Caris Life Sciences, Inc. (CAI) financials
NASDAQ · Healthcare · Biotechnology · 1,846 employees · CEO David Dean Halbert
- Price
- $34.33 -5.01%
- Market cap
- $9.7B
- Enterprise value
- $9.47B
- Last report
- Q2 '26 filed 2026-08-05
- Next report
- 2026-11-04 EPS est. $0.03
Revenue (TTM)$990M+85.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)15.5%+41.3 pp vs a year agoOperating income $153M
Net income (TTM)$105M+137.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$146M+204.2% vs a year agoCapex $54.9M
Diluted EPS (TTM)$0.36+112.7% vs a year agoSum of the last 4 quarters
Net cash$341M+12.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $9.7B EV $9.47B
- Revenue
- $990M Trailing 12 months
- Revenue growth
- +27% FY2026 consensus
- Profit margin
- 10.6% Net income / revenue, TTM
- P/E
- 92.3× Forward 285.2× (FY2026)
- P/S
- 9.8× Price / sales, TTM
- EV / EBITDA
- 54.8× TTM
- Free cash flow
- $146M Trailing 12 months
- Net income
- $105M Trailing 12 months
- Revenue estimate
- $1.03B FY2026 consensus
- Earnings
- 2026-11-04 Revenue est. $255M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-05): revenue beat by 10.8%, EPS missed by 139.2%Revenue $264M vs $238M expected (+10.8%); EPS -$0.00 vs $0.01 (-139.2%).
- Revenue growth slowing: 45.4% year on yearQ2 '26 revenue $264M, against an average of 99.7% over the four quarters before.
- Operating margin 15.5% (TTM), +41.3 pp on a year agoOperating income grew 211.2% while revenue grew 85.4%.
- 45.9% of pre-tax profit is eaten by non-operating lossesPre-tax income $105M vs operating income $153M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.6% of revenue (a year ago 1.5%)$54.9M invested in the last 4 quarters (+570.6% on a year earlier). Free cash flow $146M = 139.3% of net income.
- Returned $38M to shareholders = 25.9% of free cash flowBuybacks $38M (a year earlier $22K), dividends $0, stock-based pay $65.1M (TTM).
- Diluted share count up 2.5% in a year283M diluted shares in Q2 '26, 276M a year earlier.
- Net cash $341MCash + short-term investments $793M, debt incl. leases $452M; a year ago net cash $302M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $264M | $181M | +45.4% |
| Gross margin | 68.1% | 62.7% | +5.4 pp |
| Operating income | $26.9M | $18M | +49.7% |
| Operating margin | 10.2% | 9.9% | +0.3 pp |
| Net income | -$637K | -$71.8M | +99.1% |
| Diluted EPS | -$0.00 | -$1.87 | +99.9% |
| Operating cash flow | $61.4M | $7.29M | +741.8% |
| Capex | $32.4M | $1.39M | +2,238.9% |
| Free cash flow | $28.9M | $5.9M | +390.3% |
| R&D | $32.4M | $25M | +29.2% |
| Stock-based compensation | $38.1M | $28.3M | +34.6% |
Reported vs consensus
2026-08-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $264M | $238M | +10.8% |
| EPS (as estimated) | -$0.00 | $0.01 | -139.2% |
From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Pharma Research And Development Services | $11.5M | -38.0% | 100.0% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $262M | +46.8% | 99.2% | – | – | |
| Non-US | $2.14M | -33.6% | 0.8% | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '25
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Reportable Segment | $217M | – | $32.6M | – | 15.1% | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $201M
- Capex
- -$54.9M
- Buybacks
- -$38M
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- -$8.91M
- Stock-based compensation
- $65.1M
- Free cash flow
- $146M
- Returned to shareholders / FCF
- 25.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 92.3× | 18.1× 1 of 5 years | 18.1× – 18.1× |
| EV / EBITDA | 54.8× | 320.6× 2 of 5 years | 8.6× – 632.6× |
| EV / Sales | 9.6× | 17.3× | 7.5× – 28.2× |
| Price / FCF | 66.2× | 61.3× 2 of 5 years | 8.7× – 113.9× |
| Price / Book | 16.4× | 7.0× 2 of 5 years | 0.7× – 13.2× |
| FCF yield | 1.5% | -0.0% | -4.6% – 11.5% |
| Return on invested capital | 14.7% | -48.7% | -105.2% – 5.3% |
| Return on equity | 18.8% | -8.6% | -93.2% – 18.8% |
Analysts
Consensus target $28.50 (-17.0%)
range $22.00 – $38.00 · rating Buy
Strong buy0
Buy7
Hold1
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1.03B | +26.8% | $0.12 | +106.5% | 285.2× | 8 |
| FY2027 | $1.23B | +19.3% | $0.35 | +191.3% | 97.9× | 8 |
| FY2028 | $1.42B | +15.9% | $0.51 | +46.6% | 66.8× | 7 |
| FY2029 | $1.63B | +14.8% | $0.60 | +16.7% | 57.2× | 2 |
| FY2030 | $1.86B | +13.6% | $0.73 | +20.8% | 47.4× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 258 figures Caris Life Sciences, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $100M2026-06-07 | – | – | – | – | – | |
| Accounts Payable, Current | $86M | $28.7M | +199.3% | $39.2M | $27.8M | +41.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $117M | $50.9M | +129.7% | $112M | $88.2M | +27.1% |
| Accrued Bonuses, Current | $15.5M | $13.5M | +14.4% | $31.5M | $25.7M | +22.3% |
| Accrued Liabilities, Current | $105M | $61.4M | +71.6% | $87.8M | $77.5M | +13.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $251M | $242M | +3.9% | $241M | $229M | +5.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $529K | $669K | -20.9% | $936K | $210K | +345.7% |
| Additional Paid in Capital | $3.14B | $3.12B | +0.5% | $3.14B | $0 | – |
| Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | $02025-12-31 | $25M | -100.0% | $85.4M | $96.4M | -11.3% |
| Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | – | – | – | $9M2025-06-20 | – | – |
| Advertising Expense | $3.1M2025-12-31 | $300K | +933.3% | $3.6M | $1.2M | +200.0% |
| Amortization of Debt Discount (Premium) | $298K | $7.76M | -96.2% | $12.8M | $7.05M | +81.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 29.7M | 27.9M | +6.4% | 26.5M | 213M | -87.5% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $22.2M | $28.3M | -21.5% | $70M | $18.6M | +275.5% |
| Assets | $1.23B | $955M | +28.7% | $1.13B | $344M | +227.5% |
| Assets, Current | $1.06B | $833M | +26.9% | $998M | $216M | +362.5% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $2.45M | $2.05M | +19.3% |
| Cash and Cash Equivalents, at Carrying Value | $820M2026-03-31 | $31.2M | +2,527.8% | $796M | $64M | +1,145.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $800M2025-12-31 | $68M | +1,076.0% | $800M | $68M | +1,076.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $693M | $723M | -4.1% | $800M | $68M | +1,076.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$131M | $687M | -119.0% | $732M | $8.02M | +9,026.2% |
| Common Stock, Other Shares, Outstanding | 23.4K | 43.6K | -46.2% | 23.4K | 662K | -96.5% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 2.8B | 2.8B | 0.0% | 2.8B | 1.15B | +143.5% |
| Common Stock, Shares, Issued | 283M | 283M | 0.0% | 284M | 36.7M | +674.5% |
