Nephros (NEPH)
Market Price (10/23/2026): $3.52 | Market Cap: $38.2 MilSector: Health Care | Industry: Health Care Equipment
Nephros (NEPH)
Market Price (10/23/2026): $3.52Market Cap: $38.2 MilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10% Megatrend and thematic driversMegatrends include Water Infrastructure, and Biotechnology & Genomics. Themes include Water Treatment & Delivery, and Advanced Diagnostics. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.2% Key risksNEPH key risks include [1] intense competition from significantly larger, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, and Biotechnology & Genomics. Themes include Water Treatment & Delivery, and Advanced Diagnostics. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.2% |
| Key risksNEPH key risks include [1] intense competition from significantly larger, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/9/2026
Nephros (NEPH) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Were Tempered by One-Time Benefits and Underlying Margin Pressures.
Nephros reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), with net revenue increasing 36% year-over-year to $6.0 million and net income surging by 405% to $1.2 million compared to Q2 2025. Diluted Earnings Per Share (EPS) for Q2 2026 reached $0.11, significantly surpassing the consensus estimate of $0.0031. The gross margin improved to 67%, however, this was notably aided by an approximately $0.6 million one-time tariff refund. Without this non-recurring benefit, underlying cost of goods sold faced pressure from a weaker U.S. dollar, increased shipping expenses, and a shift in product mix towards lower-margin commercial offerings and services. While the Q2 results initially boosted the stock by 6.96% after the announcement, the influence of a one-time gain on profitability may have prevented a sustained upward re-rating of the stock.
2. Lack of Significant New Catalysts or Formal Forward Guidance Post-Q2 Fiscal 2026 Results.
Following the strong fiscal Q2 2026 earnings announcement on August 6, 2026, Nephros did not provide formal financial guidance for the remainder of 2026. This absence of clear forward-looking statements may have created uncertainty for investors regarding the company's future performance and growth trajectory beyond the reported quarter. While Nephros was included in the Russell Microcap® Index on July 6, 2026, this event, along with other Q3 2026 industry news such as various FDA approvals in the broader nephrology sector, did not directly involve new significant product developments, major partnerships, or other company-specific catalysts for Nephros that would typically drive prolonged stock appreciation. The lack of fresh, substantial positive news after the Q2 earnings call contributed to the stock consolidating rather than entering a sustained growth phase.
Show more
Nephros (NEPH) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Were Tempered by One-Time Benefits and Underlying Margin Pressures.
Nephros reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), with net revenue increasing 36% year-over-year to $6.0 million and net income surging by 405% to $1.2 million compared to Q2 2025. Diluted Earnings Per Share (EPS) for Q2 2026 reached $0.11, significantly surpassing the consensus estimate of $0.0031. The gross margin improved to 67%, however, this was notably aided by an approximately $0.6 million one-time tariff refund. Without this non-recurring benefit, underlying cost of goods sold faced pressure from a weaker U.S. dollar, increased shipping expenses, and a shift in product mix towards lower-margin commercial offerings and services. While the Q2 results initially boosted the stock by 6.96% after the announcement, the influence of a one-time gain on profitability may have prevented a sustained upward re-rating of the stock.
2. Lack of Significant New Catalysts or Formal Forward Guidance Post-Q2 Fiscal 2026 Results.
Following the strong fiscal Q2 2026 earnings announcement on August 6, 2026, Nephros did not provide formal financial guidance for the remainder of 2026. This absence of clear forward-looking statements may have created uncertainty for investors regarding the company's future performance and growth trajectory beyond the reported quarter. While Nephros was included in the Russell Microcap® Index on July 6, 2026, this event, along with other Q3 2026 industry news such as various FDA approvals in the broader nephrology sector, did not directly involve new significant product developments, major partnerships, or other company-specific catalysts for Nephros that would typically drive prolonged stock appreciation. The lack of fresh, substantial positive news after the Q2 earnings call contributed to the stock consolidating rather than entering a sustained growth phase.
Show more
Updated on 10/9/2026
Nephros (NEPH) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Were Tempered by One-Time Benefits and Underlying Margin Pressures.
