Latest Ratios: P/E Ratio 77.5x · EV/EBITDA 41.3x · ROE -93.2%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.1B | $7.8B | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $6.7B | $7.4B | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | 77.51 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 6.80 | 9.63 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 12.67 | 13.55 | — | — | — | — | — | — | — | — | — |
| P/FCF | 138.64 | 116.92 | — | — | — | — | — | — | — | — | — |
| P/OCF | 85.77 | 94.06 | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.12 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 41.28 | 109.30 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 148.81 | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 110.66 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.4% | 66.4% | 43.4% | 29.2% | 31.0% | 62.6% | 48.1% | 49.4% | 48.6% | 46.7% | 50.4% |
| Operating Margin | 5.6% | 5.6% | -62.4% | -104.4% | -122.2% | 47.3% | 31.3% | 34.4% | 30.3% | 22.4% | 27.3% |
| Net Profit Margin | -66.2% | -66.2% | -68.4% | -111.5% | -124.1% | 9.4% | 7.4% | 18.2% | 20.7% | 2.0% | 10.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -93.2% | -93.2% | — | — | — | 4.0% | 4.4% | 12.4% | 14.1% | 1.3% | 5.9% |
| ROA | -73.2% | -73.2% | -74.5% | -60.4% | -19.3% | 1.0% | 1.0% | 2.9% | 3.2% | 0.3% | 1.4% |
| ROIC | 21.3% | 21.3% | — | — | -55.3% | 4.1% | 3.5% | 4.4% | 3.8% | 2.7% | 2.9% |
| ROCE | 7.7% | 7.7% | -103.7% | -71.1% | -22.0% | 5.7% | 5.0% | 6.3% | 5.2% | 3.6% | 4.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.66 | 0.66 | — | — | — | 2.49 | 3.03 | 3.08 | 3.02 | 3.23 | 3.11 |
| Debt / EBITDA | 5.60 | 5.60 | — | — | — | 6.99 | 8.59 | 7.93 | 7.78 | 8.55 | 7.85 |
| Net Debt / Equity | — | -0.73 | — | — | — | 2.41 | 2.96 | 3.01 | 2.96 | 3.13 | — |
| Net Debt / EBITDA | -6.18 | -6.18 | — | — | — | 6.78 | 8.40 | 7.76 | 7.62 | 8.28 | 7.56 |
| Debt / FCF | — | -6.26 | — | — | — | 29.40 | — | — | — | — | — |
| Interest Coverage | -0.20 | -0.20 | -4.63 | -9.80 | -11.03 | 2.34 | 1.70 | 2.04 | 2.08 | 1.23 | 1.87 |
Net cash position: cash ($798M) exceeds total debt ($379M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.85 | 7.85 | 1.30 | 2.55 | 3.77 | 0.67 | 1.74 | 0.52 | 0.54 | 0.82 | 0.66 |
| Quick Ratio | 7.85 | 7.85 | 1.06 | 2.04 | 3.43 | 0.67 | 1.74 | 0.52 | 0.54 | 0.82 | 0.66 |
| Cash Ratio | 6.29 | 6.29 | 0.40 | 1.28 | 2.99 | 0.41 | 0.16 | 0.29 | 0.25 | 0.40 | 0.34 |
| Asset Turnover | — | 0.72 | 1.20 | 0.74 | 0.36 | 0.11 | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 |
| Inventory Turnover | — | — | 5.90 | 4.43 | 3.80 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 50.41 | 78.13 | 65.93 | 56.80 | 179.14 | 139.92 | 145.22 | 105.46 | 103.79 | 111.75 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | 63.8% | 28.5% | 4.1% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.7% | 0.9% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $290M | $255M | $255M | $255M | $18M | $18M | $20M | $20M | $19M | $21M |
Includes 30+ ratios · 22 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CAI stock.
Caris Life Sciences, Inc.'s current P/E ratio is 77.5x. This places it at the 50th percentile of its historical range.
Caris Life Sciences, Inc.'s current EV/EBITDA is 41.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Caris Life Sciences, Inc.'s return on equity (ROE) is -93.2%. The historical average is 7.4%.
Based on historical data, Caris Life Sciences, Inc. is trading at a P/E of 77.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Caris Life Sciences, Inc. has 66.4% gross margin and 5.6% operating margin.
