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Saturday 7 November 2026
Export MRAI’s income statement to Excel — free account
Marpai, Inc.
MRAI Healthcare Healthcare Plans
Marpai, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.1 million, down 35.8% from fiscal 2024.
- Revenue
- −10.5%
- EPS
- +35.7%
- Free cash flow
- −27.7%
- Total debt
- −20.3%
Quarter to June 2026, against a year earlier
2.73
0.06
−2.15%
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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 | — | — | — | — | — | 14 | 24 | 37 | 28 | 18 | 17 | +6.2% | — | — | — | — | |
| Gross margin, % | — | — | — | 0.00 | 0.00 | 27.67 | 29.60 | 34.76 | 32.33 | 26.41 | 25.86 | +26.4 pt | ||||||
| EBT | — | — | — | 0 | (4) | (16) | (27) | (29) | (23) | (17) | (17) | n/m | ||||||
| EBT margin, % | — | — | — | 0.00 | 0.00 | (113.41) | (110.88) | (78.16) | (82.63) | (91.50) | (101.51) | (91.5) pt | ||||||
| Net income | — | 0 | — | 0 | (4) | (16) | (26) | (29) | (22) | (17) | (17) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.00 | 0.00 | 5.65 | 4.81 | 5.34 | 2.45 | 1.04 | 0.64 | n/m | |||||
| Earnings | — | — | — | (0.33) | (6.37) | (6.36) | (5.24) | (4.14) | (1.92) | (0.95) | (0.77) | +19.3% | ||||||
| Cash flow | — | — | — | 0.00 | (3.21) | (4.29) | (6.96) | (2.27) | (1.32) | (0.43) | (0.34) | n/m | ||||||
| Capex | — | — | — | 0.00 | (1.92) | (0.69) | (0.19) | 0.00 | 0.00 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | — | — | — | 0.00 | (5.13) | (4.98) | (7.16) | (2.26) | (1.32) | (0.43) | (0.34) | n/m | ||||||
| Book value | — | — | — | (0.17) | (5.76) | 11.79 | 1.21 | (1.93) | (2.41) | (1.87) | (1.50) | +48.7% | ||||||
| Shares, m | — | — | — | 5 | 1 | 3 | 5 | 7 | 12 | 17 | 21 | +22.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | 0.00 | 0.64 | 0.38 | 0.39 | 0.60 | 4.24 | 0.4 | ||||||
| P/B | — | — | — | — | — | 1.49 | 2.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.8 | ||||||
| EV/Sales | — | — | — | — | — | 0.00 | (0.06) | 0.14 | 0.38 | 1.04 | 4.48 | 0.3 | ||||||
| EV/FCF | — | — | — | — | — | (1.48) | 0.04 | (0.32) | (0.68) | (2.34) | (8.03) | (1.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | 0 | (2) | (11) | (35) | (16) | (15) | (7) | (9) | n/m | |||||
| Capex | — | — | — | 0 | (1) | (2) | (1) | 0 | — | — | 0 | n/m | ||||||
| Free cash flow | — | — | — | 0 | (3) | (13) | (36) | (16) | (15) | (7) | (9) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 0 | 0 | 16 | 9 | (4) | (7) | (15) | (15) | n/m | |||||
| Net debt | — | — | — | 4 | 7 | (24) | (17) | (13) | 0 | 5 | 4 | +1.7% | ||||||
| Shareholders’ equity | — | — | — | (1) | (3) | 30 | 6 | (13) | (28) | (33) | (39) | +82.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | (78.91) | (71.82) | (63.01) | (56.23) | (70.45) | (99.14) | (139.26) | (164.52) | (60.3) pt | |||||
| ROIC | — | — | — | 0.00 | (56.22) | (169.14) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | — | 76.57 | 177.04 | (121.97) | (147.69) | 787.33 | 107.36 | 54.95 | 47.39 | (21.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 131 | 148 | 303 | 162 | 117 | 107 | — | (4.0%) | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.10 | 0.08 | 0.23 | 0.24 | 0.17 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Marpai, Inc. vs peers in Healthcare Plans (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 |
|---|---|---|---|---|---|---|---|---|---|
| CI Cigna Group | $79.7B | 12.9× | 11.9× | +5.64% (above 0%: growing) | −21.63% (below 0%: shrinking) | −18.12% (below 0%: shrinking) | 88.47% | 3.25% | Compare |
| HUM Humana Inc. | $49.5B | 41.9× | 64.4× | +26.05% (above 0%: growing) | −16.67% (below 0%: shrinking) | +158.73% (above 0%: growing) | 11.74% | 0.18% | Compare |
| CNC Centene Corporation | $36.7B | 23.5× | 17.4× | +1.93% (above 0%: growing) | n/m | −437.38% (below 0%: shrinking) | 6.37% | (0.61%) | Compare |
| MOH Molina Healthcare, Inc | $11.3B | — (loss-making) | 60.8× | −3.44% (below 0%: shrinking) | −51.66% (below 0%: shrinking) | −20.25% (below 0%: shrinking) | 12.30% | 0.96% | Compare |
| OSCR Oscar Health, Inc. | $10.2B | 11.0× | 15.9× | +72.11% (above 0%: growing) | n/m | −24.47% (below 0%: shrinking) | 17.64% | 3.46% | Compare |
| PGNY Progyny, Inc. | $2.6B | 30.1× | 26.4× | +8.91% (above 0%: growing) | +115.25% (above 0%: growing) | +2.72% (above 0%: growing) | 24.54% | 10.31% | Compare |
| CLOV Clover Health Investments, Corp. | $2.4B | — (loss-making) | 87.4× | +52.89% (above 0%: growing) | n/m | +508.89% (above 0%: growing) | 17.10% | 0.85% | Compare |
| ALHC Alignment Healthcare, Inc. | $1.6B | 48.4× | — (loss-making) | +36.69% (above 0%: growing) | n/m | −72.25% (below 0%: shrinking) | 10.36% | (0.28%) | Compare |
| MRAI Marpai, Inc. | $5.2M | — (loss-making) | — (loss-making) | −10.52% (below 0%: shrinking) | n/m | −27.73% (below 0%: shrinking) | 23.93% | (82.41%) | |
| Median of peers | $10.8B | 26.8× | 26.4× | +17.48% | −19.15% | −19.19% | 14.70% | 0.90% |
Pay and ownership Proxy statement filed 23 October 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 1.21m | 1.16m | 18.96 |
| 2024 | 362.00k | 712.00k | 24.64 |
Ownership
Directors and executive officers, together
46.90%
Damien Lamendola
32.50%
Mitchell Family Trust II
10.00%
Yaron Eitan
5.50%
Gladys Wojcik
5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
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