Marpai (MRAI) AI Stock Analysis

• Market Cap: $20.71M
• Dividend Yield: N/A
• Average Volume (3M): 16.84K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.54
• Revenue Growth: -24.84%
• EPS Growth: 43.21%
• Country: US
• Employees: 117
• Sector: Healthcare
• Sector Strength: 46
• Industry: Medical - Healthcare Plans
• EPS (TTM): -0.21
• Shares Outstanding: 14,896,686
• 10 Day Avg. Volume: 8,315
• 30 Day Avg. Volume: 16,838
• PEG Ratio: >-0.01
• Price to Book (P/B): 2.38
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.40
• Enterprise Value/Market Cap: 4.85
• Enterprise Value/Revenue: 0.86
• Enterprise Value/Gross Profit: 11.77
• Enterprise Value/Ebitda: -1.21
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 47 Neutral
• Price Target: $1.50 ▲(7.91%Upside)

Marpai's overall stock score reflects a challenging financial position with significant losses and cash burn, despite some positive technical trends and strategic efforts to improve profitability. The financial performance is the most significant factor impacting the score, with technical analysis and earnings call insights providing some optimism for potential improvement.

Marpai Business Overview & Revenue Model

Company Description

Marpai, Inc., a technology-driven healthcare payer, focuses on providing services to the self-insured employer market in the United States and Israel. The company offers ancillary services, such as care management, case management, actuarial services, health savings account administration, and cost containment services. It also develops artificial intelligence and healthcare technology that enables the analysis of data to predict and prevent events related to diagnostic errors, hospital visits, and administrative issues. The company was incorporated in 2021 and is headquartered in New York, New York.

How the Company Makes Money

Marpai makes money by providing health plan administration services to self-funded employer groups. Its revenue model primarily involves charging fees for managing health plans, which may include claims processing, network management, and member services. Key revenue streams include administration fees collected from employer clients, as well as potential savings generated through cost containment measures and improved health outcomes driven by its AI-powered solutions. Significant partnerships with healthcare providers and technology companies may also contribute to its earnings, enabling Marpai to enhance its service offerings and expand its client base.

Marpai Financial Statement Overview

Summary

Marpai's financial performance is weak with declining revenues, persistent losses, negative equity, and high liabilities. While there are slight improvements in operating expenses and losses, the company faces significant cash flow and solvency challenges.

Income Statement

Marpai's income statement reveals a challenging financial position with continuous net losses and a declining revenue trend. The gross profit margin shows some improvement, but the company struggles with negative EBIT and net profit margins. Revenue decreased by 24% from the previous year, indicating potential issues with sales growth and market conditions.

Balance Sheet

The balance sheet of Marpai shows significant financial stress, with negative stockholders' equity and high liabilities compared to assets. The debt-to-equity ratio is not applicable due to negative equity, and the company's equity ratio is negative, suggesting insolvency. These factors indicate a precarious financial position and reliance on external funding.

Cash Flow

Marpai's cash flow statement highlights negative free cash flow and operating cash flow, indicating cash burn issues. Although there is some improvement in financing cash flow, it is insufficient to cover operating cash needs. The free cash flow to net income ratio remains negative, pointing to ongoing cash management challenges.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
26.21M	28.17M	37.16M	24.34M	14.23M	0.00
	Gross Profit
8.53M	9.11M	12.92M	7.21M	3.94M	-152.37K
	EBIT
-20.27M	-22.09M	-26.37M	-26.68M	-15.86M	-3.37M
	EBITDA
-19.34M	-23.73M	-22.12M	-22.55M	-13.80M	-3.19M
	Net Income Common Stockholders
-20.81M	-22.09M	-28.75M	-26.47M	-15.98M	-4.41M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
729.00K	764.00K	1.15M	13.76M	19.18M	1.75M
	Total Assets
13.72M	12.88M	31.68M	49.95M	44.20M	6.53M
	Total Debt
978.00K	1.04M	4.20M	6.08M	2.09M	9.34M
	Net Debt
249.00K	273.00K	3.05M	-7.68M	-17.10M	7.59M
	Total Liabilities
43.92M	40.59M	45.12M	43.82M	14.49M	10.03M
	Stockholders Equity
-30.20M	-27.71M	-13.44M	6.13M	29.71M	-3.50M
Cash Flow		Free Cash Flow
-11.69M	-15.16M	-15.75M	-36.20M	-12.54M	-2.55M
	Operating Cash Flow
-11.69M	-15.16M	-15.75M	-35.24M	-10.79M	-1.95M
	Investing Cash Flow
727.00K	227.00K	1.03M	32.42M	9.64M	-554.07K
	Financing Cash Flow
8.86M	10.67M	5.10M	196.00	25.27M	4.08M

Marpai Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.39
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRAI, the sentiment is Positive. The current price of 1.39 is above the 20-day moving average (MA) of 1.36, above the 50-day MA of 1.19, and above the 200-day MA of 0.99, indicating a bullish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 56.50 is Neutral, neither overbought nor oversold. The STOCH value of 35.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MRAI.

Marpai Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CNC	77 Outperform	$27.44B	8.10	12.59%	―	8.85%	33.30%
MOH	76 Outperform	$16.01B	14.20	26.72%	―	16.71%	12.23%
OSCR	70 Outperform	$5.40B	76.17	10.43%	―	54.26%	―
ALHC	55 Neutral	$2.85B	―	-75.82%	―	49.12%	43.50%
Sector *	53 Neutral	$5.22B	3.33	-44.36%	7.55%	16.78%	-0.12%
CLOV	50 Neutral	$1.51B	―	-7.75%	―	-32.45%	80.24%
MRAI	47 Neutral	$20.71M	―	94.19%	―	-24.84%	43.21%

Marpai Corporate Events

Marpai Appoints Dallas Scrip as New COO

On May 13, 2025, Marpai, Inc. announced the appointment of Dallas Scrip as Chief Operating Officer, effective June 2, 2025. This strategic hire is intended to drive Marpai’s profitable growth and enhance operational excellence in the healthcare technology and TPA services industry. Scrip brings extensive experience in scaling companies and a strong background in sales and business development, which aligns with Marpai’s vision for sustainable growth. His compensation package includes a base salary, potential bonuses tied to company performance, and restricted stock units.