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Side-by-side financial comparison of NEPHROS INC (NEPH) and TON Strategy Co (TONX). Click either name above to swap in a different company.
TON Strategy Co is the larger business by last-quarter revenue ($5.7M vs $4.7M, roughly 1.2× NEPHROS INC). NEPHROS INC runs the higher net margin — 1.3% vs -3968.6%, a 3969.9% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs 22.2%). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs 15.9%).
Nephros Inc is a medical technology company that develops and commercializes high-performance water purification systems, infection control products, and renal care solutions. Its offerings are primarily used by hospitals, dialysis clinics, and long-term care facilities across North America to reduce waterborne pathogen risks and improve patient outcomes.
NEPH vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.7M | $5.7M |
| Net Profit | $62.0K | $-227.9M |
| Gross Margin | 58.4% | 64.3% |
| Operating Margin | 0.4% | -159.2% |
| Net Margin | 1.3% | -3968.6% |
| Revenue YoY | 22.2% | 694.2% |
| Net Profit YoY | -82.2% | -7047.9% |
| EPS (diluted) | $0.01 | $-3.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.7M | $5.7M | ||
| Q3 25 | $4.8M | $3.6M | ||
| Q2 25 | $4.4M | $2.1M | ||
| Q1 25 | $4.9M | $1.3M | ||
| Q4 24 | $3.9M | $723.0K | ||
| Q3 24 | $3.5M | — | ||
| Q2 24 | $3.3M | — | ||
| Q1 24 | $3.5M | — |
| Q4 25 | $62.0K | $-227.9M | ||
| Q3 25 | $337.0K | $84.3M | ||
| Q2 25 | $237.0K | $-2.4M | ||
| Q1 25 | $558.0K | $-2.6M | ||
| Q4 24 | $349.0K | $-3.2M | ||
| Q3 24 | $183.0K | — | ||
| Q2 24 | $-289.0K | — | ||
| Q1 24 | $-169.0K | — |
| Q4 25 | 58.4% | 64.3% | ||
| Q3 25 | 61.2% | 75.4% | ||
| Q2 25 | 63.2% | 71.2% | ||
| Q1 25 | 64.7% | 73.4% | ||
| Q4 24 | 64.0% | 81.5% | ||
| Q3 24 | 61.1% | — | ||
| Q2 24 | 58.8% | — | ||
| Q1 24 | 62.1% | — |
| Q4 25 | 0.4% | -159.2% | ||
| Q3 25 | 6.6% | -601.5% | ||
| Q2 25 | 5.6% | -138.2% | ||
| Q1 25 | 11.6% | -203.8% | ||
| Q4 24 | 8.2% | -513.1% | ||
| Q3 24 | 5.9% | — | ||
| Q2 24 | -9.7% | — | ||
| Q1 24 | -5.7% | — |
| Q4 25 | 1.3% | -3968.6% | ||
| Q3 25 | 7.1% | 2336.8% | ||
| Q2 25 | 5.4% | -111.9% | ||
| Q1 25 | 11.4% | -196.5% | ||
| Q4 24 | 9.0% | -440.9% | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | -8.9% | — | ||
| Q1 24 | -4.8% | — |
| Q4 25 | $0.01 | $-3.89 | ||
| Q3 25 | $0.03 | $2.23 | ||
| Q2 25 | $0.02 | $-1.79 | ||
| Q1 25 | $0.05 | $-2.51 | ||
| Q4 24 | $0.04 | $10.41 | ||
| Q3 24 | $0.02 | — | ||
| Q2 24 | $-0.03 | — | ||
| Q1 24 | $-0.02 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.4M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $10.2M | $406.5M |
| Total Assets | $13.6M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.4M | $39.5M | ||
| Q3 25 | $5.2M | $53.9M | ||
| Q2 25 | $5.1M | $10.4M | ||
| Q1 25 | $4.1M | $12.2M | ||
| Q4 24 | $3.8M | $12.5M | ||
| Q3 24 | $2.5M | — | ||
| Q2 24 | $3.1M | — | ||
| Q1 24 | $3.6M | — |
| Q4 25 | $10.2M | $406.5M | ||
| Q3 25 | $10.0M | $639.1M | ||
| Q2 25 | $9.6M | $19.4M | ||
| Q1 25 | $9.3M | $14.6M | ||
| Q4 24 | $8.6M | $16.2M | ||
| Q3 24 | $8.2M | — | ||
| Q2 24 | $7.9M | — | ||
| Q1 24 | $8.2M | — |
| Q4 25 | $13.6M | $411.2M | ||
| Q3 25 | $13.2M | $661.9M | ||
| Q2 25 | $12.2M | $23.7M | ||
| Q1 25 | $11.8M | $18.4M | ||
| Q4 24 | $11.2M | $20.6M | ||
| Q3 24 | $10.4M | — | ||
| Q2 24 | $11.1M | — | ||
| Q1 24 | $11.4M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $230.0K | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.0M |
| FCF MarginFCF / Revenue | — | -139.3% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 3.71× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $230.0K | $-8.0M | ||
| Q3 25 | $99.0K | $-9.4M | ||
| Q2 25 | $994.0K | $-2.3M | ||
| Q1 25 | $322.0K | $-1.1M | ||
| Q4 24 | $1.3M | $-1.9M | ||
| Q3 24 | $-623.0K | — | ||
| Q2 24 | $-501.0K | — | ||
| Q1 24 | $-672.0K | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | — | $-2.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | — | -87.0% | ||
| Q4 24 | — | -279.9% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 3.71× | — | ||
| Q3 25 | 0.29× | -0.11× | ||
| Q2 25 | 4.19× | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | 3.74× | — | ||
| Q3 24 | -3.40× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NEPH
| Products | $4.6M | 98% |
| Other | $108.0K | 2% |
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
