Carlsmed, Inc. (CARL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+419.2%

$77.98

vs $15.02 price

Levered DCF

$76.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.66

Safe zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	-5.83×	-9.67×	-3.41×
P/B	1.78×	-3.4×	-1.4×
P/S	3.48×	8.84×	4.68×
EV / EBITDA	-3.84×	-9.53×	-3.79×
Gross margin	75.3%	73.8%	71.9%
Operating margin	-60.5%	-88.8%	-134.9%
Net margin	-58.7%	-89.3%	-137.2%
Current ratio	8.87×	5.6×	1.58×
Debt / equity	0.18×	-0.24×	-0.25×
Interest coverage	-21.38×	-18.26×	-29×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	-30.0%	34.3%	41.0%
Return on invested capital	-26.2%	-55.5%	-212.9%
Return on assets	-22.8%	-46.8%	-134.8%
Free cash flow yield	-16.9%	-10.7%	-27.3%
Earnings yield	-16.9%	-10.1%	-29.3%
Enterprise value	$107.3M	$217.2M	$68.6M
Net debt / EBITDA	2.45×	1.01×	-0.23×
Cash conversion cycle (days)	5	18	-22