Personalis (PSNL) AI Stock Analysis

• Market Cap: $804.57M
• Dividend Yield: N/A
• Average Volume (3M): 1.23M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.05
• 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: 88,804,350
• 10 Day Avg. Volume: 976,017
• 30 Day Avg. Volume: 1,230,100
• 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: 0.89
• Enterprise Value/Revenue: 13.62
• Enterprise Value/Gross Profit: -453.91
• Enterprise Value/Ebitda: -10.02
• 1Y Price Target: $11.83
• Price Target Upside: 30.57% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -0.97
• Revenue Forecast (FY): $81.68M

• Rating: 53 Neutral
• Price Target: $9.00 ▼(-0.66% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held back primarily by weak financial performance (ongoing losses, cash burn, and a major reported revenue disruption), partially offset by constructive earnings-call signals (strong volume/reimbursement trajectory and sizable liquidity) and a moderately improving technical setup. Valuation remains constrained by negative earnings and lack of dividend support.

Positive Factors

Reimbursement / Medicare Coverage

Two Medicare coverage wins create structural reimbursement pathways for NeXT Personal, enabling conversion of clinical volume into paid revenue with favorable pricing. This materially improves long-term revenue mix and payer credibility, aiding margin recovery as coverage expands (MolDX IO dossier pending).

Clinical Volume Scaling

Rapid, sustained clinical test growth and aggressive 2026 volume guidance signal meaningful commercial traction and physician adoption. Scaling tests can spread fixed lab costs, accelerate evidence generation, and underpin sustainable revenue if volume progressively converts to reimbursed indications and enterprise use cases.

Strong Liquidity / Low Leverage

A sizable cash balance and minimal debt provide a durable buffer to fund commercialization, R&D and evidence-building without immediate refinancing. Combined with modest leverage (debt-to-equity improved), this supports execution of a multi-quarter reimbursement and sales ramp despite near-term losses.

Negative Factors

Persistent Negative Cash Flow

Consistent negative operating and free cash flow indicate the company cannot self-fund growth; planned higher 2026 cash usage (~$100M) increases reliance on existing cash and potential external capital if commercial/reimbursement timing slips, raising funding and execution risk.

Revenue Disruption / Visibility Risk

A severe reported revenue disruption in 2025 (noted collapse) and prior contract wind‑downs (~$29M headwind) reveal structural revenue volatility. This undermines near-term visibility and makes the company dependent on timely conversion of new clinical/reimbursement initiatives to restore predictable top-line growth.

Margin Dilution from Unreimbursed Volume

High proportions of unreimbursed tests materially compress gross margins and drive larger operating losses as volume grows. Management expects continued margin dilution while scaling, so profitability hinges on slower, uncertain reimbursement rollouts and conversion rates, prolonging the path to sustainable margins.

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 generates revenue primarily through its genomic sequencing services, which are offered to pharmaceutical companies, academic institutions, and healthcare providers. Key revenue streams include fees for sequencing services, data analysis, and partnerships with biopharmaceutical companies for precision medicine applications. The company often collaborates with these partners on clinical trials and drug development programs, providing them with valuable genomic insights that can lead to tailored therapies. Additionally, Personalis may receive funding through grants and research contracts, which support its innovation in genomic technologies.

Personalis Financial Statement Overview

Summary

Balance sheet leverage is relatively low and liquidity appears supportive, but operating fundamentals are weak: persistent net losses, consistently negative operating/free cash flow, and a severe reported revenue disruption (2025 income-statement revenue shown collapsing to zero) create elevated execution and funding-risk dependence despite the cash runway discussed on the call.

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: Positive
• Last Price: 9.06
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PSNL, the sentiment is Positive. The current price of 9.06 is above the 20-day moving average (MA) of 8.57, above the 50-day MA of 8.78, and above the 200-day MA of 7.27, indicating a bullish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 53.31 is Neutral, neither overbought nor oversold. The STOCH value of 56.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PSNL.

Personalis Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CSTL	60 Neutral	$879.15M	-65.70	-2.69%	―	10.15%	-295.52%
CDNA	56 Neutral	$960.82M	-47.58	24.11%	―	14.46%	―
PSNL	53 Neutral	$804.57M	-9.97	-43.69%	―	-21.02%	47.74%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FLGT	50 Neutral	$473.89M	-10.94	-3.80%	―	13.60%	74.64%
MYGN	48 Neutral	$431.07M	-1.17	-68.45%	―	0.21%	-233.51%
LAB	44 Neutral	$434.56M	-5.73	-13.73%	―	-17.37%	52.28%

Personalis Corporate Events

Personalis Announces $100M Stock Offering Amendment

On November 28, 2025, Personalis, Inc. announced a prospectus supplement for the offer and sale of up to $100 million of its common stock. This move is part of an amended sales agreement with Piper Sandler & Co. and BTIG, LLC, and adds to a previous offering under a registration statement.

The most recent analyst rating on (PSNL) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Personalis stock, see the PSNL Stock Forecast page.