Carlsmed, Inc. key statistics and ratios

In fiscal 2025, Carlsmed, Inc. had an operating margin of -60.5%, debt equal to 15.8% of equity and a current ratio of 8.87. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Carlsmed, Inc.: financial ratios, annual
Fiscal year	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	73.8%	75.3%	76.6%
Operating margin	−88.8%	−60.5%	−61.1%
Net margin	−89.3%	−58.7%	−57.4%
Free-cash-flow margin	−94.4%	−58.6%	−54.6%
Return on equity	—	—	−39.7%
Return on assets	−46.8%	−32.6%	−29.3%
Asset turnover	0.52	0.56	0.51
Current ratio	5.60	8.87	8.84
Debt to equity	—	15.8%	18.5%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m
R&D as % of revenue	52.7%	33.7%	33.1%
Capital spending as % of revenue	0.7%	1.3%	0.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Carlsmed, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	72.8%	74.7%	74.9%	73.4%	75.9%	76.5%	77.1%	76.8%
Operating margin	−118.0%	−49.9%	−56.1%	−53.8%	−69.1%	−61.4%	−57.6%	−58.3%
Net margin	−118.6%	−50.2%	−56.2%	−56.0%	−65.2%	−56.8%	−54.0%	−55.5%
Free-cash-flow margin	−115.8%	−45.3%	−80.9%	−61.0%	−65.9%	−35.6%	−81.2%	−39.5%
Current ratio	—	5.60	—	4.87	12.03	8.87	11.88	8.84
Debt to equity	—	—	—	—	14.5%	15.5%	16.7%	18.3%
R&D as % of revenue	61.2%	32.0%	30.9%	34.4%	34.0%	34.7%	32.1%	31.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · June 30, 2026

What it owns · $118m

Short-term assets $110mLonger-term assets $9m

What it owes, and who funded it · $118m

Short-term liabilities $12mLonger-term liabilities $22mShareholders' equity $84m

Short-term assets cover short-term liabilities $110m of assets due within a year against $12m of liabilities due within a year.
Short-term assets cover long-term liabilities $110m short-term assets against $22m of longer-dated liabilities.
More cash than debt $46m of cash against $15m of debt.
Debt below 40% of shareholders' equity Debt is 18% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$34m of operating cash flow against $15m of debt.
Operating profit covers interest at least five times over Operating income of −$39m against $1m of interest.

From Carlsmed, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Carlsmed, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Carlsmed, Inc.