Caris Life Sciences, Inc. Financials
This page shows Caris Life Sciences, Inc. (CAI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
In FY2025, scale-driven operating leverage flipped the core business profitable, while external financing rebuilt a previously strained balance sheet.
The striking shift is that operating profit and free cash flow turned positive in FY2025 even though net income stayed negative; that usually means the core operation crossed an important threshold, but financing costs still pulled reported earnings below zero. That reading matches the move in operating margin from-62.4% to5.6% , while the much larger cash cushion was built mainly through external financing rather than business cash alone.
The income statement suggests fixed-cost absorption, not just austerity: revenue nearly doubled in FY2025, while SG&A and R&D grew much more slowly or even eased, allowing operating losses to reverse without an obvious retreat from commercial and development spend. That pattern is what a heavy cost base looks like once scale starts covering it.
The balance sheet moved from negative equity in FY2024 to positive equity in FY2025, lifting current coverage to 7.8x and making near-term obligations look far less constrained. But with long-term debt of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Caris Life Sciences, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Caris Life Sciences, Inc. has an operating margin of 5.6%, meaning the company retains $6 of operating profit per $100 of revenue. This below-average margin results in a low score of 21/100, suggesting thin profitability after operating expenses. This is up from -62.4% the prior year.
Caris Life Sciences, Inc.'s revenue surged 97.0% year-over-year to $812.0M, reflecting rapid business expansion. This strong growth earns a score of 96/100.
Caris Life Sciences, Inc. carries a low D/E ratio of 0.66, meaning only $0.66 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 7.85, Caris Life Sciences, Inc. holds $7.85 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 95/100.
Caris Life Sciences, Inc.'s free cash flow margin of 8.2% results in a low score of 10/100. Capital expenditures of $16.3M absorb a large share of operating cash flow.
Caris Life Sciences, Inc. generates a -11.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 15/100.
Caris Life Sciences, Inc. scores 4.14, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.1B) relative to total liabilities ($548.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Caris Life Sciences, Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Caris Life Sciences, Inc. generates $-1.22 in operating cash flow ($83.2M OCF vs -$68.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Caris Life Sciences, Inc. earns $0.8 in operating income for every $1 of interest expense ($45.1M vs $56.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Caris Life Sciences, Inc. generated $812.0M in revenue in fiscal year 2025. This represents an increase of 97.0% from the prior year.
Caris Life Sciences, Inc.'s EBITDA was $67.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 132.5% from the prior year.
Caris Life Sciences, Inc. reported -$68.1M in net income in fiscal year 2025. This represents an increase of 75.8% from the prior year.
Caris Life Sciences, Inc. earned $-3.22 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Caris Life Sciences, Inc. generated $66.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 126.4% from the prior year.
Caris Life Sciences, Inc. held $796.3M in cash against $378.8M in long-term debt as of fiscal year 2025.
Caris Life Sciences, Inc. had 283M shares outstanding in fiscal year 2025.
Margins & Returns
Caris Life Sciences, Inc.'s operating margin was 5.6% in fiscal year 2025, reflecting core business profitability. This is up 67.9 percentage points from the prior year.
Caris Life Sciences, Inc.'s net profit margin was -8.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 60.0 percentage points from the prior year.
Caris Life Sciences, Inc.'s ROE was -11.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Caris Life Sciences, Inc. invested $101.6M in research and development in fiscal year 2025. This represents a decrease of 10.8% from the prior year.
Caris Life Sciences, Inc. spent $113K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Caris Life Sciences, Inc. invested $16.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 92.6% from the prior year.
