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.
Follow MRAI
Marpai, Inc. (MRAI) Piotroski F-score
Marpai, Inc.'s Piotroski F-score for fiscal 2025 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 2 | 0.00 |
| FY2024 | 2 | (2.00) |
| FY2023 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (139.26%) | (99.14%) | Fail | 0 |
| Positive operating cash flow | (7.45m) | (15.16m) | Fail | 0 |
| Rising return on assets | (139.26%) | (99.14%) | Fail | 0 |
| Cash flow above net income | 9.11m | 6.93m | Pass | 1 |
| Falling long-term leverage | 0.49 | 0.27 | Fail | 0 |
| Rising current ratio | 0.40 | 0.63 | Fail | 0 |
| No new shares issued | 17,368,000 | 11,511,000 | Fail | 0 |
| Rising gross margin | 26.41% | 32.33% | Fail | 0 |
| Rising asset turnover | 1.52 | 1.26 | Pass | 1 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 2 | ||
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 |
|---|---|
| PGNY Progyny, Inc. compare | 8 |
| CI Cigna Group compare | 8 |
| HUM Humana Inc. compare | 6 |
| ALHC Alignment Healthcare, Inc. compare | 6 |
| CNC Centene Corporation compare | 5 |
| MOH Molina Healthcare, Inc compare | 4 |
| OSCR Oscar Health, Inc. compare | 3 |
| CLOV Clover Health Investments, Corp. compare | 3 |
| MRAI Marpai, Inc. | 2 |
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