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) Piotroski F-score
Carlsmed, Inc.'s Piotroski F-score for fiscal 2025 cannot be worked out: needs three fiscal years.
Piotroski F-score, annual
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (33.22%) | — | Fail | 0 |
| Positive operating cash flow | (28.98m) | (25.47m) | Fail | 0 |
| Rising return on assets | (33.22%) | — | n/a | — |
| Cash flow above net income | 1.24m | (617.00k) | Pass | 1 |
| Falling long-term leverage | 0.17 | — | n/a | — |
| Rising current ratio | 8.87 | 5.60 | Pass | 1 |
| No new shares issued | 14,222,000 | 4,066,400 | Fail | 0 |
| Rising gross margin | 75.31% | 73.80% | Pass | 1 |
| Rising asset turnover | 0.56 | — | n/a | — |
| Piotroski F-score | n/a — needs three fiscal years | — | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| WEAV Weave Communications, Inc. compare | 6 |
| NRC National Research Corporation compare | 6 |
| SPOK Spok Holdings, Inc. compare | 6 |
| CTEV Claritev Corporation compare | 5 |
| EVH Evolent Health, Inc compare | 5 |
| CSLT Castlight Health, inc. compare | 5 |
| SOPH SOPHiA GENETICS SA compare | 2 |
| MDRX Veradigm Inc. compare | 1 |
| CARL Carlsmed, Inc. | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover