CARL · Carlsmed, Inc.
What's happening
- CARL is up 1.06% today, trading at $14.36. — Live quote
- Volume today (6,020) is well below its 3-month average of 125,840. (Finnhub fundamentals)
- Reports earnings on 2026-11-05, 14 days away. (Finnhub earnings calendar)
- Last quarter's EPS beat estimates: $-0.39 actual vs. $-0.42 estimated (+6.3%). (Finnhub earnings history)
Deterministic template sentences filled in from the same sourced figures shown elsewhere on this page -- not an AI-written summary, no live model call.
Key Statistics
Analyst Recommendations
Aggregate ratings for 2026-10-01 (11 analysts polled by Finnhub) — consensus count.
Performance Overview (Trailing returns vs S&P 500 benchmark)
Earnings Trends (Quarterly EPS Actual vs Estimate)
Valuation Measures & Ratios
Quarterly history (5 periods)
| Measure | Jun '26 | Mar '26 | Sep '25 | Jun '25 | Mar '25 |
|---|---|---|---|---|---|
| Market cap | $280.0M | $247.8M | $289.9M | — | — |
| P/E | -8.12 | -8.34 | -10.05 | — | — |
| Price/Book | 3.32 | 2.69 | 2.72 | — | — |
| EV/EBITDA | -7.02 | -6.29 | -6.59 | — | — |
| ROE | -40.95% | -32.21% | -27.03% | — | — |
| ROA | -29.19% | -25.02% | -21.38% | — | — |
Trailing-twelve-month ratios computed from SEC EDGAR quarterly figures and historical daily close prices (Alpaca). Diluted shares are derived from Net income ÷ EPS (diluted) for each quarter, not separately reported. Forward P/E/PEG unavailable (no free data source).
Glossary — what these abbreviations mean
- 1. TTM
- Trailing twelve months — the sum of the last four reported quarters, not a calendar year or the single latest quarter.
- 2. EPS
- Earnings per share — net income divided by diluted shares outstanding.
- 3. Beta
- A stock's historical volatility relative to the overall market. Above 1 means it has moved more than the market; below 1, less.
- 4. EV (Enterprise Value)
- Market cap plus total debt minus cash — roughly what it would cost to buy the whole company, debt included.
- 5. Forward P/E
- Price divided by analysts' estimated earnings for the next 12 months, instead of trailing actual earnings.
- 6. PEG Ratio
- P/E divided by expected earnings growth rate. A lower number can indicate a stock is cheap relative to how fast it's expected to grow.
- 7. Price / Book
- Share price divided by book value (assets minus liabilities) per share.
- 8. ROE
- Return on equity — net income divided by shareholders' equity, a measure of how efficiently a company turns equity into profit.
- 9. ROA
- Return on assets — net income divided by total assets, a measure of how efficiently a company turns assets into profit.
- 10. MRQ
- Most recent quarter — the single latest reported period, as opposed to TTM. The Financials section's "Quarterly" view below shows MRQ-style figures.
- 11. YoY
- Year over year — percent change versus the same period one year earlier, used for growth figures like those on Compare cards and the Screener.
Short Interest
Source: FINRA Rule 4560 consolidated short interest, settlement date 2026-09-30. Reported bi-monthly with a reporting lag — not real-time.
Quotes and the 1-day extended-hours chart: Yahoo Finance. Longer historical charts: Alpaca (IEX feed) — real-time but IEX-only volume (~2.5% of consolidated market volume). Fundamentals + earnings: Finnhub.
Price history
Drag horizontally to zoom into a section; use Reset view to restore all observations.
Technical signal summary
Calculating from the latest year of daily price history…
Show Technical Analysis Breakdown ▾ 10 Indicators
Not investment advice — read several signals together.
Indicators None active
History limited by data provider; markers are heuristics, not signals.
Peer and sector context
Balanced evidence
A deterministic summary of sourced facts—not an AI verdict.
Potential strengths
- Revenue growth is 56.8% on the provider's reported measure. Finnhub fundamentals ↗
- Latest SEC filing is Form 4, filed 2026-10-06; review it for current changes and risks. SEC EDGAR ↗
Potential concerns
- Net profit margin is -57.4%. Finnhub fundamentals ↗
- Trailing 52-week price return is -1.5%. Finnhub market metrics ↗
Rule-based facts only; absence from either side is not evidence, and this is not a recommendation.