Nephros reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), with net revenue increasing 36% year-over-year to $6.0 million and net income surging by 405% to $1.2 million compared to Q2 2025. Diluted Earnings Per Share (EPS) for Q2 2026 reached $0.11, significantly surpassing the consensus estimate of $0.0031. The gross margin improved to 67%, however, this was notably aided by an approximately $0.6 million one-time tariff refund. Without this non-recurring benefit, underlying cost of goods sold faced pressure from a weaker U.S. dollar, increased shipping expenses, and a shift in product mix towards lower-margin commercial offerings and services. While the Q2 results initially boosted the stock by 6.96% after the announcement, the influence of a one-time gain on profitability may have prevented a sustained upward re-rating of the stock.
2. Lack of Significant New Catalysts or Formal Forward Guidance Post-Q2 Fiscal 2026 Results.
Following the strong fiscal Q2 2026 earnings announcement on August 6, 2026, Nephros did not provide formal financial guidance for the remainder of 2026. This absence of clear forward-looking statements may have created uncertainty for investors regarding the company's future performance and growth trajectory beyond the reported quarter. While Nephros was included in the Russell Microcap® Index on July 6, 2026, this event, along with other Q3 2026 industry news such as various FDA approvals in the broader nephrology sector, did not directly involve new significant product developments, major partnerships, or other company-specific catalysts for Nephros that would typically drive prolonged stock appreciation. The lack of fresh, substantial positive news after the Q2 earnings call contributed to the stock consolidating rather than entering a sustained growth phase.
3. Broader Market Sentiment and Microcap Status Limited Sustained Momentum.
Nephros operates as a microcap company, with a market capitalization of approximately $38.17 million as of October 8, 2026. Despite the strong fiscal Q2 2026 performance, the stock experienced a decline of 13% over the past month and 25% year-to-date as of October 4, 2026. This indicates a potential lack of sustained investor confidence or broader market interest in microcap equities, which often exhibit higher volatility and can be more susceptible to general market pressures. As of October 4, 2026, the stock's price was also noted to be below both its 20-day and 200-day moving averages, which is typically considered a "poor" technical indicator and reflects a prevailing cautious or bearish sentiment among investors despite the recent positive earnings. This broader market dynamic and the company's microcap status likely constrained any significant, sustained upward movement even after a strong quarterly report.
Show less
Nephros (NEPH) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Were Tempered by One-Time Benefits and Underlying Margin Pressures.
Nephros reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), with net revenue increasing 36% year-over-year to $6.0 million and net income surging by 405% to $1.2 million compared to Q2 2025. Diluted Earnings Per Share (EPS) for Q2 2026 reached $0.11, significantly surpassing the consensus estimate of $0.0031. The gross margin improved to 67%, however, this was notably aided by an approximately $0.6 million one-time tariff refund. Without this non-recurring benefit, underlying cost of goods sold faced pressure from a weaker U.S. dollar, increased shipping expenses, and a shift in product mix towards lower-margin commercial offerings and services. While the Q2 results initially boosted the stock by 6.96% after the announcement, the influence of a one-time gain on profitability may have prevented a sustained upward re-rating of the stock.
2. Lack of Significant New Catalysts or Formal Forward Guidance Post-Q2 Fiscal 2026 Results.
Following the strong fiscal Q2 2026 earnings announcement on August 6, 2026, Nephros did not provide formal financial guidance for the remainder of 2026. This absence of clear forward-looking statements may have created uncertainty for investors regarding the company's future performance and growth trajectory beyond the reported quarter. While Nephros was included in the Russell Microcap® Index on July 6, 2026, this event, along with other Q3 2026 industry news such as various FDA approvals in the broader nephrology sector, did not directly involve new significant product developments, major partnerships, or other company-specific catalysts for Nephros that would typically drive prolonged stock appreciation. The lack of fresh, substantial positive news after the Q2 earnings call contributed to the stock consolidating rather than entering a sustained growth phase.