| Common Stock, Shares, Outstanding | 283M | 281M | +0.5% | 283M | 36.5M | +674.0% |
| Common Stock, Value, Issued | $283K | $282K | +0.4% | $283K | $38K | +644.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$1M | -$71.4M | +98.6% | -$67.4M | -$282M | +76.1% |
| Contract with Customer, Liability | $21.1M | – | – | – | – | – |
| Contract with Customer, Liability, Current | $20.5M | $5.34M | +284.2% | $24.5M | $7.47M | +227.9% |
| Contract with Customer, Liability, Noncurrent | $539K | – | – | – | – | – |
| Contract with Customer, Liability, Revenue Recognized | – | – | – | $5.4M2024-12-31 | $700K | +671.4% |
| Conversion of Stock, Amount Converted | – | – | – | $2.39B | $0 | – |
| Costs and Expenses | $237M | $199M | +18.8% | $767M | $669M | +14.6% |
| Debt Instrument, Unamortized Discount | $28.3M2026-03-31 | – | – | $28.3M | $28.3M | 0.0% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $7.31M | $30.6M | -76.1% | $25.6M | $30.9M | -17.2% |
| Deferred Offering Costs | – | – | – | $4.5M2024-12-31 | – | – |
| Deferred Tax Asset, Interest Carryforward | $44.2M2025-12-31 | $35.6M | +24.1% | $44.2M | $35.6M | +24.1% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $3.16M2025-12-31 | $3.56M | -11.0% | $3.16M | $3.56M | -11.0% |
| Deferred Tax Assets, Gross | $424M2025-12-31 | $434M | -2.3% | $424M | $434M | -2.3% |
| Deferred Tax Assets, in Process Research and Development | $02025-12-31 | $52.1M | -100.0% | $0 | $52.1M | -100.0% |
| Deferred Tax Assets, Operating Loss Carryforwards | $310M2025-12-31 | $291M | +6.6% | $310M | $291M | +6.6% |
| Deferred Tax Assets, Other | $6.23M2025-12-31 | $1.96M | +218.4% | $6.23M | $1.96M | +218.4% |
| Deferred Tax Assets, Property, Plant and Equipment | $3.75M2025-12-31 | $4.8M | -21.9% | $3.75M | $4.8M | -21.9% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $2.84M2025-12-31 | $2.84M | 0.0% | $2.84M | $2.84M | 0.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $14M2025-12-31 | $5.99M | +134.3% | $14M | $5.99M | +134.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $10M2025-12-31 | $8.45M | +18.3% | $10M | $8.45M | +18.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $18.3M2025-12-31 | $16.9M | +8.3% | $18.3M | $16.9M | +8.3% |
| Deferred Tax Assets, Valuation Allowance | $410M2025-12-31 | $422M | -2.6% | $410M | $422M | -2.6% |
| Deferred Tax Liabilities, Derivatives | $3.6M2025-12-31 | $3.46M | +4.1% | $3.6M | $3.46M | +4.1% |
| Deferred Tax Liabilities, Goodwill | $281K2025-12-31 | $262K | +7.3% | $281K | $262K | +7.3% |
| Deferred Tax Liabilities, Gross | $13.9M2025-12-31 | $12.8M | +9.1% | $13.9M | $12.8M | +9.1% |
| Deferred Tax Liabilities, Net | $02025-12-31 | $0 | – | $0 | $0 | – |
| Deferred Tax Liabilities, Other | $02025-12-31 | $0 | – | $0 | $0 | – |
| Defined Contribution Plan, Cost | $1.9M2025-12-31 | $1.8M | +5.6% | $8.4M | $8M | +5.0% |
| Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 0.0%2025-12-31 | – | – | 100.0% | – | – |
| Depreciation, Depletion and Amortization | $6.5M | $6.4M | +1.6% | $22.6M | $48.9M | -53.8% |
| Derivative Liability | – | – | – | $6.06M2024-12-31 | – | – |
| Dividends Payable | $384M2025-12-31 | $0 | – | $384M | $0 | – |
| Earnings Per Share, Basic | $0.00 | -$7.97 | +100.0% | -$3.22 | -$10.66 | +69.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30
Data as of 2026-11-02