Delcath Systems, Inc. (DCTH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1005.2%

-$129.35

vs $14.29 price

Levered DCF

-$109.79

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

15.11

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	126.25×	-113.58×	-8.58×	-0.87×	-2.16×	-2.14×	-0.06×	-0×
P/B	3.25×	4.99×	4.28×	-5.45×	4.63×	2.35×	-0.09×	-0×
P/S	4.24×	9.23×	32.7×	11.74×	15.58×	31.55×	0.35×	0×
EV / EBITDA	82.74×	-11.92×	-1.41×	-1.19×	-2.01×	-1.1×	1.7×	0.04×
Gross margin	86.2%	83.4%	69.2%	74.8%	81.1%	61.1%	54.5%	70.4%
Operating margin	0.8%	-33.4%	-1849.0%	-1245.1%	-690.0%	-1294.2%	-1260.0%	-794.6%
Net margin	3.2%	-70.9%	-2308.9%	-1342.7%	-721.5%	-1467.6%	-562.0%	-564.2%
Current ratio	10.92×	12.01×	2.26×	1.1×	5.23×	3.22×	0.79×	0.33×
Debt / equity	0.01×	0.02×	0.65×	-2.71×	1.36×	0.13×	-0.45×	-0.14×
Interest coverage	0×	0×	-26.53×	-12.61×	-20.68×	-121.73×	-4.19×	-3.4×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.4%	-38.4%	-302.2%	623.1%	-214.6%	-109.4%	139.7%	128.7%
Return on invested capital	0.5%	-17.6%	-118.0%	-303.4%	-87.0%	-78.6%	1780.7%	305.3%
Return on assets	2.2%	-34.5%	-123.5%	-204.4%	-77.4%	-69.7%	-62.5%	-280.9%
Free cash flow yield	5.8%	-5.6%	-46.4%	-78.8%	-41.1%	-45.5%	-4308.5%	-198818.5%
Earnings yield	0.7%	-7.7%	-70.6%	-114.4%	-46.3%	-46.5%	-1613.3%	-258082.7%
Enterprise value	$319.3M	$311.9M	$65.1M	$40.1M	$48.8M	$26.3M	-$6.6M	-$470.6K
Net debt / EBITDA	-11.02×	1.2×	0.05×	-0.24×	0.27×	1.08×	1.84×	0.04×
Cash conversion cycle (days)	290	461	1,413	38	426	-511	-1,964	-2,356