Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data CARLSMED, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2025
FY2025
Revenue
27.2
50.5
Cost of revenue
7.12
12.5
Gross profit
20
38
Research and development
14.3
17
Selling and marketing
21.5
35
General and administrative
8.39
16.6
Operating expenses
44.2
68.6
Operating income
-24.1
-30.6
Interest expense
1.32
1.43
Interest income
1.33
2.7
Other non-operating income
-0.14
0.94
Income tax
0
0
Net income
-24.3
-29.6
EBITDA
-24
-30.3
EPS, basic
-6.11
-2.12
EPS, diluted
-6.11
-2.12
Shares, basic (weighted)
4.07
14.2
Shares, diluted (weighted)
4.07
14.2
Balance sheet
FY2025
FY2025
Cash and equivalents
40.1
85.8
Short-term investments
0
24
Receivables
6.77
11.4
Inventory
1
1.85
Other current assets
1.37
3.57
Total current assets
49.4
127
Property, plant and equipment
0.26
1.49
Lease right-of-use assets
1.64
1.83
Other non-current assets
0.57
0.13
Total assets
51.8
130
Accounts payable
2.41
4.48
Accrued liabilities
2.69
3.29
Total current liabilities
8.82
14.3
Lease liabilities
1.32
1.32
Other non-current liabilities
0.22
0.31
Total liabilities
26.2
31.3
Total debt
15.4
15.3
Paid-in capital
0.54
200
Retained earnings
-71.2
-101
Other comprehensive income
0
Shareholders' equity
-70.6
98.9
Total equity
-70.6
98.9
Total liabilities and equity
51.8
130
Shares outstanding
4.14
26.6
Cash flow statement
FY2025
FY2025
Net income
-24.3
-29.6
Depreciation and amortization
0.15
0.28
Stock-based compensation
0.25
1.93
Change in receivables
-3.97
-5.01
Change in inventory
-1.8
-2.69
Change in payables
0.3
2.32
Cash from operations
-25.5
-29
Capital expenditures
-0.18
-0.64
Purchases of investments
0
-24
Cash from investing
-0.18
-25.5
Stock issued
0.03
0.21
Cash from financing
58.5
100
Net change in cash
32.9
45.7
Free cash flow
-25.6
-29.6
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.10 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
76.6%
Gross profit / revenue.
Operating margin
-61.1%
Operating income / revenue.
EBITDA margin
-60.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-57.4%
Net income / revenue.
FCF margin
-54.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-53.9%
Cash from operations / revenue.
Return on equity (ROE)
-43.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-30.7%
Net income / average total assets.
Return on invested capital (ROIC)
-57.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
33.1%
Research and development expense / revenue.
Stock-based pay / revenue
8.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.7%
Capital expenditures / revenue.
D&A / revenue
0.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
85.9%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
89.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
151.1%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
249.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
8.84x
Current assets / current liabilities.
Quick ratio
6.78x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.67x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.18x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
13.0%
Total debt / total assets.
Liabilities / assets
28.7%
Total liabilities / total assets.
Net debt
-$54.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.34
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.33
Revenue / diluted weighted shares.
FCF per share
-$1.27
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.26
Cash from operations / diluted weighted shares.
Book value per share
$3.09
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
6.51x
Market cap / revenue.
P/B
4.89x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.89x
Market cap / tangible book value, when positive.
EV/Sales
5.65x
Enterprise value / revenue.
FCF yield
-8.4%
Free cash flow / market cap.
Earnings yield
-8.8%
Net income / market cap (the inverse of P/E).
What was CARLSMED, INC.'s revenue in fiscal 2025?
CARLSMED, INC. reported revenue of $50.5M for fiscal 2025, 85.9% higher than the year before.
Was CARLSMED, INC. profitable in fiscal 2025?
No. It reported a net loss of $29.6M.
How much free cash flow did CARLSMED, INC. generate in fiscal 2025?
Cash from operations of $29.0M minus capital expenditures of $642.0K left free cash flow of -$29.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.