Caris Life Sciences, Inc.
CAIHealthcare|Biotechnology|US
$25.23
-0.80 (-3.07%)
Tangible Book / Share
$2.18
Graham Number
$4.14
Cash / Share
$2.70
Financials
Financial Snapshot
Market Cap
$7.13B
Enterprise Value
$6.53B
Revenue (TTM)
$1.05B
Net Income (TTM)
$96.1M
Cash & Investments
$767.4M
Net Cash
$697.6M
Free Cash Flow (TTM)
$51.4M
Operating CF (TTM)
$116.8M
Debt/Equity
0.11
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $73.7M | $66.1M | $65.5M | $121.3M | $46.5M | $132.5M | $409.6M | $121.6M | $66.2M | $800.1M | $767.4M | |
| Operating Cash Flow | $147.4M | $129.3M | $155.2M | $179.8M | $254.0M | $277.0M | -$285.7M | -$276.1M | -$245.2M | $83.2M | $116.8M | |
| Free Cash Flow | -$242.0M | -$122.0M | -$347.0M | -$633.1M | -$65.1M | $57.6M | -$328.0M | -$298.4M | -$253.6M | $66.9M | $51.4M | |
| Capital Expenditure | -$389.4M | -$251.2M | -$502.2M | -$812.8M | -$319.1M | -$219.4M | -$42.3M | -$22.3M | -$8.4M | -$16.3M | -$65.3M | |
| Financing Cash Flow | $156.5M | $46.6M | $245.6M | $512.4M | -$108.5M | -$249.9M | $10.4M | $10.1M | $200.3M | $665.0M | -$17.6M |
R&D Spending
R&D (TTM)
$103.4M
R&D Intensity
9.9%
R&D Growth vs Prior
+128.2%
| Metric | Trend | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $249.7M | $294.4M | $348.4M | $432.1M | $416.5M | $294.0M | $258.5M | $306.1M | $412.3M | $812.0M | $1.05B | |
| R&D Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $101.3M | $116.9M | $113.9M | $45.3M | $103.4M | |
| R&D % of Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 39.2% | 38.2% | 27.6% | 5.6% | 9.9% | |
| SG&A | $27.6M | $35.7M | $42.7M | $50.3M | $52.7M | $27.3M | $294.5M | $291.5M | $321.9M | $392.5M | $454.9M |
Income Statement
| Metric | Trend | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $249.7M | $294.4M | $348.4M | $432.1M | $416.5M | $294.0M | $258.5M | $306.1M | $412.3M | $812.0M | $1.05B | |
| Cost of Revenue | $123.8M | $156.9M | $179.1M | $218.5M | $216.0M | $109.9M | $178.5M | $216.8M | $233.5M | $272.9M | $324.0M | |
| Gross Profit | $125.9M | $137.5M | $169.3M | $213.6M | $200.5M | $184.2M | $80.0M | $89.3M | $178.8M | $539.2M | $724.1M | |
| R&D | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $101.3M | $116.9M | $113.9M | $45.3M | $103.4M | |
| SG&A | $27.6M | $35.7M | $42.7M | $50.3M | $52.7M | $27.3M | $294.5M | $291.5M | $321.9M | $392.5M | $454.9M | |
| Operating Income | $68.1M | $66.0M | $105.7M | $148.8M | $130.3M | $139.1M | -$315.8M | -$319.6M | -$257.1M | $45.1M | $139.9M | |
| Interest Expense | $36.0M | $42.8M | $53.1M | $78.3M | $79.2M | $61.6M | $26.7M | $31.6M | $50.0M | $56.9M | $42.6M | |
| Pretax Income | $31.2M | $9.9M | $57.2M | $81.5M | $55.2M | $29.5M | -$320.8M | -$341.4M | -$281.9M | -$68.1M | $97.6M | |
| Net Income | $26.8M | $6.0M | $72.1M | $78.6M | $31.0M | $27.7M | -$320.8M | -$341.4M | -$281.9M | -$538.0M | $96.1M | |
| EPS (Diluted) | 1.28 | 0.31 | 3.68 | 3.97 | 1.72 | 1.55 | -1.57 | -1.82 | -2.70 | -1.86 | 0.33 | |
| EBITDA | $181.4M | $159.3M | $223.5M | $283.3M | $248.3M | $254.5M | -$245.9M | -$260.8M | -$183.0M | $11.4M | $156.1M | |
| Shares Out. (M) | 20.99 | 19.39 | 19.61 | 19.82 | 18.01 | 17.95 | 254.79 | 254.66 | 254.66 | 289.89 | 295.14 |
Balance Sheet
| Metric | Trend | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $52.6M | $46.1M | $35.4M | $45.3M | $46.5M | $53.5M | $107.2M | $56.4M | $64.0M | $797.8M | $665.3M | |
| Short-Term Investments | $21.2M | $20.0M | $30.1M | $76.0M | $0.00 | $79.0M | $302.4M | $65.2M | $2.2M | $2.3M | $102.1M | |
| Total Current Assets | $144.1M | $135.2M | $140.3M | $220.0M | $499.1M | $214.7M | $516.0M | $242.6M | $215.7M | $997.8M | $1.07B | |
| Total Assets | $1.99B | $2.06B | $2.43B | $3.01B | $2.90B | $2.61B | $717.4M | $412.9M | $343.7M | $1.13B | $1.26B | |
| Total Current Liabilities | $217.9M | $164.0M | $259.9M | $425.5M | $287.4M | $320.3M | $136.9M | $95.1M | $165.4M | $127.1M | $158.9M | |
| Long-Term Debt | $1.26B | $1.38B | $1.57B | $1.85B | $1.88B | $1.56B | $169.6M | $166.1M | $319.2M | $378.8M | $0.00 | |
| Total Liabilities | $1.53B | $1.60B | $1.87B | $2.31B | $2.21B | $1.91B | $2.42B | $2.56B | $2.84B | $548.4M | $616.1M | |
| Stockholders' Equity | $460.3M | $457.5M | $563.8M | $701.1M | $693.2M | $702.2M | -$1.70B | -$2.14B | -$2.50B | $577.3M | $639.5M | |
| Retained Earnings | $319.7M | $324.6M | $397.6M | $471.1M | $493.3M | $503.3M | -$1.68B | -$2.12B | -$2.47B | -$2.55B | -$2.53B |
Cash Flow Statement
| Metric | Trend | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $147.4M | $129.3M | $155.2M | $179.8M | $254.0M | $277.0M | -$285.7M | -$276.1M | -$245.2M | $83.2M | $116.8M | |
| Capital Expenditure | -$389.4M | -$251.2M | -$502.2M | -$812.8M | -$319.1M | -$219.4M | -$42.3M | -$22.3M | -$8.4M | -$16.3M | -$65.3M | |
| Free Cash Flow | -$242.0M | -$122.0M | -$347.0M | -$633.1M | -$65.1M | $57.6M | -$328.0M | -$298.4M | -$253.6M | $66.9M | $51.4M | |
| Investing Cash Flow | -$305.2M | -$181.6M | -$411.8M | -$663.3M | -$271.9M | -$34.0M | -$283.0M | $214.8M | $52.9M | -$16.3M | -$165.4M | |
| Financing Cash Flow | $156.5M | $46.6M | $245.6M | $512.4M | -$108.5M | -$249.9M | $10.4M | $10.1M | $200.3M | $665.0M | -$17.6M | |
| Issuance of Stock | $0.00 | $0.00 | $28.0M | $103.4M | $0.00 | $163.0K | $0.00 | $0.00 | $0.00 | $667.6M | $30.8M | |
| Repurchase of Stock | -$13.0M | -$9.2M | $0.00 | -$40.9M | -$34.1M | -$7.9M | $0.00 | $0.00 | $0.00 | -$113.0K | -$31.5M | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$962.0K | $10.6M | $199.8M | $16.0M | -$8.9M | |
| Stock Based Comp. | $1.9M | $1.7M | $2.1M | $2.9M | $2.8M | $1.8M | $22.9M | $15.2M | $18.6M | $70.0M | $70.0M | |
| Net Change in Cash | -$1.3M | -$6.4M | -$10.7M | $28.8M | -$2.7M | -$6.7M | -$558.2M | -$51.1M | $8.0M | $732.0M | -$66.5M |
Dilution Tracker
Shares outstanding grew 1509.5% over 5 years — significant dilution
Shares Outstanding
283M
5-Year Share Growth
+1509.5%
Stock Issuance (TTM)
$30.8M
| Metric | Trend | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 20.99 | 19.39 | 19.61 | 19.82 | 18.01 | 17.95 | 254.79 | 254.66 | 254.66 | 289.89 | 295.14 | |
| Change vs Prior % | — | -7.6% | 1.1% | 1.1% | -9.1% | -0.3% | 1319.5% | -0.0% | 0.0% | 13.8% | 1.8% | |
| Stock Issuance | $0.00 | $0.00 | $28.0M | $103.4M | $0.00 | $163.0K | $0.00 | $0.00 | $0.00 | $667.6M | $30.8M | |
| Stock Repurchase | -$13.0M | -$9.2M | $0.00 | -$40.9M | -$34.1M | -$7.9M | $0.00 | $0.00 | $0.00 | -$113.0K | -$31.5M | |
| Stock Based Comp. | $1.9M | $1.7M | $2.1M | $2.9M | $2.8M | $1.8M | $22.9M | $15.2M | $18.6M | $70.0M | $70.0M |
Margins & Profitability
| Metric | Trend | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 50.4% | 46.7% | 48.6% | 49.4% | 48.1% | 62.6% | 31.0% | 29.2% | 43.4% | 66.4% | 69.1% | |
