Nephros, Inc. (NEPH) Key Metrics
NEPH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $39.6M
- Enterprise value
- $41.9M
- P/E (TTM)
- 24.3
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 1.9 10-yr median 6.0
- Price / book
- 3.8 10-yr median 5.7
- EV / EBITDA
- 22.3
- Dividend yield
- —
- Beta
- 1.64
NEPH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNEPH valuation Price multiples at each fiscal year-end price.
NEPH returns How much profit the business earns on the capital it uses.
NEPH per-share figures Results divided by the shares outstanding at year-end.
NEPH financial health Debt, liquidity and how easily interest is covered.
NEPH efficiency & capital use Working capital cycle and where the cash goes.
NEPH valuation history
NEPH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NEPH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NEPH cash returned to shareholders
NEPH price vs earnings per share
NEPH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $53.5M | $15.6M | $35.9M | $11.9M | $59.1M | $77.9M | $75.0M | $35.1M | $23.8M | $17.8M |
| Enterprise value | $49.2M | $13.2M | $33.5M | $9.4M | $53.1M | $71.8M | $73.4M | $32.6M | $23.3M | $18.3M |
| P/E ratio | 44.8 | 210.6 | — | — | — | — | — | — | — | — |
| Price / sales | 2.8 | 1.1 | 2.5 | 1.2 | 5.8 | 9.1 | 7.3 | 6.2 | 6.3 | 7.7 |
| Price / book | 5.2 | 1.8 | 4.3 | 2.1 | 5.1 | 6.2 | 16.1 | 9.2 | 12.2 | 26.7 |
| Price / free cash flow | 32.5 | — | 47.8 | — | — | — | — | — | — | — |
| Price / operating cash flow | 32.5 | — | 43.5 | — | — | — | — | — | — | — |
| EV / sales | 2.6 | 0.9 | 2.4 | 0.9 | 5.2 | 8.4 | 7.1 | 5.7 | 6.1 | 7.9 |
| EV / EBITDA | 36.5 | 58.3 | — | — | — | — | — | — | — | — |
| EV / free cash flow | 29.9 | — | 44.5 | — | — | — | — | — | — | — |
| Earnings yield | 2.2% | 0.5% | −4.4% | −62.0% | −6.9% | −6.1% | −4.6% | −9.7% | −3.4% | −17.0% |
| Free cash flow yield | 3.1% | −3.5% | 2.1% | −28.3% | −2.5% | −9.2% | −3.1% | −10.4% | −0.3% | −12.1% |
| Dividend yield | — | — | — | 2.3% | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | 2.6% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $4.88 | $1.47 | $3.46 | $1.16 | $5.90 | $8.58 | $9.95 | $5.13 | $4.05 | $3.29 |
| Per share | ||||||||||
| Revenue per share | $1.71 | $1.34 | $1.37 | $0.97 | $1.02 | $0.94 | $1.37 | $0.83 | $0.65 | $0.43 |
| Earnings per share | $0.11 | $0.01 | −$0.15 | −$0.72 | −$0.41 | −$0.52 | −$0.45 | −$0.50 | −$0.14 | −$0.56 |
| Operating cash flow per share | $0.15 | −$0.05 | $0.08 | −$0.31 | −$0.14 | −$0.76 | −$0.30 | −$0.53 | −$0.01 | −$0.39 |
| Free cash flow per share | $0.15 | −$0.05 | $0.07 | −$0.33 | −$0.15 | −$0.79 | −$0.30 | −$0.53 | −$0.01 | −$0.40 |
| Cash per share | $0.49 | $0.35 | $0.41 | $0.35 | $0.70 | $0.91 | $0.55 | $0.67 | $0.38 | $0.06 |
| Book value per share | $0.93 | $0.81 | $0.80 | $0.54 | $1.17 | $1.38 | $0.62 | $0.55 | $0.33 | $0.12 |
| Tangible book value per share | $0.83 | $0.68 | $0.67 | $0.39 | $0.99 | $1.17 | $0.34 | $0.22 | $0.15 | −$0.11 |
| Dividends per share | — | — | — | $0.03 | — | — | — | — | — | — |
| Capex per share | $0.00 | $0.01 | $0.01 | $0.01 | $0.00 | $0.03 | $0.00 | $0.00 | $0.00 | $0.01 |
