Personalis (PSNL) AI Stock Analysis

• Market Cap: $744.98M
• Dividend Yield: N/A
• Average Volume (3M): 1.43M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.14
• Revenue Growth: -21.02%
• EPS Growth: 47.74%
• Country: US
• Employees: 228
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -0.26
• Shares Outstanding: 104,631,830
• 10 Day Avg. Volume: 1,781,106
• 30 Day Avg. Volume: 1,431,172
• PEG Ratio: 0.26
• Price to Book (P/B): 2.72
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.94
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 7.75
• Enterprise Value/Gross Profit: 34.22
• Enterprise Value/Ebitda: -7.60
• 1Y Price Target: $11.49
• Price Target Upside: 69.22% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -1.07
• Revenue Forecast (FY): $79.49M

• Rating: 49 Neutral
• Price Target: $6.50 ▼(-4.27% Downside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is held down primarily by weak financial performance (ongoing losses, negative free cash flow, and a major revenue disruption in the financial statements) and bearish technical trends. The latest earnings call provides a meaningful offset via clear 2026 growth guidance, Medicare reimbursement progress, and strong liquidity, but the planned increase in losses and cash burn limits overall attractiveness.

Positive Factors

Strong cash runway

A $240M cash balance with minimal debt provides multi-year runway versus current burn guidance, enabling the company to fund commercial expansion, reimbursement efforts and evidence generation without near-term financing. This liquidity underpins a durable ability to invest through scaling.

Low leverage / balance sheet flexibility

Material improvement in leverage and a sizable equity base give the firm financial flexibility to absorb operational losses while executing strategy. Low debt reduces default and interest risk, supporting sustained investment in commercial buildout and evidence-generation over the next 2–6 months.

Commercial & evidence momentum

Rapid Clinical volume growth and ambitious 2026 test guidance reflect accelerating physician adoption and scale economics potential. Robust MRD biopharma traction and ongoing landmark studies strengthen long-term demand, aiding reimbursement conversion and sustainable service revenue expansion.

Negative Factors

Consistent negative cash flow

Persistent negative operating and free cash flow indicate the business still consumes cash to operate. Even with recent improvements, continued negative FCF constrains self-funding, increasing dependency on existing liquidity and making sustainable operations contingent on successful revenue conversion.

Guided higher losses and cash burn

Management's deliberate plan to expand share drives a materially larger loss and near-term cash burn. While strategic, this increases runway consumption and execution risk; failure to convert volume to reimbursed, higher-margin revenue would accelerate capital needs and pressure the balance sheet.

Margin pressure from unreimbursed volume

A large share of current throughput is unreimbursed, markedly depressing gross margins and creating a structural margin gap until reimbursement rollouts progress. This sustained margin compression risks prolonging losses and weakens the path to profitable scale absent faster reimbursement conversion.

Personalis Business Overview & Revenue Model

Company Description

Personalis, Inc. operates as a cancer genomics company worldwide. The company provides sequencing and data analysis services to support the development of cancer therapies and large-scale genetic research programs. It offers NeXT Platform, which provides data analysis for tumor and its immune microenvironment, from a single limited tissue or plasma sample; ImmunoID Next for tumor profiling from tissue; NeXT Liquid Biopsy for tumor profiling from plasma; NeXT Personal, a liquid biopsy offering for personalized tumor tracking for patients; NeXT Dx Test, a genomic cancer profiling test enabling composite biomarkers for cancer treatment; and NeXT SHERPA and NeXT NEOPS for neoantigen prediction capabilities. The company also provides ACE platform for clinical and therapeutic applications such as neoantigen prediction, biomarker identification, and novel drug target selection. It serves biopharmaceutical customers, universities, non-profits, and government entities. The company has partnership with Mayo Clinic; MapKure, LLC; SpringWorks Therapeutics, Inc.; and Moores Cancer Center. Personalis, Inc. was incorporated in 2011 and is headquartered in Menlo Park, California.

