# Carlsmed Inc. (CARL) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Healthcare / Health Care Technology. Price $15.60, market value $426 million.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Carlsmed Inc. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 6.7×**. Each dollar of revenue is priced at 6.7×.
- **Price / book: 5.0×**. The shares trade at 5.0× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **Free-cash-flow yield: -8.1%** (5-yr avg -16.9%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 76.6%**. Carlsmed Inc. keeps 76.6% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: -61.1%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -58.7%**. The company reported a net loss over the last twelve months.
- **Return on equity: -30.0%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -107.5%**. Return on all capital, debt included, is -107.5%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -27.9%**. Each dollar of assets produces -27.9% of profit.

## Growth
- **Revenue growth (1 yr): 85.9%**. Revenue grew 85.9% over the last year.
- **EPS growth (1 yr): 65.3%**. Earnings per share rose 65.3%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.16**. Debt is 0.16 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 1.8×**. It would take 1.8 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 8.85**. A Z-score of 8.85 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Carlsmed Inc. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: strong_buy** (5 analysts). 5 analysts cover Carlsmed Inc.; the consensus is strong_buy, with an average price target of $19.20 (+23% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 20.8%** (YTD 26.3%, 3-mo 40.9%). The shares are up 20.8% over twelve months including dividends.
- **From 52-week high: -9.5%** (83.5% above the low). Trading 9% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 57**. An RSI of 57 is neutral.
- **Beta (1 yr): 1.08** (volatility 73%). Beta of 1.08 against the S&P 500: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=CARL · Page: https://foliofundamentals.com/stocks/carl

Not investment advice.