| Debt per share | $0.10 | $0.13 | $0.18 | $0.11 | $0.10 | $0.24 | $0.34 | $0.30 | $0.28 | $0.16 |
| Shares outstanding | 11.0M | 10.6M | 10.4M | 10.3M | 10.0M | 9.1M | 7.5M | 6.8M | 5.9M | 5.4M |
| Change in shares outstanding | +3.5% | +2.1% | +0.9% | +2.8% | +10.3% | +20.4% | +10.2% | +16.4% | +9.0% | +39.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.7% | 0.9% | −22.6% | −85.4% | −33.9% | −55.4% | −80.7% | −118.4% | −61.8% | −182.0% |
| Return on invested capital (ROIC) | 18.8% | 0.1% | −28.2% | −78.1% | −42.2% | −71.1% | −115.9% | −180.0% | −135.1% | −173.1% |
| Return on assets (ROA) | 9.6% | 0.6% | −13.8% | −51.5% | −22.7% | −31.6% | −30.8% | −43.8% | −21.1% | −91.2% |
| Return on tangible assets | 9.5% | 0.7% | −15.1% | −78.4% | −25.8% | −28.8% | −35.9% | −41.1% | −20.7% | −214.1% |
| Free cash flow margin | 8.8% | −3.9% | 5.3% | −33.8% | −14.2% | −83.4% | −22.2% | −64.4% | −2.0% | −93.0% |
| Income quality (OCF / net income) | 1.38 | −6.65 | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $1.1M | $1.4M | $1.8M | $1.1M | $1.0M | $2.2M | $2.5M | $2.0M | $1.7M | $838,000 |
| Cash & short-term investments | $5.4M | $3.8M | $4.3M | $3.6M | $7.0M | $8.2M | $4.2M | $4.6M | $2.2M | $302,000 |
| Net debt | −$4.3M | −$2.3M | −$2.5M | −$2.5M | −$6.0M | −$6.1M | −$1.6M | −$2.6M | −$549,000 | $536,000 |
| Debt / equity | 0.10 | 0.16 | 0.22 | 0.20 | 0.09 | 0.17 | 0.54 | 0.53 | 0.85 | 1.26 |
| Debt / assets | 0.08 | 0.13 | 0.15 | 0.10 | 0.06 | 0.12 | 0.22 | 0.19 | 0.33 | 0.31 |
| Net debt / EBITDA | −3.22 | −10.35 | — | — | — | — | — | — | — | — |
| Current ratio | 4.06 | 5.31 | 3.98 | 5.85 | 5.70 | 11.44 | 3.42 | 3.08 | 2.04 | 1.41 |
| Quick ratio | 2.89 | 3.64 | 2.81 | 3.62 | 3.84 | 7.43 | 2.36 | 2.38 | 1.68 | 0.88 |
| Interest coverage | — | 6.0 | -796.5 | -216.8 | -79.3 | -38.9 | -16.2 | -17.5 | -7.4 | -16.7 |
| Working capital | $8.5M | $6.7M | $6.3M | $6.8M | $11.2M | $13.8M | $5.9M | $5.5M | $1.9M | $369,000 |
| Invested capital | $5.9M | $6.2M | $5.9M | $3.1M | $5.7M | $6.4M | $3.1M | $1.2M | $1.4M | $1.2M |
| Tangible asset value | $9.1M | $7.3M | $6.9M | $7.3M | $13.0M | $13.6M | $5.6M | $4.5M | $878,000 | −$595,000 |
| Net current asset value | $7.8M | $5.7M | $4.9M | $6.1M | $10.7M | $12.2M | $4.4M | $4.4M | $776,000 | −$747,000 |
| Graham number | $1.51 | $0.36 | — | — | — | — | — | — | — | — |
| Graham net-net per share | $0.49 | $0.36 | $0.30 | $0.39 | $0.75 | $0.99 | $0.33 | $0.42 | $0.02 | −$0.22 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $276,000 | — | — | — | — | — | — |
| Share buybacks (net) | — | — | — | $31,000 | — | $0 | $0 | $0 | $0 | $0 |
| Capex / revenue | 0.0% | 0.4% | 0.5% | 1.4% | 0.4% | 2.8% | 0.1% | 0.2% | 0.4% | 1.9% |
| Capex / operating cash flow | 0.0% | — | 9.1% | — | — | — | — | — | — | — |
| Capex / depreciation | 0.00 | 0.40 | 0.35 | 0.39 | 0.14 | 1.15 | 0.07 | 0.09 | 0.06 | 0.20 |
| Stock-based compensation / revenue | 1.6% | 1.1% | 7.4% | 9.8% | 12.3% | 9.1% | 12.9% | 17.3% | 20.3% | 25.7% |
| R&D / revenue | 7.1% | 6.4% | 6.1% | 12.6% | 14.7% | 32.2% | 29.9% | 27.1% | 26.3% | 46.5% |
