Marpai (MRAI) AI Stock Analysis

• Market Cap: $24.52M
• Dividend Yield: N/A
• Average Volume (3M): 21.80K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.68
• Revenue Growth: -26.05%
• EPS Growth: 73.79%
• Country: US
• Employees: 117
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Plans
• EPS (TTM): -0.28
• Shares Outstanding: 17,270,035
• 10 Day Avg. Volume: 34,257
• 30 Day Avg. Volume: 21,801
• 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: 0.98
• Enterprise Value/Revenue: 1.01
• Enterprise Value/Gross Profit: 3.29
• Enterprise Value/Ebitda: -2.13
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $1.50 ▲(6.38% Upside)

Marpai's overall stock score is low due to significant financial challenges, including declining revenues and negative equity. While technical indicators show some positive momentum, the company's valuation remains weak with a negative P/E ratio. The earnings call provided some optimism with cost reductions and future profitability prospects, but the current financial instability remains a major concern.

Marpai Business Overview & Revenue Model

Company Description

Marpai, Inc. (MRAI) is a technology-driven healthcare company specializing in providing innovative solutions for self-funded employers and their employees. The company operates primarily in the health insurance sector, focusing on leveraging artificial intelligence and advanced data analytics to optimize health plan management and improve health outcomes. Marpai's core offerings include a digital health platform that enhances the management of healthcare benefits and services, streamlining processes for both employers and employees while ensuring cost efficiency.

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 weak, with declining revenues, persistent losses, and negative equity. The balance sheet shows significant financial stress, and cash flow issues persist, 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: Neutral
• Last Price: 1.41
• 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 Neutral. The current price of 1.41 is below the 20-day moving average (MA) of 1.44, above the 50-day MA of 1.34, and above the 200-day MA of 1.20, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 50.48 is Neutral, neither overbought nor oversold. The STOCH value of 43.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MRAI.

Marpai Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALHC	57 Neutral	$3.42B	-146.70	-15.06%	―	47.39%	85.35%
OSCR	54 Neutral	$4.44B	―	-14.04%	―	48.29%	-1436.25%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CLOV	50 Neutral	$1.80B	-40.51	-12.59%	―	-4.87%	66.16%
MRAI	47 Neutral	$24.52M	-1.64	94.19%	―	-26.05%	73.79%

Marpai Corporate Events

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.

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.

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.

The most recent analyst rating on (MRAI) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Marpai stock, see the MRAI Stock Forecast page.

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.

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.

Marpai, Inc. Earnings Call: Mixed Results and Strategic Shifts

Marpai, Inc.’s recent earnings call painted a mixed picture of the company’s current financial health and strategic direction. While the company has made significant strides in reducing operating expenses and losses, challenges remain with declining revenue and increased costs. However, the relaunch of MarpaiRx and a positive outlook for future profitability suggest a strategic shift towards growth.

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.

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.

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.

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.

Marpai, Inc. Reports Significant Q2 2025 Turnaround

Marpai, Inc. is a technology platform company that provides Third-Party Administration (TPA) and value-oriented health plan services to employers, primarily competing in the $150 billion TPA sector. The company aims to deliver the healthiest member population for the health plan budget and operates nationwide, offering access to leading provider networks including Aetna and Cigna.

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.