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Caris Life Sciences, Inc.
(NASDAQ:CAI)
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Rating:56Neutral
Price Target:
$26.00
▼(-7.18% Downside)
Action:Reiterated
Date:08/07/26
CAI’s score is driven primarily by improving financial trajectory (notably the swing to positive operating/free cash flow and positive EBITDA) and a constructive earnings-call outlook with raised revenue guidance and continued profitability/cash-flow expectations. These positives are tempered by still-weak GAAP profitability, mixed longer-term technicals with overbought signals, and valuation constraints from a negative P/E.
Positive Factors
Revenue Growth
Strong clinical volume, higher pricing and expanded market access are driving substantial growth. Raised guidance indicates management expects momentum to persist, supporting a stronger revenue base over the next several quarters.
Negative Factors
Persistent GAAP Losses
Despite better EBITDA and cash flow, Caris remains materially loss-making under GAAP. Continued losses and limited visibility into recent gross profit could constrain confidence in earnings quality and the durability of operating improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Strong clinical volume, higher pricing and expanded market access are driving substantial growth. Raised guidance indicates management expects momentum to persist, supporting a stronger revenue base over the next several quarters.
Read all positive factors
Caris Life Sciences, Inc. (CAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.16B
Dividend YieldN/A
Average Volume (3M)5.35M
Price to Earnings (P/E)67.4
Beta (1Y)2.19
Revenue Growth85.37%
EPS GrowthN/A
CountryUS
Employees1,846
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)0.37
Shares Outstanding282,595,180
10 Day Avg. Volume5,919,682
30 Day Avg. Volume5,345,087
Financial Highlights & Ratios
PEG Ratio0.48
Price to Book (P/B)13.19
Price to Sales (P/S)9.38
P/FCF Ratio113.87
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$26.29Price Target Upside-6.16% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.11
Revenue Forecast (FY)$1.03B
Caris Life Sciences, Inc. Business Overview & Revenue Model
Company Description
Caris Life Sciences, Inc. operates as a leading "TechBio" firm, harnessing artificial intelligence to deliver comprehensive molecular profiling services to clients both in the United States and internationally. The company is dedicated to transfor...
How the Company Makes Money
Caris primarily generates revenue by providing molecular diagnostic testing and associated reporting services, and by monetizing its clinicogenomic data and technology through collaborations with biopharmaceutical companies. Key revenue streams in...
Caris Life Sciences, Inc. Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The earnings call presented a strong operational and financial quarter with substantial year-over-year growth in revenue (+45%), molecular profiling (+55%), and clinical volume (+18%), alongside meaningful margin expansion (GAAP gross margin 68%) and sustained positive adjusted EBITDA and free cash flow. Major product launches (Caris Detect, ChromoSeq, MIClarity V2) and the company’s large proprietary dataset and AI capabilities were highlighted as durable competitive advantages. The primary negatives were operational scaling risks (capacity/backorders), regulatory/reimbursement uncertainty for MCED, MRD evidence-timing uncertainty, and a one-time $25M refinancing charge. Overall, the positives — robust growth, profitability, product launches, and a strong balance sheet — outweigh the manageable execution and timing risks.Positive Updates
Record Clinical Volume and Case Additions
Completed ~59,200 clinical cases in Q2 (record), up 18% year-over-year and 12% sequentially; added ~6,400 cases sequentially (record sequential case additions). Clinical activity included >345,000 clinical oncology tests run in the prior quarter and >114,000 Whole Exome/Whole Transcriptome tests.
Negative Updates
Capacity Constraints and Backorder Risk
Management noted demand for Caris Detect may run ahead of rollout and reported potential back orders as they scale. Current capacity quoted at ~$1B annual revenue and planned near-term expansion to ~3x that level; inventory increased ~$47M Q1→Q2 and Q2 CapEx was ~$22.1M to ramp MCED lab capacity.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Clinical Volume and Case Additions
Completed ~59,200 clinical cases in Q2 (record), up 18% year-over-year and 12% sequentially; added ~6,400 cases sequentially (record sequential case additions). Clinical activity included >345,000 clinical oncology tests run in the prior quarter and >114,000 Whole Exome/Whole Transcriptome tests.
