Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Delcath Systems, Inc. (DCTH)
A forensic read on Delcath Systems, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
4.5
Distress distance
Clean
Earnings quality
4
Forensic signals
1050.8
P / E (ttm)
2.4%
ROE
$554M
Market cap
129.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Delcath Systems, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 4.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
0.7%
FY2025
Return on invested capital.Return on invested capital is 0.7% in the latest fiscal year and rising across FY2023–FY2025 from -316.9%. After-tax operating profit was ($30M) in FY2023 and $507,692 in FY2025, with operating income at -1849.0% of revenue in FY2023, -33.4% in FY2024 and 0.8% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: long-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+60.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +60.4% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply, and much of it is accounted for. The build is led by inventory up +48% against +91% in cost of sales. That build tracks a +129% revenue year: net operating assets grew +87% and receivables +8%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 38% of net operating assets, against an accruals ratio of 60.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +146% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +56.8%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$85.2M
Revenue Growth YoY+129.1%
Revenue CAGR (2yr)+541.6%
Net Margin3.2%
Free Cash Flow$21.0M
Return on Equity2.4%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Delcath Systems, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
28% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 28% of revenue and 116% of free cash flow in FY2025 — about $0.61 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 40.0% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Delcath Systems, Inc. (DCTH) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy