CARL Carlsmed, Inc. - Common Stock

NASDAQ · Health Care · View on SEC EDGAR ↗
$15.13
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$8–$17
76% of range
Analyst Rating
BUY
11 analysts
Price Target
$19
+27% upside
P/E (TTM)
-7.3
ROE
-375.2%
Net Profit Margin
-58.7%

CARL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$15.13
Market Cap
$411M
P/E (TTM)
-7.3
EPS (TTM)
$-2.12
Revenue (TTM)
$51M
Div Yield
—
ROE
-375.2%
Debt/Equity
—
52W Range
$9 – $17

CARL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $51M
2-point trend, +85.9%
2024-12-31 → 2025-12-31
EPS $-2.12
2-point trend, +65.3%
2024-12-31 → 2025-12-31
Free Cash Flow $-30M
2025-12-31 → 2025-12-31
Margins -58.7%
2025-12-31 → 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
CARL
Peer Median
P/E (TTM)
-7.3
27.5
P/S (TTM)
8.1
6.8
P/B
4.2
3.7
Price / FCF
-13.9
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
CARL
Peer Median
Gross Margin
75.3%
70.8%
Operating Margin
-60.5%
—
Net Profit Margin
-58.7%
-46.8%
ROA
-32.6%
-29.8%
ROE
-375.2%
-40.3%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
CARL
Peer Median
Current Ratio
8.9
4.6
Quick Ratio
8.5
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
CARL
Peer Median
Revenue YoY
2-point trend, +85.9%
85.9%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
CARL
Peer Median
EPS (Diluted)
2-point trend, +65.3%
$-2.12
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
CARL
Peer Median

CARL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 11 analysts
  • Strong Buy 4 36.4%
  • Buy 6 54.5%
  • Hold 1 9.1%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