| SG&A / revenue | 47.9% | 54.2% | 58.2% | 76.1% | 75.5% | 75.5% | 59.2% | 79.4% | 86.6% | 123.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 40.7 | 42.2 | 35.7 | 53.6 | 53.7 | 56.2 | 48.1 | 73.4 | 58.6 | 61.8 |
| Days of inventory on hand | 146.1 | 170.6 | 175.9 | 265.0 | 388.8 | 393.5 | 190.1 | 186.5 | 138.7 | 190.3 |
| Days payables outstanding | 39.1 | 51.1 | 50.5 | 72.2 | 70.0 | 69.1 | 77.1 | 125.5 | 175.3 | 220.0 |
| Cash conversion cycle (days) | 147.8 | 161.8 | 161.1 | 246.4 | 372.5 | 380.5 | 161.0 | 134.4 | 22.1 | 32.0 |
| Receivables turnover | 8.96 | 8.64 | 10.24 | 6.82 | 6.80 | 6.50 | 7.59 | 4.97 | 6.22 | 5.91 |
| Payables turnover | 9.35 | 7.15 | 7.23 | 5.06 | 5.22 | 5.28 | 4.74 | 2.91 | 2.08 | 1.66 |
| Inventory turnover | 2.50 | 2.14 | 2.07 | 1.38 | 0.94 | 0.93 | 1.92 | 1.96 | 2.63 | 1.92 |
| Asset turnover | 1.51 | 1.23 | 1.25 | 0.70 | 0.57 | 0.57 | 0.93 | 0.73 | 0.99 | 0.70 |
| Average receivables | $2.1M | $1.6M | $1.4M | $1.5M | $1.5M | $1.3M | $1.4M | $1.1M | $612,000 | $392,500 |
| Average payables | $781,500 | $761,000 | $806,500 | $1.0M | $878,500 | $691,000 | $897,500 | $854,000 | $728,500 | $618,500 |
| Average inventory | $2.9M | $2.5M | $2.8M | $3.8M | $4.9M | $3.9M | $2.2M | $1.3M | $576,500 | $535,000 |
| Intangibles / total assets | 7.9% | 11.8% | 11.9% | 14.4% | 10.0% | 10.5% | 18.2% | 21.6% | 21.5% | 47.1% |
Computed from NEPH's annual financial statements (latest annual report filed March 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NEPH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Nephros traded at 44.8 times earnings. Based on the latest twelve months, the trailing P/E is 24.3. Nephros earned a return on equity of 12.7% and a return on invested capital of 18.8% in fiscal 2025. It ended the year with $1.1 million of debt and $5.4 million in cash and short-term investments, a net cash position of $4.3 million. The share count rose 103.2% from 5.4M to 11.0M over 9 years.
See the NEPH income statement, the NEPH chart for price history, or the NEPH stock overview for the latest quote and news.
NEPH key metrics FAQ
What is Nephros's P/E ratio?
Nephros's trailing P/E ratio is 24.3 based on the last twelve months of earnings (as of October 18, 2026). At the end of fiscal 2025 it was 44.8.
What is Nephros's EV/EBITDA?
Nephros's enterprise value was 36.5 times EBITDA at the end of fiscal 2025 (enterprise value $49.2 million, EBITDA $1.3 million); the current EV/EBITDA is 22.3.
What is Nephros's return on equity?
Nephros's return on equity (ROE) was 12.7% in fiscal 2025: net income of $1.2 million on average shareholders' equity of $9.4 million.
What is Nephros's ROIC?
Nephros's return on invested capital was 18.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Nephros have?
Nephros had total debt of $1.1 million at the end of fiscal 2025, a debt-to-equity ratio of 0.10 and more cash than debt.
What is Nephros's free cash flow yield?
Nephros generated $1.6 million of free cash flow in fiscal 2025, a free cash flow yield of 3.1% on its market value at year-end ($53.5 million).
What is Nephros's current ratio?
Nephros's current ratio was 4.06 at the end of fiscal 2025: current assets were 4.06 times current liabilities.