Marpai (MRAI) AI Stock Analysis

• Market Cap: $23.83M
• Dividend Yield: N/A
• Average Volume (3M): 17.42K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.47
• Revenue Growth: -26.05%
• EPS Growth: 73.79%
• Country: US
• Employees: 117
• Sector: Healthcare
• Sector Strength: 49
• Industry: Medical - Healthcare Plans
• EPS (TTM): -0.28
• Shares Outstanding: 17,270,035
• 10 Day Avg. Volume: 28,679
• 30 Day Avg. Volume: 17,416
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 1.01
• Enterprise Value/Gross Profit: 3.29
• Enterprise Value/Ebitda: -2.13
• 1Y Price Target: $1.50
• Price Target Upside: 11.11% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 46 Neutral
• Price Target: $1.50 ▲(11.11% Upside)

Marpai's overall stock score is primarily impacted by its weak financial performance, with ongoing losses and cash flow issues. While there are some positive developments, such as the relaunch of MarpaiRx and a new securities agreement, these are not enough to offset the financial challenges. Technical analysis and valuation also suggest caution, with mixed signals and unattractive valuation metrics.

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 generates revenue primarily through its health plan administration services offered to self-insured employers. The company charges fees for managing health plans, which include claims processing, network management, and customer support. Marpai's use of AI and machine learning enhances its service offerings, enabling clients to benefit from predictive analytics and tailored health interventions aimed at reducing healthcare costs and improving employee health outcomes. Significant partnerships with healthcare providers and technology firms also contribute to its service capabilities, potentially increasing its client base and revenue.

Marpai Financial Statement Overview

Summary

Marpai faces substantial financial difficulties, marked by declining revenues, persistent losses, and negative equity. The company's stability is weakened by high cash burn and liabilities exceeding assets, indicating a precarious financial position.

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	23.67M	28.17M	37.16M	24.34M	14.23M	0.00
Gross Profit	7.26M	9.11M	12.92M	7.21M	3.94M	-152.37K
EBITDA	-11.23M	-23.73M	-22.12M	-22.55M	-13.80M	-3.19M
Net Income	-12.16M	-22.09M	-28.75M	-26.47M	-15.98M	-4.41M
Balance Sheet
Total Assets	11.06M	12.88M	31.68M	49.95M	44.20M	6.53M
Cash, Cash Equivalents and Short-Term Investments	619.00K	764.00K	1.15M	13.76M	19.18M	1.75M
Total Debt	914.00K	1.04M	4.20M	6.08M	2.09M	9.34M
Total Liabilities	43.43M	40.59M	45.12M	43.82M	14.49M	10.03M
Stockholders Equity	-32.37M	-27.71M	-13.44M	6.13M	29.71M	-3.50M
Cash Flow
Free Cash Flow	-8.19M	-15.16M	-15.75M	-36.20M	-12.54M	-2.55M
Operating Cash Flow	-8.19M	-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	5.28M	10.67M	5.10M	196.00	25.27M	4.08M

Marpai Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.35
• 50DMA: Negative
• 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 Negative. The current price of 1.35 is below the 20-day moving average (MA) of 1.40, below the 50-day MA of 1.36, and above the 200-day MA of 1.17, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.19 is Neutral, neither overbought nor oversold. The STOCH value of 56.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MRAI.

Marpai Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OSCR	73 Outperform	$4.75B	49.61	-14.04%	―	48.29%	-1436.25%
MOH	70 Outperform	$9.93B	8.73	23.93%	―	16.12%	10.99%
CNC	63 Neutral	$14.07B	7.08	7.50%	―	12.96%	-23.25%
ALHC	61 Neutral	$3.30B	―	-38.50%	―	49.46%	66.89%
Sector *	51 Neutral	$7.91B	-0.36	-41.71%	2.23%	23.45%	-1.86%
CLOV	50 Neutral	$1.38B	―	-12.59%	―	-4.87%	66.16%
MRAI	46 Neutral	$23.83M	―	94.19%	―	-26.05%	73.79%

Marpai Corporate Events

Marpai Appoints Dallas Scrip as New President

On August 29, 2025, John Powers resigned as President of Marpai, Inc. due to personal health reasons, transitioning to a part-time advisory role. Subsequently, the Board appointed Dallas Scrip as the new President, effective immediately, leveraging his extensive experience in the healthcare benefits industry.

Marpai Holds 2025 Annual Stockholders Meeting

On August 27, 2025, Marpai, Inc. held its 2025 Annual Meeting of Stockholders where several key proposals were voted on. The stockholders elected directors to serve until the next annual meeting, ratified the appointment of UHY LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, and approved an amendment to the Company’s Certificate of Incorporation to include 2,000,000 shares of blank-check preferred stock.

Marpai Announces New Securities Purchase Agreement

Marpai, Inc. announced on August 4, 2025, that it has entered into a Securities Purchase Agreement with investor parties, dated July 29, 2025. This agreement marks a significant step for Marpai, potentially impacting its financial operations and market positioning.

Marpai Enters Securities Purchase Agreement July 2025

On July 17, 2025, Marpai Health Inc. entered into a Securities Purchase Agreement with investor parties, as documented in a recent filing. This agreement marks a significant step in Marpai’s financial strategy, potentially impacting its market position and stakeholder interests.