DCTH · Delcath Systems, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $85.23M | $37.20M | $2.06M | $3.56M | - | - |
| Cost of Revenue | $11.80M | $6.19M | $635.0K | $686.0K | $671.0K | $640.0K |
| Gross Profit | $73.43M | $31.02M | $1.43M | $2.03M | $2.88M | $1.01M |
| R&D | $29.25M | $13.87M | $17.50M | $18.58M | $13.78M | $11.20M |
| SG&A | $43.53M | $29.55M | $22.11M | $17.30M | $13.64M | $11.11M |
| Total Operating Expenses | $72.77M | $43.43M | $39.61M | $35.89M | $27.41M | $22.31M |
| D&A | $238.0K | $134.0K | $128.0K | $132.0K | $146.0K | $167.0K |
| Operating Income | $660.0K | ($12.41M) | ($38.18M) | ($33.85M) | ($24.53M) | ($21.30M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $810.0K | $0 | $0 | $0 | $0 | $0 |
| Net Income | $2.70M | ($26.39M) | ($47.68M) | ($36.51M) | ($25.65M) | ($24.16M) |
| EPS - Basic | $0.08 | ($0.93) | ($2.94) | ($3.59) | - | ($8.35) |
| EPS - Diluted | $0.07 | ($0.93) | ($2.94) | ($3.59) | - | ($8.35) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $43.45M | $32.41M | $12.65M | $7.67M | $22.80M | $28.57M |
| Accounts Receivable | $11.74M | $10.89M | $241.0K | $366.0K | $44.0K | $57.0K |
| Inventory | $10.25M | $6.93M | $3.32M | $2.00M | $1.41M | $855.0K |
| Accounts Payable | $2.66M | $961.0K | $1.01M | $2.02M | $638.0K | $1.77M |
| Current Assets | $119.53M | $73.76M | $37.16M | $16.16M | $31.15M | $32.34M |
| Total Assets | $123.63M | $76.59M | $38.61M | $17.86M | $33.12M | $34.63M |
| Current Liabilities | $10.95M | $6.14M | $16.45M | $14.73M | $5.95M | $10.04M |
| Long-term Debt | - | $0 | $15.69M | - | - | - |
| Total Liabilities | $12.41M | $7.84M | $22.84M | $23.72M | $21.17M | $12.56M |
| Stockholders' Equity | $111.22M | $68.75M | $15.78M | ($5.86M) | $11.95M | $22.08M |
| Retained Earnings | ($528.85M) | ($531.55M) | ($505.16M) | ($457.48M) | ($420.98M) | ($395.33M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $22.52M | ($18.68M) | ($31.25M) | ($24.95M) | ($22.60M) | ($22.87M) |
| Investing Cash Flow | ($26.59M) | ($981.0K) | ($19.71M) | ($209.0K) | ($143.0K) | ($782.0K) |
| Financing Cash Flow | $15.05M | $39.41M | $51.78M | $10.14M | $20.82M | $42.35M |
| CapEx | $1.55M | $559.0K | $58.0K | $209.0K | $143.0K | $782.0K |
| Free Cash Flow | $20.97M | ($19.24M) | ($31.31M) | ($25.16M) | ($22.75M) | ($23.65M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 86.2% | 83.4% | 69.2% | 57.2% | - | - |
| Operating margin | 0.8% | -33.4% | -1849.0% | -952.3% | - | - |
| EBITDA margin | 1.1% | -33.0% | -1842.8% | -948.6% | - | - |
| Net margin | 3.2% | -70.9% | -2308.9% | -1026.9% | - | - |
| Free cash flow margin | 24.6% | -51.7% | -1516.2% | -707.7% | - | - |
| FCF / Net income | 7.77 | 0.73 | 0.66 | 0.69 | 0.89 | 0.98 |
| R&D / Revenue | 34.3% | 37.3% | 847.6% | 522.7% | - | - |
| SG&A / Revenue | 51.1% | 79.4% | 1070.7% | 486.7% | - | - |
| Effective tax rate | 23.1% | - | - | - | - | - |
| Return on assets | 2.2% | -34.5% | -123.5% | -204.4% | -77.4% | -69.7% |
| Return on equity | 2.4% | -38.4% | -302.2% | 623.1% | -214.6% | -109.4% |
| Return on invested capital | - | -14.3% | -95.9% | - | - | - |
| Liquidity | ||||||
| Current ratio | 10.92 | 12.01 | 2.26 | 1.10 | 5.23 | 3.22 |
| Quick ratio | 9.98 | 10.88 | 2.06 | 0.96 | 4.99 | 3.14 |
| Cash ratio | 3.97 | 5.28 | 0.77 | 0.52 | 3.83 | 2.85 |
| Leverage | ||||||
| Debt / Equity | - | 0.00 | 0.99 | - | - | - |
| Debt / Assets | - | 0.00 | 0.41 | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.11 | 1.11 | 2.45 | -3.05 | 2.77 | 1.57 |
| Liabilities / Assets | 0.10 | 0.10 | 0.59 | 1.33 | 0.64 | 0.36 |
| Efficiency | ||||||
| Asset turnover | 0.69 | 0.49 | 0.05 | 0.20 | - | - |
| Inventory turnover | 1.15 | 0.89 | 0.19 | 0.34 | 0.48 | 0.75 |
| Days sales outstanding | 50d | 107d | 43d | 38d | - | - |
| Days inventory outstanding | 317d | 409d | 1909d | 1063d | 768d | 488d |
| Days payable outstanding | 82d | 57d | 582d | 1074d | 347d | 1012d |
| Cash conversion cycle | 285d | 459d | 1370d | 27d | - | - |
| Valuation | ||||||
| P / E | 144.3x | - | - | - | - | - |
| P / B | 3.6x | 5.0x | 4.3x | - | - | 2.4x |
| P / S | 4.7x | 9.2x | 32.7x | 7.2x | - | - |
| EV / EBITDA | 400.6x | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 129.1% | 1701.7% | -41.9% | - | - | - |
| Revenue CAGR (3y) | 188.3% | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | 136.8% | 2069.0% | -29.7% | -29.5% | 186.7% | 16.8% |
| Operating income growth (YoY) | - | 67.5% | -12.8% | -38.0% | -15.2% | -7.0% |
| Net income growth (YoY) | - | 44.7% | -30.6% | -42.3% | -6.2% | -172.1% |
| EPS growth (YoY) | - | 68.4% | 18.1% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | 38.5% | -24.4% | -10.6% | 3.8% | 0.3% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 61.8% | 335.7% | - | - | -45.9% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$85.23M totalHEPZATOKIT$78.83M · 92.5%
CHEMOSAT$6.40M · 7.5%
Geographic
$85.23M totalUS$78.83M · 92.5%
Non Us$6.40M · 7.5%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.47
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing DELCATH SYSTEMS against the 5 most active filers in the same SIC group.