Latest Ratios: P/E Ratio 31.0x · EV/EBITDA 25.4x · ROE 12.7%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $37M | $54M | $16M | $36M | $12M | $59M | $78M | $75M | $35M | $24M | $18M |
| Enterprise Value | $33M | $49M | $13M | $33M | $9M | $53M | $72M | $73M | $33M | $23M | $19M |
| P/E Ratio → | 31.00 | 44.36 | 210.00 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.97 | 2.85 | 1.10 | 2.52 | 1.20 | 5.78 | 9.10 | 7.26 | 6.18 | 6.25 | 7.75 |
| P/B Ratio | 3.67 | 5.25 | 1.82 | 4.30 | 1.34 | 4.01 | 5.00 | 9.76 | 5.17 | 12.22 | 26.95 |
| P/FCF | 22.50 | 32.54 | — | 47.79 | — | — | — | — | — | — | — |
| P/OCF | 22.50 | 32.54 | — | 43.45 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.62 | 0.93 | 2.35 | 0.94 | 5.20 | 8.39 | 7.11 | 5.73 | 6.12 | 7.99 |
| EV / EBITDA | 25.41 | 38.25 | 92.56 | — | — | — | — | — | — | — | — |
| EV / EBIT | 28.52 | 42.92 | 147.07 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 29.90 | — | 44.50 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.1% | 61.1% | 61.6% | 59.0% | 47.4% | 55.1% | 57.4% | 58.9% | 56.3% | 60.2% | 55.8% |
| Operating Margin | 6.1% | 6.1% | 0.0% | -11.2% | -43.5% | -31.8% | -49.9% | -30.5% | -53.0% | -58.4% | -123.7% |
| Net Profit Margin | 6.4% | 6.4% | 0.5% | -11.1% | -74.0% | -40.2% | -55.7% | -33.1% | -59.8% | -21.2% | -130.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.7% | 12.7% | 0.9% | -18.3% | -62.5% | -27.1% | -41.0% | -47.2% | -77.8% | -61.8% | -182.0% |
| ROA | 9.6% | 9.6% | 0.6% | -13.8% | -51.5% | -22.7% | -31.6% | -30.8% | -43.8% | -21.1% | -91.2% |
| ROIC | 14.2% | 14.2% | 0.1% | -19.5% | -43.0% | -26.7% | -41.2% | -45.9% | -79.8% | -126.0% | -162.6% |
| ROCE | 11.2% | 11.2% | 0.1% | -16.5% | -34.9% | -20.0% | -32.4% | -36.9% | -54.8% | -90.9% | -119.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.16 | 0.22 | 0.12 | 0.07 | 0.14 | 0.33 | 0.30 | 0.85 | 1.26 |
| Debt / EBITDA | 0.83 | 0.83 | 9.87 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.43 | -0.27 | -0.30 | -0.29 | -0.40 | -0.39 | -0.21 | -0.38 | -0.27 | 0.84 |
| Net Debt / EBITDA | -3.37 | -3.37 | -16.43 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.64 | — | -3.29 | — | — | — | — | — | — | — |
| Interest Coverage | 1146.00 | 1146.00 | 90.00 | -786.50 | -212.85 | -66.90 | -40.15 | -16.46 | -18.87 | -7.60 | -16.63 |
Net cash position: cash ($5M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.06 | 4.06 | 5.31 | 3.98 | 5.85 | 5.70 | 11.44 | 3.42 | 3.08 | 2.04 | 1.41 |
| Quick Ratio | 2.89 | 2.89 | 3.64 | 2.81 | 3.62 | 3.84 | 7.43 | 2.36 | 2.38 | 1.68 | 0.88 |
| Cash Ratio | 1.95 | 1.95 | 2.41 | 2.04 | 2.57 | 2.92 | 6.23 | 1.72 | 1.73 | 1.18 | 0.34 |
| Asset Turnover | — | 1.38 | 1.26 | 1.20 | 0.91 | 0.58 | 0.46 | 0.89 | 0.54 | 0.76 | 0.87 |
| Inventory Turnover | 2.26 | 2.26 | 2.08 | 2.36 | 1.66 | 1.03 | 0.69 | 1.66 | 1.33 | 2.25 | 2.14 |
| Days Sales Outstanding | — | 46.90 | 45.90 | 38.35 | 47.06 | 58.62 | 58.15 | 44.86 | 93.19 | 80.11 | 61.04 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 2.3% | 0.5% | — | — | — | — | — | — | — | — |
| FCF Yield | 4.4% | 3.1% | — | 2.1% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $11M | $11M | $10M | $10M | $10M | $9M | $8M | $7M | $6M | $5M |
Operating scale and liquidity
Based on reported figures, Nephros trades at an EV/EBITDA of 23.98, a multiple that appears to price in significant future growth potential despite the company's historical struggle to maintain consistent profitability compared to broader medical device peers like CONMED Corporation, which trades at a lower multiple.
