Carlsmed, Inc. (CARL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CARL SEC filings page.
Carlsmed, Inc. (CARL) reported $63.3M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 2 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).
Financing-led expansion transformed the balance sheet, but operating spending still absorbs most gross profit and keeps cash generation negative.
Revenue nearly doubled while gross margin widened modestly, indicating better gross economics as the business scaled. That improvement has not yet reached cash conversion: operating cash flow moved from-$25.5M in FY2024 to-$29.0M in FY2025.
Liabilities fell sharply from
In FY2025, R&D and SG&A together consumed
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 Carlsmed, 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.
Carlsmed, Inc. has an operating margin of -60.5%, meaning the company loses $61 on every $100 of revenue. This results in a profitability score of 26/100. This is up from -88.8% the prior year.
Carlsmed, Inc.'s revenue surged 85.9% year-over-year to $50.5M, reflecting rapid business expansion. This strong growth earns a score of 98/100.
Carlsmed, Inc. carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 8.87, Carlsmed, Inc. holds $8.87 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 97/100.
Carlsmed, Inc.'s operations used $29.0M of cash, and capex of $642K added to the outflow, for a free cash flow shortfall of $29.6M. This results in a cash flow score of 4/100.
Carlsmed, Inc. posts a -30.0% return on equity (ROE), meaning it loses $30 for every $100 of shareholders' equity. This results in a returns score of 24/100.
Carlsmed, Inc. scores 7.55, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($415.8M) relative to total liabilities ($31.3M). 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.
Carlsmed, Inc. passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Carlsmed, Inc. reported a net loss of $29.6M while operations used $29.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Carlsmed, Inc. reported an operating loss of $30.6M against $1.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Carlsmed, Inc. generated $18.9M in revenue in Q2 2026. This represents an increase of 56.7% from the same quarter a year earlier. Against the prior quarter it is up 17.5%.
Carlsmed, Inc.'s EBITDA was -$10.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 70.8% from the same quarter a year earlier. Against the prior quarter it is down 19.2%.
Carlsmed, Inc. reported -$10.5M in net income in Q2 2026. This represents a decrease of 55.3% from the same quarter a year earlier. Against the prior quarter it is down 20.9%.
Carlsmed, Inc. earned -$0.39 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 21.9%.
Cash & Balance Sheet
Carlsmed, Inc. recorded an outflow of $7.5M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 1.5% from the same quarter a year earlier. Against the prior quarter it is up 42.8%.
Carlsmed, Inc. held $46.2M in cash against $15.4M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Carlsmed, Inc.'s gross margin was 76.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 3.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.
Carlsmed, Inc.'s operating margin was -58.3% in Q2 2026, reflecting core business profitability. This is down 4.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.7 percentage points.
Carlsmed, Inc.'s net profit margin was -55.5% in Q2 2026, showing the share of revenue converted to profit. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.5 percentage points.
Carlsmed, Inc.'s ROE was -12.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is down 3.0 percentage points.
Capital Allocation
Carlsmed, Inc. invested $6.0M in research and development in Q2 2026. This represents an increase of 45.2% from the same quarter a year earlier. Against the prior quarter it is up 16.6%.
Carlsmed, Inc. invested $121K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 63.0% from the same quarter a year earlier. Against the prior quarter it is up 53.2%.
Not reported for Q2 2026.
CARL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $18.9M+56.7% | $16.1M+58.2% | $15.2M | $13.1M+98.4% | $12.1M+98.7% | $10.2M | N/A | $6.6M |
| Cost of Revenue | $4.4M+36.8% | $3.7M+44.6% | $3.6M | $3.1M+75.6% | $3.2M+111.6% | $2.6M | N/A | $1.8M |
| Gross Profit | $14.5M+64.0% | $12.4M+62.7% | $11.6M | $9.9M+106.9% | $8.9M+94.4% | $7.6M | N/A | $4.8M |
| R&D Expenses | $6.0M+45.2% | $5.2M+64.4% | $5.3M | $4.4M+10.2% | $4.2M+4.1% | $3.1M | N/A | $4.0M |
