Inc's net profit margin was 6.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.8 percentage points from the prior year.

Return on Equity

11.7%

YoY+10.8pp

5Y CAGR+47.8pp

Nephros Inc's ROE was 11.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 10.8 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.3M

YoY+47.8%

5Y CAGR-13.5%

10Y CAGR+4.9%

Nephros Inc invested $1.3M in research and development in fiscal year 2025. This represents an increase of 47.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

NEPH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$18.8M+32.7%	$14.2M-0.5%	$14.2M+42.7%	$10.0M-2.4%	$10.2M+19.3%	$8.6M
Cost of Revenue	$7.2M+31.7%	$5.4M-6.8%	$5.8M+11.2%	$5.2M+14.4%	$4.6M+25.7%	$3.6M
Gross Profit	$11.6M+33.3%	$8.7M+3.8%	$8.4M+77.7%	$4.7M-16.0%	$5.6M+14.7%	$4.9M
R&D Expenses	$1.3M+47.8%	$906K+3.8%	$873K-30.4%	$1.3M-16.2%	$1.5M-45.7%	$2.8M
SG&A Expenses	$9.0M+17.2%	$7.7M-13.9%	$8.9M+17.4%	$7.6M+5.5%	$7.2M+11.3%	$6.5M
Operating Income	$1.1M+19000.0%	$6K+100.4%	-$1.6M+63.3%	-$4.3M-33.3%	-$3.3M+23.9%	-$4.3M
Interest Expense	$1K0.0%	$1K-50.0%	$2K-90.0%	$20K-51.2%	$41K-62.7%	$110K
Income Tax	$12K-20.0%	$15K	$0	$0	$0	N/A
Net Income	$1.2M+1513.5%	$74K+104.7%	-$1.6M+77.8%	-$7.1M-83.8%	-$3.9M+14.6%	-$4.5M
EPS (Diluted)	$0.11+1000.0%	$0.01+106.7%	$-0.15+79.5%	$-0.73	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$4.7M-0.7%	$4.8M+7.8%	$4.4M-9.4%	$4.9M+26.0%	$3.9M+10.0%	$3.5M+8.2%	$3.3M-7.7%	$3.5M
Cost of Revenue	$2.0M+6.4%	$1.8M+13.9%	$1.6M-5.7%	$1.7M+23.5%	$1.4M+1.9%	$1.4M+2.2%	$1.3M+0.4%	$1.3M
Gross Profit	$2.8M-5.3%	$2.9M+4.3%	$2.8M-11.4%	$3.2M+27.4%	$2.5M+15.2%	$2.1M+12.4%	$1.9M-12.6%	$2.2M
R&D Expenses	$395K+16.9%	$338K+8.7%	$311K+5.4%	$295K+17.1%	$252K+34.0%	$188K-26.0%	$254K+19.8%	$212K
SG&A Expenses	$2.3M+3.9%	$2.2M+1.3%	$2.2M-2.4%	$2.3M+20.4%	$1.9M+8.8%	$1.7M-11.3%	$1.9M-9.4%	$2.1M
Operating Income	$18K-94.3%	$314K+26.6%	$248K-56.2%	$566K+78.5%	$317K+53.9%	$206K+165.0%	-$317K-58.5%	-$200K
Interest Expense	N/A	N/A	$1K	N/A	N/A	N/A	N/A	$1K
Income Tax	N/A	$3K-66.7%	$9K	N/A	$15K	$0	$0	$0
Net Income	$62K-81.6%	$337K+42.2%	$237K-57.5%	$558K+59.9%	$349K+90.7%	$183K+163.3%	-$289K-71.0%	-$169K
EPS (Diluted)	N/A	$0.03+50.0%	$0.02-60.0%	$0.05	N/A	$0.02+166.7%	$-0.03-50.0%	$-0.02

