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

Marpai, Inc.

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.

3.13 0.06 −1.88%

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Market cap: $5.2M
P/E: 0.0×
Fwd P/E: −3.3×
Dividend yield: —
F-score: 2/9
Altman Z: −18.80
Beneish M: −6.73
Dividend safety: n/a

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

Insider Decisions trades per month

Total buys 0.20

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	3	—	—	—	—	—	1	1	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 80.16%

Capital & Financial Ratios $m

Market Cap 5.16

Revenue 16.64

Net Income (16.89)

Free Cash Flow (8.70)

Net Debt 3.96

Current Ratio 0.38

Debt/Equity (0.27)

P/E ratio 0.00

Fwd P/E (3.29)

P/S ratio 4.87

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 64.73%

Next Y EPS Growth 73.97%

Next Y revenue growth 137.21%

Next 5Y EPS Growth —

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

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 97.90%

10-year low 10-year high

EV/Sales against its own 10 years 97.41%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2020	Powerpack
2019	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	13	9	9	7
Receivables	2	1	1	2
Inventory	—	—	—	—
Other	1	1	—	—
	17	12	10	9

	2023	2024	2025	Q'26
Payables	5	3	4	6
ST’ Debt	1	3	8	4
Other	—	—	—	2
	21	19	26	24

Compound Annual Growth %

	10y	5y	3y
Sales	—	—	(9.41%)
Cash Flow	—	0.00%	0.00%
Earnings	—	0.00%	0.00%
Book Value	—	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	4	4	—	—	—
’25	5	5	4	4	18
’24	7	7	7	7	28
’23	10	10	9	9	37
’22	6	6	5	8	24

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	0	(4)	—	—	—
’25	0	(3)	1	(5)	(7)
’24	(4)	(3)	(4)	(5)	(15)
’23	(7)	(2)	(7)	0	(16)
’22	(3)	(7)	(5)	(20)	(35)
’21	(1)	(4)	(1)	(5)	(11)
’20	—	(1)	(1)	0	(2)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	0	(4)	—	—	—
’25	0	(3)	1	(5)	(7)
’24	(4)	(3)	(4)	(5)	(15)
’23	(7)	(2)	(7)	0	(16)
’22	(4)	(7)	(5)	(20)	(36)
’21	(1)	(5)	(1)	(6)	(13)
’20	—	(1)	(1)	0	(3)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.13)	(0.18)	—	—	—
’25	(0.21)	(0.28)	(0.20)	(0.26)	(0.95)
’24	(0.46)	(1.23)	(0.30)	(0.08)	(1.92)
’23	(1.68)	(1.10)	(0.98)	(0.65)	(4.14)
’22	(1.12)	(1.36)	(1.12)	(1.64)	(5.24)
’21	(2.20)	(1.54)	(1.88)	(1.36)	(6.36)
’20	—	—	(1.47)	—	(6.37)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	13.20	2.77	0.33	0.40	0.63	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	25.24	18.28	13.60	2.97	1.78
People
People	Employees	—	—	—	—	131	148	303	162	117	107
	Revenue/emp, $m	—	—	—	—	0.00	0.10	0.08	0.23	0.24	0.17
Income, $m
Income, $m	Revenue	—	—	—	—	—	14	24	37	28	18
	Gross margin, %	—	—	—	0.00	0.00	27.67	29.60	34.76	32.33	26.41
	EBT	—	—	—	0	(4)	(16)	(27)	(29)	(23)	(17)
	EBT margin, %	—	—	—	0.00	0.00	(113.41)	(110.88)	(78.16)	(82.63)	(91.50)
	Net income	—	0	—	0	(4)	(16)	(26)	(29)	(22)	(17)
	Depreciation	—	—	—	0	0	2	4	8	10	0
Per share, $
Per share, $	Revenue	—	—	—	0.00	0.00	5.65	4.81	5.34	2.45	1.04
	Earnings	—	—	—	(0.33)	(6.37)	(6.36)	(5.24)	(4.14)	(1.92)	(0.95)
	Cash flow	—	—	—	0.00	(3.21)	(4.29)	(6.96)	(2.27)	(1.32)	(0.43)
	Capex	—	—	—	0.00	(1.92)	(0.69)	(0.19)	0.00	0.00	0.00
	Free cash flow	—	—	—	0.00	(5.13)	(4.98)	(7.16)	(2.26)	(1.32)	(0.43)
	Book value	—	—	—	(0.17)	(5.76)	11.79	1.21	(1.93)	(2.41)	(1.87)
	Shares, m	—	—	—	5	1	3	5	7	12	17
Valuation, ×
Valuation, ×	P/E	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
	P/S	—	—	—	—	—	0.00	0.64	0.33	0.39	0.60
	P/B	—	—	—	—	—	1.49	2.56	0.00	0.00	0.00
	EV/Sales	—	—	—	—	—	0.00	(0.06)	0.08	0.38	1.04
	EV/FCF	—	—	—	—	—	(1.48)	0.04	(0.19)	(0.68)	(2.34)
Cash, $m
Cash, $m	Operating cash flow	—	—	—	0	(2)	(11)	(35)	(16)	(15)	(7)
	Capex	—	—	—	0	(1)	(2)	(1)	0	—	—
	Free cash flow	—	—	—	0	(3)	(13)	(36)	(16)	(15)	(7)
Balance, $m
Balance, $m	Working capital	—	—	—	0	0	16	9	(4)	(7)	(15)
	Total debt	—	—	—	5	9	2	6	1	9	14
	Net debt	—	—	—	4	7	(24)	(17)	(13)	0	5
	Shareholders’ equity	—	—	—	(1)	(3)	30	6	(13)	(28)	(33)
Returns, %
Returns, %	ROA	—	—	—	(78.91)	(71.82)	(63.01)	(56.23)	(70.45)	(99.14)	(139.26)
	ROIC	—	—	—	0.00	(56.22)	(169.14)	0.00	0.00	0.00	0.00
	ROE	—	—	—	76.57	177.04	(121.97)	(147.69)	787.33	107.36	54.95

