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. In the quarter to June 2026, revenue fell 10.5%, EPS grew 35.7%, free cash flow fell 27.7% and total debt fell 20.3%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Marpai, Inc. (MRAI) Altman Z-score
Marpai, Inc.'s Altman Z-score for fiscal 2025 is −18.80, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −18.80 | (4.08) |
| FY2024 | −14.72 | (9.60) |
| FY2023 | −5.11 | (2.89) |
| FY2022 | −2.22 | (2.93) |
| FY2021 | 0.71 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (1.41) | — | −1.69 | |
| Retained earnings / total assets | (10.58) | — | −14.82 | |
| EBIT / total assets | (1.24) | — | −4.10 | |
| Market value of equity / total liabilities | 0.25 | — | 0.15 | |
| Sales / total assets | 1.66 | — | 1.66 | |
| Altman Z-score | Distress zone | −18.80 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −52.88 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PGNY Progyny, Inc. compare | 8.9× |
| ALHC Alignment Healthcare, Inc. compare | 5.5× |
| HUM Humana Inc. compare | 4.7× |
| MOH Molina Healthcare, Inc compare | 4.3× |
| CNC Centene Corporation compare | 2.6× |
| CI Cigna Group compare | 2.6× |
| OSCR Oscar Health, Inc. compare | 1.1× |
| CLOV Clover Health Investments, Corp. compare | 0.4× |
| MRAI Marpai, Inc. | −18.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets