Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 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
Grey Zone
Financial health
1.3
Altman Z-score
Clean
Earnings quality
4
Forensic signals
796.3
P / E (ttm)
0.5%
ROE
$447M
Market cap
DELCATH SYSTEMS, INC. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 1.3, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+60.4%Accruals ratio.Net operating assets grew +60.4% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -38% of net operating assets.
1%Return on invested capital.Return on invested capital is 1% and rising from -444% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+116.8%/yrShare-count dilution.Diluted share count changed +350% over the last 3 years to FY2025 (+116.8%/yr). The count is GROWING — existing holders are being diluted. That's ~116.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~350%.
28% of revStock-based comp load.Stock-based compensation ran 28% of revenue and 116% of free cash flow in FY2025 — about $0.61 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin3.2%
Debt / Equity0.00x
Free Cash Flow$21.0M
Latest Revenue$85.2M
Return on Equity2.4%
Revenue Growth YoY+129.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on DELCATH SYSTEMS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about DCTH's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown