TEM Nasdaq Health Care Services Financials FY2022–FY2025
Tempus AI runs medical laboratories and a large database of patient health data, mostly in cancer care in the United States. Doctors order its genetic and other lab tests to help choose treatments for patients, and Tempus links the results to patients' medical records and uses artificial intelligence, or AI, to put them in context. It gets data through connections with more than 5,000 hospital and clinic sites that order its tests, and strips out personal details before using it in its other products.
Hi! I read Tempus AI’s latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+83.4%
Yes. Sales grew 83.4% last year.
Does it make a profit?
−19.3%
No. It lost money last year.
Does profit turn into cash?
−18.8%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA · Tempus AI had $1.3B of revenue in fiscal 2025, up 83.4% on the year before. Its operating margin was −19.9%, up 79.8 pts: of every 100 in sales, about −20 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA · Tempus AI lost $245M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA · Free cash flow was −$239M in fiscal 2025, −18.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA · Tempus AI returned $3.0M to shareholders in fiscal 2025. The diluted share count rose 45.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA · In the last 12 months, insiders sold $221M of shares on the open market and bought none.
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.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$221M
11 insiders
Of sales under plans
93%
$206M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 25, 2026 | Thomas Edward SchoenherrCEO, Diagnostics | Sold plan | 10,281 | $85.00 | $0.9M | Form 4 |
| Sep 22, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 250,000 | $77.47 | $19.4M | Form 4 |
| Sep 17, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 200,000 | $80.57 | $16.1M | Form 4 |
| Sep 17, 2026 | Andrew PolovinEVP, Chief Legal Officer | Sold plan | 2,951 | $75.00 | $0.2M | Form 4 |
| Sep 17, 2026 | Ryan M BartolucciChief Accounting Officer | Sold plan | 7,062 | $75.00 | $0.5M | Form 4 |
| Sep 16, 2026 | Ryan FukushimaCEO, Data | Sold plan | 700 | $70.00 | $0.0M | Form 4 |
| Sep 1, 2026 | Jennifer A DoudnaDirector | Sold plan | 676 | $65.55 | $0.0M | Form 4 |
| Sep 1, 2026 | Ryan FukushimaCEO, Data | Sold plan | 30,846 | $62.71 | $1.9M | Form 4 |
| Sep 1, 2026 | David R EpsteinDirector | Sold plan | 250 | $65.55 | $0.0M | Form 4 |
| Aug 28, 2026 | Nadja WestDirector | Sold plan | 3,000 | $69.00 | $0.2M | Form 4 |
| Aug 25, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 238,152 | $68.39 | $16.3M | Form 4 |
| Aug 25, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 11,848 | $69.87 | $0.8M | Form 4 |
| Aug 21, 2026 | Ryan FukushimaCEO, Data | Sold plan | 14,286 | $70.00 | $1.0M | Form 4 |
| Aug 21, 2026 | Thomas Edward SchoenherrCEO, Diagnostics | Sold plan | 2,694 | $70.00 | $0.2M | Form 4 |
| Aug 19, 2026 | Thomas Edward SchoenherrCEO, Diagnostics | Sold plan | 8,082 | $58.40 | $0.5M | Form 4 |
| Aug 19, 2026 | James William RogersChief Financial Officer | Sold plan | 26,313 | $60.00 | $1.6M | Form 4 |
| Aug 19, 2026 | Andrew PolovinEVP, Chief Legal Officer | Sold plan | 7,927 | $56.00 | $0.4M | Form 4 |
| Aug 18, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold | 132,591 | $49.61 | $6.6M | Form 4 |
| Aug 18, 2026 | James William RogersChief Financial Officer | Sold plan | 22,529 | $49.61 | $1.1M | Form 4 |