More on CARL
No accessible free API for these — links go to the source directly.
Financials
Fundamental trends
Visualized from the same SEC figures in the tables below.
Income statement
| Line item | Jun '26 | Mar '26 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 |
|---|---|---|---|---|---|---|---|---|
| Gross profit | $14.5M | $12.4M | $9.9M | $8.9M | $7.6M | $4.8M | $4.6M | — |
| Operating income | -$11.0M | -$9.3M | -$9.0M | -$6.5M | -$5.7M | -$7.8M | -$6.3M | — |
| Net income | -$10.5M | -$8.7M | -$8.5M | -$6.8M | -$5.7M | -$7.8M | -$6.3M | -$5.4M |
| EPS (diluted) | $-0.39 | $-0.32 | $-0.40 | $-1.47 | $-1.47 | $-2.06 | $-1.55 | — |
| EPS (basic) | $-0.39 | $-0.32 | $-0.40 | $-1.47 | $-1.47 | $-2.06 | $-1.55 | — |
Balance sheet
| Line item | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $118.2M | $118.8M | $130.1M | $134.9M | $53.3M | — | $51.8M | — |
| Total liabilities | $34.0M | $26.5M | $31.3M | $28.2M | $27.6M | — | $26.2M | — |
| Stockholders' equity | $84.2M | $92.2M | $98.9M | $106.7M | -$83.1M | -$76.6M | -$70.6M | -$66.0M |
| Total current assets | $109.6M | $115.4M | $126.7M | $131.5M | $46.2M | — | $49.4M | — |
| Total current liabilities | $12.4M | $9.7M | $14.3M | $10.9M | $9.5M | — | $8.8M | — |
| Cash & equivalents | $46.2M | $73.0M | $85.8M | $115.4M | $33.5M | $43.4M | $40.1M | $44.4M |
| Marketable securities (current) | $24.0M | $24.0M | $24.0M | — | — | — | $0 | — |
| Accounts receivable | $13.8M | $12.3M | $11.4M | $11.3M | $9.7M | — | $6.8M | — |
| Inventory | $2.3M | $2.1M | $1.8M | $1.3M | $1.1M | — | $995.0K | — |
| Property, plant & equipment | $2.4M | $1.6M | $1.5M | $1.2M | $972.0K | — | $260.0K | — |
| Other non-current assets | $253.0K | $103.0K | $134.0K | $225.0K | $4.0M | — | $569.0K | — |
| Accounts payable | $3.7M | $3.0M | $4.5M | $2.7M | $2.6M | — | $2.4M | — |
| Accrued liabilities | $4.1M | $3.2M | $3.3M | $3.2M | $3.2M | — | $2.7M | — |
| Long-term debt | $15.4M | $15.4M | $15.3M | $15.4M | $15.4M | — | $15.4M | — |
| Other non-current liabilities | $345.0K | $327.0K | $309.0K | $290.0K | $267.0K | — | $222.0K | — |
| Common stock & paid-in capital | $0 | $0 | $0 | $0 | $0 | — | $0 | — |
| Retained earnings | -$120.0M | -$109.5M | -$100.8M | -$92.2M | -$83.7M | — | -$71.2M | — |
| Accumulated other comprehensive income (loss) | -$17.0K | — | $0 | — | — | — | — | — |
Cash flow
| Line item | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$7.4M | -$13.0M | -$5.3M | -$8.5M | -$7.0M | -$8.2M | -$4.2M | -$7.6M |
| Investing cash flow | -$19.7M | -$206.0K | -$24.2M | -$343.0K | -$672.0K | -$238.0K | -$61.0K | -$52.0K |
| Financing cash flow | $243.0K | $436.0K | -$29.0K | $90.7M | -$2.2M | $11.7M | -$51.0K | $13.9M |
| Free cash flow | -$7.5M | -$13.1M | -$5.4M | -$8.6M | -$7.4M | -$8.2M | -$4.3M | -$7.6M |
| Capital expenditures | $121.0K | $79.0K | $73.0K | $159.0K | $327.0K | $83.0K | $61.0K | $52.0K |
| Depreciation & amortization | $130.0K | $99.0K | $98.0K | $82.0K | $61.0K | $40.0K | $37.0K | $33.0K |
| Share-based compensation | $2.3M | $1.6M | $790.0K | $704.0K | $258.0K | $175.0K | $100.0K | $66.0K |
| Change in accounts receivable | $2.2M | $1.3M | $117.0K | $1.6M | $1.9M | $1.4M | $1.6M | $98.0K |
| Change in inventory | $803.0K | $771.0K | $1.0M | $736.0K | $368.0K | $577.0K | $95.0K | $813.0K |