Read all positive updates
Company Guidance
Management raised full‑year revenue guidance to $1.03–$1.04 billion (up ~27–28% YoY) while modeling GAAP operating expenses of $595–$600 million (up from $590–$595M); they expect clinical therapy‑selection volume to grow ~20% (with Q3 to hit that milestone), adjusted EBITDA to be positive for the full year and free cash flow to be positive for the full year (Q3 expected roughly cash‑flow neutral with a rebound in Q4), Q3 capital expenditures of ~$15–$20 million, and Q3 EBITDA in the ~$10–$16 million range; quarter‑end cash and investments were $793 million, the Board authorized a $100 million buyback (about $18 million executed in Q2), blended clinical ASP has surpassed $3,850 (management targets ~$3,800–$3,900 blended ASP in Q3), Q2 GAAP gross margin was 68% (management expects high‑60s in H2), and the company is scaling MCED capacity from roughly $1 billion to about $3 billion of annual revenue capacity.Caris Life Sciences, Inc. Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
45
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 989.61M | 812.03M | 412.26M | 306.13M | 258.49M | 294.01M |
| Gross Profit | 689.36M | 539.17M | 178.78M | 89.31M | 80.02M | 184.16M |
| EBITDA | 172.69M | 11.38M | -182.95M | -260.80M | -245.89M | 254.46M |
| Net Income | 105.14M | -537.96M | -281.89M | -341.42M | -320.83M | 27.73M |
Balance Sheet | ||||||
| Total Assets | 1.23B | 1.13B | 343.73M | 412.90M | 717.42M | 2.61B |
| Cash, Cash Equivalents and Short-Term Investments | 793.12M | 800.09M | 66.15M | 121.59M | 409.62M | 132.54M |
| Total Debt | 452.40M | 378.99M | 424.26M | 217.27M | 270.87M | 1.75B |
| Total Liabilities | 637.89M | 548.36M | 2.84B | 2.56B | 2.42B | 1.91B |
| Stockholders Equity | 591.73M | 577.31M | -2.50B | -2.14B | -1.70B | 702.24M |
Cash Flow | ||||||
| Free Cash Flow | 146.49M | 66.89M | -253.64M | -298.42M | -327.96M | 57.57M |
| Operating Cash Flow | 201.43M | 83.16M | -245.20M | -276.10M | -285.71M | 277.02M |
| Investing Cash Flow | -155.06M | -16.26M | 52.93M | 214.77M | -282.99M | -33.97M |
| Financing Cash Flow | -52.95M | 664.99M | 200.29M | 10.13M | 10.45M | -249.88M |
Caris Life Sciences, Inc. Technical Analysis
Negative
28.01
Price Trends
31.76
Negative
Market Momentum
-1.17
Positive
34.86
Neutral
14.41
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CAI, the sentiment is Negative. The current price of 28.01 is below the 20-day moving average (MA) of 30.14, below the 50-day MA of 31.76, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of -1.17 indicates Positive momentum. The RSI at 34.86 is Neutral, neither overbought nor oversold. The STOCH value of 14.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CAI.
Caris Life Sciences, Inc. Risk Analysis
Caris Life Sciences, Inc. disclosed 45 risk factors in its most recent earnings report. Caris Life Sciences, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Caris Life Sciences, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $11.36B | 61.91 | 8.90% | 0.45% | -0.38% | 152.71% | |
69 Neutral | $3.59B | 29.53 | 8.64% | ― | 17.28% | 323.64% | |
62 Neutral | $1.91B | -13.67 | -35.42% | ― | -3.28% | 61.09% | |
56 Neutral | $7.16B | 67.41 | 18.77% | ― | 85.37% | ― | |
56 Neutral | $3.92B | -59.60 | -32.64% | ― | 50.13% | 50.40% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | $1.84B | -3.49 | -50.41% | ― | -15.08% | 41.98% |
* General Sector Average
CAI
Caris Life Sciences, Inc.
25.07
-9.78
-28.06%
TECH
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33.87%
VCYT
Veracyte
42.53
10.10
31.14%
ADPT
Adaptive Biotechnologies
24.28
11.43
88.95%
MRVI
Maravai Lifesciences Holdings
7.32
4.81
191.63%
RXRX
Recursion Pharmaceuticals
3.63
-0.98
-21.26%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.