| SG&A Expenses | $7.6M+127.9% | $6.2M+79.6% | $4.9M | $4.9M+155.8% | $3.3M+66.3% | $3.5M | N/A | $1.9M |
| Operating Income | -$11.0M-69.7% | -$9.3M-62.2% | -$9.3M | -$9.0M-16.2% | -$6.5M-2.9% | -$5.7M | N/A | -$7.8M |
| EBITDA | -$10.9M-70.8% | -$9.2M-61.6% | -$9.3M | -$8.9M-15.4% | -$6.4M | -$5.7M | N/A | -$7.7M |
| Interest Expense | $313K-13.8% | $311K-12.9% | $330K | $380K-5.5% | $363K+11.7% | $357K | N/A | $402K |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$10.5M-55.3% | -$8.7M-51.8% | -$8.6M | -$8.5M-9.1% | -$6.8M-7.8% | -$5.7M-5.2% | N/A | -$7.8M |
| EPS (Basic) | -$0.39+73.5% | -$0.32+78.2% | $0.03+102.6% | -$0.40+80.6% | -$1.47+5.2% | -$1.47 | -$1.14 | -$2.06 |
| EPS (Diluted) | -$0.39 | -$0.32 | $0.03 | -$0.40 | -$1.47+5.2% | -$1.47 | -$1.14 | -$2.06 |
| Diluted Shares (Avg) | 27M | 27M | N/A | 21M | 5M+13.2% | 4M | N/A | 4M |
CARL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $118.2M+121.9% | $118.8M | $130.1M+151.1% | $134.9M | $53.3M | N/A | $51.8M | N/A |
| Current Assets | $109.6M+137.3% | $115.4M | $126.7M+156.7% | $131.5M | $46.2M | N/A | $49.4M | N/A |
| Cash & Equivalents | $46.2M+38.2% | $73.0M+68.1% | $85.8M+113.8% | $115.4M+159.6% | $33.5M-12.3% | $43.4M | $40.1M | $44.4M |
| Short-Term Investments | $24.0M | $24.0M | $24.0M | $0 | $0 | $0 | $0 | $0 |
| Inventory | $2.3M+113.0% | $2.1M | $1.8M+85.4% | $1.3M | $1.1M | N/A | $995K | N/A |
| Accounts Receivable | $13.8M+41.8% | $12.3M | $11.4M+67.9% | $11.3M | $9.7M | N/A | $6.8M | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $34.0M-75.1% | $26.5M | $31.3M-74.5% | $28.2M | $136.3M | N/A | $122.5M | N/A |
| Current Liabilities | $12.4M+30.7% | $9.7M | $14.3M+61.9% | $10.9M | $9.5M | N/A | $8.8M | N/A |
| Non-Current Liabilities | $21.6M-83.0% | $16.8M | $17.0M-85.1% | $17.3M | $126.9M | N/A | $113.6M | N/A |
| Long-Term Debt | $15.4M-0.3% | $15.4M | $15.3M-0.4% | $15.4M | $15.4M | N/A | $15.4M | N/A |
| Total Equity | $84.2M+201.4% | $92.2M+220.4% | $98.9M+240.0% | $106.7M+261.5% | -$83.1M-43.9% | -$76.6M-48.7% | -$70.6M | -$66.0M |
| Retained Earnings | -$120.0M-43.4% | -$109.5M | -$100.8M-41.6% | -$92.2M | -$83.7M | N/A | -$71.2M | N/A |
Not reported in any period shown, so not listed: Goodwill.
CARL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.4M-4.5% | -$13.0M-59.5% | -$5.3M-26.6% | -$8.5M-11.6% | -$7.0M | -$8.2M | -$4.2M | -$7.6M |
| Depreciation & Amortization | $100K0.0% | $99K+147.5% | $98K+164.9% | $100K+203.0% | $100K | $40K | $37K | $33K |
| Stock-Based Compensation | $2.3M+780.2% | $1.6M+830.9% | N/A | $704K+966.7% | $258K+396.2% | $175K | N/A | $66K |
| Capital Expenditures | $121K-63.0% | $79K-4.8% | $73K+19.7% | $159K+205.8% | $327K | $83K | $61K | $52K |
| Free Cash Flow | -$7.5M-1.5% | -$13.1M-58.8% | -$5.4M-26.5% | -$8.6M-12.9% | -$7.4M | -$8.2M | -$4.3M | -$7.6M |
| Investing Cash Flow | -$19.7M-2825.1% | -$206K+13.4% | -$24.2M-39621.3% | -$343K-559.6% | -$672K | -$238K | -$61K | -$52K |
| Financing Cash Flow | $243K+110.8% | $436K-96.3% | -$29K+43.1% | $90.7M+551.4% | -$2.2M | $11.7M | -$51K | $13.9M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
CARL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.8%+3.4pp | 77.1%+2.2pp | 76.5% | 75.9%+3.1pp | 73.4%-1.6pp | 74.9% | N/A | 72.8% |
| Operating Margin | -58.3%-4.5pp | -57.6%-1.4pp | -61.4% | -69.1% | -53.8% | -56.1% | N/A | -118.0% |
| Net Margin | -55.5%+0.5pp | -54.0%+2.3pp | -56.8% | -65.2% | -56.0% | -56.2% | N/A | -118.6% |
| Return on Equity | -12.5% | -9.4% | -8.7% | -8.0% | N/A | N/A | N/A | N/A |
| Return on Assets | -8.9%+3.8pp | -7.3% | -6.6% | -6.3% | -12.7% | N/A | N/A | N/A |
| Current Ratio | 8.84+4.0x | 11.88 | 8.87+3.3x | 12.03 | 4.87 | N/A | 5.60 | N/A |
| Debt-to-Equity | 0.18 | 0.17 | 0.16 | 0.14 | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.16-0.1x | 0.14 | 0.12 | 0.10 | 0.23 | N/A | N/A | N/A |
| FCF Margin | -39.5%+21.5pp | -81.2%-0.4pp | -35.6% | -65.9% | -61.0% | -80.8% | N/A | -115.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Carlsmed, Inc. CARL | FY2025 | $50.5M | -$29.6M | -58.7% | $415.8M | 55/100 |
| So-Young International Inc. SY | FY2025 | $217.8M | -$34.6M | -15.9% | $272.7M | 33/100 |
| NRC Health NRC | FY2025 | $137.4M | $11.6M | 8.4% | $467.2M | 50/100 |
| Spok Holdings, Inc SPOK | FY2025 | $139.7M | $15.9M | 11.4% | $222.8M | 53/100 |
| OptimizeRx Corporation OPRX | FY2025 | $109.4M | $5.1M | 4.7% | $137.3M | 60/100 |
| Talkspace, Inc. TALK | FY2025 | $228.9M | $7.8M | 3.4% | $870.6M | 55/100 |
Where Carlsmed, Inc. Ranks
Frequently Asked Questions
What is Carlsmed, Inc.'s annual revenue?
Carlsmed, Inc. (CARL) reported $50.5M in total revenue for fiscal year 2025. This represents a 85.9% 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 Carlsmed, Inc.'s revenue growing?
Carlsmed, Inc. (CARL) revenue grew by 85.9% year-over-year, from $27.2M to $50.5M in fiscal year 2025.
Is Carlsmed, Inc. profitable?
No, Carlsmed, Inc. (CARL) reported a net income of -$29.6M in fiscal year 2025, with a net profit margin of -58.7%.
What is Carlsmed, Inc.'s EBITDA?
Carlsmed, Inc. (CARL) had EBITDA of -$30.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Carlsmed, Inc. have?
As of fiscal year 2025, Carlsmed, Inc. (CARL) had $85.8M in cash and equivalents against $15.3M in long-term debt.
What is Carlsmed, Inc.'s gross margin?
Carlsmed, Inc. (CARL) had a gross margin of 75.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Carlsmed, Inc.'s operating margin?
Carlsmed, Inc. (CARL) had an operating margin of -60.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Carlsmed, Inc.'s net profit margin?
Carlsmed, Inc. (CARL) had a net profit margin of -58.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Carlsmed, Inc.'s return on equity (ROE)?
Carlsmed, Inc. (CARL) has a return on equity of -30.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Carlsmed, Inc.'s free cash flow?
Carlsmed, Inc. (CARL) recorded an outflow of $29.6M in free cash flow during fiscal year 2025. This represents a -15.5% 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 Carlsmed, Inc.'s operating cash flow?
Carlsmed, Inc. (CARL) recorded an outflow of $29.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Carlsmed, Inc.'s total assets?
Carlsmed, Inc. (CARL) had $130.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Carlsmed, Inc.'s capital expenditures?
Carlsmed, Inc. (CARL) invested $642K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Carlsmed, Inc. spend on research and development?
Carlsmed, Inc. (CARL) invested $17.0M in research and development during fiscal year 2025.
What is Carlsmed, Inc.'s current ratio?
Carlsmed, Inc. (CARL) had a current ratio of 8.87 as of fiscal year 2025, which is generally considered healthy.
What is Carlsmed, Inc.'s debt-to-equity ratio?
Carlsmed, Inc. (CARL) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Carlsmed, Inc.'s return on assets (ROA)?
Carlsmed, Inc. (CARL) had a return on assets of -22.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Carlsmed, Inc.'s P/E ratio?
Carlsmed, Inc. (CARL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $415.8M as of Sep 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Carlsmed, Inc.'s price-to-sales ratio?
Carlsmed, Inc. (CARL) trades at 6.6x sales, its market capitalization divided by revenue of $63.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $415.8M as of Sep 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Carlsmed, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Carlsmed, Inc. (CARL) held $109.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $29.0M over that year. Dividing the one by the other, the reported balance equals about 45 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Carlsmed, Inc.'s Altman Z-Score?
Carlsmed, Inc. (CARL) has an Altman Z-Score of 7.55, 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 Carlsmed, Inc.'s Piotroski F-Score?
Carlsmed, Inc. (CARL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 Carlsmed, Inc.'s earnings high quality?
Carlsmed, Inc. (CARL) reported a net loss of $29.6M while operations used $29.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Carlsmed, Inc. cover its interest payments?
Carlsmed, Inc. (CARL) reported an operating loss of $30.6M against $1.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Carlsmed, Inc.?
Carlsmed, Inc. (CARL) scores 55 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.