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. In the quarter to June 2026, revenue grew 56.8%, EPS grew 73.5%, free cash flow fell 6.84% and total debt was flat, each against the same quarter a year earlier.
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Carlsmed, Inc. (CARL) Beneish M-score
Carlsmed, Inc.'s Beneish M-score for fiscal 2025 is −1.77; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.77 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.90 | — | 0.83 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 0.35 | — | 0.14 | |
| Sales growth index | 1.86 | — | 1.66 | |
| Depreciation index | 2.25 | — | 0.26 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.01) | — | −0.02 | |
| Leverage index | 0.49 | — | −0.16 | |
| Beneish M-score | Flagged by the model | −1.77 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| EVH Evolent Health, Inc compare | −4.6× |
| CSLT Castlight Health, inc. compare | −4.1× |
| MDRX Veradigm Inc. compare | −3.6× |
| SOPH SOPHiA GENETICS SA compare | −3.3× |
| WEAV Weave Communications, Inc. compare | −3.2× |
| NRC National Research Corporation compare | −3.1× |
| SPOK Spok Holdings, Inc. compare | −2.8× |
| CTEV Claritev Corporation compare | −2.6× |
| CARL Carlsmed, Inc. | −1.8× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI