Delcath Systems, Inc. (DCTH) Stock Price & Analysis
Delcath Systems, Inc. (DCTH) is trading at USD 21.67, up 6.91% today, as of November 10, 2026 at 16:31 UTC (US market open; quotes may be delayed), according to Nexqual market data.
DCTH last closed at USD 20.27; today's session has ranged USD 19.51–21.79 on volume of 814,983 shares. Market capitalization is $751.92M, with a 52-week range of USD 8.12–21.79 (NCM). Source: Nexqual, retrieved November 10, 2026 at 16:31 UTC.
What changed for DCTH since Aug 31, 2025
The built-in knowledge of several widely used AI models ends around Aug 31, 2025. Everything below is newer, dated and sourced (as of Nov 10, 2026).
- Delcath Systems, Inc. (DCTH) stock went from USD 11.02 (close of the week of Aug 25, 2025, split-adjusted) to USD 21.67, a +96.6% price change; the S&P 500 (SPY) moved +17.5% over the same period.
- DCTH revenue over the last four reported quarters (through Sep 30, 2026) was $110M, +195.5% vs $37.2M in fiscal year 2024 (ended Dec 31, 2024), the last full year filed before September 2025; net income -$26.4M → $6.7M (SEC 10-K / 10-Q).
- Analyst actions on DCTH in the last 120 days: 4 (4 upgrades or target raises, 0 downgrades or target cuts); most recent HC Wainwright & Co., Nov 10, 2026.
Also available as compact Markdown for AI agents: nexqual.com/DCTH.md
Latest Earnings Results (DCTH)
Delcath Systems, Inc. (DCTH) reported Q3 2026 results on Nov 9, 2026, 8:02:40 AM ET: GAAP EPS $0.17 vs. estimate -$0.08 (beat), revenue $35.10M vs. estimate $25.84M (beat). Guidance: The company increased its 2026 full-year revenue guidance to a range of $115 million to $117 million. Source: SEC 8-K filing. Nexqual published it 25 seconds after release. Read the SEC filing. Full report with estimates: nexqual.com/earnings/2026-11-09/DCTH.
| Fiscal period | EPS (reported) | Revenue | Released | Source |
|---|---|---|---|---|
| Q3 2026 | $0.17 (GAAP diluted) | $35.1M | Nov 9, 2026, 8:02:40 AM ET · on Nexqual +25 seconds | SEC 8-K filing |
Reported actuals captured by Nexqual from SEC 8-K filings and company press releases; each figure confirmed by two independent extraction methods.
Key facts (DCTH)
- Last four reported quarters (through Sep 30, 2026): revenue $110M, net income $6.7M (6.1% margin), free cash flow $20.1M (SEC filings).
- Valuation: P/E 113.0x (avg 149.3x at the last 1 fiscal year-ends).
- Analysts: Buy (mean 1.80 on a 1–5 scale) (5 analysts), mean target USD 26.6 (range 21–32).
- Total return with dividends: 1Y +152.6% vs S&P 500 +10.9%; 5Y +104.6% vs S&P 500 +71.1%.
- Latest earnings report: 2026-11-09 (next date not yet announced).
- Dividend: DCTH paid no cash dividend in the last five years.
- Short interest: 5.91% of float (as of 2026-10-15), 5.6 days to cover.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (DCTH)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.6M | $2.7M | $2.1M | $37.2M | $85.2M | $110M |
| Gross profit | $2.9M | $2.0M | $1.4M | $31.0M | $73.4M | — |
| Operating income | -$24.5M | -$33.9M | -$38.2M | -$12.4M | $660K | $5.7M |
| Net income | -$25.6M | -$36.5M | -$47.7M | -$26.4M | $2.7M | $6.7M |
| EPS (diluted) | -$3.59 | -$4.12 | -$2.94 | -$0.93 | $0.07 | — |
| Free cash flow | -$22.7M | -$25.2M | -$31.3M | -$19.2M | $21.0M | $20.1M |
| Gross margin | 81.1% | 74.8% | 69.2% | 83.4% | 86.2% | — |
| Operating margin | -690.0% | -1245.1% | -1849.0% | -33.4% | 0.8% | 5.2% |
| Net margin | -721.5% | -1342.7% | -2308.9% | -70.9% | 3.2% | 6.1% |
| Revenue growth | — | -23.5% | -24.1% | +1701.7% | +129.1% | — |
| Cash + short-term investments | $22.8M | $7.7M | $32.5M | $53.2M | $91.0M | — |
| Total debt | $4.6M | $15.7M | $10.2M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Sep 30, 2026) (DCTH)
P/E 113.0x · P/S 6.8x · P/FCF 37.4x · P/B 5.6x · FCF yield 2.67% · Earnings yield 0.88% · Buyback yield (TTM) 1.20%
P/E at fiscal year-ends: Dec 2025 149.3x.
Analysts (DCTH)
Consensus Buy (mean 1.80 on a 1–5 scale), 5 analysts; mean target USD 26.6 (low 21, high 32).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-11-10 | HC Wainwright & Co. | Target raised | Buy | $32 → $36 |
| 2026-11-09 | BTIG | Target raised | Buy | $21 → $25 |
| 2026-08-07 | HC Wainwright & Co. | Target raised | Buy | $30 → $32 |
| 2026-08-06 | BTIG | Target raised | Buy | $17 → $21 |
Total return (dividends reinvested) (DCTH)
| 1Y (from 2025-11-10) | 5Y (from 2021-11-08) | |
|---|---|---|
| Total return | +152.6% | +104.6% |
| S&P 500 (SPY) | +10.9% | +71.1% |
| Per year | +152.7% | +15.4% |
| Volatility (annualized) | 57.5% | 66.0% |
| Max drawdown | -21.7% (Jan 2026→Mar 2026) | -76.9% (Nov 2021→Nov 2023) |
Dividends (DCTH)
DCTH paid no cash dividend in the last five years.
Short interest (DCTH)
1,883,018 shares sold short, 5.91% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,311,774 shares (-18.5%). Days to cover: 5.6 (short shares ÷ average daily volume).
DCTH major shareholder filing: Schedule 13D/A, Oct 19, 2026
Rosalind Advisors, Inc., SALAMON STEVEN A J, Aharon Gil filed a Schedule 13D/A with the SEC on Oct 19, 2026, reporting up to 9.90% of the class. A Schedule 13D is filed by an owner of more than 5% who may seek to influence the company. Item 4 (Purpose of Transaction), quoted from the filing:
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 and Gilad Aharon as independent directors of the Issuer to fill the vacancies created by the increase in the number of directors. Mr. Salamon was elected to serve as a Class III director with a term scheduled to expire at the 2024 Annual Meeting of Stockholders and Dr. Aharon was elected to serve as a Class I director with a term scheduled to expire at the 2025 Annual Meeting of Stockholders.
Source: SEC EDGAR, Schedule 13D/A filed Oct 19, 2026. Quoted word for word; Nexqual adds no interpretation.
