CAI

MKT CAP:$6B

Caris Life Sciences, Inc.

Market Cap

$6B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$20.20-$6.78 (-25.13%)

Apr 24, 2026

Company Details

Caris Life Sciences, Inc., an artificial intelligence TechBio company, provides molecular profiling services in the United States and internationally. It develops and commercializes solutions to transform healthcare using molecular informat...

CEO

David Dean Halbert

IPO Date

Jun 18, 2025

Website

www.carislifesciences.com

Key Metrics TTM

Revenue

$619M

+77.9% YoY

Net Income

-$216M

EPS (Diluted)

-$2.54

Free Cash Flow

-$38M

Revenue / Share

$2.08

Gross Margin

57.5%

Operating Margin

9.6%

Net Margin

-34.9%

FCF Margin

-6.2%

P/S

9.2x

P/E

—

Earnings Reports

Q3 2025

Nov 5, 2025

$217MEPS $0.08

Q2 2025

Aug 12, 2025

$181M+81.3%EPS -$1.87

Q1 2025

Mar 31, 2025

$121M+49.9%EPS -$0.40

FY 2024

Dec 31, 2024

$412M+34.7%EPS -$2.70

Q2 2024

Jun 30, 2024

$100MEPS -$0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$111M	$55M	$35M
Q2 19	$106M	$51M	$34M
Q3 19	$108M	$52M	$34M
Q4 19	$100M	$48M	$28M
Q1 20	$105M	$51M	$34M
Q2 20	$76M	$47M	$33M
Q3 20	$79M	$49M	$36M
Q4 20	$64M	$41M	$36M
Q1 21	$81M	$39M	$49M
Q2 21	$86M	$43M	$51M
Q3 21	$101M	$54M	$66M
Q1 24	$81M	$26M	-$92M
Q2 24	$100M	$38M	$67M
Q1 25	$121M	$57M	-$58M
Q2 25	$181M	$114M	$18M
Q3 25	$217M	$148M	$33M

Valuation

Quarter	P/S	P/E
Q1 19	15.5x	87.0x
Q2 19	15.6x	100.8x
Q3 19	15.8x	163.6x
Q4 19	16.4x	224.5x
Q1 20	16.6x	626.9x
Q2 20	17.9x	6076.3x
Q3 20	19.3x	326.4x
Q4 20	21.5x	251.1x
Q1 21	23.2x	107.5x
Q2 21	22.5x	67.4x
Q3 21	21.0x	50.1x
Q1 24	20.0x	504.2x
Q2 24	19.0x	—
Q1 25	17.3x	—
Q2 25	15.6x	—
Q3 25	13.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	$54M	-$87M
Q2 19	$61M	$35M
Q3 19	$72M	-$18M
Q4 19	$66M	$5M
Q1 20	$60M	$32M
Q2 20	$66M	$60M
Q3 20	$73M	$56M
Q4 20	$79M	-$91M
Q1 21	$76M	-$96M
Q2 21	$86M	-$19M
Q3 21	$98M	-$448M
Q1 24	-$74M	-$76M
Q2 24	-$63M	-$66M
Q1 25	-$31M	-$34M
Q2 25	$7M	$6M
Q3 25	$62M	$55M

Capital Expenditures

Quarter	CapEx
Q1 19	$141M
Q2 19	$26M
Q3 19	$90M
Q4 19	$61M
Q1 20	$28M
Q2 20	$5M
Q3 20	$16M
Q4 20	$170M
Q1 21	$172M
Q2 21	$105M
Q3 21	$545M
Q1 24	$2M
Q2 24	$3M
Q1 25	$3M
Q2 25	$1M
Q3 25	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	+16.5%	+20.6%
Q2 19	-0.1%	+3.9%
Q3 19	-6.8%	-2.7%
Q4 19	-13.3%	-6.1%
Q1 20	-5.5%	-5.8%
Q2 20	-28.3%	-40.0%
Q3 20	-26.5%	-40.5%
Q4 20	-35.8%	-60.8%
Q1 21	-23.1%	-55.2%
Q2 21	+13.2%	-18.4%
Q3 21	+27.5%	-21.0%
Q1 24	+25.4%	+511.9%
Q2 24	+23.8%	+3.1%
Q1 25	+41.1%	+413.2%
Q2 25	+79.9%	+375.2%
Q3 25	+168.8%	+6.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$839.0K	0.8%
Q2 19	$562.0K	0.5%
Q3 19	$741.0K	0.7%
Q4 19	$616.0K	0.6%
Q1 20	$874.0K	0.8%
Q2 20	-$73.0K	-0.1%
Q3 20	$615.0K	0.8%
Q4 20	$359.0K	0.6%
Q1 21	$540.0K	0.7%
Q2 21	$593.0K	0.7%
Q3 21	$566.0K	0.6%
Q1 24	$4M	5.5%
Q2 24	$4M	4.5%
Q1 25	$15M	12.1%
Q2 25	$28M	15.6%
Q3 25	$14M	6.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 19	—	$14M	$5M
Q2 19	—	$12M	$4M
Q3 19	—	$13M	$5M
Q4 19	—	$15M	$5M
Q1 20	—	$12M	$6M
Q2 20	—	$7M	$6M
Q3 20	—	$6M	$7M
Q4 20	—	$6M	—
Q1 21	—	$8M	—
Q2 21	—	$10M	—
Q3 21	—	$12M	—
Q1 24	$34M	$45M	$38M
Q2 24	$25M	$41M	$39M
Q1 25	$23M	$53M	$39M
Q2 25	$25M	$64M	$42M
Q3 25	$22M	$52M	$41M

Revenue by Geography

Quarter	Non-US	United States
Q2 25	$3M	$178M
Q3 25	$3M	$214M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 18	$45M	$76M	$121M
Q1 19	$47M	$75M	$122M
Q2 19	$57M	$75M	$132M
Q3 19	$48M	$67M	$115M
Q4 19	$46M	$0	$46M
Q1 20	$109M	$0	$109M
Q2 20	$48M	$0	$48M
Q3 20	$42M	$75M	$118M
Q4 20	$54M	$79M	$133M
Q1 21	$48M	$0	$48M
Q2 21	$39M	$0	$39M
Q3 21	$47M	$0	$47M
Q1 25	$31M	$2M	$33M
Q2 25	$719M	$2M	$721M
Q3 25	$753M	$2M	$755M
Q4 25	$798M	$2M	$800M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	19M	-2.2%	-8.7%
Q2 19	18M	-5.0%	-9.7%
Q3 19	18M	-2.2%	-10.1%
Q4 19	17M	-0.5%	-9.7%
Q1 20	17M	0.0%	-7.6%
Q2 20	18M	+1.0%	-1.8%
Q3 20	18M	+0.6%	+1.0%
Q4 20	18M	+1.4%	+3.0%
Q1 21	18M	-2.4%	+0.5%
Q2 21	17M	-0.2%	-0.7%
Q3 21	18M	+0.3%	-1.0%
Q1 24	255M	+1353.4%	+1319.5%
Q2 24	255M	0.0%	+1354.4%
Q1 25	255M	0.0%	+1357.7%
Q2 25	276M	+8.3%	+1474.4%
Q3 25	297M	+7.7%	+16.7%

Shares Outstanding