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
CI Cigna Group	$79.0B	12.5×	11.4×	+6.68% (above 0%: growing)	+10.16% (above 0%: growing)	+66.93% (above 0%: growing)	88.24%	3.73%	Compare
HUM Humana Inc.	$51.9B	38.8×	42.9×	+26.18% (above 0%: growing)	+27.88% (above 0%: growing)	+58.51% (above 0%: growing)	13.45%	3.33%	Compare
CNC Centene Corporation	$34.8B	— (loss-making)	24.8×	+9.92% (above 0%: growing)	n/m	+116.61% (above 0%: growing)	8.59%	2.24%	Compare
MOH Molina Healthcare, Inc	$11.1B	— (loss-making)	55.0×	−4.84% (below 0%: shrinking)	−74.95% (below 0%: shrinking)	+5.81% (above 0%: growing)	13.19%	1.33%	Compare
OSCR Oscar Health, Inc.	$10.3B	18.6×	29.7×	+70.40% (above 0%: growing)	n/m	+316.29% (above 0%: growing)	22.25%	7.96%	Compare
CLOV Clover Health Investments, Corp.	$2.5B	— (loss-making)	292×	+55.60% (above 0%: growing)	n/m	+406.43% (above 0%: growing)	20.59%	3.77%	Compare
PGNY Progyny, Inc.	$2.1B	27.7×	19.9×	+5.30% (above 0%: growing)	+80.00% (above 0%: growing)	−12.01% (below 0%: shrinking)	25.48%	11.41%	Compare
ALHC Alignment Healthcare, Inc.	$1.7B	39.4×	80.3×	+31.55% (above 0%: growing)	+125.00% (above 0%: growing)	−229.51% (below 0%: shrinking)	13.55%	3.15%	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	$10.7B	27.7×	36.3×	+18.05%	+27.88%	+62.72%	17.07%	3.53%

All 12 Healthcare Plans stocks →

Marpai, Inc. (MRAI) key facts

Concern: Marpai, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.1 million, down 35.8% from fiscal 2024.
Marpai, Inc. (MRAI) is a Healthcare Plans company in the Healthcare sector.
As of October 16, 2026, MRAI traded at $3.13, a market capitalization of $5.2 million.
Return on equity was 55.0% and debt-to-equity -0.27.
Its Piotroski F-score is 2 out of 9 and its Altman Z-score is −18.80 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.