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Delcath Systems

DCTH on Nasdaq. Delcath sells a liver cancer treatment kit to doctors treating metastatic uveal melanoma. Market value $551m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
3.9%fair

For every $100 of what the whole company costs, it produced $3.92 of spare cash last year. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-227.1%five-year median

Each dollar kept in the business earns -227 cents a year. Above 10 is good.

Quality score: 34 of 100. Price score: 22 of 100. Our list needs 70 on quality and 60 on price.

$15.41 a share, 90% above its 1-year low

Over the past year the price has ranged from $8.12 to $17.42.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.0
-0.0
0.0
20212022202320242025
Revenue
$4m$3m$2m$37m$85m
Operating margin
-690.0%-1245.1%-1849.0%-33.4%0.8%
Debt to equity
n/an/a0.640.00n/a
Shares outstanding
0.01bn0.02bn0.03bn0.04bn0.03bn

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 121.3% a year
  • Buying back its own sharesNo, 304% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $29 million last quarter, up 21% on a year ago.
  • Profit: $3 million, about the same as a year ago.
  • It loses 2 cents on each $1 of sales, after keeping 7 cents a year earlier.
  • 1% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$11m
December 2024$15m
March 2025$20m
June 2025$24m
September 2025$21m
December 2025$21m
March 2026$25m
June 2026$29m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$2m
December 2024-$3m
March 2025$1m
June 2025$3m
September 2025$830,000
December 2025-$2m
March 2026-$1m
June 2026$3m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

None of the long-term investors we follow own it. 120 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Rosalind Advisors, Inc.
    Insider or founder
    at least 9.9%0.0 pts
    (filed with 4 related holders)
    Since 31 December 2025
    What they said

    Item 4 is hereby amended and supplemented as follows: On May 6, 2020, pursuant to the terms of the Board Appointment Agreement, the Board of Directors of the Issuer (the Board) increased the number of directors constituting the Board to eight members and elected Steven Salamon…

    Read the filing
  • SALAMON STEVEN A J
    Insider or founder
    9.9%
    Since 23 December 2024
    What they said

    Item 4 is hereby amended and supplemented as follows: On May 6, 2020, pursuant to the terms of the Board Appointment Agreement, the Board of Directors of the Issuer (the Board) increased the number of directors constituting the Board to eight members and elected Steven Salamon…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    5.3%+0.3 pts
    Since 30 June 2026
  • Daniel Kaufman
    Passive investor
    5.1%
    Since 18 March 2026
  • Vivo Opportunity Fund Holdings, L.P.
    Passive investor
    Sold down below 5%
    Since 31 March 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $287,457 of shares on the open market.

  • Pennell Sandra
    Chief Financial Officer
    Bought
    Date
    6 March 2026
    Shares
    5,533
    Price
    $9.04
    Value
    $50,018
  • MICHEL GERARD J
    CHIEF EXECUTIVE OFFICER, Director
    Bought
    Date
    2 March 2026
    Shares
    11,200
    Price
    $8.96
    Value
    $100,352
  • Sylvester John Richard
    Director
    Bought
    Date
    21 November 2025
    Shares
    4,386
    Price
    $8.89
    Value
    $38,992
  • MICHEL GERARD J
    CHIEF EXECUTIVE OFFICER, Director
    Bought
    Date
    11 November 2025
    Shares
    11,500
    Price
    $8.53
    Value
    $98,095

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.