| Operating Margin % | 27.3% | 22.4% | 30.3% | 34.4% | 31.3% | 47.3% | -122.2% | -104.4% | -62.4% | 5.6% | 13.4% | |
| Net Margin % | 10.7% | 2.0% | 20.7% | 18.2% | 7.4% | 9.4% | -124.1% | -111.5% | -68.4% | -66.2% | 9.2% | |
| EBITDA Margin % | 72.6% | 54.1% | 64.2% | 65.6% | 59.6% | 86.5% | -95.1% | -85.2% | -44.4% | 1.4% | 14.9% | |
| FCF Margin % | -96.9% | -41.4% | -99.6% | -146.5% | -15.6% | 19.6% | -126.9% | -97.5% | -61.5% | 8.2% | 4.9% | |
| ROE % | 5.8% | 1.3% | 12.8% | 11.2% | 4.5% | 3.9% | 18.8% | 15.9% | 11.3% | -93.2% | 16.0% | |
| ROA % | 1.4% | 0.3% | 3.0% | 2.6% | 1.1% | 1.1% | -44.7% | -82.7% | -82.0% | -47.8% | 7.7% | |
| ROIC % | 3.0% | 2.0% | 4.6% | 5.0% | 4.3% | 5.3% | -49.5% | -98.5% | -105.2% | 4.5% | 12.5% | |
| R&D / Revenue % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 39.2% | 38.2% | 27.6% | 5.6% | 9.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 9.7% | 17.9% | 18.4% | 24.0% | -3.6% | -29.4% | 0.0% | 18.4% | 34.7% | 97.0% | |
| Gross Profit | -15.8% | 9.2% | 23.1% | 26.2% | -6.1% | -8.2% | 0.0% | 11.6% | 100.2% | 201.6% | |
| Operating Income | -29.8% | -3.1% | 60.2% | 40.8% | -12.4% | 6.8% | 0.0% | -1.2% | 19.5% | 117.5% | |
| Net Income | -55.5% | -77.7% | 1101.6% | 9.1% | -60.5% | -10.6% | 0.0% | -6.4% | 17.4% | -90.8% | |
| EPS (Diluted) | -55.1% | -75.8% | 1087.1% | 7.9% | -56.7% | -9.9% | 0.0% | -15.9% | -48.4% | 31.1% | |
| Operating Cash Flow | 5.5% | -12.3% | 20.1% | 15.8% | 41.3% | 9.1% | 0.0% | 3.4% | 11.2% | 133.9% | |
| Free Cash Flow | -44.4% | 49.6% | -184.4% | -82.5% | 89.7% | 188.4% | 0.0% | 9.0% | 15.0% | 126.4% | |
| R&D Expense | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 15.4% | -2.5% | -60.2% | |
| SG&A Expense | 0.0% | 29.2% | 19.7% | 17.8% | 4.8% | -48.2% | 0.0% | -1.0% | 10.4% | 21.9% | |
| Total Assets | 10.6% | 3.5% | 18.2% | 24.0% | -3.7% | -10.0% | 0.0% | -42.4% | -16.8% | 227.5% | |
| Book Value / Share | 3.9% | 6.7% | 23.7% | 20.8% | 8.8% | 1.6% | 0.0% | -26.1% | -16.5% | 120.8% | |
| Debt | 13.4% | 3.1% | 15.4% | 26.8% | -2.8% | -16.8% | 0.0% | -19.8% | 95.3% | -10.7% | |
| Diluted Shares | -0.8% | -7.6% | 1.1% | 1.1% | -9.1% | -0.3% | 0.0% | -0.0% | 0.0% | 13.8% |
Valuation
P/E (TTM)75.11
10Y Low / Med / High7.05 / 18.06 / 90.32
P/S6.80
10Y Low / Med / High1.21 / 2.33 / 27.60
P/B11.20
10Y Low / Med / High0.72 / 0.96 / 13.19
EV/EBITDA41.86
10Y Low / Med / High8.63 / 10.29 / 632.55
EV/Revenue6.23
10Y Low / Med / High6.14 / 7.85 / 28.23
P/FCF138.59
Intrinsic Value Models (per share)
Tangible Book / Share
$2.18
Net Current Assets / Share
$1.60
Graham Number
$4.14
Graham Net-Net
$1.13
Cash / Share
$2.70
| Metric | Trend | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 21.71 | 90.32 | 7.49 | 7.05 | 16.28 | 18.06 | -17.83 | -15.38 | -10.37 | -14.13 | 75.11 | |
| P/S Ratio | 2.33 | 1.84 | 1.55 | 1.28 | 1.21 | 1.71 | 27.60 | 23.29 | 17.30 | 9.38 | 6.80 | |
| P/B Ratio | 1.26 | 1.18 | 0.96 | 0.79 | 0.73 | 0.72 | -4.19 | -3.32 | -2.85 | 13.19 | 11.20 | |
| EV/EBITDA | 10.81 | 12.37 | 9.87 | 9.42 | 10.29 | 8.63 | -29.68 | -27.96 | -40.94 | 632.55 | 41.86 | |
| EV/Revenue | 7.85 | 6.70 | 6.33 | 6.18 | 6.14 | 7.46 | 28.23 | 23.82 | 18.17 | 8.86 | 6.23 |
Analyst Estimates & Quality
Altman Z-Score
6.19
Safe
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $1.04B | $1.24B | $1.45B |
| Net Income | $33.6M | $98.1M | $171.6M |
| EPS | $0.12 | $0.32 | $0.51 |
| # Analysts (EPS) | 7 | 7 | 7 |