Marpai (MRAI) AI Stock Analysis

• Market Cap: $10.85M
• Dividend Yield: N/A
• Average Volume (3M): 20.43K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.79
• 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: 0.69
• Enterprise Value/Revenue: 0.36
• Enterprise Value/Gross Profit: 1.19
• Enterprise Value/Ebitda: -0.68
• 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: 44 Neutral
• Price Target: $0.58 ▼(-20.41% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is held down primarily by weak financial performance (shrinking revenue, ongoing losses, negative equity, and continued cash burn). Technicals also remain bearish with price below major moving averages. Earnings-call execution initiatives and cost discipline provide some support, but near-term risks remain elevated given revenue contraction and limited liquidity.

Positive Factors

Focused TPA business model

Marpai’s core TPA model targets self-funded employer plans, producing recurring fee-based revenue and operationally scalable services. This asset-light, administration-focused business can sustain revenue visibility and client stickiness over months, enabling margin improvement as client volumes grow.

Consolidated claims platform

Migrating claims processing to a single advanced system is a structural efficiency play. It reduces unit processing costs, speeds onboarding, and supports operational scalability. Over a multi-month horizon this can materially lower ongoing opex and improve operating leverage as revenue normalizes.

MarpaiRx program differentiation

MarpaiRx is a proprietary product that strengthens Marpai’s value proposition to employers by addressing pharmacy spend. Product differentiation aids new client wins and retention, creating a durable competitive edge that can reduce medical cost trends for clients and support long-term revenue stability.

Negative Factors

Negative shareholders' equity

Material negative equity signals a structurally weakened capital base and higher credit risk. It constrains access to non-dilutive financing, increases reliance on equity raises, and limits ability to invest in growth or weather revenue shocks, raising long-term financing and strategic risks.

Ongoing cash burn

Sustained negative operating and free cash flow means the business cannot self-fund operations and depends on external capital. Even with improvement versus prior years, ongoing burn raises refinancing risk and can force dilutive financings or curtailed strategic initiatives if capital access tightens.

Revenue decline and persistent losses

Multi-year revenue volatility and sizable operating losses show a lack of operating leverage. Declining top-line undermines scale economics needed to cover fixed costs; without sustained revenue recovery, margins and profitability will remain elusive and strategic turnaround timelines extend.

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

Financials remain weak: TTM revenue declined (-12.6%) and the company is still deeply unprofitable with ongoing operating/net losses. Cash burn is still material (FCF about -$7.6M TTM) and shareholders’ equity is significantly negative (~-$33.3M), limiting financial flexibility despite low absolute debt.

Income Statement

TTM (Trailing-Twelve-Months) revenue declined to $20.7M (down 12.6% vs. prior period), extending a multi-year pattern of volatility after the 2022–2023 ramp. Profitability remains weak despite a decent gross margin (~31% TTM): operating results are still deeply negative (operating loss and net loss of about $11–$12M TTM), though losses improved versus 2024 (net margin improved from roughly -78% in 2024 to about -58% TTM). Overall, the income statement shows some narrowing of losses but continued lack of operating leverage and ongoing revenue contraction.

Balance Sheet

The balance sheet is pressured by persistent negative shareholders’ equity (about -$33.3M TTM, worse than -$27.7M in 2024), which is a key credit and financing risk signal. Total debt is low in absolute dollars (~$0.9M TTM), but leverage ratios are not very meaningful with negative equity and reflect a structurally weakened capital base. Total assets are modest (~$12.8M TTM), limiting balance-sheet flexibility while losses continue.

Cash Flow

Cash generation remains a major headwind: operating cash flow was negative in every period shown and totaled about -$7.6M TTM (an improvement from -$15.2M in 2024, but still a material burn). Free cash flow is also negative (-$7.6M TTM), indicating the business is not self-funding. While burn has moderated versus 2024 and especially 2022, the company still depends on external financing or balance-sheet resources to sustain operations.

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: 0.73
• 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 0.73 is above the 20-day moving average (MA) of 0.51, above the 50-day MA of 0.59, and below the 200-day MA of 1.10, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 41.25 is Neutral, neither overbought nor oversold. The STOCH value of 37.71 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	61 Neutral	$4.07B	-8.51	-44.51%	―	37.38%	-912.18%
ALHC	60 Neutral	$3.86B	-88.83	-0.52%	―	47.39%	85.35%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CLOV	50 Neutral	$1.03B	-14.21	-26.33%	―	15.23%	38.79%
MRAI	44 Neutral	$10.85M	-1.68	―	―	-31.65%	70.58%

Marpai Corporate Events

Marpai consolidates leadership as CEO Damien Lamendola becomes President

On January 16, 2026, Marpai, Inc. announced that President Dallas Scrip resigned, effective January 30, 2026, with the company stating his departure did not stem from any disagreement over operations, policies or practices. On January 23, 2026, the board appointed current Chief Executive Officer and director Damien Lamendola as President, also effective January 30, 2026, consolidating top leadership roles under an executive with a long track record in healthcare benefits and related investments who has previously engaged in disclosed securities purchase agreements with Marpai and whose additional relationships with the company have been characterized as limited to those prior transactions and his existing compensation arrangements, signaling a continuity-focused leadership transition with acknowledged related-party ties already on the record for investors and other stakeholders.

The most recent analyst rating on (MRAI) stock is a Sell with a $0.55 price target. To see the full list of analyst forecasts on Marpai stock, see the MRAI Stock Forecast page.

Marpai Announces New Equity Financing and Warrant Agreement

On December 22, 2025, Marpai, Inc. reported that it had entered into a material definitive agreement involving a common stock warrant and a securities purchase agreement, formalizing the terms of a new securities transaction. The filing, signed by Chief Executive Officer Damien Lamendola, outlines the instruments governing the offering and reflects the company’s latest step in raising capital through equity-linked securities, with implications for its financing structure and existing shareholders’ ownership stakes.

The most recent analyst rating on (MRAI) stock is a Hold with a $0.76 price target. To see the full list of analyst forecasts on Marpai stock, see the MRAI Stock Forecast page.

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.

The most recent analyst rating on (MRAI) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Marpai stock, see the MRAI Stock Forecast page.