DCTH earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Sep 30, 2026 | $0.17 | −$0.08 | Beat +$0.25 | — |
| — | Quarter ended Jun 30, 2026 | $0.07 | −$0.09 | Beat +$0.16 | — |
| — | Quarter ended Mar 31, 2026 | −$0.03 | −$0.09 | Beat +66.7% | — |
| — | Quarter ended Dec 31, 2025 | −$0.05 | −$0.03 | Miss −$0.02 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
DCTH recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Nov 9, 2026 | 10-Q | Quarterly report · period ended Sep 30, 2026 |
| Nov 9, 2026 | 8-K | Quarterly results |
| Oct 27, 2026 | Schedule 13G | BlackRock Portfolio Management LLC: 6.3% of shares, passive 5%+ holder |
| Oct 19, 2026 | Schedule 13D/A | Rosalind Advisors, Inc., SALAMON STEVEN A J: 9.9% of shares, 5%+ holder that may seek to influence the company (amended) “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 and Gilad Aharon as independent directors of the Issuer…” |
| Aug 14, 2026 | 8-K | Bylaws or fiscal-year change |
| Aug 6, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 6, 2026 | 8-K | Quarterly results |
| Jul 28, 2026 | Schedule 13G | BlackRock, Inc.: 5.3% of shares, passive 5%+ holder |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
DCTH revenue by product line (quarter ended Sep 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| HEPZATO KIT | $32.7M | 93.1% | +69.7% |
| CHEMOSAT | $2.4M | 6.9% | +85.2% |
| Total revenue | $35.1M | 100% | — |
DCTH revenue by region (quarter ended Sep 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| U.S. | $32.7M | 93.1% | +69.7% |
| Foreign | $2.4M | 6.9% | +85.2% |
| Total revenue | $35.1M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
DCTH customer concentration
In the nine months ended Sep 30, 2026, 2 direct customers each accounted for at least 10% of DCTH's revenue (17.8%, 13.5%; 31.3% combined). The company does not name these customers in the filing. Source: the company's 10-Q filed Nov 9, 2026.
DCTH analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Dec 2026) | $-0.13 | $-0.12 | −$0.01 | $27.5M | 1 |
| Next quarter (ends Mar 2027) | $-0.05 | $-0.01 | −$0.05 | $31.6M | 1 |
| Current fiscal year (ends Dec 2026) | $-0.18 | $-0.14 | −$0.04 | $116.7M | 1 |
| Next fiscal year (ends Dec 2027) | $0.12 | $0.04 | +166.7% | $138.7M | 1 |
DCTH options: expected move
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 10 | 75.8% | ±10.2% |
| Dec 18, 2026 | 38 | 84.9% | ±21.6% |
| Feb 19, 2027 | 101 | 64.7% | ±26.5% |
| May 21, 2027 | 192 | 71.2% | ±39.5% |
30-day implied volatility 66.1% vs 98.7% realized over the last 30 trading days. Put/call ratio (volume) 0.05. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of November 10, 2026 at 16:31 UTC)
| Price | USD 21.67 |
|---|---|
| Change | ▲ 6.91% (up) |
| Previous Close | USD 20.27 |
| Open | USD 20.2 |
| Day Range | USD 19.51 – 21.79 |
| 52-Week Range | USD 8.12 – 21.79 |
| Volume | 814,983 shares |
| Market Cap | $751.92M |
| Exchange | NCM |
Technical Analysis (DCTH)
Nexqual's technical model rates DCTH "BUY" based on 5 bullish and 3 bearish signals across 128 daily candles, as of November 10, 2026 at 16:31 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 81.44 (overbought) |
| vs SMA50 | Above (USD 15.63) |
| MACD | 0.72 (positive) |
Analyst Ratings (DCTH)
Wall Street analysts rate DCTH "Buy" based on 5 analysts, with a mean price target of USD 26.6 (range USD 21–32), per Nexqual as of November 10, 2026 at 16:31 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 5 |
| Mean Target | USD 26.6 |
| High Target | USD 32 |
| Low Target | USD 21 |
| Buy / Hold / Sell | 5 / 0 / 0 |
Earnings (DCTH)
| Next Earnings Date | 2026-11-09 |
|---|---|
| EPS Estimate | USD -0.13 |
| Revenue Estimate | $27.52M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-09-30 | USD 0.17 vs est -0.08 ▲ beat |
| 2026-06-30 | USD 0.07 vs est -0.09 ▲ beat |
| 2026-03-31 | USD -0.03 vs est -0.09 ▲ beat |
| 2025-12-31 | USD -0.05 vs est -0.03 ▼ miss |
Source: Nexqual, November 10, 2026 at 16:31 UTC.
