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Carlsmed, Inc.

CARL Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2024–FY2025

Revenue Total sales reported in the income statement.
$50.5M
85.9% vs prior year
Operating margin Operating income as a share of revenue.
−60.5%
28.3 pts
Net income Profit after all expenses, interest and tax.
−$29.6M
Free cash flow Cash from operations minus capital spending.
−$29.6M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−546.2%
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 $0.11 EPS (TTM)

What Carlsmed, Inc. does

No business description yet.

Legal name
CARLSMED, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 25, 2026
Accession · CIK
0001193125-26-071551
0001794546

Revenue and margins

Carlsmed, Inc. had $50.5M of revenue in fiscal 2025, up 85.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$29.6M in fiscal 2025, −58.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Carlsmed, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 249.7%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Carlsmed, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY24FY25
Cash and short-term investments $40.1M$110M
Debt incl. finance leases $15.4M$15.3M
Debt / equity —0.2x
Interest coverage −18.3x−21.4x
Current ratio 5.6x8.9x
Quick ratio 5.5x8.7x
Total assets $51.8M$130M
Total liabilities $26.2M$31.3M
Shareholders' equity −$70.6M$98.9M
Net debt (− = net cash) −$24.7M−$94.4M

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.

TestFY24FY25
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 — / 35 / 9
Accruals ratio 2.3%−0.7%
Altman Z'' −5.304.88

2 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY24FY25
Income statement
Revenue $27.2M $50.5M
Gross profit $20.0M $38.0M
Research and development $14.3M $17.0M
Operating income −$24.1M −$30.6M
Interest expense $1.3M $1.4M
Income tax $0.0M $0.0M
Net income −$24.3M −$29.6M
Net income to common −$24.8M −$30.2M
Diluted EPS −$6.11 −$2.12
Diluted shares 0.00B 0.01B
Cash flow
Cash from operations −$25.5M −$29.0M
Capital expenditure $0.2M $0.6M
Free cash flow −$25.6M −$29.6M
Depreciation and amortization $0.1M $0.3M
Stock-based compensation $0.3M $1.9M
Balance sheet
Cash and short-term investments $40.1M $110M
Total debt $15.4M $15.3M
Current assets $49.4M $127M
Current liabilities $8.8M $14.3M
Inventory $1.0M $1.8M
Property and equipment, net $0.3M $1.5M
Total assets $51.8M $130M
Total liabilities $26.2M $31.3M
Preferred stock $0.0M $0.0M
Shareholders' equity −$70.6M $98.9M
Margins
Gross margin 73.8% 75.3%
Operating margin −88.8% −60.5%
EBITDA margin −88.3% −60.0%
Net margin −89.3% −58.7%
FCF margin −94.4% −58.6%
Returns
Return on capital — −546.2%
Return on capital employed −56.1% −26.4%
Return on equity — −209.9%
Return on assets −46.8% −32.6%
Return on tangible equity — −30.6%
Growth
Revenue growth — 85.9%
Share count change — 249.7%
Financial health
Debt / equity — 0.2x
Interest coverage −18.3x −21.4x
Current ratio 5.6x 8.9x
Quick ratio 5.5x 8.7x
Capital allocation
Capex / revenue 0.7% 1.3%
Stock comp / revenue 0.9% 3.8%
Quality scores
Piotroski F-score — 5.0
Altman Z'' −5.3 4.9
Accruals ratio 2.3% −0.7%

Source: SEC EDGAR XBRL filings (CIK 0001794546). 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.

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