Latest Ratios: P/E Ratio -17.0x · EV/EBITDA 125.9x · 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 | $8.9B | $7.8B | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $8.5B | $7.4B | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | -17.02 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 11.02 | 9.63 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 15.89 | 13.55 | — | — | — | — | — | — | — | — | — |
| P/FCF | 133.74 | 116.92 | — | — | — | — | — | — | — | — | — |
| P/OCF | 107.59 | 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 | 125.92 | 109.30 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 189.04 | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| 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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DCF models, multiple analysis, and analyst estimates.
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 -17.0x. This places it at the 50th percentile of its historical range.
Caris Life Sciences, Inc.'s current EV/EBITDA is 125.9x. 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 -17.0x. 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
Net loss widening despite growth
Metrics are mathematically derived from official filings.
Margin Expansion Masks Underlying Losses
Gross margin improved to 68.1% in Q2 2026 from 62.7% a year earlier, yet net margin remains deeply negative at -0.2%, per the latest quarterly data, indicating that operating leverage is still nascent.
The 68.1% gross margin in Q2 2026 reflects a favorable mix shift toward higher-margin data licensing and improved lab efficiency, but the operating margin of 10.2% and net margin of -0.2% show that heavy R&D and SG&A spending continue to consume nearly all gross profit. The 2025 full-year net loss of $537.96M, up 42.2% year-over-year, suggests that the revenue surge has not yet translated into sustainable profitability. Investors should monitor whether the recent operating margin expansion is durable or a function of one-time items, as the Q1 2026 operating margin of 2.4% highlights volatility.
Return on Capital Inflects Sharply
ROIC swung from -1.8% in Q4 2024 to 42.7% in Q4 2025, then settled at 7.3% in Q2 2026, based on reported figures, suggesting a volatile but improving return profile.
The dramatic swing in ROIC from -1.8% to 42.7% in Q4 2025 appears to be driven by a one-time gain or a significant change in invested capital, as the subsequent quarter's ROIC of 2.2% and Q2 2026's 7.3% indicate a more normalized level. ROE remains negative at -0.1% in Q2 2026, reflecting the accumulated deficit and the recent equity raise, which diluted returns. The improvement in ROIC, if sustained, may indicate that the company is beginning to generate returns above its cost of capital, but the volatility warrants caution.
Working Capital Efficiency Improves
Cash conversion cycle improved to 85 days in Q2 2026 from 136 days in Q4 2024, per the quarterly data, driven by faster collections and extended payables, indicating better working capital management.
DSO fell from 98 days in Q4 2024 to 36 days in Q2 2026, while DPO rose from 25 to 84 days over the same period, suggesting that Caris is collecting receivables faster and stretching supplier payments. The improvement in CCC is a positive sign for cash generation, but the increase in DIO to 134 days in Q2 2026 from 63 days in Q4 2024 may indicate inventory buildup, possibly for sequencing reagents. Asset turnover remains low at 0.22, reflecting the capital-intensive nature of the lab infrastructure, but the trend is improving from 0.07 in Q4 2024.
Leverage Moderate but Coverage Thin
Debt-to-equity rose to 0.76 in Q2 2026 from 0.66 in Q4 2025, while interest coverage fell to 0.93, based on reported figures, indicating that earnings barely cover interest expense.
Total debt increased to $452.4M in Q2 2026, and with interest coverage at 0.93, operating income is insufficient to cover interest payments, a concern given the negative net margins. However, the D/E ratio of 0.76 is moderate compared to peers like EXAS (1.05) and ILMN (0.94), and the company holds $690.9M in cash, providing a buffer. The low D/E of 0.66% mentioned in the intelligence appears to be a typo, as the ratio data shows 0.76, but the balance sheet remains healthy due to the large cash position.
Liquidity Buffer Ample but Burn Persists
Current ratio stands at 5.53 in Q2 2026, down from 7.85 in Q4 2025, while cash of $690.9M provides substantial runway, based on reported figures, despite the widening net loss.
The current ratio of 5.53 indicates that current assets are more than five times current liabilities, providing a strong liquidity cushion. However, the quick ratio of 4.88 suggests that even without inventory, the company can cover short-term obligations. The decline from Q4 2025's 7.85 may reflect increased investment in working capital or debt repayment, but the absolute level remains robust. Given the negative net margin and the 2025 net loss of $537.96M, the cash balance of $690.9M implies a runway of roughly 1.3 years at the current burn rate, though operating cash flow turned positive in 2026, which could extend it.
Misapplied Metric: Net Margin
Net margin is commonly misapplied to Caris because it includes significant non-cash charges and one-time items, obscuring the underlying cash generation, as evidenced by the divergence between net income and operating cash flow.
The deeply negative net margin of -66.25% in 2025 and -0.2% in Q2 2026 may mislead investors into thinking the company is burning cash at an unsustainable rate, but operating cash flow turned positive at $61.4M in Q2 2026, per the cash flow statement. This divergence suggests that net margin is distorted by non-cash expenses such as stock-based compensation and depreciation, which totaled $38.1M in Q2 2026. Instead of net margin, investors should focus on operating cash flow margin or EBITDA margin, which better reflect the company's ability to generate cash from its operations. The EV/EBITDA multiple of 86.39 also highlights the market's focus on EBITDA rather than net income, underscoring the need to adjust for non-cash items.