3. Broader Market Sentiment and Microcap Status Limited Sustained Momentum.
Nephros operates as a microcap company, with a market capitalization of approximately $38.17 million as of October 8, 2026. Despite the strong fiscal Q2 2026 performance, the stock experienced a decline of 13% over the past month and 25% year-to-date as of October 4, 2026. This indicates a potential lack of sustained investor confidence or broader market interest in microcap equities, which often exhibit higher volatility and can be more susceptible to general market pressures. As of October 4, 2026, the stock's price was also noted to be below both its 20-day and 200-day moving averages, which is typically considered a "poor" technical indicator and reflects a prevailing cautious or bearish sentiment among investors despite the recent positive earnings. This broader market dynamic and the company's microcap status likely constrained any significant, sustained upward movement even after a strong quarterly report.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -1.4% change in NEPH stock from 6/30/2026 to 10/22/2026 was primarily driven by a -55.1% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.57 | 3.52 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19 | 21 | 8.4% |
| Net Income Margin (%) | 4.1% | 8.4% | 106.5% |
| P/E Multiple | 49.0 | 22.0 | -55.1% |
| Shares Outstanding (Mil) | 11 | 11 | -1.9% |
| Cumulative Contribution | -1.4% |
Market Drivers
6/30/2026 to 10/22/2026| Return | Correlation | |
|---|---|---|
| NEPH | -1.4% | |
| Market (SPY) | 2.3% | 21.6% |
| Sector (XLV) | 14.3% | 4.1% |
Fundamental Drivers
The 18.1% change in NEPH stock from 3/31/2026 to 10/22/2026 was primarily driven by a 31.8% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.98 | 3.52 | 18.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19 | 21 | 10.3% |
| Net Income Margin (%) | 6.4% | 8.4% | 31.8% |
| P/E Multiple | 26.5 | 22.0 | -17.1% |
| Shares Outstanding (Mil) | 11 | 11 | -2.0% |
| Cumulative Contribution | 18.1% |
Market Drivers
3/31/2026 to 10/22/2026| Return | Correlation | |
|---|---|---|
| NEPH | 18.1% | |
| Market (SPY) | 17.8% | 15.7% |
| Sector (XLV) | 24.2% | 7.7% |
Fundamental Drivers
The -25.6% change in NEPH stock from 9/30/2025 to 10/22/2026 was primarily driven by a -41.7% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.73 | 3.52 | -25.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17 | 21 | 24.2% |
| Net Income Margin (%) | 8.0% | 8.4% | 5.3% |
| P/E Multiple | 37.8 | 22.0 | -41.7% |
| Shares Outstanding (Mil) | 11 | 11 | -2.4% |
| Cumulative Contribution | -25.6% |
Market Drivers
9/30/2025 to 10/22/2026| Return | Correlation | |
|---|---|---|
| NEPH | -25.6% | |
| Market (SPY) | 15.6% | 11.9% |
| Sector (XLV) | 31.9% | 6.5% |
Fundamental Drivers
The 137.8% change in NEPH stock from 9/30/2023 to 10/22/2026 was primarily driven by a 69.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.48 | 3.52 | 137.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12 | 21 | 69.7% |
| P/S Multiple | 1.2 | 1.8 | 47.7% |
| Shares Outstanding (Mil) | 10 | 11 | -5.2% |
| Cumulative Contribution | 137.8% |
Market Drivers
9/30/2023 to 10/22/2026| Return | Correlation | |
|---|---|---|
| NEPH | 137.8% | |
| Market (SPY) | 84.8% | 8.8% |
| Sector (XLV) | 47.5% | 9.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NEPH Return | -31% | -80% | 199% | -58% | 232% | -26% | -58% |
| Peers Return | 29% | -16% | 15% | 14% | 11% | -13% | 39% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| NEPH Win Rate | 33% | 17% | 58% | 33% | 67% | 30% | |
| Peers Win Rate | 69% | 31% | 60% | 55% | 57% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NEPH Max Drawdown | -45% | -85% | -33% | -64% | -42% | -49% | |
| Peers Max Drawdown | -16% | -34% | -21% | -15% | -23% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DCI, PNR, XYL, DHR, VLTO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/22/2026 (YTD)
How Low Can It Go
| Event | NEPH | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.3% | -7.8% |
| % Gain to Breakeven | 11.5% | 8.5% |
| Time to Breakeven | 226 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.4% | -6.7% |
| % Gain to Breakeven | 19.6% | 7.1% |
| Time to Breakeven | 25 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.6% | -33.7% |
| % Gain to Breakeven | 48.4% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -51.1% | -0.2% |
| % Gain to Breakeven | 104.6% | 0.2% |
| Time to Breakeven | 189 days | 1 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -80.0% | -15.4% |
| % Gain to Breakeven | 400.0% | 18.2% |
| Time to Breakeven | 359 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -92.6% | -53.4% |
| % Gain to Breakeven | 1250.0% | 114.4% |
| Time to Breakeven | 82 days | 1085 days |
In The Past
Nephros's stock fell -7.8% during the 2025 US Tariff Shock. Such a loss loss requires a 8.5% gain to breakeven.