| Aug 18, 2026 | Ryan FukushimaCEO, Data | Sold | 41,095 | $49.61 | $2.0M | Form 4 |
| Aug 18, 2026 | Ryan M BartolucciChief Accounting Officer | Sold | 6,175 | $49.61 | $0.3M | Form 4 |
| Aug 18, 2026 | Thomas Edward SchoenherrCEO, Diagnostics | Sold plan | 9,232 | $49.61 | $0.5M | Form 4 |
| Aug 18, 2026 | Andrew PolovinEVP, Chief Legal Officer | Sold plan | 22,148 | $49.61 | $1.1M | Form 4 |
| Aug 14, 2026 | Nadja WestDirector | Sold plan | 3,000 | $53.90 | $0.2M | Form 4 |
| Aug 7, 2026 | Ryan FukushimaCEO, Data | Sold plan | 20,000 | $50.04 | $1.0M | Form 4 |
| Aug 3, 2026 | Ryan FukushimaCEO, Data | Sold plan | 23,818 | $46.19 | $1.1M | Form 4 |
| Aug 3, 2026 | David R EpsteinDirector | Sold plan | 370 | $43.40 | $0.0M | Form 4 |
| Jul 28, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 250,000 | $42.06 | $10.5M | Form 4 |
| Jul 8, 2026 | Ryan FukushimaCEO, Data | Sold plan | 33,284 | $57.39 | $1.9M | Form 4 |
| Jul 6, 2026 | Ryan FukushimaCEO, Data | Sold plan | 10,000 | $60.00 | $0.6M | Form 4 |
| Jun 29, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 166,250 | $57.48 | $9.6M | Form 4 |
| Jun 25, 2026 | James William RogersChief Financial Officer | Sold plan | 11,529 | $55.00 | $0.6M | Form 4 |
| Jun 25, 2026 | Jennifer A DoudnaDirector | Sold plan | 2,673 | $55.00 | $0.1M | Form 4 |
| Jun 1, 2026 | David R EpsteinDirector | Sold plan | 250 | $49.40 | $0.0M | Form 4 |
| May 27, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 166,250 | $46.70 | $7.8M | Form 4 |
| May 19, 2026 | Thomas Edward SchoenherrCEO, Diagnostics | Sold | 1,580 | $44.07 | $0.1M | Form 4 |
| May 19, 2026 | Andrew PolovinEVP, Chief Legal Officer | Sold | 8,703 | $44.07 | $0.4M | Form 4 |
| May 19, 2026 | Ryan FukushimaCEO, Data | Sold | 13,550 | $44.07 | $0.6M | Form 4 |
| May 19, 2026 | Ryan M BartolucciChief Accounting Officer | Sold | 4,116 | $44.07 | $0.2M | Form 4 |
| May 19, 2026 | James William RogersChief Financial Officer | Sold | 10,853 | $44.07 | $0.5M | Form 4 |
| May 19, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold | 22,335 | $44.07 | $1.0M | Form 4 |
| Apr 28, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 166,250 | $51.13 | $8.5M | Form 4 |
| Mar 26, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 166,250 | $46.38 | $7.7M | Form 4 |
| Mar 2, 2026 | David R EpsteinDirector | Sold plan | 250 | $50.69 | $0.0M | Form 4 |
| Mar 2, 2026 | James William RogersChief Financial Officer | Sold plan | 11,414 | $50.69 | $0.6M | Form 4 |
| Feb 20, 2026 | Andrew PolovinEVP, Chief Legal Officer | Sold plan | 10,949 | $60.31 | $0.7M | Form 4 |
| Feb 19, 2026 | Ryan M BartolucciChief Accounting Officer | Sold | 2,902 | $59.05 | $0.2M | Form 4 |
| Feb 19, 2026 | Ryan FukushimaChief Executive Officer, Data | Sold | 9,592 | $59.05 | $0.6M | Form 4 |
| Feb 19, 2026 | Andrew PolovinEVP, Chief Legal Officer | Sold plan | 8,143 | $59.05 | $0.5M | Form 4 |
| Feb 19, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 179,837 | $58.89 | $10.6M | Form 4 |
| Feb 19, 2026 | James William RogersChief Financial Officer | Sold | 10,084 | $59.05 | $0.6M | Form 4 |
| Feb 19, 2026 | Erik PhelpsEVP, Chief Admin. Officer | Sold plan | 9,464 | $59.43 | $0.6M | Form 4 |
| Feb 2, 2026 | David R EpsteinDirector | Sold plan | 370 | $59.41 | $0.0M | Form 4 |
| Jan 28, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 166,250 | $65.56 | $10.9M | Form 4 |
| Jan 5, 2026 | Ryan FukushimaChief Operating Officer | Sold plan | 5,000 | $64.26 | $0.3M | Form 4 |
