Carlsmed, Inc.
CARL Nasdaq· Surgical & Medical Instruments & Apparatus
Last close · Oct 23, 2026
$14.53
KIRA · Stoqly’s AI analyst, in plain words
- Carlsmed, Inc. had $50.5M of revenue in fiscal 2025, up 85.9% on the year before.
- Its operating margin was −60.5%, up 28.3 pts: of every 100 in sales, about −61 is left after running the business.
- Carlsmed, Inc. lost $29.6M in fiscal 2025.
- Free cash flow was −$29.6M in fiscal 2025, −58.6% of revenue.
- Carlsmed, Inc. has $94.4M more cash than debt.
Market cap
$395M
P/E
132.1x
Revenue
$50.5M
Net income
−$29.6M
Free cash flow
−$29.6M
Operating margin
−60.5%
Carlsmed, Inc. in 30 seconds · fiscal 2025
Are sales growing?
+85.9%
Yes. Sales grew 85.9% last year.
Does it make a profit?
−58.7%
No. It lost money last year.
Does profit turn into cash?
−58.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
132.1x
One share costs 132.1 times its yearly profit per share.
What Carlsmed, Inc. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Legal name
- CARLSMED, INC.
- CIK
- 0001794546
Carlsmed, Inc. · CARL
Results and finances
The last 2 fiscal years. Amounts in USD.
| Fiscal year | FY24 | FY25 |
|---|---|---|
| Sales and profit | ||
| Revenue | $27.2M | $50.5M |
| Revenue growth | — | 85.9% |
| Gross margin | 73.8% | 75.3% |
| Operating margin | −88.8% | −60.5% |
| Net income | −$24.3M | −$29.6M |
| Net margin | −89.3% | −58.7% |
| Diluted EPS | −$6.11 | −$2.12 |
| Cash | ||
| Cash from operations | −$25.5M | −$29.0M |
| Capital expenditure | $0.2M | $0.6M |
| Free cash flow | −$25.6M | −$29.6M |
| FCF margin | −94.4% | −58.6% |
| Share count change | — | 249.7% |
| Debt and strength | ||
| Cash and short-term investments | $40.1M | $110M |
| Debt incl. finance leases | $15.4M | $15.3M |
| Shareholders' equity | −$70.6M | $98.9M |
| Current ratio | 5.6x | 8.9x |
| Interest coverage | −18.3x | −21.4x |
| Returns and quality | ||
| Return on capital | — | −546.2% |
| Return on equity | — | −209.9% |
| Return on tangible equity | — | −30.6% |
| Piotroski F-score | — | 5 |
| Altman Z'' | −5.3 | 4.9 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$2.6M
2 insiders
Of sales under plans
1%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Carlsmed, Inc. · CARL
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $14.53 a share, the company is worth $395M: 132.1 times its earnings of the last four quarters.
Source: SEC EDGAR XBRL filings (CIK 0001794546). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.