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Asset Allocation
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| Event | NEPH | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -32.6% | -33.7% |
| % Gain to Breakeven | 48.4% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -51.1% | -0.2% |
| % Gain to Breakeven | 104.6% | 0.2% |
| Time to Breakeven | 189 days | 1 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -80.0% | -15.4% |
| % Gain to Breakeven | 400.0% | 18.2% |
| Time to Breakeven | 359 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -92.6% | -53.4% |
| % Gain to Breakeven | 1250.0% | 114.4% |
| Time to Breakeven | 82 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -48.1% | -8.6% |
| % Gain to Breakeven | 92.9% | 9.5% |
| Time to Breakeven | 49 days | 47 days |
In The Past
Nephros's stock fell -7.8% during the 2025 US Tariff Shock. Such a loss loss requires a 8.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Nephros (NEPH)
Nephros, Inc. (NEPH) is a U.S.-based company specializing in high-performance water solutions primarily for medical and commercial markets. The company's core mission is to develop and sell advanced systems for water filtration and real-time pathogen detection, ensuring water quality and safety in various critical environments.
A significant portion of Nephros's business is within its Water Filtration segment, offering ultrafiltration products vital for medical applications such as removing biological contaminants in dialysis centers and preventing infections from waterborne pathogens like Legionella and Pseudomonas in hospitals. Additionally, under its Nephros and AETHER brands, the company provides general water filters designed to improve taste and odor, while reducing biofilm and scale build-up for food service, hospitality, convenience stores, and other healthcare facilities. To complement its filtration offerings, Nephros also develops real-time water testing systems that provide actionable data on waterborne pathogens.
Beyond water treatment, Nephros maintains a Renal Products segment, which includes medical devices for patients with renal disease, notably a 2nd generation hemodiafiltration system for end-stage renal disease treatment. The company serves a diverse range of primary customers, including dialysis centers, hospitals, food service and hospitality sectors, convenience stores, and even military and outdoor recreation facilities, all of whom rely on Nephros for essential water quality and safety solutions.
AI Analysis | Feedback
1. It's like a **Fresenius Medical Care** (for dialysis equipment) crossed with a **Pentair** (for high-tech water purification).
2. Imagine a company that's a bit like **Ecolab** for advanced water hygiene, but also develops medical devices for kidney patients.
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- Water Filtration Products: High-performance ultrafiltration products and general water filters designed to remove contaminants, prevent infections, and improve water quality for medical, commercial, and other applications.
- Real-time Water Testing Systems: Systems that provide actionable data for the real-time detection of waterborne pathogens.
- Hemodiafiltration System: A medical device, specifically a 2nd generation hemodiafiltration system, for treating patients with end-stage renal disease.
AI Analysis | Feedback
Nephros (NEPH) sells its products primarily to other companies and institutions rather than directly to individuals. Based on the provided company description, its major customer categories include:
- Healthcare Facilities: This category encompasses dialysis centers, hospitals (for infection prevention and potentially for renal disease systems), and other general healthcare facilities.
- Commercial Enterprises: This includes businesses in the food service, hospitality, and convenience store sectors that utilize Nephros' water filters for taste, odor, and equipment protection.
- Other Institutional Markets: This broad category covers customers such as military facilities and outdoor recreation facilities.
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Robert Banks, President & Chief Executive Officer
Robert Banks was appointed President and Chief Executive Officer of Nephros in May 2023. He is responsible for leading the organization, developing and executing its strategy, and managing resources effectively. Banks has over two decades of experience in the water industry. Before joining Nephros, he spent nearly 20 years at GE, holding various commercial and engineering roles within small and medium-sized business units. He has a proven track record of growing sales across multiple businesses.
Judy Krandel, Chief Financial Officer
Judy Krandel was appointed Chief Financial Officer of Nephros in November 2023. She is responsible for driving effective financial strategies, maintaining the company's fiscal health, and adding value for investors and stakeholders. Krandel brings more than 20 years of experience in asset management, investment, operations, reporting, and oversight, coupled with formal accounting expertise. Prior to Nephros, she served as CFO at Recruiter.com and Paltalk Inc., both publicly traded companies.