| Jan 2, 2026 | Jennifer A DoudnaDirector | Sold plan | 1,250 | $60.17 | $0.1M | Form 4 |
| Dec 18, 2025 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 166,250 | $63.99 | $10.6M | Form 4 |
| Dec 16, 2025 | Erik PhelpsEVP & Chief Admin & Legal Off | Sold plan | 1,302 | $67.42 | $0.1M | Form 4 |
| Dec 11, 2025 | James William RogersChief Financial Officer | Sold plan | 19,966 | $73.20 | $1.5M | Form 4 |
| Dec 5, 2025 | Wayne A.I. FrederickDirector | Sold | 3,675 | $77.23 | $0.3M | Form 4 |
| Dec 1, 2025 | Ryan FukushimaChief Operating Officer | Sold plan | 5,000 | $75.72 | $0.4M | Form 4 |
| Dec 1, 2025 | Jennifer A DoudnaDirector | Sold plan | 676 | $75.55 | $0.1M | Form 4 |
| Dec 1, 2025 | David R EpsteinDirector | Sold plan | 250 | $75.55 | $0.0M | Form 4 |
| Nov 24, 2025 | Andrew PolovinEVP and General Counsel | Sold plan | 12,874 | $75.00 | $1.0M | Form 4 |
| Nov 24, 2025 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 166,250 | $74.10 | $12.3M | Form 4 |
| Nov 20, 2025 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 166,250 | $68.97 | $11.5M | Form 4 |
| Nov 19, 2025 | Andrew PolovinEVP and General Counsel | Sold plan | 6,387 | $68.06 | $0.4M | Form 4 |
| Nov 18, 2025 | Andrew PolovinEVP and General Counsel | Sold plan | 5,205 | $65.54 | $0.3M | Form 4 |
| Nov 18, 2025 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 16,829 | $65.54 | $1.1M | Form 4 |
| Nov 18, 2025 | Erik PhelpsEVP & Chief Admin & Legal Off | Sold | 3,533 | $65.54 | $0.2M | Form 4 |
| Nov 18, 2025 | Ryan M BartolucciChief Accounting Officer | Sold | 1,834 | $65.54 | $0.1M | Form 4 |
| Nov 18, 2025 | James William RogersChief Financial Officer | Sold | 7,257 | $65.54 | $0.5M | Form 4 |
| Nov 18, 2025 | Ryan FukushimaChief Operating Officer | Sold | 10,099 | $65.54 | $0.7M | Form 4 |
| Nov 11, 2025 | Jennifer A DoudnaDirector | Sold plan | 1,926 | $71.45 | $0.1M | Form 4 |
| Nov 3, 2025 | David R EpsteinDirector | Sold plan | 370 | $90.00 | $0.0M | Form 4 |
| Nov 3, 2025 | Ryan FukushimaChief Operating Officer | Sold plan | 5,000 | $89.03 | $0.4M | Form 4 |
| Oct 28, 2025 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 332,500 | $89.11 | $29.6M | Form 4 |
| Oct 6, 2025 | Ryan FukushimaChief Operating Officer | Sold plan | 5,000 | $92.32 | $0.5M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA · Tempus AI has $396M more cash than debt.
Cash, debt and the ratios that show how comfortably Tempus AI can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $303M | $166M | $341M | $605M |
| Debt incl. finance leases | — | $193M | $168M | $209M |
| Debt / equity | — | — | 3.0x | 0.4x |
| Interest coverage | −12.1x | −4.2x | −12.9x | −3.6x |
| Current ratio | — | 1.5x | 2.3x | 3.1x |
| Quick ratio | — | 1.4x | 2.2x | 3.0x |
| Total assets | — | $564M | $926M | $2.3B |
| Total liabilities | — | $841M | $870M | $1.8B |
| Shareholders' equity | −$1.1B | −$1.4B | $56.3M | $491M |
| Net debt (− = net cash) | — | $27.3M | −$173M | −$396M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA · Tempus AI passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is 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 | — / 9 | — / 9 | 5 / 8 |
| Accruals ratio | — | −69.4% | −1.7% |
| Altman Z'' | −10.77 | −9.85 | −1.60 |
What does the share cost, and how does it compare?
KIRA · At $67.62 a share, the company is worth $13.5M.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
—
Adds net cash of $396M and divides by 0.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
KIRA · Tempus AI grew sales faster than 4 of its 4 similar companies.
