Latest Ratios: P/E Ratio -9.2x · EV/EBITDA 66.7x · 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 | $4.9B | $45.1B | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $4.5B | $44.7B | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | -9.19 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 6.08 | 55.55 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 50.60 | 78.14 | — | — | — | — | — | — | — | — | — |
| P/FCF | 73.79 | 674.37 | — | — | — | — | — | — | — | — | — |
| P/OCF | 59.36 | 542.51 | — | — | — | — | — | — | — | — | — |
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 | — | 55.04 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 66.70 | 659.89 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 100.14 | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 668.11 | — | — | — | — | — | — | — | — | — |
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 | 1.4% | 0.1% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $1.7B | $255M | $255M | $255M | $18M | $18M | $20M | $20M | $19M | $21M |
High cash burn rate
Based on current market data, Caris trades at a 6.44x price-to-sales multiple, which suggests that investors are pricing in significant future revenue expansion rather than current profitability, as evidenced by the negative trailing twelve-month price-to-earnings ratio of -9.74 reported in recent financial disclosures.
The forward P/E of 144.64 indicates that the market anticipates a rapid transition to profitability, likely driven by the scaling of high-margin data licensing agreements. This valuation premium appears to be a bet on the company's clinico-genomic database becoming a standard utility for biopharma R&D, though it leaves little room for error if growth rates decelerate.
As reported in historical financial statements, the company's return on invested capital has fluctuated significantly, reaching a peak of 42.7% in 2025Q4 before retreating, which highlights the difficulty in maintaining consistent compounding returns while simultaneously funding massive infrastructure and research initiatives.
The erratic nature of ROIC suggests that the business is still in a phase of heavy capital deployment where returns are highly sensitive to the timing of large-scale biopharma partnerships. Investors should monitor whether the company can stabilize these returns as the revenue base matures and the reliance on non-recurring milestones diminishes.
According to recent quarterly filings, the company's days sales outstanding has shown significant volatility, ranging from 22 to 102 days, which indicates that the timing of insurance reimbursements and biopharma contract payments remains a primary driver of short-term cash flow variability.
The wide swings in the cash conversion cycle suggest that the company lacks the predictable working capital management seen in more mature diagnostic peers. This inefficiency may be a structural byproduct of the complex US payer reimbursement landscape, which warrants further investigation into the company's ability to optimize its billing and collection processes.
Based on the 2026Q1 balance sheet, the company maintains a current ratio of 7.05, providing a substantial liquidity cushion that appears sufficient to fund the current high-burn operational model for the foreseeable future without immediate reliance on dilutive capital markets.
This robust liquidity position is a critical safeguard against the company's negative net margins, allowing management to prioritize long-term data accumulation over short-term cash preservation. However, the high current ratio may also indicate an inefficient use of capital, as significant cash remains idle rather than being deployed into higher-yielding growth opportunities.
The most commonly misapplied metric for this business is the price-to-earnings ratio, which obscures the company's true value as a data-platform provider by focusing on GAAP losses that are heavily influenced by aggressive, non-recurring investments in its proprietary clinico-genomic database.
Investors should instead focus on the growth of the biopharma partnership backlog and the expansion of the clinico-genomic database, as these are the true drivers of long-term terminal value. Relying on P/E ratios for a company in this stage of development may lead to an undervaluation of the underlying data asset's potential for non-linear margin expansion.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying CAI stock.
Caris Life Sciences, Inc.'s current P/E ratio is -9.2x. This places it at the 50th percentile of its historical range.
Caris Life Sciences, Inc.'s current EV/EBITDA is 66.7x. 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 -9.2x. 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.