Caris Life Sciences, Inc. (CAI)
NASDAQ:CAI
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Caris Life Sciences, Inc.
(NASDAQ:CAI)
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Rating:55Neutral
Price Target:
$18.50
▼(-9.31% Downside)
Action:ReiteratedDate:02/27/26
The score is driven primarily by improving fundamentals (notably the swing to positive operating/free cash flow) and a constructive earnings-call outlook with strong 2026 growth guidance. These positives are tempered by still-large net losses and a bearish technical setup (price below key moving averages with negative MACD), with valuation also constrained by loss-making status and no dividend yield support.
Positive Factors
Cash generation turnaround
A durable improvement to positive operating and free cash flow provides internal funding for growth, reduces reliance on external financing, and supports reinvestment in commercial expansion and MCED capacity. This structural cash conversion strengthens execution flexibility over the next 2–6 months.
Negative Factors
Persistent large GAAP net losses
Despite operational improvements, large GAAP losses and deeply negative net margins reflect remaining structural profitability gaps and non-operating pressures. Sustained net losses can weigh on returns, limit flexibility for M&A or dividends, and amplify risk if cash generation weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation turnaround
A durable improvement to positive operating and free cash flow provides internal funding for growth, reduces reliance on external financing, and supports reinvestment in commercial expansion and MCED capacity. This structural cash conversion strengthens execution flexibility over the next 2–6 months.
Read all positive factors
Caris Life Sciences, Inc. (CAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.92B
Dividend YieldN/A
Average Volume (3M)2.37M
Price to Earnings (P/E)―
Beta (1Y)1.77
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees1,769
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.28
Shares Outstanding282,579,930
10 Day Avg. Volume1,682,766
30 Day Avg. Volume2,365,476
Financial Highlights & Ratios
PEG Ratio2.83
Price to Book (P/B)78.14
Price to Sales (P/S)55.55
P/FCF Ratio674.37
Enterprise Value/Market Cap0.94
Enterprise Value/Revenue6.84
Enterprise Value/Gross Profit10.31
Enterprise Value/Ebitda1.32K
Forecast
1Y Price Target
$30.83Price Target Upside51.13% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)0.15
Revenue Forecast (FY)$1.01B
Caris Life Sciences, Inc. Business Overview & Revenue Model
Company Description
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 information, an...
How the Company Makes Money
Caris primarily makes money by providing laboratory testing and related services and by supporting biopharmaceutical research with molecular data and associated capabilities. Key revenue streams include: (1) Clinical testing services: Fees generat...
Caris Life Sciences, Inc. Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial momentum: very high revenue growth, substantial margin expansion, multiple quarters of positive adjusted EBITDA and free cash flow, a large and growing genomic data asset, and encouraging interim MCED (Caris Detect) results (AUC 0.90, Stage I/II sensitivity 63.1%). Management outlined committed reinvestment in commercial expansion, R&D and MCED capacity while maintaining positive cash flow. Key risks and near-term uncertainties include the interim nature of MCED data (blinded validation and ACHIEVE-2 pending), reimbursement and ASP variability, a meaningful increase in OpEx and CapEx for 2026, and uneven pharma revenue cadence. On balance, the positive financial performance, strong cash position and promising product pipeline outweigh the listed risks.Positive Updates
Record Quarterly and Annual Revenue Growth
Q4 total revenue of $293M, up 125% year-over-year; full-year total revenue growth ~97% year-over-year. Molecular profiling revenues reached $282M in Q4 (up 199% YoY) and $766.7M for the full year (up 120% YoY).
Negative Updates
Interim Nature and Validation Needs for MCED
ACHIEVE-1 results are interim and case-control based; limited longitudinal follow-up (22.5% of normals) and relatively small per-cancer sample sizes for many lineages (e.g., pancreas n=7, head & neck n=7). Blinded holdout (~865 samples) and ACHIEVE-2 (target 25,000) remain to be completed to fully validate performance before broad adoption.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Annual Revenue Growth
Q4 total revenue of $293M, up 125% year-over-year; full-year total revenue growth ~97% year-over-year. Molecular profiling revenues reached $282M in Q4 (up 199% YoY) and $766.7M for the full year (up 120% YoY).
Read all positive updates
Company Guidance
For full-year 2026, Caris guided to total revenue of $1.00–$1.02 billion (≈23%–26% growth vs. 2025) based only on existing solutions, with therapy‑selection volumes expected to grow ~20% year‑over‑year (tissue volumes in the low‑teens, blood volumes in the high‑50s/low‑60s growth range), molecular profiling revenue up ~21%–22% (or ~26%–28% excluding prior‑year accrual true‑ups), Q1 revenue pacing roughly +70%–74% YoY, tissue ASP tracking to ≈$4,000/case in Q1 and ≈$4,200 for the full year, blood ASP targeted at $2,400–$2,500, Pharma & Research revenue of $75M–$85M, GAAP operating expenses of $590M–$595M (≈19%–20% increase), CapEx of ~ $60M in 2026 (vs. ~$16M in 2025) to support MCED launch, and a commitment to remain positive on adjusted EBITDA and free cash flow while investing (cash on hand > $800M); guidance excludes revenue from pipeline products until they begin to generate revenue.Caris Life Sciences, Inc. Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
45
Neutral
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 812.03M | 412.26M | 306.13M | 258.49M | 294.01M |
| Gross Profit | 539.17M | 178.78M | 89.31M | 80.02M | 184.16M |
| EBITDA | 11.38M | -182.95M | -260.80M | -245.89M | 254.46M |
| Net Income | -537.96M | -281.89M | -341.42M | -320.83M | 27.73M |
Balance Sheet | |||||
| Total Assets | 1.13B | 343.73M | 412.90M | 717.42M | 2.61B |
| Cash, Cash Equivalents and Short-Term Investments | 800.09M | 66.15M | 121.59M | 409.62M | 132.54M |
| Total Debt | 378.99M | 424.26M | 217.27M | 270.87M | 1.75B |
| Total Liabilities | 548.36M | 2.84B | 2.56B | 2.42B | 1.91B |
| Stockholders Equity | 577.31M | -2.50B | -2.14B | -1.70B | 702.24M |
Cash Flow | |||||
| Free Cash Flow | 66.89M | -253.64M | -298.42M | -327.96M | 57.57M |
| Operating Cash Flow | 83.16M | -245.20M | -276.10M | -285.71M | 277.02M |
| Investing Cash Flow | -16.26M | 52.93M | 214.77M | -282.99M | -33.97M |
| Financing Cash Flow | 664.99M | 200.29M | 10.13M | 10.45M | -249.88M |
Caris Life Sciences, Inc. Risk Analysis
Caris Life Sciences, Inc. disclosed 45 risk factors in its most recent earnings report. Caris Life Sciences, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Caris Life Sciences, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $5.92B | -83.86 | 24.96% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $9.43M | -0.31 | -97.58% | ― | -46.88% | 34.83% | |
46 Neutral | $39.15M | -0.71 | -80.00% | ― | ― | 9.63% | |
45 Neutral | $13.79M | -0.53 | -189.72% | ― | ― | 70.57% | |
40 Underperform | $537.19K | -2.13 | ― | ― | -8.57% | -52.17% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.