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Tempus AI TEM | $13.5M | 83.4% | −19.9% | −18.8% | — | — | 5 | |
| Sotera Health SHC | $5.2B | 5.7% | — | 12.8% | 6.7% | 31.8x | 7 | Compare → |
| Addus HomeCare ADUS | $2.3B | 23.2% | 9.7% | 7.3% | 9.4% | 21.3x | 5 | Compare → |
| Lifestance Health LFST | $5.0B | 13.9% | 1.7% | 7.7% | 1.2% | 99.5x | 7 | Compare → |
| CorVel CRVL | $4.3B | 7.0% | — | 11.5% | — | 37.3x | — | Compare → |
Every number, year by year.
Amounts in USD. Hover a ratio’s name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $321M | $532M | $693M | $1.3B |
| Research and development | $83.2M | $90.3M | $149M | $173M |
| Operating income | −$265M | −$196M | −$691M | −$253M |
| Interest expense | $21.9M | $46.9M | $53.7M | $70.3M |
| Pretax income | −$289M | −$214M | −$701M | −$291M |
| Income tax | $0.1M | $0.3M | $0.3M | −$51.7M |
| Net income | −$290M | −$214M | −$706M | −$245M |
| Diluted EPS | −$5.30 | −$4.20 | −$6.23 | −$1.41 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||
| Cash from operations | −$168M | −$214M | −$189M | −$218M |
| Capital expenditure | $18.4M | $34.6M | $22.1M | $21.0M |
| Free cash flow | −$187M | −$249M | −$211M | −$239M |
| Depreciation and amortization | $16.7M | $21.3M | $26.4M | $32.1M |
| Stock-based compensation | $0.0M | $0.0M | $534M | $125M |
| Acquisitions | $39.6M | $5.7M | $0.0M | $377M |
| Share buybacks | $0.0M | $3.6M | $0.0M | $3.0M |
| Dividends paid | $5.6M | $5.6M | $5.6M | $0.0M |
| Dividends and buybacks | $5.6M | $9.2M | $5.6M | $3.0M |
| Balance sheet | ||||
| Cash and short-term investments | $303M | $166M | $341M | $605M |
| Total debt | — | $193M | $168M | $209M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $350M | $668M | $1.2B |
| Current liabilities | — | $233M | $291M | $372M |
| Inventory | $0.0M | $28.8M | $38.4M | $51.7M |
| Property and equipment, net | — | $61.7M | $58.1M | $89.2M |
| Total assets | — | $564M | $926M | $2.3B |
| Total liabilities | — | $841M | $870M | $1.8B |
| Shareholders' equity | −$1.1B | −$1.4B | $56.3M | $491M |
| Margins | ||||
| Operating margin | −82.8% | −36.9% | −99.7% | −19.9% |
| EBITDA margin | −77.6% | −32.9% | −95.9% | −17.4% |
| Net margin | −90.4% | −40.3% | −101.8% | −19.3% |
| FCF margin | −58.2% | −46.8% | −30.5% | −18.8% |
| Returns | ||||
| Return on capital employed | — | — | −143.0% | −19.9% |
| Return on equity | — | — | — | −89.5% |
| Return on assets | — | — | −94.7% | −15.3% |
| Growth | ||||
| Revenue growth | — | 65.9% | 30.4% | 83.4% |
| Share count change | — | 0.4% | 89.3% | 45.4% |
| Financial health | ||||
| Debt / equity | — | — | 3.0x | 0.4x |
| Interest coverage | −12.1x | −4.2x | −12.9x | −3.6x |
| Current ratio | — | 1.5x | 2.3x | 3.1x |
| Quick ratio | — | 1.4x | 2.2x | 3.0x |
| Capital allocation | ||||
| Capex / revenue | 5.7% | 6.5% | 3.2% | 1.7% |
| Stock comp / revenue | 0.0% | 0.0% | 77.0% | 9.8% |
| Quality scores | ||||
| Piotroski F-score | — | — | — | 5.0 |
| Altman Z'' | — | −10.8 | −9.9 | −1.6 |
| Accruals ratio | — | — | −69.4% | −1.7% |
Source: SEC EDGAR XBRL filings (CIK 0001717115). Data updated October 11, 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.