5 analysts · 2026-08-17
Median target $18.00 +19.0%
Mean target $19.20 +26.9%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.07%
Next Report
Aug 26, 2026
Period EPS Actual EPS Est Surprise
June 30, 2026 $-0.39 $-0.42 0.03%
March 31, 2026 $-0.32 $-0.40 0.08%
Dec. 31, 2025 $-0.32 $-0.43 0.11%
Sept. 30, 2025 $-0.40 $-0.46 0.06%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
CARL $329M -5.8 85.9% -58.7% -375.2% 75.3%
SGHT $424M -10.7 -3.1% -49.7% -57.4% 86.2%
VREX $498M -7.0 4.1% -8.3% -14.0% 34.4%
SENS $228M -3.3 56.9% -196.0% -88.7% 44.7%
SI $295M -3.1 49.6% -85.3% -129.1% 76.5%
OFIX $604M -6.5 2.9% -11.2% -20.3% 68.8%
MOBI — — — — — —
OBIO $237M -3.7 1169.2% -157.4% -195.7% —
CV $501M -10.4 15.3% -186.8% 40.3% 52.9%
ABT $250.18B 33.7 5.7% 14.7% 13.1% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17
Annual Income Statement data for CARL
Metric Trend 20252024
Revenue 2-point trend, +85.9% $51M $27M
Cost of Revenue 2-point trend, +75.2% $12M $7M
Gross Profit 2-point trend, +89.7% $38M $20M
R&D Expense 2-point trend, +19.0% $17M $14M
SG&A Expense 2-point trend, +97.4% $17M $8M
Operating Expenses 2-point trend, +55.3% $69M $44M
Operating Income 2-point trend, -26.7% $-31M $-24M
Interest Expense 2-point trend, +8.3% $1M $1M
Interest Income 2-point trend, +102.9% $3M $1M
Other Non-op 2-point trend, +796.3% $940.0K $-135.0K
Income Tax Flat — no change across 2 periods $0 $0
Net Income 2-point trend, -22.2% $-30M $-24M
EPS (Basic) 2-point trend, +65.3% $-2.12 $-6.11
EPS (Diluted) 2-point trend, +65.3% $-2.12 $-6.11
Shares (Basic) 2-point trend, +249.7% 14,221,991 4,066,395
Shares (Diluted) 2-point trend, +249.7% 14,221,991 4,066,395
EBITDA $-30M ·
Balance Sheet 25
Annual Balance Sheet data for CARL
Metric Trend 20252024
Cash & Equivalents 2-point trend, +113.8% $86M $40M
Short-term Investments 2-point trend, +24000000.00 $24M $0
Receivables 2-point trend, +67.9% $11M $7M
Inventory 2-point trend, +85.4% $2M $995.0K
Prepaid Expense 2-point trend, +161.8% $4M $1M
Current Assets 2-point trend, +156.7% $127M $49M
PP&E (Net) 2-point trend, +471.9% $1M $260.0K
PP&E (Gross) 2-point trend, +205.5% $2M $659.0K
Accum. Depreciation 2-point trend, +31.8% $526.0K $399.0K
Other Non-current Assets 2-point trend, -76.4% $134.0K $569.0K
Total Assets 2-point trend, +151.1% $130M $52M
Accounts Payable 2-point trend, +85.8% $4M $2M
Accrued Liabilities 2-point trend, +22.3% $3M $3M
Current Liabilities 2-point trend, +61.9% $14M $9M
Capital Leases 2-point trend, -0.1% $1M $1M
Other Non-current Liabilities 2-point trend, +39.2% $309.0K $222.0K
Total Liabilities 2-point trend, +19.2% $31M $26M
Long-term Debt 2-point trend, -0.4% $15M $15M
Common Stock Flat — no change across 2 periods $0 $0
Paid-in Capital 2-point trend, +36808.3% $200M $541.0K
Retained Earnings 2-point trend, -41.6% $-101M $-71M
AOCI $0 ·
Stockholders' Equity 2-point trend, +240.0% $99M $-71M
Liabilities + Equity 2-point trend, +151.1% $130M $52M
Shares Outstanding 2-point trend, +542.7% 26,604,505 4,139,219
Cash Flow 8
Annual Cash Flow data for CARL
Metric Trend 20252024
D&A 2-point trend, +93.8% $281.0K $145.0K
Stock-based Comp 2-point trend, +661.7% $2M $253.0K
Other Non-cash $-2M ·
Operating Cash Flow 2-point trend, -13.8% $-29M $-25M
CapEx 2-point trend, +256.7% $642.0K $180.0K
Investing Cash Flow 2-point trend, -14057.2% $-25M $-180.0K
Financing Cash Flow 2-point trend, +71.2% $100M $58M
Free Cash Flow $-30M ·
Profitability 6
Annual Profitability data for CARL
Metric Trend 20252024
Gross Margin 75.3% ·
Operating Margin -60.5% ·
Net Margin -58.7% ·
EBITDA Margin -60.0% ·
ROA -32.6% ·
ROE -375.2% ·
Liquidity & Solvency 3
Annual Liquidity & Solvency data for CARL
Metric Trend 20252024
Current Ratio 8.9 ·
Quick Ratio 8.5 ·
Interest Coverage -21.4 ·
Efficiency 3
Annual Efficiency data for CARL
Metric Trend 20252024
Asset Turnover 0.6 ·
Inventory Turnover 8.8 ·
Receivables Turnover 5.6 ·
Per Share 5
Annual Per Share data for CARL
Metric Trend 20252024
Book Value / Share $3.72 ·
Revenue / Share $3.55 ·
Cash Flow / Share $-2.04 ·
Cash / Share $3.22 ·
EPS (TTM) $-2.12 ·
Growth Rates 1
Annual Growth Rates data for CARL
Metric Trend 20252024
Revenue YoY 85.9% ·
Valuation (TTM) 10
Annual Valuation (TTM) data for CARL
Metric Trend 20252024
Revenue TTM $51M ·
Net Income TTM $-30M ·
Market Cap $329M ·
P/E -5.8 ·
P/S 6.5 ·
P/B 3.3 ·
P / Tangible Book 3.3 ·
P / Cash Flow -11.3 ·
P / FCF -11.1 ·
Earnings Yield -17.2% ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-31
Revenue $51M$27M
Gross Margin % 75.3%—
Operating Margin % -60.5%—
Net Income $-30M$-24M
Diluted EPS $-2.12$-6.11
Balance Sheet
2025-12-312024-12-31
Current Ratio 8.9—
Quick Ratio 8.5—
Cash Flow
2025-12-312024-12-31
Free Cash Flow $-30M—