The current P/S ratio of 1.87 suggests that investors are paying a premium for the company's recurring revenue model in the medical filtration space. However, the absence of a forward P/E ratio and the volatility in recent earnings suggest that the market is valuing the firm as a speculative growth play rather than a mature, cash-generative entity.
According to the provided quarterly data, ROIC has fluctuated significantly, reaching a peak of 6.6% in 2025Q1 before declining to 1.1% in 2026Q1, which indicates that the company has yet to establish a stable trend of compounding returns on its invested capital base.
The inconsistency in ROIC reflects the company's difficulty in scaling its fixed cost base relative to its revenue growth. Investors should monitor whether future investments in the Renal Products segment can generate returns that exceed the company's cost of capital, as current levels remain insufficient to justify long-term value creation.
As reported in financial statements, the cash conversion cycle remains elevated at 141 days in 2026Q1, driven largely by high days inventory outstanding of 137, which suggests that the company faces structural challenges in managing its supply chain efficiency compared to more optimized medical device manufacturers.
The persistent length of the cash conversion cycle highlights a potential inefficiency in inventory management that ties up critical liquidity. This reliance on holding significant inventory levels may be a strategic choice to ensure hospital supply continuity, but it simultaneously places a drag on the company's ability to generate free cash flow.
Based on the balance sheet data, Nephros maintains a debt-to-equity ratio of 0.09 as of 2026Q1, a conservative stance that provides the firm with significant financial flexibility to navigate periods of operational volatility without the immediate pressure of high interest obligations or restrictive debt covenants.
The company's minimal reliance on debt is a key defensive characteristic, especially given the lumpy nature of its revenue and the inherent risks in its R&D-heavy business model. This healthy balance sheet position allows management to prioritize long-term strategic initiatives over short-term debt service requirements.
The P/E ratio is frequently misapplied to Nephros, as the company's earnings are heavily impacted by non-recurring R&D expenses and stock-based compensation, which obscures the underlying cash-generating potential of its high-margin medical filtration business and leads to an incomplete assessment of its true valuation.
Analysts should instead focus on EV/Sales or EV/Gross Profit to better understand the company's market positioning and revenue quality. Relying on P/E in a phase of heavy investment and operational scaling often leads to misleading conclusions about the company's fundamental health and its ability to achieve sustainable profitability.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying NEPH stock.
Nephros, Inc.'s current P/E ratio is 31.0x. The historical average is 44.4x.
Nephros, Inc.'s current EV/EBITDA is 25.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 65.4x.
Nephros, Inc.'s return on equity (ROE) is 12.7%. The historical average is -123.7%.
Based on historical data, Nephros, Inc. is trading at a P/E of 31.0x. Compare with industry peers and growth rates for a complete picture.
Nephros, Inc. has 61.1% gross margin and 6.1% operating margin.
Nephros, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.