CAI Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $216.2M-26.2% | $292.9M+35.1% | $216.8M+19.5% | $181.4M+50.0% | $120.9M | N/A | $101.6M+1.6% | $100.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $31.3M-1.7% | $31.8M+47.3% | $21.6M-13.7% | $25.0M+8.6% | $23.1M | N/A | $27.6M+11.5% | $24.8M |
| SG&A Expenses | $59.7M+5.7% | $56.5M+8.7% | $52.0M-19.3% | $64.4M+23.5% | $52.1M | N/A | $40.9M-0.5% | $41.1M |
| Operating Income | $5.3M-94.0% | $88.4M+170.9% | $32.6M+281.5% | -$18.0M+69.0% | -$58.0M | N/A | -$60.8M+9.2% | -$67.0M |
| Interest Expense | $12.8M+12.8% | $11.3M-16.0% | $13.5M-29.7% | $19.2M+50.3% | $12.8M | N/A | $13.8M+0.9% | $13.7M |
| Income Tax | -$134K | $0 | $0 | $0 | $0 | N/A | $0 | $0 |
| Net Income | -$510K-100.6% | $82.0M+236.9% | $24.3M+133.9% | -$71.8M+30.0% | -$102.6M | N/A | -$67.7M-2.3% | -$66.2M |
| EPS (Diluted) | $0.00 | N/A | $0.08+101.0% | $-7.97-123.2% | $-3.57 | N/A | $-2.59-2.0% | $-2.54 |
CAI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B+3.3% | $1.1B+14.3% | $984.6M+3.1% | $955.1M | N/A | $343.7M | N/A | N/A |
| Current Assets | $1.0B+1.6% | $997.8M+16.8% | $854.2M+2.5% | $833.3M | N/A | $215.7M | N/A | N/A |
| Cash & Equivalents | $819.9M+3.0% | $796.3M+5.7% | $753.2M+4.8% | $718.9M+2204.2% | $31.2M-51.2% | $64.0M | N/A | N/A |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $90.5M-19.3% | $112.1M+320.0% | $26.7M-47.5% | $50.9M | N/A | $88.2M | N/A | N/A |
| Goodwill | $19.3M0.0% | $19.3M0.0% | $19.3M0.0% | $19.3M | N/A | $19.3M | N/A | N/A |
| Total Liabilities | $568.9M+3.7% | $548.4M+8.3% | $506.2M+0.8% | $502.2M | N/A | $2.8B | N/A | N/A |
| Current Liabilities | $143.9M+13.2% | $127.1M+47.8% | $86.0M-4.6% | $90.2M | N/A | $165.4M | N/A | N/A |
| Long-Term Debt | $381.4M+0.7% | $378.8M+0.7% | $376.3M+0.7% | $373.6M | N/A | $319.4M | N/A | N/A |
| Total Equity | $593.5M+2.8% | $577.3M+20.7% | $478.4M+5.6% | $452.9M+117.4% | -$2.6B-4.0% | -$2.5B-2.3% | -$2.4B-3.5% | -$2.4B |
| Retained Earnings | -$2.5B0.0% | -$2.5B+3.1% | -$2.6B+0.9% | -$2.7B | N/A | -$2.5B | N/A | N/A |
CAI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $32.9M-26.6% | $44.8M-28.3% | $62.4M+756.5% | $7.3M+123.3% | -$31.3M+19.5% | -$38.9M+43.9% | -$69.4M | N/A |
| Capital Expenditures | $10.3M+103.2% | $5.1M-28.3% | $7.1M+411.9% | $1.4M-48.5% | $2.7M+17.4% | $2.3M+25.3% | $1.8M | N/A |
| Free Cash Flow | $22.5M-43.2% | $39.7M-28.3% | $55.3M+837.5% | $5.9M+117.3% | -$34.0M+17.4% | -$41.2M+42.2% | -$71.3M | N/A |
| Investing Cash Flow | -$10.3M-103.2% | -$5.1M+28.3% | -$7.1M-411.9% | -$1.4M+48.5% | -$2.7M-17.4% | -$2.3M-25.3% | -$1.8M | N/A |
| Financing Cash Flow | $824K-75.8% | $3.4M+116.1% | -$21.1M-103.1% | $681.4M+52927.4% | $1.3M+468.6% | $226K+159.8% | $87K | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $91K | $0 | $0-100.0% | $22K | $0 | $0 | N/A |
CAI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 2.4%-27.8pp | 30.2%+15.1pp | 15.0%+25.0pp | -9.9%+38.0pp | -47.9% | N/A | -59.9%+7.1pp | -67.0% |
| Net Margin | -0.2%-28.2pp | 28.0%+16.8pp | 11.2%+50.8pp | -39.6%+45.3pp | -84.8% | N/A | -66.6%-0.5pp | -66.1% |
| Return on Equity | -0.1%-14.3pp | 14.2%+9.1pp | 5.1%+20.9pp | -15.8% | N/A | N/A | N/A | N/A |
| Return on Assets | -0.0%-7.3pp | 7.3%+4.8pp | 2.5%+10.0pp | -7.5% | N/A | N/A | N/A | N/A |
| Current Ratio | 7.05-0.8 | 7.85-2.1 | 9.93+0.7 | 9.24 | N/A | 1.30 | N/A | N/A |
| Debt-to-Equity | 0.64-0.0 | 0.66-0.1 | 0.79-0.0 | 0.82 | N/A | -0.13 | N/A | N/A |
| FCF Margin | 10.4%-3.1pp | 13.6%-12.0pp | 25.5%+22.3pp | 3.3%+31.4pp | -28.1% | N/A | -70.1% | N/A |
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Frequently Asked Questions
What is Caris Life Sciences, Inc.'s annual revenue?
Caris Life Sciences, Inc. (CAI) reported $812.0M in total revenue for fiscal year 2025. This represents a 97.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Caris Life Sciences, Inc.'s revenue growing?
Caris Life Sciences, Inc. (CAI) revenue grew by 97% year-over-year, from $412.3M to $812.0M in fiscal year 2025.
Is Caris Life Sciences, Inc. profitable?
No, Caris Life Sciences, Inc. (CAI) reported a net income of -$68.1M in fiscal year 2025, with a net profit margin of -8.4%.
What is Caris Life Sciences, Inc.'s EBITDA?
Caris Life Sciences, Inc. (CAI) had EBITDA of $67.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Caris Life Sciences, Inc. have?
As of fiscal year 2025, Caris Life Sciences, Inc. (CAI) had $796.3M in cash and equivalents against $378.8M in long-term debt.
What is Caris Life Sciences, Inc.'s operating margin?
Caris Life Sciences, Inc. (CAI) had an operating margin of 5.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Caris Life Sciences, Inc.'s net profit margin?
Caris Life Sciences, Inc. (CAI) had a net profit margin of -8.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Caris Life Sciences, Inc.'s return on equity (ROE)?
Caris Life Sciences, Inc. (CAI) has a return on equity of -11.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Caris Life Sciences, Inc.'s free cash flow?
Caris Life Sciences, Inc. (CAI) generated $66.9M in free cash flow during fiscal year 2025. This represents a 126.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Caris Life Sciences, Inc.'s operating cash flow?
Caris Life Sciences, Inc. (CAI) generated $83.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Caris Life Sciences, Inc.'s total assets?
Caris Life Sciences, Inc. (CAI) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Caris Life Sciences, Inc.'s capital expenditures?
Caris Life Sciences, Inc. (CAI) invested $16.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Caris Life Sciences, Inc. spend on research and development?
Caris Life Sciences, Inc. (CAI) invested $101.6M in research and development during fiscal year 2025.
What is Caris Life Sciences, Inc.'s current ratio?
Caris Life Sciences, Inc. (CAI) had a current ratio of 7.85 as of fiscal year 2025, which is generally considered healthy.
What is Caris Life Sciences, Inc.'s debt-to-equity ratio?
Caris Life Sciences, Inc. (CAI) had a debt-to-equity ratio of 0.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Caris Life Sciences, Inc.'s return on assets (ROA)?
Caris Life Sciences, Inc. (CAI) had a return on assets of -6.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Caris Life Sciences, Inc.'s Altman Z-Score?
Caris Life Sciences, Inc. (CAI) has an Altman Z-Score of 4.14, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Caris Life Sciences, Inc.'s Piotroski F-Score?
Caris Life Sciences, Inc. (CAI) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Caris Life Sciences, Inc.'s earnings high quality?
Caris Life Sciences, Inc. (CAI) has an earnings quality ratio of -1.22x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Caris Life Sciences, Inc. cover its interest payments?
Caris Life Sciences, Inc. (CAI) has an interest coverage ratio of 0.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Caris Life Sciences, Inc.?
Caris Life Sciences, Inc. (CAI) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.