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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
Caris Life Sciences reported revenue of $812M in the fiscal year ended Dec 2025, up 97.0% from the year before. Operating income was $45M, an operating margin of 5.6%, and net income was −$68M. Operating cash flow of $83M less capital expenditure of $16M left free cash flow of $67M. It held more cash than debt (net cash $417M).
Ranks among the 31 diagnostics & research companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 306 | 412 | 812 |
| Research & development | 117 | 114 | 102 |
| Selling, general & admin | 292 | 322 | 392 |
| Operating income | −320 | −257 | 45.1 |
| Interest expense | 31.6 | 50.0 | 56.9 |
| Pre-tax income | −341 | −282 | −68.1 |
| Income tax | 0.0 | 0.0 | 0.0 |
| Net income | −341 | −282 | −68.1 |
| Diluted EPS | −13.24 | −10.66 | −3.22 |
| Diluted shares | 34.9 | 35.5 | 167 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | – | 64.0 | 796 |
| Receivables | – | 88.2 | 112 |
| Current assets | – | 216 | 998 |
| Net PP&E | – | 67.8 | 63.2 |
| Goodwill | – | 19.3 | 19.3 |
| Total assets | – | 344 | 1,126 |
| Payables | – | 27.8 | 39.2 |
| Deferred revenue | – | 7.5 | 24.5 |
| Current liabilities | – | 165 | 127 |
| Short-term debt | – | 60.1 | 0.2 |
| Long-term debt | – | 319 | 379 |
| Total liabilities | – | 621 | 548 |
| Shareholders' equity | −2,145 | −2,499 | 577 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −276 | −245 | 83.2 |
| Capital expenditure | 22.3 | 8.4 | 16.3 |
| Free cash flow | −298 | −254 | 66.9 |
| Depreciation & amortisation | 49.0 | 48.9 | 22.6 |
| Stock-based compensation | 15.2 | 18.6 | 70.0 |
| Share buybacks | 0.0 | 0.0 | 0.1 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 34.7% | 97.0% |
| Operating margin | −104.4% | −62.4% | 5.6% |
| Net margin | −111.5% | −68.4% | −8.4% |
| Return on equityBlank when equity is negative | – | – | −11.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −144.2% | 4.5% |
| Free cash flow margin | −97.5% | −61.5% | 8.2% |
| Cash conversion (CFO ÷ net income) | 0.81x | 0.87x | −1.22x |
| Receivable days | – | 78 | 50 |
| Interest cover | −10.1x | −5.14x | 0.79x |
| Debt ÷ equity | – | – | 0.66x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 316 | −417 |
| Current ratio | – | 1.30x | 7.85x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.