How the Company Makes Money

Personalis makes money primarily by providing fee-for-service and contract-based sample analysis and data generation services using its sequencing-based assays and associated bioinformatics. Key revenue streams include: (1) Biopharma and research services revenue: payments from biopharmaceutical customers and research institutions for study design support, laboratory processing, sequencing, and delivery of analyzed genomic/transcriptomic datasets for discovery and translational research, including biomarker identification and immune-oncology applications. These engagements are typically structured as per-sample fees, project-based statements of work, or multi-study contracts depending on volume and scope. (2) Product/assay-related revenue tied to proprietary testing offerings: revenue associated with running Personalis-developed assays (rather than selling instruments), where the company captures value by performing the test in its own laboratory and delivering results and data to customers. (3) Collaboration/partnering revenue when applicable: revenue may include payments associated with strategic collaborations (e.g., development work, service commitments, or other contracted activities) when such agreements are in place; specific partnership payment terms are null.

Personalis Financial Statement Overview

Summary

Income statement and cash flow are weak: persistent operating losses and negative free cash flow, plus a severe 2025 revenue disruption noted in the statements. The balance sheet is a relative positive with low leverage and meaningful liquidity, but continued cash burn and lack of sustainable profitability keep the financial performance score low.

Income Statement

Revenue improved from 2022 through 2024 (mid-teens growth in both 2023 and 2024), but 2025 shows a collapse to zero revenue, which severely undermines operating momentum and visibility. Profitability remains weak across the period with persistent large operating losses and negative net income every year. Gross profit was positive through 2024 but turned sharply negative in 2025, indicating significant cost pressure or unfavorable revenue mix/recognition dynamics. Overall, the income statement reflects a business that has not yet demonstrated sustainable scale economics and faces elevated execution risk.

Balance Sheet

Leverage appears manageable with debt levels modest relative to equity (debt-to-equity generally low, improving to ~0.12 in 2025 from ~0.37 in 2023). The company also shows a sizable equity base versus total assets, which provides financial flexibility. However, returns on equity are consistently and deeply negative due to recurring losses, signaling ongoing value erosion if profitability does not improve. In short: balance sheet strength and low leverage are clear positives, but the loss profile remains the key structural weakness.

Cash Flow

Cash generation is a major concern: operating cash flow and free cash flow are negative in every year shown, indicating the company is still consuming cash to fund operations. Free cash flow improved versus 2024 (and showed strong improvement in 2023–2024), but it remains materially negative in 2025. Cash burn is broadly consistent with net losses (free cash flow roughly in line with net income), which suggests limited near-term self-funding capacity without a meaningful operational turnaround.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	84.61M	73.48M	65.05M	85.49M
Gross Profit	-53.87M	26.82M	18.21M	13.35M	31.66M
EBITDA	-71.00M	-70.30M	-96.81M	-104.64M	-59.01M
Net Income	-81.27M	-81.28M	-108.30M	-113.31M	-65.23M
Balance Sheet
Total Assets	334.16M	270.27M	225.10M	292.70M	396.53M
Cash, Cash Equivalents and Short-Term Investments	239.95M	185.01M	114.18M	167.66M	287.06M
Total Debt	31.87M	44.25M	47.73M	48.65M	58.33M
Total Liabilities	72.98M	67.31M	95.66M	74.56M	86.23M
Stockholders Equity	261.19M	202.96M	129.44M	218.14M	310.30M
Cash Flow
Free Cash Flow	-79.45M	-46.75M	-67.17M	-120.13M	-81.91M
Operating Cash Flow	-74.95M	-45.15M	-56.26M	-70.23M	-70.83M
Investing Cash Flow	-22.57M	-35.07M	13.10M	52.54M	-60.07M
Financing Cash Flow	130.34M	114.67M	11.03M	1.37M	169.70M

Personalis Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.79
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PSNL, the sentiment is Negative. The current price of 6.79 is below the 20-day moving average (MA) of 8.27, below the 50-day MA of 8.74, and below the 200-day MA of 7.44, indicating a bearish trend. The MACD of -0.46 indicates Positive momentum. The RSI at 35.08 is Neutral, neither overbought nor oversold. The STOCH value of 5.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PSNL.

Personalis Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CSTL	60 Neutral	$770.04M	-46.67	-5.27%	―	10.15%	-295.52%
CDNA	56 Neutral	$901.41M	-47.01	24.11%	―	14.46%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FLGT	50 Neutral	$481.89M	-13.36	-5.40%	―	13.60%	74.64%
PSNL	49 Neutral	$744.98M	-8.74	-39.13%	―	-21.02%	47.74%
MYGN	48 Neutral	$446.97M	-1.57	-79.81%	―	0.21%	-233.51%
LAB	44 Neutral	$383.71M	-6.52	-17.59%	―	-17.37%	52.28%