Financials & Fundamentals (DCTH)
| Total Revenue | $109.96M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +70.70% |
| Gross Margin | +87.59% |
| Operating Margin | +20.27% |
| Profit Margin | +6.05% |
| ROE | +5.36% |
| Debt / Equity | 0.02 |
| Current Ratio | 10.87 |
| Total Cash | $104.31M |
| Total Debt | $2.41M |
| Free Cash Flow (last four quarters to Sep 2026, SEC 10-Q / 10-K) | $20.11M (18.3% of revenue) |
Source: Nexqual, November 10, 2026 at 16:31 UTC.
Financial Health Score (DCTH)
Nexqual rates Delcath Systems, Inc.'s overall financial health "Solid" across five dimensions, as of November 10, 2026 at 16:31 UTC.
| Growth | Strong — Revenue +38% (last 4 quarters to Sep 2026 vs the 4 before, SEC) |
|---|---|
| Profitability | Strong — Gross margin 88%, operating 5% (last 4 quarters to Sep 2026, SEC; the Sep 2026 quarter alone accounts for 125% of operating income) |
| Balance Sheet | Strong — $104M cash vs $2M debt, net cash position |
| Cash Flow | Strong — FCF $20M (last 4 quarters to Sep 2026, SEC), 18% margin |
| Efficiency | Weak — ROE 5%, ROA 4.5% (last 4 quarters, SEC) |
Ownership (DCTH)
| Insider Ownership | +8.09% |
|---|---|
| Institutional Ownership | +53.71% |
| Shares Outstanding | 34.70M |
| Float | 25.59M |
| Short % of Float | +5.91% |
Source: Nexqual, November 10, 2026 at 16:31 UTC.
Leadership (DCTH)
Delcath Systems, Inc. is led by Gerard J. Michel MBA, MS, CEO & Director, per Nexqual as of November 10, 2026 at 16:31 UTC.
| CEO & Director | Gerard J. Michel MBA, MS |
|---|---|
| Chief Operating Officer | Martha S. Rook |
| Chief Financial Officer | Sandra Pennell |
| Senior Vice President of Medical & Pharmacovigilance | Johnny John |
| Senior Vice President of Interventional Oncology | Michael Brunner |
From Delcath Systems, Inc.'s Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- HEPZATO KIT is comprised of the chemotherapeutic drug melphalan and Delcath's proprietary Hepatic Delivery System ("HDS").
Partnerships
- On October 23, 2025, the Company entered into a National Drug Rebate Agreement ("NDRA") with CMS, which also subjected the Company to entering into a Pharmaceutical Pricing Agreement ("PPA") with the Public Health Service and a master agreement with the U.S.
- The NDRA, the PPA, and the agreement with the VA requires the Company to calculate and submit pricing information to the Government and subjects the Company to potential penalties for failing to make timely and/or accurate reports of the required values.
Legal & Regulatory Risks (Item 1A, quoted)
- The development and approval process in the United States and abroad could take many years, require substantial resources and may never lead to the approval of our product candidates by the FDA for use in the United States or by foreign regulators in their respective jurisdictions.
- The failure or delay of clinical trials could cause an increase in the cost of product development, delay filing of an NDA for marketing approval or cause us to cease the development of HEPZATO for other indications.
- We have obtained the right to affix the CE Mark for the CHEMOSAT Hepatic Delivery System as a medical device for the delivery of melphalan in the European Union. Since we may only promote the device within this specific indication, if physicians are unable or unwilling to obtain melphalan separately for use with CHEMOSAT, our ability to commercialize CHEMOSAT in the European Union will be significantly limited.
- The FDA has granted us six orphan drug designations and we may seek additional orphan drug designations in the future.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
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| ESTA | Establishment Labs Holdings Inc | USD 67.9 | ▼ 0.9% |
| ALMR | Alamar Biosciences, Inc. | USD 31.58 | ▼ 0.83% |
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| NEOG | Neogen Corporation | USD 11.73 | ▼ 2.9% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: November 10, 2026 at 16:31 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt