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Friday 6 November 2026
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Carlsmed, Inc.
CARL Healthcare Health Information Services
Carlsmed, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $50.5 million, up 85.9% from fiscal 2024.
- Revenue
- +56.8%
- EPS
- +73.5%
- Free cash flow
- −6.84%
- Total debt
- −0.32%
Quarter to June 2026, against a year earlier
14.42
0.90
−5.87%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | — | 27 | 51 | 63 | +85.9% | 77 | 108 | 150 | +43.8% | |
| Gross margin, % | — | — | — | — | — | — | — | — | 73.80 | 75.31 | 76.63 | +1.5 pt | ||||||
| EBT | — | — | — | — | — | — | — | — | (24) | (30) | (36) | +22.2% | ||||||
| EBT margin, % | — | — | — | — | — | — | — | — | (89.30) | (58.67) | (57.42) | +30.6 pt | ||||||
| Net income | — | — | — | — | — | — | — | — | (24) | (30) | (36) | +22.2% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | — | 6.68 | 3.55 | 2.33 | (46.8%) | |||||
| Earnings | — | — | — | — | — | — | — | — | (6.11) | (2.12) | (1.43) | (65.3%) | ||||||
| Cash flow | — | — | — | — | — | — | — | — | (6.26) | (2.04) | (1.26) | (67.5%) | ||||||
| Capex | — | — | — | — | — | — | — | — | (0.04) | (0.10) | (0.06) | +115.3% | ||||||
| Free cash flow | — | — | — | — | — | — | — | — | (6.31) | (2.13) | (1.31) | (66.2%) | ||||||
| Book value | — | — | — | — | — | — | — | — | 6.29 | 6.95 | 3.10 | +10.4% | ||||||
| Shares, m | — | — | — | — | — | — | — | — | 4 | 14 | 22 | +249.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | — | 1.90 | 3.48 | 6.19 | 2.7 | ||||||
| P/B | — | — | — | — | — | — | — | — | 0.00 | 1.78 | 4.65 | 0.9 | ||||||
| EV/Sales | — | — | — | — | — | — | — | — | 1.39 | 1.61 | 5.03 | 1.5 | ||||||
| EV/FCF | — | — | — | — | — | — | — | — | (1.74) | (2.67) | (8.92) | (2.2) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | — | (25) | (29) | (34) | +13.8% | |||||
| Capex | — | — | — | — | — | — | — | — | 0 | (1) | (2) | +653.9% | ||||||
| Free cash flow | — | — | — | — | — | — | — | — | (26) | (30) | (36) | +18.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | — | 41 | 112 | 97 | +177.3% | |||||
| Net debt | — | — | — | — | — | — | — | — | (25) | (95) | (74) | +281.1% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | — | 26 | 99 | 84 | +286.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | — | 0.00 | (33.22) | (42.39) | (33.2) pt | |||||
| ROIC | — | — | — | — | — | — | — | — | (1,920.54) | (442.13) | (234.53) | +1,478.4 pt | ||||||
| ROE | — | — | — | — | — | — | — | — | 0.00 | (214.02) | (6,196.93) | (214.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 100 | 127 | — | +27.0% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | — | 0.27 | 0.40 | — | +46.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Carlsmed, Inc. vs peers in Health Information Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| HSTM HealthStream, Inc. | $905.6M | 42.0× | 45.4× | +8.94% (above 0%: growing) | −8.90% (below 0%: shrinking) | −4.80% (below 0%: shrinking) | 63.98% | 7.91% | Compare |
| PHR Phreesia, Inc. | $788.9M | 74.4× | 40.2× | +10.41% (above 0%: growing) | +200.00% (above 0%: growing) | +43.51% (above 0%: growing) | 66.64% | 5.88% | Compare |
| NRC National Research Corporation | $563.6M | 87.6× | 61.1× | +10.95% (above 0%: growing) | +22.22% (above 0%: growing) | −31.38% (below 0%: shrinking) | 59.95% | 23.20% | Compare |
| SOPH SOPHiA GENETICS SA | $563.6M | — (loss-making) | — (loss-making) | +24.69% (above 0%: growing) | n/m | −1.87% (below 0%: shrinking) | 65.66% | (73.45%) | Compare |
| EVH Evolent Health, Inc | $513.3M | — (loss-making) | — (loss-making) | +51.27% (above 0%: growing) | n/m | +179.84% (above 0%: growing) | 12.19% | (0.85%) | Compare |
| CARL Carlsmed, Inc. | $418.3M | — (loss-making) | — (loss-making) | +56.75% (above 0%: growing) | n/m | −6.84% (below 0%: shrinking) | 76.78% | (58.27%) | |
| CTEV Claritev Corporation | $342.7M | — (loss-making) | — (loss-making) | +6.59% (above 0%: growing) | n/m | +49.10% (above 0%: growing) | 73.72% | 9.09% | Compare |
| SPOK Spok Holdings, Inc. | $245.9M | 12.9× | 16.2× | −2.56% (below 0%: shrinking) | +190.31% (above 0%: growing) | +61.57% (above 0%: growing) | 79.66% | 17.08% | Compare |
| AMWL American Well Corporation | $208.5M | — (loss-making) | — (loss-making) | −12.96% (below 0%: shrinking) | n/m | +21.98% (above 0%: growing) | 52.99% | (23.79%) | Compare |
| Median of peers | $538.4M | 58.2× | 42.8× | +9.68% | +106.27% | +32.75% | 64.82% | 6.90% |
Pay and ownership Proxy statement filed 22 April 2026
Ownership
Directors and executive officers, together
12.90%
Entities affiliated with B Capital Group
30.60%
Entities affiliated with U.S. Venture Partners
20.70%
Michael Cordonnier
5.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement