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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.

3.13 0.06 −1.88%
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 (below 1: weak)
Debt/Equity (0.27) (negative: negative equity)
P/E ratio 0.00
Fwd P/E (3.29) (negative: loss-making)
P/S ratio 4.87
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth 64.73% (at or above 15%: strong)
Next Y EPS Growth 73.97% (at or above 15%: strong)
Next Y revenue growth 137.21% (at or above 10%: strong)
Next 5Y EPS Growth —

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.1×, against a ten-year median of 0.4×; over the ten years it ranged from −0.3× in 2023 to 5.5× in 2026.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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 $79.0B 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.

Marpai, Inc. (MRAI) Latest News

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stockrow.com/MRAI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com