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Marpai
(OTC:MRAI)
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Rating:54Neutral
Price Target:
$3.00
▲(33.33% Upside)
Action:Reiterated
Date:09/06/26
The score is held down primarily by very weak financial performance (sharp revenue decline, extremely negative margins, persistent cash burn, and negative equity). Offsetting this, technicals show strong upward momentum versus major moving averages, and recent corporate actions (preferred stock raise and debt restructuring) improve near-term liquidity and flexibility. Valuation remains unattractive/unclear due to ongoing losses and no indicated dividend support.
Positive Factors
Recurring TPA Revenue Model
Recurring fees for plan administration, eligibility, claims support, member service and related programs provide a repeatable revenue model. Client retention and additional contracted services could support durable revenue visibility as Marpai serves employer-sponsored health plans.
Negative Factors
Revenue and Profitability Weakness
Sharp revenue contraction and gross profit near breakeven indicate that the current operating base is not producing sufficient economic value. Extremely negative margins leave little buffer for execution setbacks and make a sustained path to profitability dependent on material improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring TPA Revenue Model
Recurring fees for plan administration, eligibility, claims support, member service and related programs provide a repeatable revenue model. Client retention and additional contracted services could support durable revenue visibility as Marpai serves employer-sponsored health plans.
Read all positive factors
Marpai (MRAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$81.29M
Dividend YieldN/A
Average Volume (3M)67.29K
Price to Earnings (P/E)―
Beta (1Y)-0.77
Revenue Growth-29.73%
EPS Growth11.01%
CountryUS
Employees107
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Plans
Share Statistics
EPS (TTM)-0.77
Shares Outstanding26,829,834
10 Day Avg. Volume68,922
30 Day Avg. Volume67,291
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)-0.34
Price to Sales (P/S)0.61
P/FCF Ratio-1.47
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Marpai Business Overview & Revenue Model
Company Description
Marpai, Inc. operates as a technology-driven healthcare payer, concentrating its efforts on the self-insured employer market within the United States and Israel. The firm provides a comprehensive suite of supplementary services, which includes man...
How the Company Makes Money
Marpai primarily makes money by providing administrative services for employer-sponsored, self-insured (self-funded) health plans. Its revenue model is based on fees paid by employer clients (and/or plan sponsors) for third-party administration an...
Marpai Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant operational improvements and strategic initiatives like cost reduction and new client acquisitions. However, the notable decline in net revenues and ongoing operating losses temper these achievements.Positive Updates
Significant Cost Savings in Operating Expenses
Operating expenses were $3.9 million, a 24% improvement over last year's third quarter.
Negative Updates
Significant Decline in Net Revenues
Net revenues were $4 million, approximately 42% lower than the third quarter of the previous year.
Read all updates
Q3-2025 Updates
Positive
Negative
Significant Cost Savings in Operating Expenses
Operating expenses were $3.9 million, a 24% improvement over last year's third quarter.
Read all positive updates
Company Guidance
In the third quarter of 2025, Marpai reported net revenues of $4 million, representing a 42% decrease compared to the same period in the previous year. Despite this drop in revenue, operating expenses improved by 24%, amounting to $3.9 million. The operating loss narrowed by 2% to $3.5 million, and the net loss reduced by 2% to $3 million. The loss per share improved by $0.10, reaching $0.20. The company emphasized its strategic initiatives to bolster financial stability, including a $3.9 million private investment in public equity. This capital raise is anticipated to support the final stages of their high-growth turnaround plan. Furthermore, Marpai is consolidating claims processing into a single advanced operating system, which is expected to generate substantial cost savings and accelerate profitability.Marpai Financial Statement Overview
Summary
Income Statement
9
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
8
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.64M | 18.10M | 28.17M | 37.16M | 24.34M | 14.23M |
| Gross Profit | 4.24M | 4.78M | 9.11M | 12.92M | 7.21M | 3.94M |
| EBITDA | -13.27M | -13.09M | -23.73M | -22.12M | -22.55M | -13.65M |
| Net Income | -16.89M | -16.56M | -22.09M | -28.75M | -26.47M | -15.98M |
Balance Sheet | ||||||
| Total Assets | 9.47M | 10.90M | 12.88M | 31.68M | 49.95M | 44.20M |
| Cash, Cash Equivalents and Short-Term Investments | 138.00K | 133.00K | 764.00K | 1.15M | 13.76M | 19.18M |
| Total Debt | 662.00K | 9.62M | 1.04M | 4.20M | 6.08M | 1.30T |
| Total Liabilities | 48.36M | 43.47M | 40.59M | 45.12M | 43.82M | 14.49M |
| Stockholders Equity | -38.89M | -32.56M | -27.71M | -13.44M | 6.13M | 29.71M |
Cash Flow | ||||||
| Free Cash Flow | -8.71M | -7.45M | -15.16M | -15.75M | -36.20M | -12.54M |
| Operating Cash Flow | -8.71M | -7.45M | -15.16M | -15.75M | -35.24M | -10.79M |
| Investing Cash Flow | 0.00 | 500.00K | 227.00K | 1.03M | 32.42M | 9.64M |
| Financing Cash Flow | 7.00M | 6.67M | 10.67M | 5.10M | 196.00 | 25.27M |
Marpai Technical Analysis
Positive
2.25
Price Trends
1.81
Positive
1.12
Positive
0.85
Positive
Market Momentum
0.21
Negative
74.65
Negative
74.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRAI, the sentiment is Positive. The current price of 2.25 is below the 20-day moving average (MA) of 2.29, above the 50-day MA of 1.81, and above the 200-day MA of 0.85, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 74.65 is Negative, neither overbought nor oversold. The STOCH value of 74.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MRAI.
Marpai Risk Analysis
Marpai disclosed 18 risk factors in its most recent earnings report. Marpai 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
Marpai Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $9.96B | 18.86 | 38.53% | ― | 42.82% | ― | |
69 Neutral | $2.26B | -105.06 | -5.38% | 1.23% | 54.04% | 57.31% | |
58 Neutral | $2.81B | 67.87 | 20.02% | ― | 37.21% | ― | |
54 Neutral | $81.29M | -3.94 | 48.23% | ― | -29.73% | 11.01% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
MRAI
Marpai
3.03
1.75
136.72%
CLOV
Clover Health Investments
4.26
1.51
55.29%
OSCR
Oscar Health
32.25
11.97
59.02%
ALHC
Alignment Healthcare
13.54
-2.68
-16.52%
Marpai Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Marpai Establishes New Preferred Stock to Support Growth
Positive
Jul 31, 2026
On July 29, 2026, Marpai announced that it entered into securities purchase agreements with accredited investors for a $12 million private placement of newly designated convertible preferred stock led by Mitchell Companies. The investment, structu...
Business Operations and StrategyPrivate Placements and Financing
Marpai Highlights Major Debt Restructuring to Boost Flexibility
Positive
Jul 20, 2026
On July 16, 2026, Marpai Inc. amended its purchase agreement with AXA S.A. related to the acquisition of Maestro Health, revising the obligation to share net offering proceeds and setting new minimum annual payments through 2029 while agreeing not...
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.