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Institutional owners (13F) 76 filers · $50.8M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
26 (+5 vs prior Q) 13 (+3 vs prior Q) 28 (+14 vs prior Q) 11 (-5 vs prior Q) -1.1M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
JANUS HENDERSON GROUP PLC $11,108,441 1,227,452 21.86% Shares
Parkman Healthcare Partners LLC $6,200,161 597,318 12.20% Shares
KCM Capital Inc $4,567,200 440,000 8.99% Shares
Pier Capital, LLC $3,878,767 373,677 7.63% Shares
VANGUARD GROUP INC $3,852,101 311,911 7.58% Shares
MILLENNIUM MANAGEMENT LLC $3,071,515 295,907 6.04% Shares
Palumbo Wealth Management LLC $2,774,554 267,298 5.46% Shares
VANGUARD CAPITAL MANAGEMENT LLC $2,477,986 238,727 4.88% Shares
Schonfeld Strategic Advisors LLC $2,333,464 224,804 4.59% Shares
GEODE CAPITAL MANAGEMENT, LLC $1,841,449 177,330 3.62% Shares
STATE STREET CORP $1,381,402 133,083 2.72% Shares
CITADEL ADVISORS LLC $1,055,916 101,726 2.08% Shares
GOLDMAN SACHS GROUP INC $655,248 63,126 1.29% Shares
D. E. Shaw & Co., Inc. $627,357 60,439 1.23% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $591,120 56,948 1.16% Shares
KORNITZER CAPITAL MANAGEMENT INC /KS $536,521 51,688 1.06% Shares
VANGUARD FIDUCIARY TRUST CO $518,253 49,928 1.02% Shares
JANE STREET GROUP, LLC $436,323 42,035 0.86% Shares
BNP PARIBAS FINANCIAL MARKETS $414,691 39,951 0.82% Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC $259,500 25,000 0.51% Shares
Boston Partners $232,250 22,375 0.46% Shares
TWO SIGMA INVESTMENTS, LP $186,923 18,008 0.37% Shares
MERCER GLOBAL ADVISORS INC /ADV $181,256 17,462 0.36% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $179,325 17,276 0.35% Shares
ALPINE WOODS CAPITAL INVESTORS, LLC $161,326 15,542 0.32% Shares
Centiva Capital, LP $154,569 14,891 0.30% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $145,735 14,040 0.29% Shares
Board of Trustees of The Leland Stanford Junior University $129,916 12,516 0.26% Shares
Trexquant Investment LP $114,190 11,001 0.22% Shares
BANK OF AMERICA CORP /DE/ $107,910 10,396 0.21% Shares
DEUTSCHE BANK AG\ $105,668 10,180 0.21% Shares
WELLS FARGO & COMPANY/MN $76,532 7,373 0.15% Shares
RHUMBLINE ADVISERS $60,074 5,788 0.12% Shares
Bank of New York Mellon Corp $59,488 5,731 0.12% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $40,409 3,893 0.08% Shares
CITIGROUP INC $40,368 3,889 0.08% Shares
Vanguard Global Advisers, LLC $37,129 3,577 0.07% Shares
MORGAN STANLEY $24,134 2,325 0.05% Shares
UBS Group AG $20,947 2,018 0.04% Shares
NEW YORK STATE COMMON RETIREMENT FUND $18,684 1,800 0.04% Shares
BlackRock, Inc. $15,975 1,539 0.03% Shares
Police & Firemen's Retirement System of New Jersey $13,058 1,258 0.03% Shares
ARMSTRONG ADVISORY GROUP, INC $12,809 1,234 0.03% Shares
Tower Research Capital LLC (TRC) $12,508 1,205 0.02% Shares
FMR LLC $11,989 1,155 0.02% Shares
BARCLAYS PLC $11,740 1,131 0.02% Shares
Legal & General Group Plc $10,655 1,024 0.02% Shares
NORTHERN TRUST CORP $10,525 1,014 0.02% Shares
Integrated Wealth Concepts LLC $10,371 999 0.02% Shares
Arax Advisory Partners $7,775 749 0.02% Shares
JONES FINANCIAL COMPANIES LLLP $7,409 630 0.01% Shares
MARSHALL WACE, LLP $7,214 695 0.01% Shares
US BANCORP \DE\ $6,228 600 0.01% Shares
Ameritas Investment Partners, Inc. $5,865 565 0.01% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $4,163 460 0.01% Shares
ROYAL BANK OF CANADA $3,000 275 0.01% Shares
Allworth Financial LP $1,869 180 0.00% Shares
AQR CAPITAL MANAGEMENT LLC $1,671 161 0.00% Shares
Russell Investments Group, Ltd. $1,557 150 0.00% Shares
Sterling Capital Management LLC $1,090 105 0.00% Shares
Farther Finance Advisors, LLC $1,005 96 0.00% Shares
Jump Financial, LLC $945 91 0.00% Shares
Essential Partners LLC $706 68 0.00% Shares
IFP Advisors, Inc $550 53 0.00% Shares
True Wealth Design, LLC $540 52 0.00% Shares
CWM, LLC $534 59 0.00% Shares
Fortitude Family Office, LLC $311 30 0.00% Shares
JPMORGAN CHASE & CO $289 26 0.00% Shares
ROTHSCHILD INVESTMENT LLC $249 24 0.00% Shares
EverSource Wealth Advisors, LLC $239 23 0.00% Shares
OSAIC HOLDINGS, INC. $208 20 0.00% Shares
SJS Investment Consulting Inc. $198 19 0.00% Shares
Janney Montgomery Scott LLC $135 13,025 0.00% Shares
Caitong International Asset Management Co., Ltd $73 7 0.00% Shares
Clearstead Advisors, LLC $53 5 0.00% Shares
JPL Wealth Management, LLC $11 1 0.00% Shares

