Saturday 17 October 2026 Export CARL’s income statement to Excel — free account

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.

13.41 0.54 −3.87%

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Market cap: $380.9M
P/E: 0.0×
Fwd P/E: −7.4×
Dividend yield: —
F-score: n/a
Altman Z: 2.94
Beneish M: −1.77
Dividend safety: n/a

Overview Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 2.64

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	1	—	—	—	—	—	1	1

Insider Ownership 62.45%

Capital & Financial Ratios $m

Market Cap 380.87

Revenue 63.30

Net Income (36.34)

Free Cash Flow (35.67)

Net Debt (73.94)

Current Ratio 8.84

Debt/Equity 0.18

P/E ratio 0.00

Fwd P/E (7.42)

P/S ratio 5.76

P/B ratio 4.33

Past 5Y EPS Growth —

This Y EPS Growth 31.42%

Next Y EPS Growth 3.44%

Next Y revenue growth 51.87%

Next 5Y EPS Growth 22.16%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	—	40	110	89
Receivables	—	7	11	14
Inventory	—	1	2	2
Other	—	—	—	—
	—	49	127	110

	2023	2024	2025	Q'26
Payables	—	2	4	4
ST’ Debt	—	—	—	—
Other	—	—	—	—
	—	9	14	12

Compound Annual Growth %

	10y	5y	3y
Sales	—	—	—
Cash Flow	—	—	—
Earnings	—	—	—
Book Value	—	—	—

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	16	19	—	—	—
’25	10	12	13	15	51

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(13)	(7)	—	—	—
’25	(8)	(7)	(8)	(5)	(29)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(13)	(8)	—	—	—
’25	(8)	(8)	(9)	(6)	(30)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.32)	(0.39)	—	—	—
’25	(1.47)	(1.47)	(0.40)	(0.32)	(2.12)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	—	—	—	—	11.55	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	—	—	—	—	17.19
People
People	Employees	—	—	—	—	—	—	—	—	100	127
	Revenue/emp, $m	—	—	—	—	—	—	—	—	0.27	0.40
Income, $m
Income, $m	Revenue	—	—	—	—	—	—	—	—	27	51
	Gross margin, %	—	—	—	—	—	—	—	—	73.80	75.31
	EBT	—	—	—	—	—	—	—	—	(24)	(30)
	EBT margin, %	—	—	—	—	—	—	—	—	(89.30)	(58.67)
	Net income	—	—	—	—	—	—	—	—	(24)	(30)
	Depreciation	—	—	—	—	—	—	—	—	0	0
Per share, $
Per share, $	Revenue	—	—	—	—	—	—	—	—	6.68	3.55
	Earnings	—	—	—	—	—	—	—	—	(6.11)	(2.12)
	Cash flow	—	—	—	—	—	—	—	—	(6.26)	(2.04)
	Capex	—	—	—	—	—	—	—	—	(0.04)	(0.10)
	Free cash flow	—	—	—	—	—	—	—	—	(6.31)	(2.13)
	Book value	—	—	—	—	—	—	—	—	6.29	6.95
	Shares, m	—	—	—	—	—	—	—	—	4	14
Valuation, ×
Valuation, ×	P/E	—	—	—	—	—	—	—	—	0.00	0.00
	P/S	—	—	—	—	—	—	—	—	1.90	3.48
	P/B	—	—	—	—	—	—	—	—	0.00	1.78
	EV/Sales	—	—	—	—	—	—	—	—	1.39	1.61
	EV/FCF	—	—	—	—	—	—	—	—	(1.74)	(2.67)
Cash, $m
Cash, $m	Operating cash flow	—	—	—	—	—	—	—	—	(25)	(29)
	Capex	—	—	—	—	—	—	—	—	0	(1)
	Free cash flow	—	—	—	—	—	—	—	—	(26)	(30)
Balance, $m
Balance, $m	Working capital	—	—	—	—	—	—	—	—	41	112
	Total debt	—	—	—	—	—	—	—	—	15	15
	Net debt	—	—	—	—	—	—	—	—	(25)	(95)
	Shareholders’ equity	—	—	—	—	—	—	—	—	26	99
Returns, %
Returns, %	ROA	—	—	—	—	—	—	—	—	0.00	(33.22)
	ROIC	—	—	—	—	—	—	—	—	(1,920.54)	(442.13)
	ROE	—	—	—	—	—	—	—	—	0.00	(214.02)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MDRX Veradigm Inc.	$654.5M	— (loss-making)	— (loss-making)	−9.74% (below 0%: shrinking)	n/m	−66.33% (below 0%: shrinking)	50.53%	(37.41%)	Compare
SOPH SOPHiA GENETICS SA	$620.6M	— (loss-making)	— (loss-making)	+27.22% (above 0%: growing)	n/m	+6.50% (above 0%: growing)	64.61%	(86.03%)	Compare
WEAV Weave Communications, Inc.	$594.5M	— (loss-making)	— (loss-making)	+15.52% (above 0%: growing)	n/m	+94.33% (above 0%: growing)	72.03%	(6.49%)	Compare
EVH Evolent Health, Inc	$550.6M	— (loss-making)	— (loss-making)	+46.86% (above 0%: growing)	n/m	+58.67% (above 0%: growing)	12.39%	(1.47%)	Compare
NRC National Research Corporation	$466.9M	80.6×	4.9×	+3.98% (above 0%: growing)	n/m	+101.49% (above 0%: growing)	61.67%	(9.15%)	Compare
CTEV Claritev Corporation	$404.4M	— (loss-making)	— (loss-making)	+6.59% (above 0%: growing)	n/m	+49.10% (above 0%: growing)	73.72%	9.09%	Compare
CARL Carlsmed, Inc.	$380.9M	— (loss-making)	— (loss-making)	+56.75% (above 0%: growing)	n/m	−6.84% (below 0%: shrinking)	76.78%	(58.27%)
CSLT Castlight Health, inc.	$332.4M	— (loss-making)	— (loss-making)	−0.86% (below 0%: shrinking)	n/m	+106.49% (above 0%: growing)	66.20%	(5.42%)	Compare
SPOK Spok Holdings, Inc.	$224.5M	17.7×	16.2×	−1.89% (below 0%: shrinking)	−9.09% (below 0%: shrinking)	−2.00% (below 0%: shrinking)	80.47%	15.50%	Compare
Median of peers	$508.8M	—	—	+5.29%	—	+53.89%	65.41%	(5.95%)

All 51 Health Information Services stocks →

Carlsmed, Inc. (CARL) key facts

Strength: Carlsmed, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $50.5 million, up 85.9% from fiscal 2024.
Carlsmed, Inc. (CARL) is a Health Information Services company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, CARL traded at $13.41, a market capitalization of $380.9 million.
Return on equity was −214.0% and debt-to-equity 0.18.
Its Altman Z-score is 2.94 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.