MeritValue

DELCATH SYSTEMS, INC.

DCTHdata completeness 88%17 fiscal years on file
The thesis, from the filings

DELCATH SYSTEMS, INC. earns about -418% on invested capital, but has diluted owners by 459% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.56M1$2.72M2$2.07M3$37.2M4$85.2M4
Net income−$25.6M5−$36.5M6−$47.7M7−$26.4M8$2.7M8
Operating cash flow−$22.6M9−$25M10−$31.3M11−$18.7M12$22.5M12
Capital expenditure$143,00013$209,00014$58,00015$559,00016$1.55M16
Free cash flow (derived)−$22.7M9−$25.2M10−$31.3M11−$19.2M12$21M12
Total debt—$15.7M17$10.2M18$018—
Cash & equivalents$22.8M19$7.67M20$12.6M21$32.4M22$43.5M22
Diluted shares7.1M8.9M16.2M28.5M39.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$27.86
your share of equity
Profit it earned you last year
$0.68
Free cash flow it threw off
$5.25
Debt you’d be carrying
—

10 shares is a claim on $27.86 of net worth that earned you $0.68 and generated $5.25 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-418% avg · 5y
FY21 —FY22 -1336%FY23 -284%FY24 -57%FY25 4%

It earned an average -418% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+459% shares · 5y

Share count is up 459% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$2.09
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001193125-23-079836 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-013008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-010797 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-012019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001193125-23-079836 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-013008 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-010797 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-012019 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001193125-23-079836 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-013008 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-010797 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-012019 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001193125-23-079836 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-013008 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-010797 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-012019 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0001628280-24-013008 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001628280-25-010797 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001193125-23-079836 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001628280-24-013008 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001628280-25-010797 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001628280-26-012019 (CashAndCashEquivalentsAtCarryingValue)