Delcath Systems, Inc.

Worth knowing

• Shareholders being diluted. Shares outstanding up 245% from December 2022 to July 2026.

  Delcath Systems had 245% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Delcath Systems had 245% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Operating margin at a 5-year high. 0.8% in 2025, the best of the last 5 years.

  Delcath Systems kept 0.8% of revenue as operating profit in 2025, its highest in the 5 years of filings we have.

• Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on operating cash profit (EBITDA).Cheaper than 50% of peers on free cash flow, but only 0% on operating cash profit.

  Relative to its free cash flow, Delcath Systems looks cheaper than 50% of peers; relative to its operating cash profit (EBITDA), cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its free cash flow, Delcath Systems looks cheaper than 50% of peers; relative to its operating cash profit, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

• Growing fast, still losing money. Revenue grew faster than 88% of peers, at an operating loss.

  Revenue grew faster than 88% of peers, but the business runs at an operating loss (margin -1.9%).