Caris Life Sciences, Inc.
CAI Nasdaq Services-Medical Laboratories Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$812M
97.0%
vs prior year
Operating margin
Operating income as a share of revenue.
5.6%
67.9 pts
Net income
Profit after all expenses, interest and tax.
−$68.1M
Free cash flow
Cash from operations minus capital spending.
$66.9M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
22.7%
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $8.32 EPS (TTM)
What Caris Life Sciences, Inc. does
No business description yet.
- Legal name
- Caris Life Sciences, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 3, 2026
- Accession · CIK
- 0002019410-26-000016
0002019410
Revenue and margins
Caris Life Sciences, Inc. had $812M of revenue in fiscal 2025, up 97.0% on the year before.
FY23
Revenue $306M
FY24
Revenue $412M
FY25
Revenue $812M
Q2 '24
Revenue $100M
Q3 '24
Revenue $102M
Q4 '24
Revenue $130M
Q1 '25
Revenue $121M
Q2 '25
Revenue $181M
Q3 '25
Revenue $217M
Q4 '25
Revenue $293M
Q1 '26
Revenue $216M
Q2 '26
Revenue $264M
FY23
Gross —
Operating −104.4%
Net −111.5%
FCF −97.5%
FY24
Gross —
Operating −62.4%
Net −68.4%
FCF −61.5%
FY25
Gross —
Operating 5.6%
Net −8.4%
FCF 8.2%
Gross
Operating
Net
FCF
Q2 '24
Gross —
Operating −67.0%
Net −66.2%
FCF —
Q3 '24
Gross —
Operating −59.9%
Net −66.6%
FCF −70.1%
Q4 '24
Gross —
Operating −28.5%
Net −28.4%
FCF −31.7%
Q1 '25
Gross —
Operating −47.9%
Net −84.8%
FCF −28.1%
Q2 '25
Gross —
Operating −9.9%
Net −39.6%
FCF 3.3%
Q3 '25
Gross —
Operating 15.1%
Net 11.2%
FCF 25.5%
Q4 '25
Gross —
Operating 30.2%
Net 28.0%
FCF 13.6%
Q1 '26
Gross —
Operating 2.4%
Net −0.2%
FCF 10.4%
Q2 '26
Gross —
Operating 10.2%
Net −0.2%
FCF 2.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income −$341M
FY24
Net income −$282M
FY25
Net income −$68.1M
Q2 '24
Net income −$66.2M
Q3 '24
Net income −$67.7M
Q4 '24
Net income −$36.9M
Q1 '25
Net income −$103M
Q2 '25
Net income −$71.8M
Q3 '25
Net income $24.3M
Q4 '25
Net income $82.0M
Q1 '26
Net income −$0.5M
Q2 '26
Net income −$0.6M
FY23
Diluted EPS −$13.24
FY24
Diluted EPS −$10.66
FY25
Diluted EPS −$3.22
Q2 '24
Diluted EPS −$2.54
Q3 '24
Diluted EPS −$2.59
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS −$3.57
Q2 '25
Diluted EPS −$7.97
Q3 '25
Diluted EPS $0.08
Q4 '25
Diluted EPS $8.24
Q1 '26
Diluted EPS $0.00
Q2 '26
Diluted EPS $0.00
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital —
Return on equity —
Return on assets −82.0%
FY25
Return on capital 22.7%
Return on equity —
Return on assets −9.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $66.9M in fiscal 2025, 8.2% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow −$298M
FY24
Free cash flow −$254M
FY25
Free cash flow $66.9M
Q2 '24
Free cash flow —
Q3 '24
Free cash flow −$71.3M
Q4 '24
Free cash flow −$41.2M
Q1 '25
Free cash flow −$34.0M
Q2 '25
Free cash flow $5.9M
Q3 '25
Free cash flow $55.3M
Q4 '25
Free cash flow $39.7M
Q1 '26
Free cash flow $22.5M
Q2 '26
Free cash flow $6.4M
FY23
Cash from operations −$276M
Capital spending $22.3M
FY24
Cash from operations −$245M
Capital spending $8.4M
FY25
Cash from operations $83.2M
Capital spending $16.3M
Cash from operations
Capital spending
Q2 '24
Cash from operations —
Capital spending —
Q3 '24
Cash from operations −$69.4M
Capital spending $1.8M
Q4 '24
Cash from operations −$38.9M
Capital spending $2.3M
Q1 '25
Cash from operations −$31.3M
Capital spending $2.7M
Q2 '25
Cash from operations $7.3M
Capital spending $1.4M
Q3 '25
Cash from operations $62.4M
Capital spending $7.1M
Q4 '25
Cash from operations $44.8M
Capital spending $5.1M
Q1 '26
Cash from operations $32.9M
Capital spending $10.3M
Q2 '26
Cash from operations $28.5M
Capital spending $22.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Caris Life Sciences, Inc. returned $0.1M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 371.0%.