Michael Milman, VP, R&D & Manufacturing
Michael Milman is the VP, R&D & Manufacturing at Nephros. He is responsible for defining and executing the strategic direction, research, development, and commercialization of the company's medical and commercial products. Milman has 20 years of experience in the electronics and medical device industries, with a strong record of matching industry needs with technology opportunities, bringing new products through manufacturing to market, and leading technical teams.
Vashone Thomas, VP, Quality, Regulatory, & Human Resources
Vashone Thomas serves as the VP, Quality, Regulatory, & Human Resources at Nephros.
Devorah Serkin, Senior Director, Revenue Operations
Devorah Serkin is the Senior Director, Revenue Operations at Nephros. She is responsible for overseeing company operations that directly drive revenue and developing and strengthening internal operations to provide streamlined experiences for customers. Serkin holds a Bachelor of Art in History from Binghamton University, a Master of Business Administration from Tel Aviv University, and graduated with distinction from the Harvard Business Analytics Program.
```AI Analysis | Feedback
The public company Nephros (NEPH) faces several key business risks:
- Customer and Supplier Concentration: Nephros is highly dependent on a limited number of customers and a key supplier. In 2025, three customers alone accounted for 44% of the company's revenue. Furthermore, a renewed supply agreement with Medica, a critical supplier, extends through 2030 and includes increasing euro-denominated minimum purchase commitments. This concentration exposes Nephros to significant risks such as demand shortfalls, currency fluctuations, and shifts in tariff policies affecting EU imports.
- Impact of Tariffs and Margin Uncertainty: Unpredictable U.S. tariff policies have already led to a contraction in Nephros's gross margin during the second half of 2025. The ongoing uncertainty surrounding these tariffs creates a significant risk to future profitability and financial performance.
- Challenges in Expanding into Commercial and Non-Patient Care Markets: While Nephros aims to expand its reach, particularly into commercial and non-patient care segments, these markets lack the strong regulatory tailwinds present in its traditional patient care business. Management has identified market inertia as a barrier, requiring substantial investment in education and awareness to drive product adoption in these less-regulated environments. This presents a hurdle to achieving anticipated growth outside its core medical markets.
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Nephros, Inc. (NEPH) operates in several addressable markets with substantial global and regional opportunities for its water filtration, pathogen detection, and renal products.
Water Filtration
- Dialysis Centers: The global market for dialysis water filters was estimated at US$643 million in 2024 and is projected to reach US$882 million by 2031, growing at a CAGR of 4.9% during the forecast period of 2025-2031. Nephros serves approximately 7,500 dialysis centers in the U.S. Hemodialysis machines, water treatment systems, and ancillary disposables represented 56.05% of the renal dialysis equipment market in 2025.
- Hospitals (Infection Prevention): The global hospital filtration market is projected to grow from USD 2.10 billion in 2024 to USD 3.19 billion by 2030, at a compound annual growth rate (CAGR) of 7.2%. More broadly, the global infection control market was estimated at USD 52.38 billion in 2024 and is projected to reach USD 74.21 billion by 2030, with a CAGR of 6.1%. Hospitals accounted for the largest revenue share in the infection control market in 2024 and are expected to continue to grow rapidly. The global Legionella testing market, a specific area of infection prevention, was valued at USD 305.84 million in 2024 and is projected to reach USD 678.86 million by 2034, registering a CAGR of 8.3%. North America holds the largest share in the Legionella testing market. Nephros serves approximately 6,200 hospitals in the U.S.
- Commercial Markets (Food Service, Hospitality, Healthcare Facilities): The global commercial water filtration market size was valued at approximately USD 6 billion in 2024 and is projected to reach USD 7 billion by 2030, growing at a CAGR of about 3%. Another estimate places the global commercial water filter market size at USD 21.25 billion in 2024, projected to grow to USD 84.92 billion by 2035, exhibiting a CAGR of 13.42%. Nephros identifies a specific market opportunity of $10 million in Puerto Rico for healthcare, foodservice, and hospitality sectors.
Pathogen Detection
- Real-time Water Testing Systems: The global pathogen testing market was valued at USD 4.81 billion in 2024 and is projected to reach USD 8.37 billion by 2032, exhibiting a CAGR of 8.4%. The global water testing market size is estimated at USD 4.83 billion in 2026, with projections to reach USD 6.26 billion by 2031, growing at a 5.32% CAGR. Specifically, the global microbiological testing of water market is expected to reach $2.3 billion by 2027, growing at a steady 7.4% annually from its 2024 value of $1.6 billion.
