Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Carlsmed looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 92% of peers, at an operating loss.
Revenue grew faster than 92% of peers, but the business runs at an operating loss (margin -61%).
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-9.2%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148
EBITDA yield-11.3%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401
Free cash flow yield-8.8%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Carlsmed
Is Carlsmed getting weaker?
Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 50/100 since Oct 28, 2026.
How is Carlsmed valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers.Earnings yield -9.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -9.2% vs peers 1.5% (weaker than 100% of peers).
Is Carlsmed growing?
Yes, faster than most of its peers. Growth scores 85/100 against 1,393 healthcare peers.Revenue growth 65.4% vs a peer median of 6.1% (stronger than 92% of peers).Revenue growth 65.4% vs peers 6.1% (stronger than 92% of peers).
How profitable is Carlsmed?
Less profitable than most of its peers. Profitability scores 17/100 against 1,393 healthcare peers.Return on invested capital -57.2% vs a peer median of 4.7% (weaker than 89% of peers).Return on invested capital -57.2% vs peers 4.7% (weaker than 89% of peers).
How risky is Carlsmed?
Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings.Current ratio 8.84× vs a peer median of 2.59× (stronger than 85% of peers).Current ratio 8.84× vs peers 2.59× (stronger than 85% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Worth watching: Carlsmed is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
56.4M USD
63.3M USD
+12.1%
Net income (12 months)
−32.6M USD
−36.3M USD
+11.5%
Operating margin
-60.5%
-61.1%
−0.6 pts
Free cash flow (12 months)
−34.5M USD
−34.6M USD
+0.3%
Debt
15.4M USD
15.4M USD
+0.1%
Cash
73.0M USD
46.2M USD
−36.7%
Shares outstanding
27.2M
27.3M
+0.4%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Healthcare · 301 companies
Valuations in Healthcare are within their usual range since 2016.
52% of months since 2016 were valued lower than now.
19% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +8% and earnings +24% (medians): earnings grew faster than prices.
Median price-to-sales is +63% vs the whole market, against a usual +119%.
2016Shaded: most expensive fifth of its range2026
Shown for Healthcare: too few Health Information Services companies have a long enough history of their own.
Earnings-based measures are left out for now because many companies in Healthcare are losing money.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2024
FY 2025
Change
Gross margin
73.8%
75.3%
▲ 1.5 pts
Operating margin
-88.8%
-60.5%
▲ 28 pts
Net margin
-89.3%
-58.7%
▲ 31 pts
Return on assets (ROA)
-46.8%
-22.8%
▲ 24 pts
Return on equity (ROE)
—
-30.0%
—
Free cash flow margin
-94.4%
-58.6%
▲ 36 pts
Current ratio
5.60×
8.87×
▲ 59%
Quick ratio
5.48×
8.74×
▲ 59%
Debt to equity
—
0.16×
—
Interest coverage
-18.26×
-21.38×
▼ 17%
CARL price history
Price history is added with the daily price update and will appear after the next one.