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $0.1M
Dividends
Buybacks
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks $0.0M
Q4 '25
Dividends —
Buybacks $0.1M
Q1 '26
Dividends —
Buybacks $0.0M
Q2 '26
Dividends —
Buybacks $21.4M
Dividends
Buybacks
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.17B
Balance sheet
Cash, debt and the ratios that show how comfortably Caris Life Sciences, Inc. can carry it.
FY23
Cash —
Debt —
FY24
Cash $66.2M
Debt $373M
FY25
Cash $799M
Debt $379M
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | — | $66.2M | $799M |
| Debt incl. finance leases | — | $373M | $379M |
| Net debt / EBITDA | — | — | −6.2x |
| Debt / equity | — | — | 0.7x |
| Interest coverage | −10.1x | −5.1x | 0.8x |
| Current ratio | — | 1.3x | 7.8x |
| Quick ratio | — | 1.3x | 7.8x |
| Total assets | — | $344M | $1.1B |
| Total liabilities | — | $621M | $548M |
| Shareholders' equity | −$2.1B | −$2.5B | $577M |
| Net debt (− = net cash) | — | $307M | −$420M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✓ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 3 | — / 4 | 5 / 8 |
| Accruals ratio | — | −10.7% | −20.6% |
| Altman Z'' | — | −31.74 | −0.93 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $306M | $412M | $812M |
| Research and development | $117M | $114M | $102M |
| Operating income | −$320M | −$257M | $45.1M |
| Interest expense | $31.6M | $50.0M | $56.9M |
| Pretax income | −$341M | −$282M | −$68.1M |
| Income tax | $0.0M | $0.0M | $0.0M |
| Net income | −$341M | −$282M | −$68.1M |
| Net income to common | −$463M | −$378M | −$538M |
| Diluted EPS | −$13.24 | −$10.66 | −$3.22 |
| Diluted shares | 0.03B | 0.04B | 0.17B |
| Cash flow | |||
| Cash from operations | −$276M | −$245M | $83.2M |
| Capital expenditure | $22.3M | $8.4M | $16.3M |
| Free cash flow | −$298M | −$254M | $66.9M |
| Depreciation and amortization | $49.0M | $48.9M | $22.6M |
| Stock-based compensation | $15.2M | $18.6M | $70.0M |
| Share buybacks | $0.0M | $0.0M | $0.1M |
| Dividends and buybacks | $0.0M | $0.0M | $0.1M |
| Balance sheet | |||
| Cash and short-term investments | — | $66.2M | $799M |
| Total debt | — | $373M | $378M |
| Finance lease liabilities | — | — | $0.5M |
| Current assets | — | $216M | $998M |
| Current liabilities | — | $165M | $127M |
| Property and equipment, net | — | $67.8M | $63.2M |
| Goodwill | — | $19.3M | $19.3M |
| Total assets | — | $344M | $1.1B |
| Total liabilities | — | $621M | $548M |
| Preferred stock | — | $0.0M | $0.0M |
| Shareholders' equity | −$2.1B | −$2.5B | $577M |
| Margins | |||
| Operating margin | −104.4% | −62.4% | 5.6% |
| EBITDA margin | −88.4% | −50.5% | 8.3% |
| Net margin | −111.5% | −68.4% | −8.4% |
| FCF margin | −97.5% | −61.5% | 8.2% |
| Returns | |||
| Return on capital | — | — | 22.7% |
| Return on capital employed | — | −144.2% | 4.5% |
| Return on assets | — | −82.0% | −9.3% |
| Return on tangible equity | — | — | −96.4% |
| Growth | |||
| Revenue growth | — | 34.7% | 97.0% |
| Share count change | — | 1.6% | 371.0% |
| Financial health | |||
| Net debt / EBITDA | — | — | −6.2x |
| Debt / equity | — | — | 0.7x |
| Interest coverage | −10.1x | −5.1x | 0.8x |
| Current ratio | — | 1.3x | 7.8x |
| Quick ratio | — | 1.3x | 7.8x |
| Capital allocation | |||
| Capex / revenue | 7.3% | 2.0% | 2.0% |
| Stock comp / revenue | 5.0% | 4.5% | 8.6% |
| Payouts / FCF | — | — | 0.2% |
| Quality scores | |||
| Piotroski F-score | — | — | 5.0 |
| Altman Z'' | — | −31.7 | −0.9 |
| Accruals ratio | — | −10.7% | −20.6% |
Source: SEC EDGAR XBRL filings (CIK 0002019410). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.