Renal Products
- Hemodiafiltration Systems for End-Stage Renal Disease (ESRD): The global Medical Hemodiafiltration Machine market is projected to reach an estimated $38.1 billion by 2025, expanding at a CAGR of 5.66% from 2025 to 2033. The broader global renal dialysis equipment market is expected to grow from USD 22.40 billion in 2025 to USD 30.33 billion by 2031, at a 5.18% CAGR. The overall End-Stage Renal Disease market was valued at USD 140.90 billion in 2025 and is expected to increase to USD 340.84 billion by 2032, at a CAGR of 13.5%. The global Home Dialysis Systems Market size was valued at USD 24.69 billion in 2024 and is poised to grow to USD 60.64 billion by 2033, growing at a CAGR of 10.5%. Hemodialysis accounted for over 86.41% of global revenue for home dialysis systems in 2021.
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Here are 3-5 expected drivers of future revenue growth for Nephros (NEPH) over the next 2-3 years:
- Expansion into New Markets: Nephros is actively expanding its reach beyond traditional patient care settings into broader commercial markets, including food service and hospitality. A notable example is the company's entry into the Puerto Rican market, which is estimated to represent a $10 million opportunity across healthcare, foodservice, and hospitality sectors. This strategic expansion is aimed at leveraging advanced technology to meet critical water safety needs.
- Product Innovation and New Product Launches: The company's significant revenue growth is partly attributed to ongoing innovations in the medical device sector and the introduction of new products. Recent product launches are enabling Nephros to address new high-impact applications, such as for ice machines and drinking water, thereby broadening its market appeal and utility.
- Growth in Active Customer Sites and Programmatic Reorders: A key driver of consistent revenue growth for Nephros is the increasing number of active customer sites and strong programmatic reorder activity. In 2025, active customer sites grew to approximately 1,681 from about 1,500 at the end of 2024, and programmatic sales constituted over 90% of the company's revenue. This indicates a growing and sticky customer base that contributes to predictable, recurring revenue streams.
- Leveraging Stricter Water Safety Standards and Regulatory Landscape: Stricter water safety standards, such as new water management guidance like ASHRAE 514, are creating tailwinds for Nephros. These evolving regulatory requirements are enabling the company's expanded salesforce to position Nephros' solutions prominently within healthcare facilities, as its infection control water filters are well-suited to fulfill the latest directive recommendations.
- Enhanced Service Offerings and Educational Initiatives: Nephros is focused on advancing its service offerings through expanded installation and replacement capabilities, which helps reduce barriers to adoption and increase opportunities for recurring revenue. Additionally, the launch of the Nephros Water Institute establishes the company as an authority in waterborne pathogen mitigation and facility water safety, fostering greater engagement with customers and industry stakeholders, and supporting long-term demand for its filtration and compliance-driven solutions.
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Share Issuance
Between December 31, 2024, and December 31, 2025, the number of common shares issued and outstanding for Nephros increased from 10,544,691 to 10,644,268. This represents an increase of approximately 644,268 shares from the approximately 10 million shares outstanding as of December 31, 2021.Inbound Investments
Institutional investors collectively purchased 403,661 shares of Nephros stock, totaling approximately $1.90 million in transactions, over the last 24 months. Wexford Capital LP maintains a significant ownership stake, holding approximately 34% of the company's stock as of March 12, 2026. During the fourth quarter of 2025, notable institutional additions included Cambridge Investment Research Advisors, Inc., which added 69,149 shares estimated at $337,447.Capital Expenditures
Nephros's investment in research and development, aimed at future product innovation, amounted to $1.3 million in 2025, marking a 44% increase from $0.9 million in 2024. Depreciation and amortization expenses, indicative of past capital expenditures, were approximately $140,000 in 2025 and $135,000 in 2024. The company is also focusing on investments in education and awareness to support its expansion into non-patient care markets.Peer Outperformance in Health Care Equipment
NEPH has trailed 65% of its 49 Health Care Equipment peers over 5Y. Among the peers that beat it are UFPT, ISRG and PEN. Health Care Equipment ranks 5th of 10 industries in Health Care by median 5Y return.