NEPH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$13.6M+21.7%	$11.2M-5.5%	$11.9M+7.8%	$11.0M-37.7%	$17.6M-4.6%	$18.5M
Current Assets	$11.2M+35.2%	$8.3M-1.3%	$8.4M+1.7%	$8.3M-39.4%	$13.6M-10.0%	$15.2M
Cash & Equivalents	$5.4M+43.6%	$3.8M-12.7%	$4.3M+18.5%	$3.6M-47.9%	$7.0M-15.5%	$8.2M
Inventory	$3.2M+23.6%	$2.6M+5.9%	$2.5M-21.7%	$3.2M-29.3%	$4.5M-15.9%	$5.3M
Accounts Receivable	$2.4M+35.5%	$1.8M+19.1%	$1.5M+16.3%	$1.3M-21.6%	$1.6M+20.3%	$1.4M
Goodwill	$759K0.0%	$759K0.0%	$759K0.0%	$759K0.0%	$759K0.0%	$759K
Total Liabilities	$3.4M+31.0%	$2.6M-25.1%	$3.5M-35.2%	$5.4M+86.4%	$2.9M-1.2%	$2.9M
Current Liabilities	$2.8M+77.1%	$1.6M-26.1%	$2.1M+49.6%	$1.4M-40.9%	$2.4M+80.4%	$1.3M
Long-Term Debt	N/A	N/A	N/A	$71K-79.3%	$343K-42.2%	$593K
Total Equity	$10.2M+18.8%	$8.6M+2.7%	$8.4M+49.5%	$5.6M-52.2%	$11.7M-6.6%	$12.5M
Retained Earnings	-$143.1M+0.8%	-$144.3M+0.1%	-$144.4M-1.1%	-$142.8M-5.2%	-$135.7M-2.9%	-$131.9M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$13.6M+3.0%	$13.2M+8.2%	$12.2M+3.9%	$11.8M+5.1%	$11.2M+7.9%	$10.4M-6.4%	$11.1M-2.8%	$11.4M
Current Assets	$11.2M+4.8%	$10.7M+11.8%	$9.6M+6.5%	$9.0M+8.4%	$8.3M+12.8%	$7.4M-7.2%	$7.9M-2.5%	$8.1M
Cash & Equivalents	$5.4M+4.4%	$5.2M+1.9%	$5.1M+24.3%	$4.1M+8.5%	$3.8M+53.0%	$2.5M-20.2%	$3.1M-15.2%	$3.6M
Inventory	$3.2M+18.0%	$2.7M+22.4%	$2.2M+14.5%	$2.0M-25.3%	$2.6M-15.6%	$3.1M+10.6%	$2.8M+0.9%	$2.8M
Accounts Receivable	$2.4M-9.3%	$2.7M+30.4%	$2.0M-23.8%	$2.7M+50.3%	$1.8M+5.3%	$1.7M-10.0%	$1.9M+23.7%	$1.5M
Goodwill	$759K0.0%	$759K0.0%	$759K0.0%	$759K0.0%	$759K0.0%	$759K0.0%	$759K0.0%	$759K
Total Liabilities	$3.4M+6.1%	$3.2M+22.6%	$2.6M+6.3%	$2.5M-5.3%	$2.6M+18.7%	$2.2M-30.3%	$3.2M-1.9%	$3.2M
Current Liabilities	$2.8M+12.2%	$2.5M+39.2%	$1.8M+16.7%	$1.5M-2.8%	$1.6M+47.6%	$1.1M-45.8%	$2.0M+1.2%	$1.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$10.2M+2.0%	$10.0M+4.2%	$9.6M+3.3%	$9.3M+8.2%	$8.6M+5.0%	$8.2M+3.1%	$7.9M-3.1%	$8.2M
Retained Earnings	-$143.1M0.0%	-$143.2M+0.2%	-$143.5M+0.2%	-$143.8M+0.4%	-$144.3M+0.2%	-$144.7M+0.1%	-$144.9M-0.2%	-$144.6M

