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Institutional accumulation: ownership increased +0.56% quarter-over-quarter.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $4.23 today, the market must believe free cash flow compounds 20.9%/yr for a decade (off $752000 normalized FCF).
2-stage DCF · 0.01B shares · net debt -$5M
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
6/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 12%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $5M covers all $1M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2018-09-30 (10-Q).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 27 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.8M 100.0% | $14.2M 100.0% | $14.2M 100.0% | $10.0M 100.0% | $10.2M 100.0% | $8.6M 100.0% | $10.3M 100.0% | $5.7M 100.0% | $3.8M 100.0% | $2.3M 100.0% |
| Cost of Revenue | $7.2M 38.1% | $5.4M 38.4% | $5.8M 41.0% | $5.2M 52.6% | $4.6M 44.9% | $3.6M 42.6% | $4.3M 41.1% | $2.5M 43.7% | $1.5M 39.8% | $1.0M 44.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.5M 39.8% | $1.0M 44.2% |
| Gross Profit | $11.6M 61.9% | $8.7M 61.6% | $8.4M 59.0% | $4.7M 47.4% | $5.6M 55.1% | $4.9M 57.4% | $6.1M 58.9% | $3.2M 56.3% | $2.3M 60.2% | $1.3M 55.8% |
| Research & Development | $1.3M 7.1% | $906K 6.4% | $873K 6.1% | $1.3M 12.6% | $1.5M 14.7% | $2.8M 32.2% | $3.1M 29.9% | $1.5M 27.1% | — | — |
| Selling, General & Admin | $9.0M 47.9% | $7.7M 54.2% | $8.9M 62.6% | $7.6M 76.1% | $7.2M 70.4% | $6.5M 75.5% | $6.1M 59.2% | $4.5M 79.4% | $3.3M 86.6% | $2.9M 123.0% |
| Total Operating Expenses | $10.5M 55.8% | $8.7M 61.6% | $10.0M 70.2% | $9.1M 90.9% | $8.9M 87.0% | $9.2M 107.3% | $9.2M 89.4% | $6.2M 109.4% | $4.5M 118.6% | $4.2M 179.4% |
| Operating Income | $1.1M 6.1% | $6K 0.0% | -$1.6M -11.2% | -$4.3M -43.5% | -$3.3M -31.8% | -$4.3M -49.9% | -$3.2M -30.5% | -$3.0M -53.0% | -$2.2M -58.4% | -$2.9M -123.7% |
| Interest Expense | $1K 0.0% | $1K 0.0% | $2K 0.0% | $20K 0.2% | $41K 0.4% | $110K 1.3% | $195K 1.9% | $172K 3.0% | $302K 7.9% | $172K 7.4% |
| Interest & Investment Income | $139K 0.7% | $94K 0.7% | $64K 0.4% | $14K 0.1% | $10K 0.1% | $11K 0.1% | — | $4K 0.1% | $4K 0.1% | $5K 0.2% |
| Other Income (Expense), net | $60K 0.3% | $83K 0.6% | $18K 0.1% | $58K 0.6% | $468K 4.6% | -$251K -2.9% | -$54K -0.5% | -$35K -0.6% | -$74K -1.9% | $4K 0.2% |
| Pretax Income | $1.2M 6.4% | $89K 0.6% | -$1.6M -11.1% | — | — | -$4.5M -52.9% | -$3.4M -32.9% | -$3.4M -60.1% | -$2.6M -68.2% | -$3.0M -130.7% |
| Income Tax Expense | $12K 0.1% | $15K 0.1% | $0 0.0% | $0 0.0% | $0 0.0% | — | -$225K -2.2% | -$93K -1.6% | -$1.8M -47.0% | — |
| Net Income | $1.2M 6.4% | $74K 0.5% | -$1.6M -11.1% | -$7.1M -71.2% | -$3.9M -37.8% | -$4.5M -52.9% | -$3.2M -30.8% | -$3.4M -59.8% | -$809K -21.2% | -$3.0M -130.7% |
| Per Share | ||||||||||
| EPS (Basic) | $0.11 | $0.01 | $-0.15 | $-0.73 | $-0.41 | — | — | — | — | — |
| EPS (Diluted) | $0.11 | $0.01 | $-0.15 | $-0.73 | — | — | — | — | — | — |
| Weighted Avg Shares (Basic) | 10.6M | 10.5M | 10.4M | 10.3M | 10.0M | — | — | — | — | — |
| Weighted Avg Shares (Diluted) | 11.0M | 10.6M | 10.4M | 10.3M | — | — | — | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-09-17
Nothing notable to watch.
No material risks flagged.
Where each multiple sits in its own 14-yr range · 22th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 581.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 43.7 | 41.1 | 42.6 | 44.9 | 52.6 | 41.0 | 38.4 | 38.1 |
| Gross Profit | 56.3 | 58.9 | 57.4 | 55.1 | 47.4 | 59.0 | 61.6 | 61.9 |
| R&D | 27.1 | 29.9 | 32.2 | 14.7 | 12.6 | 6.1 | 6.4 | 7.1 |
| SG&A | 79.4 | 59.2 | 75.5 | 70.4 | 76.1 | 62.6 | 54.2 | 47.9 |
| Operating Income | -53.0 | -30.5 | -49.9 | -31.8 | -43.5 | -11.2 | 0.0 | 6.1 |
| Income Tax | -1.6 | -2.2 | — | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
| Net Income | -59.8 | -30.8 | -52.9 | -37.8 | -71.2 | -11.1 | 0.5 | 6.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NEPH: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| NEPH | $46M | 39.1× | 33.6× | 2.4× | 32.7% | 61.9% | 6.4% | 11.7% | 11.7% | — | 27 |
Peers = companies sharing NEPH's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.