Caris Life Sciences, Inc.'s Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent GAAP losses and cash burn
Metrics are mathematically derived from official filings.
Premium Multiples Price in Future Margin Expansion
Based on reported figures, CAI trades at 8.78x trailing sales and 99.12x EV/EBITDA, multiples that imply investors are pricing in substantial future profitability well beyond what the current 7.0% operating margin supports, with forward P/E of 209.55 reinforcing that expectation.
Relative to its own history, the multiple structure has shifted sharply since losses were deeper, which suggests the market is valuing the revenue base rather than current earnings. Against peers such as ILMN at 29.44x EV/EBITDA, CAI's premium appears to reflect a platform or data-asset thesis that is not yet visible in reported cash flow. Investors should monitor whether margin conversion keeps pace with the sales ramp, since a stalled conversion would leave the valuation difficult to justify on current metrics.
Gross Margin Strength Offset by Operating Drag
As reported in the quarterly income statements, CAI sustained gross margins near 66% in 2026Q3 while operating margin was only 7.0%, indicating that operating expenses absorb nearly all gross profit and leave little room for error.
The spread between gross and operating margin points to a cost base that is scaling in step with revenue rather than leveraging it, which weakens the case that current volume growth is translating into earning power. Net margin of 5.5% in the latest quarter also flatters a business whose trailing net margin was deeply negative and whose earnings quality has been volatile. The gross margin itself appears healthy relative to diagnostic peers, so the issue appears to be structural operating expense intensity rather than pricing or product economics.
Returns Recovering From Deeply Negative Base
Based on CAI's reported ratios, ROIC rose to 7.3% in 2026Q3 and 2026Q2 from negative territory in 2024Q4, though ROE of 2.5% remains modest and trailing ROE of -93.2% shows how recently returns were deeply negative.
The recovery in ROIC suggests capital is beginning to earn a return, but the level is still thin against a cost of capital typical for a loss-history biotech, and the recovery rests on only a few quarters of positive results. Part of the ROE improvement appears to reflect equity rebuilt through capital contributions rather than cumulative profitability, which limits how much the ratio should be read as compounding. Investors should monitor whether ROIC holds above 7% through a full cycle of margin pressure.
Debt Largely Retired but Coverage Volatile
According to reported figures, CAI's debt-to-equity fell to 0.11 in 2026Q3 from 0.76 a quarter earlier, yet interest coverage swung from 13.52x to 2.82x, showing that the reduced debt base has not yet produced stable debt service comfort.
Debt-to-EBITDA of 2.67 in the latest quarter compares favorably to readings above 13x in prior quarters, suggesting the balance sheet has moved toward a much lower leverage profile. The volatility in coverage, however, appears to reflect an earnings base that is still unstable rather than a debt load that is excessive. Refinancing risk looks limited given the reduced debt balance, but the direction of coverage warrants monitoring as quarterly EBITDA remains inconsistent.
Cash Cushion Covers Near-Term Obligations
As reported in the balance sheet, CAI held roughly $665.3M in cash against a current ratio of 6.71 in 2026Q3, indicating substantial short-term liquidity relative to current liabilities of about $92M.
The quick ratio of 5.84 sits close to the current ratio, meaning inventory plays a minimal role in the liquidity position and the buffer rests almost entirely on cash and receivables. Under a severe stress case where quarterly free cash flow stays near the -14.4% margin seen in 2026Q3, the cash position would still appear to provide a multi-year runway at current burn levels. Liquidity does not appear to be the binding constraint; the central question is whether operating losses narrow before the cushion erodes.
Misapplied Margin Metric Obscures Cash Reality
Based on the supplied ratios, CAI's quarterly net margin swung from -84.8% to 5.5% across recent periods, so a GAAP net margin read in isolation may mislead investors about whether the business is truly approaching self-funding.
Operating margin and net margin are often treated as the primary profitability yardstick for a platform-style diagnostics business, but for CAI the fixed cost base and volatile non-operating items make these figures unstable from quarter to quarter. Free cash flow margin, which reached 11.0% in 2026Q2 but was -14.4% in 2026Q3, may be a more informative anchor when working capital timing is distorting operating cash flow. Investors should prioritize a trailing twelve-month free cash flow margin and cash burn rate over headline GAAP margins when judging runway.