Share of Health Care Equipment constituents that NEPH has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
28%
of 54 industry peers · -26.7% return
3Y
94%
of 53 industry peers · 101.1% return
5Y
35%
of 49 industry peers · -51.9% return
Health Care Equipment peers with revenue growth within 4pp of NEPH's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| NEPH | Nephros | 19.4% | 22.0x | -26.7% | 101.1% | -51.9% | — |
| UFPT | UFP Technologies | 18.8% | 31.8x | 43.9% | 93.0% | 374.2% | +426pp |
| ISRG | Intuitive Surgical | 19.2% | 52.4x | -15.8% | 62.8% | 30.0% | +82pp |
| PEN | Penumbra | 17.1% | 79.6x | 28.9% | 56.9% | 16.5% | +68pp |
| ATRC | AtriCure | 15.9% | 273.5x | 59.8% | 67.4% | -18.9% | +33pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Health Care Equipment is NEPH's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 15.4% | 55.7% | 98.5% | CAH 471% · MCK 396% · COR 189% |
| Health Care Services | 20 | 19.4% | 46.6% | 16.2% | HIMS 284% · RDNT 123% · DGX 83% |
| Health Care Facilities | 24 | 1.1% | 19.2% | 5.8% | NHC 289% · THC 283% · ENSG 150% |
| Managed Health Care | 8 | 39.7% | 2.1% | 3.2% | OSCR 96% · HQY 49% · ELV 11% |
| Health Care Equipment ← | 50 | -3.1% | 6.3% | -12.6% | UFPT 374% · GKOS 293% · TMDX 163% |
| Pharmaceuticals | 61 | -11.9% | 5.1% | -33.1% | LQDA 1006% · KNSA 654% · CORT 474% |
| Health Care Supplies | 11 | 20.8% | -3.2% | -38.6% | LNTH 341% · HAE 62% · MMSI 30% |
| Life Sciences Tools & Services | 109 | -10.1% | -10.2% | -67.3% | MEDP 250% · NTRA 249% · IRTC 76% |
| Biotechnology | 364 | -22.7% | -23.5% | -80.8% | DNTH 1103% · ELVN 1075% · TRVI 961% |
| Health Care Technology | 22 | -26.5% | -63.2% | -82.3% | VEEV 1% · DOCS -48% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Nephros Earnings Notes | 12/16/2025 | |
| How Low Can Nephros Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 95.51 |
| Mkt Cap | 17.8 |
| Rev LTM | 4,854 |
| Op Inc LTM | 1,078 |
| FCF LTM | 816 |
| FCF 3Y Avg | 813 |
| CFO LTM | 927 |
| CFO 3Y Avg | 891 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.4% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | 7.7% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 9.6% |
| Op Inc Chg 3Y Avg | 8.6% |
| Op Mgn LTM | 18.0% |
| Op Mgn 3Y Avg | 17.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 16.5% |
| CFO/Rev 3Y Avg | 16.3% |
| FCF/Rev LTM | 13.9% |
| FCF/Rev 3Y Avg | 13.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development and sale of high-performance water solutions to the medical and commercial markets | 19 | 14 | 14 | ||
| Water Filtration | 10 | 10 | |||
| Total | 19 | 14 | 14 | 10 | 10 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development and sale of high-performance water solutions to the medical and commercial markets | 1 | 0 | -2 | ||
| Renal Products | -1 | -0 | |||
| Water Filtration | -4 | -3 | |||
| Total | 1 | 0 | -2 | -4 | -3 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Development and sale of high-performance water solutions to the medical and commercial markets | 1 | 0 | -2 |
| Total | 1 | 0 | -2 |
Price Behavior
Price Behavior
| Market Price | $3.52 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -39.2% | |
| 50 Days | 200 Days | |
| DMA Price | $4.04 | $3.71 |
| DMA Trend | up | down |
| Distance from DMA | -13.0% | -5.1% |
| 3M | 1YR | |
| Volatility | 80.4% | 84.9% |
| Downside Capture | 138.32 | 117.59 |
| Upside Capture | 114.44 | 65.17 |
| Correlation (S&P 500) | 21.8% | 13.8% |
NEPH Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.57 | 1.89 | 2.12 | 1.21 | 0.88 | 0.47 |
| Up Beta | -1.93 | 1.15 | 3.05 | 1.62 | 0.94 | 0.31 |