Company insiders 9 insiders · 4 officers · 7 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Michael Cordonnier CEO, President March 3, 2026 M 1,550,477 0 1 $-2,629,493
Leonard M. Greenstein CFO, Treasurer Jan. 28, 2026 A 188,346 0 0 $0
Niall Casey Chief IP Officer Jan. 28, 2026 A 982,562 0 0 $0
William Scott Durall Chief Commercial Officer Jan. 28, 2026 A 44,977 0 0 $0
Kevin Sidow Director June 3, 2026 A 73,264 0 0 $0
Jonathan D Root Director June 3, 2026 A 497,697 0 0 $0
Kevin C Oboyle Director June 3, 2026 A 31,031 0 0 $0
Philip M Young Director June 3, 2026 A 31,031 0 0 $0
Robert Mittendorff II Director July 24, 2025 C 931,452 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 15 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
ITWO · ProShares Trust 0.00% 381 NS May 31, 2026 N-PORT
RSSL · Global X Funds 0.00% 3,024 NS April 30, 2026 N-PORT
UWM · ProShares Trust 0.00% 299 NS May 31, 2026 N-PORT
URTY · ProShares Trust 0.00% 306 NS May 31, 2026 N-PORT
HDG · ProShares Trust 0.00% 8 NS May 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS — — July 15, 2026 Daily
VTI · VANGUARD INDEX FUNDS — — July 15, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS — — July 15, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS — — July 15, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS — — July 15, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS — — July 15, 2026 Daily
IWN · iShares Trust — — Aug. 17, 2026 Daily
IWO · iShares Trust — — Aug. 18, 2026 Daily
IWM · iShares Trust — — Aug. 18, 2026 Daily
IWC · iShares Trust — — Aug. 18, 2026 Daily