Nephros Inc. (NEPH) intrinsic value & 10-year financials
Nephros Inc. (NEPH) has a Graham intrinsic value of $3.65 per share. At $3.65 on Oct 17, 2026, the stock trades 0% above that value. Over the last 10 fiscal years revenue grew 26.2% a year to $18.8M, with an average return on invested capital of -224.9%.
- Graham intrinsic value
- $3.65
- Share price (Oct 17, 2026)
- $3.65
- Price vs Graham value
- 0% above
- Market cap
- $40.0M
- Revenue (FY2025)
- $18.8M
- Revenue growth (10-yr CAGR)
- 26.2%
- ROIC (10-yr avg)
- -224.9%
- Free cash flow (FY2025)
- —
NEPH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $18.8M | $1.2M | $0.11 | — | 6.1% | 20.0% |
| FY2024 | $14.2M | $74.0K | $0.01 | -$547.0K | 0.0% | 0.1% |
| FY2023 | $14.2M | -$1.6M | -$0.15 | $752.0K | -11.2% | -39.0% |
| FY2022 | $10.0M | -$7.1M | -$0.73 | -$3.4M | -43.5% | -106.4% |
| FY2021 | $10.4M | -$3.9M | — | -$1.5M | -41.7% | -78.5% |
| FY2020 | $8.6M | -$4.5M | — | -$7.1M | -49.9% | -115.4% |
| FY2019 | $10.3M | -$3.4M | — | -$2.3M | -30.5% | -239.0% |
| FY2018 | $5.7M | -$3.4M | — | — | -53.0% | -1151.3% |
| FY2017 | $3.8M | -$809.0K | — | — | -58.4% | -85.1% |
| FY2016 | $2.3M | -$3.0M | — | -$2.2M | -123.7% | -454.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NEPHROS INC is a consistent compounder, expanding top-line revenue at 26.2% annually over the past decade.
NEPHROS INC has historically struggled to out-earn its cost of capital, averaging just -41.6% ROIC.
NEPHROS INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NEPHROS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.65 per share.