| Down Beta | -4.86 | 0.98 | 0.92 | 1.93 | 0.65 | 0.22 |
| Up Capture | 50% | 251% | 223% | 90% | 61% | 55% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 20 | 31 | 59 | 113 | 346 |
| Down Capture | 334% | 180% | 188% | 72% | 109% | 82% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 21 | 32 | 63 | 133 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NEPH | |
|---|---|---|---|---|
| NEPH | -27.5% | 84.9% | -0.01 | - |
| Sector ETF (XLV) | 26.6% | 16.3% | 1.26 | 7.8% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 12.9% |
| Gold (GLD) | -2.2% | 28.4% | -0.09 | 5.7% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -10.2% |
| Real Estate (VNQ) | 4.7% | 13.9% | 0.08 | 2.6% |
| Bitcoin (BTCUSD) | -22.4% | 43.4% | -0.47 | -2.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NEPH | |
|---|---|---|---|---|
| NEPH | -16.5% | 78.6% | 0.10 | - |
| Sector ETF (XLV) | 9.0% | 15.3% | 0.39 | 11.7% |
| Equity (SPY) | 13.0% | 17.1% | 0.57 | 14.2% |
| Gold (GLD) | 17.1% | 18.9% | 0.72 | 4.8% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 2.3% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 6.6% |
| Bitcoin (BTCUSD) | 8.0% | 51.7% | 0.33 | 4.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NEPH | |
|---|---|---|---|---|
| NEPH | -3.5% | 73.9% | 0.26 | - |
| Sector ETF (XLV) | 11.8% | 16.7% | 0.58 | 15.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 16.7% |
| Gold (GLD) | 11.9% | 16.4% | 0.59 | 3.7% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 4.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 11.9% |
| Bitcoin (BTCUSD) | 63.0% | 66.2% | 1.03 | 5.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 17.3% | 30.6% | 13.1% |
| 5/7/2026 | 9.0% | 3.4% | 5.0% |
| 8/11/2025 | -5.1% | -4.2% | -4.9% |
| 5/8/2025 | -4.5% | 7.5% | 91.5% |
| 3/6/2025 | 15.4% | 13.3% | 42.7% |
| 11/13/2024 | -3.1% | -2.5% | -4.9% |
| 5/9/2024 | -5.2% | 2.5% | -1.1% |
| 3/7/2024 | -10.6% | -28.5% | -28.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 12 |
| # Negative | 11 | 8 | 9 |
| Median Positive | 4.8% | 3.4% | 10.4% |
| Median Negative | -4.9% | -5.4% | -4.9% |
| Max Positive | 17.3% | 30.6% | 91.5% |
| Max Negative | -40.6% | -51.8% | -59.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 17.3% | 30.6% | 13.1% |
| 5/7/2026 | 9.0% | 3.4% | 5.0% |
| 8/11/2025 | -5.1% | -4.2% | -4.9% |
| 5/8/2025 | -4.5% | 7.5% | 91.5% |
| 3/6/2025 | 15.4% | 13.3% | 42.7% |
| 11/13/2024 | -3.1% | -2.5% | -4.9% |
| 5/9/2024 | -5.2% | 2.5% | -1.1% |
| 3/7/2024 | -10.6% | -28.5% | -28.8% |
| 8/9/2023 | 7.9% | 13.6% | 16.4% |
| 4/4/2023 | -4.6% | 9.2% | 10.8% |
| 1/11/2023 | 2.6% | 4.4% | 4.4% |
| 11/2/2022 | 6.9% | 1.0% | -0.0% |
| 8/10/2022 | -3.1% | -17.7% | -29.0% |
| 5/4/2022 | -40.6% | -51.8% | -59.3% |
| 2/23/2022 | 1.1% | 2.3% | 10.1% |
| 10/8/2021 | 1.7% | -1.5% | 0.3% |
| 8/5/2021 | -5.7% | -5.0% | 0.0% |
| 5/6/2021 | -4.9% | 3.2% | 18.8% |
| 3/1/2021 | 1.1% | -5.7% | -16.1% |
| 1/12/2021 | 1.2% | 1.9% | 4.5% |
| 11/5/2020 | -3.5% | 0.2% | -0.3% |
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 12 |
| # Negative | 11 | 8 | 9 |
| Median Positive | 4.8% | 3.4% | 10.4% |
| Median Negative | -4.9% | -5.4% | -4.9% |
| Max Positive | 17.3% | 30.6% | 91.5% |
| Max Negative | -40.6% | -51.8% | -59.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/24/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/24/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/15/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/03/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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