Marpai (MRAI) AI Stock Analysis

• Market Cap: $16.84M
• Dividend Yield: N/A
• Average Volume (3M): 20.43K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.92
• Revenue Growth: -31.65%
• EPS Growth: 70.58%
• Country: US
• Employees: 117
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Plans
• EPS (TTM): -0.20
• Shares Outstanding: 23,530,611
• 10 Day Avg. Volume: 21,648
• 30 Day Avg. Volume: 20,435
• PEG Ratio: <0.01
• Price to Book (P/B): -0.39
• Price to Sales (P/S): 0.39
• P/FCF Ratio: -0.72
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $0.76 ▲(5.00% Upside)

Marpai's overall stock score is low due to significant financial challenges, including declining revenues and negative equity. Technical analysis and valuation metrics further highlight the stock's weak position. While there are some positive strategic initiatives and corporate events, they are insufficient to offset the broader financial and market concerns.

Positive Factors

Operational and Technological Improvements

Streamlining claims processing can lead to significant cost savings and operational efficiency, enhancing Marpai's competitive edge in the healthcare sector.

New Client Acquisitions

Acquiring new clients boosts revenue potential and market presence, supporting long-term growth and stability in a competitive industry.

Successful Capital Raise

The capital raise enhances financial flexibility, enabling Marpai to invest in growth initiatives and stabilize its financial position.

Negative Factors

Declining Revenue

A significant drop in revenue suggests challenges in market demand or competitive positioning, impacting long-term financial health.

Limited Cash Reserves

Low cash reserves limit operational flexibility and increase reliance on external funding, posing risks to business continuity.

Negative Equity

Negative equity indicates financial instability and potential insolvency, challenging Marpai's ability to sustain operations without restructuring.

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 management services provided to self-funded employers. The company's revenue model is based on a per-member-per-month (PMPM) fee structure, where clients pay for the management of their health benefits based on the number of employees enrolled in their health plan. Key revenue streams include fees from health plan administration, analytics services, and partnerships with healthcare providers and technology platforms. Additionally, Marpai may benefit from cost savings achieved through its AI-driven insights, which can lead to reduced healthcare costs for employers, creating potential for long-term partnerships and client retention.

Marpai Financial Statement Overview

Summary

Marpai's financial performance is severely challenged, with declining revenues, persistent losses, and negative equity. The company faces high cash burn and liabilities exceeding assets, indicating financial instability.

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	20.70M	28.17M	37.16M	24.34M	14.23M	0.00
Gross Profit	6.36M	9.11M	12.92M	7.21M	3.94M	-152.37K
EBITDA	-11.15M	-23.73M	-22.12M	-22.55M	-13.65M	-3.19M
Net Income	-12.09M	-22.09M	-28.75M	-26.47M	-15.98M	-4.41M
Balance Sheet
Total Assets	12.75M	12.88M	31.68M	49.95M	44.20M	6.53M
Cash, Cash Equivalents and Short-Term Investments	445.00K	764.00K	1.15M	13.76M	19.18M	1.75M
Total Debt	854.00K	1.04M	4.20M	6.08M	1.30T	9.34M
Total Liabilities	46.10M	40.59M	45.12M	43.82M	14.49M	10.03M
Stockholders Equity	-33.35M	-27.71M	-13.44M	6.13M	29.71M	-3.50M
Cash Flow
Free Cash Flow	-7.60M	-15.16M	-15.75M	-36.20M	-12.54M	-2.55M
Operating Cash Flow	-7.60M	-15.16M	-15.75M	-35.24M	-10.79M	-1.95M
Investing Cash Flow	227.00K	227.00K	1.03M	32.42M	9.64M	-554.07K
Financing Cash Flow	5.58M	10.67M	5.10M	196.00	25.27M	4.08M

Marpai Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.72
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 0.72 is below the 20-day moving average (MA) of 0.81, below the 50-day MA of 1.11, and below the 200-day MA of 1.20, indicating a bearish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 37.77 is Neutral, neither overbought nor oversold. The STOCH value of 21.76 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
ALHC	60 Neutral	$3.91B	-167.64	-15.06%	―	47.39%	85.35%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CLOV	50 Neutral	$1.30B	―	-16.90%	―	15.23%	38.79%
OSCR	49 Neutral	$3.93B	-13.19	-22.32%	―	37.38%	-912.18%
MRAI	42 Neutral	$16.84M	-0.92	―	―	-31.65%	70.58%

Marpai Corporate Events

Marpai Signs Material Definitive Agreement

On November 12, 2025, Marpai, Inc. announced the signing of a report in compliance with the Securities Exchange Act of 1934. This report, signed by CEO Damien Lamendola, includes entry into a Material Definitive Agreement, which could have implications for the company’s financial and operational strategies.

Marpai Authorizes 2 Million Blank-Check Preferred Shares

On October 17, 2025, Marpai Inc. filed a Certificate of Amendment with the Secretary of State of Delaware to authorize 2,000,000 shares of blank-check preferred stock, allowing the board of directors to determine their series and rights. This amendment was approved by the board on June 24, 2025, and by the majority of stockholders at the annual meeting on August 27, 2025.

Marpai Announces Compliance with Securities Exchange Act

On October 6, 2025, Marpai, Inc. announced a significant corporate action involving the signing of a report by its Chief Executive Officer, Damien Lamendola, in compliance with the Securities Exchange Act of 1934. This development indicates Marpai’s commitment to adhering to regulatory requirements, potentially impacting its operational transparency and investor confidence.

Marpai Announces New Securities Purchase Agreement

On September 16, 2025, Marpai, Inc. announced the execution of a Securities Purchase Agreement with investor parties, dated September 10, 2025. This agreement marks a significant step in Marpai’s financial strategy, potentially impacting its market positioning and stakeholder relations.