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CARLSMED, INC.

CARL

$15.34 ▼ -0.68 (-4.28%) at close

11 Visible periods

28 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Bearish

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Analytical Summary

CARLSMED, INC. faces fundamental challenges with weakness in Return on Common Equity (%) and Profit Margin (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $417.1M

Dividend Yield —

Revenue Growth 56.7% ↘

Op. Margin -58.3% →

ROIC -8.8% ↘

FCF / Share $-0.28 ↗

Trailing P/E —

Price / Book 5.0x

FCF Yield —

Debt / Equity 0.18

info Valuation on last close. End-of-day price, Nov 5, 2026.

11-Year Financial Trajectory

Quarterly

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$18.94M

↑ +56.7% —

Net Income Profit after all expenses

$-8.70M

↓ -51.8% —

Operating Margin Operating profit as % of sales

-58.3%

↓ -1.2% 4th

FCF / Share Free cash flow per share

$-0.28

↑ +43.6% —

Long-Term Debt Long-term obligations

$15.38M

— +0.1% —

trending_up

Bullish Indicators

Debt to EquityDebt to Equity is in the top quartile (lower is better)

warning

Bearish Risks

Operating Margin (%)Operating Margin (%) is in the bottom quartile
Profit Margin (%)Profit Margin (%) is in the bottom quartile
Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Profitability ↑

Returns

Financial Health ↓

Cash Quality ↓

Financial view

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📈 Is growth accelerating? 4 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗
Revenue Growth YoY (%)	56.7% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+609%)	58.2% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+627%)	—	98.4% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1130%)	98.7% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1134%)	—	—	—	—	—	—
EPS Growth YoY (%)	73.5% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	78.2% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	N/M	80.6% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	5.2% Fair Fair Year-over-year change in earnings per share Optimal: > 10%	—	—	—	—	—	—
Net Income Growth YoY (%)	-51.8% Weak ↓ Weak Declining Year-over-year change in net income	-51.8% Weak ↓ Weak Declining Year-over-year change in net income	-82.5% Weak ↓ Weak Declining Year-over-year change in net income	-5.2% Weak Weak Year-over-year change in net income	-5.2% Weak Weak Year-over-year change in net income	—	—	—	—	—	—
FCF Growth YoY (%)	—	74.6% Excellent Excellent Year-over-year change in free cash flow	—	78.1% Excellent Excellent Year-over-year change in free cash flow	—	—	—	—	—	—	—

💰 Are margins durable? 4 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗
Operating Margin (%) (%)	-58.3% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-488%)	-57.6% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-484%)	—	-69.1% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-561%)	-53.8% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-459%)	-56.1% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-474%)	—	-118.0% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-887%)	-103.9% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-793%)	—	—
Profit Margin (%) (%)	-45.9% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-483%)	-54.0% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-550%)	—	-43.8% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-465%)	-47.4% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-495%)	-56.2% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-569%)	—	-82.7% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-789%)	-89.6% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-846%)	—	—
FCF Margin (%) (%)	-39.5% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-81.2% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	-65.9% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	-80.9% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	-115.8% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—
FCF / Net Income (x)	0.86x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.50x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	0.63x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.50x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	—	1.44x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	0.90x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	1.40x Good Good Free cash flow relative to reported net income Optimal: > 1x	—	—	—

🎯 Is capital allocation efficient? 3 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗
Return on Invested Capital (%)	-8.8% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-6.8% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-6.4% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-5.8% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	7.6% Fair → Fair Stable Return earned on debt + equity capital invested Optimal: > 10%	5.9% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	6.7% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	9.3% Fair Fair Return earned on debt + equity capital invested Optimal: > 10%	8.6% Fair Fair Return earned on debt + equity capital invested Optimal: > 10%	—	—
Return on Capital (%) (%)	-9.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-7.8% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-7.2% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-6.7% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-12.2% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	-9.1% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—	—	—
Return on Common Equity (%) (%)	-10.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-169%)	-9.4% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-163%)	-8.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-158%)	-5.4% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-136%)	6.9% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-54%)	7.5% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-50%)	6.7% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-55%)	8.2% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-45%)	9.4% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-37%)	—	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗
Debt to Equity (x)	0.18x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-70%)	0.17x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-72%)	0.16x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-74%)	0.14x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-76%)	-0.19x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-131%)	—	-0.22x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-136%)	—	—	—	—
Interest Coverage (x)	-35.26x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-29.83x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-28.24x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-23.78x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-17.91x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-16.02x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-12.43x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-19.35x Weak Weak Operating income divided by interest expense Optimal: > 5x	-19.44x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—
Net Debt (USD)	$-30.86M	$-57.65M	$-70.45M	$-99.93M	$-18.04M	$-43.43M	$-24.71M	$-44.44M	$-38.15M	—	$-7.22M
Debt / EBITDA (x)	-1.41x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1.67x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1.66x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1.72x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-2.41x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	-3.31x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	—

📊 What does each share earn? 6 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗
Revenue per Share (USD)	$0.70	$0.60	—	$0.62	$2.63	$2.37	—	$1.61	$1.50	—	—
Basic EPS, GAAP (USD)	$-0.39	$-0.32	$0.03	$-0.40	$-1.47	$-1.47	$-1.14	$-2.06	$-1.55	—	—
Free Cash Flow per Share (USD)	$-0.28	$-0.49	—	$-0.41	—	$-1.92	—	$-1.87	—	—	—
Book Value per Share (USD)	$3.09	$3.39	$3.72	$4.01	$-18.04	$-17.82	$-17.06	$-16.15	$-14.25	—	—
Tangible Book Value per Share (USD)	$3.09	$3.39	$3.72	$4.01	$-18.04	$-17.82	$-17.06	$-16.15	$-14.25	—	—
Basic Weighted Avg Shares (shares)	27.19M	26.84M	—	21.08M	4.59M	4.30M	—	4.09M	4.05M	—	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗
Working Capital (USD)	$97.20M	$105.69M	$112.39M	$120.54M	$36.71M	—	$40.53M	—	—	—	—
LT Debt (USD)	$15.38M	$15.36M	$15.35M	$15.44M	$15.43M	—	$15.41M	—	—	—	—
Total Equity (USD)	$84.25M	$92.25M	$98.87M	$106.66M	$-83.07M	$-76.61M	$-70.63M	$-66.03M	$-57.74M	$-51.52M	$-46.13M

📋 What is driving earnings? 4 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗
Sales/Revenue/Turnover (USD)	$18.94M	$16.12M	—	$13.07M	$12.08M	$10.19M	—	$6.59M	$6.08M	—	—
Depreciation Expense (USD)	$130.00K	$99.00K	$98.00K	$82.00K	$100.00K	$40.00K	$37.00K	$33.00K	—	—	—
Net Income, GAAP (USD)	$-8.70M	$-8.70M	$-8.61M	$-5.73M	$-5.73M	$-5.73M	$-4.72M	$-5.45M	$-5.45M	—	—
Operating Cash Flow (USD)	$-7.36M	$-13.01M	$-5.32M	$-8.46M	—	$-8.15M	$-4.20M	$-7.58M	—	—	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 5 days ago 3 years · 11 quarters

CARLSMED, INC.

Analytical Summary

11-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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