Delcath Systems, Inc. (DCTH) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 12, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.5
Distress distance
Clean
Earnings quality
4
Forensic signals
929.8
P / E (ttm)
2.4%
ROE
$598M
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). 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 C (Mixed — selective) 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 from -444% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
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. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 20.4% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
+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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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. This is the third straight fiscal year of building accruals — a multi-year streak is a materially stronger tell than a single year's move. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 38% of net operating assets, diverging from the balance-sheet accrual read.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +350% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 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 +65.1%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$85.2M
Revenue Growth YoY+129.1%
Revenue CAGR (3yr)+215.2%
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?