NEPH
Nephros, Inc.
NEPH's fundamentals are mixed, but it looks cheap: trading at 18x earnings, about half its usual 34x. Analysts expect strong earnings growth.
NEPH Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Under pressure | |
| Strong |
NEPH's revenue, profitability and balance sheet are currently healthy, but its cash flow is under pressure.
NEPH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $3.31 | — |
| Current | 18x | $3.31 | — |
| Cheap | 27x | $4.78 | +44% |
| Fair | 34x | $6.13 | +85% |
| Expensive | 50x | $8.99 | +172% |
Historical ranges are pointers, not guarantees.
NEPH's PE is in its cheap range at 18x. If earnings grow as analysts expect, today's price would be 14x next year's earnings.
NEPH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for NEPH, with profitability improving.
NEPH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.23 | +28% |
| Q3 2026 | $0.18 | +29% |
| Q2 2026 | $0.16 | +23% |
| Q1 2026 | $0.07 | -12% |
| Q4 2025 | $0.11 | +1000% |
| Q3 2025 | $0.14 | +$0.23 |
| Q2 2025 | $0.13 | +$0.26 |
| Q1 2025 | $0.08 | +$0.22 |
| Q4 2024 | $0.01 | +$0.16 |
NEPH earned $0.18 per share over the past year, up 29% from the year before.
NEPH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.6M | +18% |
| Q2 2026 | $6M | +36% |
| Q1 2026 | $5.2M | +6.9% |
| Q4 2025 | $4.7M | +22% |
| Q3 2025 | $4.8M | +35% |
| Q2 2025 | $4.4M | +36% |
| Q1 2025 | $4.9M | +38% |
| Q4 2024 | $3.9M | +19% |
NEPH's revenue has grown year over year for eight quarters in a row: $6M last quarter, up 18% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.9% | +2.3 points |
| Q2 2026 | 20% | +15 points |
| Q1 2026 | 1.9% | -9.8 points |
| Q4 2025 | 0.4% | -7.8 points |
| Q3 2025 | 6.6% | +0.7 points |
| Q2 2025 | 5.6% | +15 points |
| Q1 2025 | 12% | +17 points |
| Q4 2024 | 8.2% | +28 points |
NEPH's operating margin was 8.9% last quarter, up 2.3 points from the same quarter a year ago.
NEPH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q1 2026 | -$1.7M | -619% |
| Q4 2025 | $230K | -82% |
| Q1 2025 | $322K | +$994K |
| Q4 2022 | -$195K | +$140K |
| Q3 2022 | -$170K | +$753K |
| Q2 2022 | -$1.2M | -$1.1M |
| Q1 2022 | -$1.8M | -$1.8M |
| Q4 2021 | -$335K | +$1.2M |
NEPH has burned cash in most quarters: −$910,000 over the past year, against $331,000 the year before.
NEPH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +91.3K shares |
| 1 year | +1.5% | +163K shares |
| 3 years | +7.1% | +743K shares |
| 5 years | +12% | +1.2M shares |
| Available history | +49% | +3.7M shares |
NEPH has 11M diluted shares, up 1.5% from a year ago.
NEPH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.3x | Net Cash |
| Q2 2026 | -2.7x | Net Cash |
| Q1 2026 | -5.0x | Net Cash |
| Q4 2025 | -4.2x | Net Cash |
| Q3 2025 | -3.3x | Net Cash |
| Q2 2025 | -3.4x | Net Cash |
| Q1 2025 | -4.5x | Net Cash |
| Q4 2024 | -26.7x | Net Cash |
NEPH has more cash than debt.
NEPH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.4 | Neutral |
| Stochastic | 13.1 | Oversold |
NEPH's weekly RSI is 45 (neutral) and its Stochastic is 13 (oversold).
NEPH PE vs Healthcare Sector
| Metric | NEPH | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 26x | 29% below |
| PE % | 1 | 29 | 28 pts below |
NEPH is trading at 18x earnings, a 29% discount to the Healthcare sector's median of 26x.
NEPH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.48 | 4.9% below |
| 20 week MA | $3.80 | 13% below |
| 50 week MA | $3.82 | 13% below |
| 100 week MA | $3.46 | 4.3% below |
| 200 week MA | $2.69 | 23% above |
NEPH has fallen below most of its moving averages, though it's still 23% above its 200-week average.
NEPH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.1 | $8.08 | -20% |
| 2021 | $8.08 | $6.00 | -26% |
| 2022 | $6.00 | $1.05 | -83% |
| 2023 | $1.05 | $3.46 | +230% |
| 2024 | $3.46 | $1.49 | -57% |
| 2025 | $1.49 | $4.93 | +231% |
| 2026 YTD | $4.93 | $3.31 | -33% |
NEPH's yearly returns have swung widely, from +231% in 2025 to −83% in 2022. It's down 33% so far in 2026.