NEPH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.6M+434.3%	-$492K-159.5%	$827K+125.6%	-$3.2M-128.2%	-$1.4M+79.5%	-$6.9M
Capital Expenditures	N/A	$55K-26.7%	$75K-45.3%	$137K+280.6%	$36K-84.9%	$239K
Free Cash Flow	N/A	-$547K-172.7%	$752K+122.3%	-$3.4M-132.0%	-$1.5M+79.7%	-$7.1M
Investing Cash Flow	$0+100.0%	-$50K+33.3%	-$75K+45.3%	-$137K-61.2%	-$85K+64.4%	-$239K
Financing Cash Flow	-$5K0.0%	-$5K+93.7%	-$79K-332.4%	$34K-85.7%	$237K-97.9%	$11.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$230K+132.3%	$99K-90.0%	$994K+208.7%	$322K-75.3%	$1.3M+309.3%	-$623K-24.4%	-$501K+25.4%	-$672K
Capital Expenditures	N/A	N/A	N/A	N/A	$0	$0	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	$1.3M+309.3%	-$623K	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	$0	$0	N/A	N/A
Financing Cash Flow	-$1K+50.0%	-$2K-100.0%	-$1K0.0%	-$1K0.0%	-$1K	$0+100.0%	-$2K0.0%	-$2K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NEPH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	61.9%+0.3pp	61.6%+2.6pp	59.0%+11.6pp	47.4%-7.7pp	55.1%-2.3pp	57.4%
Operating Margin	6.1%+6.1pp	0.0%+11.2pp	-11.2%+32.3pp	-43.5%-11.6pp	-31.8%+18.1pp	-49.9%
Net Margin	6.3%+5.8pp	0.5%+11.6pp	-11.1%+60.2pp	-71.2%-33.4pp	-37.9%+15.0pp	-52.9%
Return on Equity	11.7%+10.8pp	0.9%+19.7pp	-18.8%+108.2pp	-127.1%-94.0pp	-33.1%+3.1pp	-36.1%
Return on Assets	8.8%+8.1pp	0.7%+13.9pp	-13.3%+51.3pp	-64.6%-42.7pp	-21.9%+2.5pp	-24.4%
Current Ratio	4.06-1.3	5.31+1.3	3.98-1.9	5.85+0.1	5.70-5.7	11.44
Debt-to-Equity	0.34+0.0	0.31-0.1	0.42+0.4	0.01-0.0	0.03-0.0	0.05
FCF Margin	N/A	-3.9%-9.1pp	5.3%+39.1pp	-33.8%-19.6pp	-14.2%+69.2pp	-83.4%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	58.4%-2.8pp	61.2%-2.1pp	63.2%-1.4pp	64.7%+0.7pp	63.9%+2.9pp	61.1%+2.3pp	58.8%-3.3pp	62.1%
Operating Margin	0.4%-6.2pp	6.6%+1.0pp	5.6%-6.0pp	11.6%+3.4pp	8.2%+2.3pp	5.9%+15.6pp	-9.8%-4.1pp	-5.7%
Net Margin	1.3%-5.8pp	7.1%+1.7pp	5.4%-6.1pp	11.4%+2.4pp	9.0%+3.8pp	5.2%+14.1pp	-8.9%-4.1pp	-4.8%
Return on Equity	0.6%-2.8pp	3.4%+0.9pp	2.5%-3.5pp	6.0%+1.9pp	4.1%+1.8pp	2.2%+5.9pp	-3.6%-1.6pp	-2.1%
Return on Assets	0.4%-2.1pp	2.5%+0.6pp	1.9%-2.8pp	4.7%+1.6pp	3.1%+1.3pp	1.8%+4.4pp	-2.6%-1.1pp	-1.5%
Current Ratio	4.06-0.3	4.34-1.1	5.41-0.5	5.92+0.6	5.31-1.6	6.95+2.9	4.06-0.2	4.21
Debt-to-Equity	0.34+0.0	0.32+0.0	0.280.0	0.27-0.0	0.31+0.0	0.27-0.1	0.400.0	0.40
FCF Margin	N/A	N/A	N/A	N/A	33.7%+51.4pp	-17.7%	N/A	N/A

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Frequently Asked Questions

What is Nephros Inc's annual revenue?

Nephros Inc (NEPH) reported $18.8M in total revenue for fiscal year 2025. This represents a 32.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Nephros Inc's revenue growing?

Nephros Inc (NEPH) revenue grew by 32.7% year-over-year, from $14.2M to $18.8M in fiscal year 2025.

Is Nephros Inc profitable?

Yes, Nephros Inc (NEPH) reported a net income of $1.2M in fiscal year 2025, with a net profit margin of 6.3%.

What is Nephros Inc's EBITDA?

Nephros Inc (NEPH) had EBITDA of $1.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Nephros Inc's gross margin?

Nephros Inc (NEPH) had a gross margin of 61.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Nephros Inc's operating margin?

Nephros Inc (NEPH) had an operating margin of 6.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Nephros Inc's net profit margin?

Nephros Inc (NEPH) had a net profit margin of 6.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Nephros Inc's return on equity (ROE)?

Nephros Inc (NEPH) has a return on equity of 11.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Nephros Inc's operating cash flow?

Nephros Inc (NEPH) generated $1.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Nephros Inc's total assets?

Nephros Inc (NEPH) had $13.6M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Nephros Inc spend on research and development?

Nephros Inc (NEPH) invested $1.3M in research and development during fiscal year 2025.

How many shares does Nephros Inc have outstanding?

Nephros Inc (NEPH) had 11M shares outstanding as of fiscal year 2025.

What is Nephros Inc's current ratio?

Nephros Inc (NEPH) had a current ratio of 4.06 as of fiscal year 2025, which is generally considered healthy.

What is Nephros Inc's debt-to-equity ratio?

Nephros Inc (NEPH) had a debt-to-equity ratio of 0.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nephros Inc's return on assets (ROA)?

Nephros Inc (NEPH) had a return on assets of 8.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Nephros Inc's Altman Z-Score?

Nephros Inc (NEPH) has an Altman Z-Score of -6.96, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Nephros Inc's Piotroski F-Score?

Nephros Inc (NEPH) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Nephros Inc's earnings high quality?

Nephros Inc (NEPH) has an earnings quality ratio of 1.38x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Nephros Inc cover its interest payments?

Nephros Inc (NEPH) has an interest coverage ratio of 1146.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Nephros Inc?

Nephros Inc (NEPH) scores 67 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.