| Change in accounts payable | $670.0K | -$1.5M | $1.6M | $682.0K | $571.0K | -$570.0K | -$535.0K | -$111.0K |
| Purchases of investments | $18.9M | — | — | — | $0 | — | — | — |
Income statement
| Line item | Dec '25 | Dec '24 |
|---|---|---|
| Gross profit | $38.0M | $20.0M |
| Operating income | -$30.6M | -$24.1M |
| Net income | -$29.6M | -$24.3M |
| EPS (diluted) | $-2.12 | $-6.11 |
| EPS (basic) | $-2.12 | $-6.11 |
Balance sheet
| Line item | Dec '25 | Dec '24 | Dec '23 |
|---|---|---|---|
| Total assets | $130.1M | $51.8M | — |
| Total liabilities | $31.3M | $26.2M | — |
| Stockholders' equity | $98.9M | -$70.6M | -$46.1M |
| Total current assets | $126.7M | $49.4M | — |
| Total current liabilities | $14.3M | $8.8M | — |
| Cash & equivalents | $85.8M | $40.1M | $7.2M |
| Marketable securities (current) | $24.0M | $0 | — |
| Accounts receivable | $11.4M | $6.8M | — |
| Inventory | $1.8M | $995.0K | — |
| Property, plant & equipment | $1.5M | $260.0K | — |
| Other non-current assets | $134.0K | $569.0K | — |
| Accounts payable | $4.5M | $2.4M | — |
| Accrued liabilities | $3.3M | $2.7M | — |
| Long-term debt | $15.3M | $15.4M | — |
| Other non-current liabilities | $309.0K | $222.0K | — |
| Common stock & paid-in capital | $0 | $0 | — |
| Retained earnings | -$100.8M | -$71.2M | — |
Cash flow
| Line item | Dec '25 | Dec '24 |
|---|---|---|
| Operating cash flow | -$29.0M | -$25.5M |
| Investing cash flow | -$25.5M | -$180.0K |
| Financing cash flow | $100.1M | $58.5M |
| Free cash flow | -$29.6M | -$25.6M |
| Capital expenditures | $642.0K | $180.0K |
| Depreciation & amortization | $281.0K | $145.0K |
| Share-based compensation | $1.9M | $253.0K |
| Change in accounts receivable | $5.0M | $4.0M |
| Change in inventory | $2.7M | $1.8M |
| Change in accounts payable | $2.3M | $297.0K |
Source: SEC EDGAR XBRL filings (10-Q/10-K), as originally tagged by the company. Quarterly cash flow is reconstructed by de-cumulating fiscal-year-to-date figures (how cash flow is tagged in 10-Qs); other quarterly lines are reported directly.
Institutional holders
SEC Form 13F filers holding CARL as of the latest reported quarter. 13F only covers investment managers with $100M+ in assets — this is not a complete ownership picture, and does not include insiders (see Recent SEC filings below) or non-13F-eligible holders.
Insider activity
Directors, officers, and 10%+ owners' reported transactions from SEC Form 4. A filing reports a transaction; it does not by itself explain why it happened.
Source: SEC EDGAR Form 4 filings · checked 24 most recent filings · covers 2025-07-22 to 2026-10-05
Recent transactions
- Insiders have net sold 990 shares over the last 182 days, across 0 purchases and 2 sales.
- Most recent: Bertolini Jeffrey (Chief Operating Officer) — Option exercise of 747 shares on 2026-10-05.
Deterministic template sentences filled in from the SEC Form 4 figures in the tables below -- not an AI-written summary, no live model call.
Insider purchases & sales, last 6 months
Counts only open-market purchases (code P) and sales (code S) — grants, option exercises, tax withholding, and gifts are excluded since they aren't a market buy/sell decision.
Insider roster
| Name | Title | Most Recent Transaction | Date | Shares |
|---|---|---|---|---|
| Bertolini Jeffrey | Chief Operating Officer | Option exercise | 2026-10-05 | 747 |
| Heppenstall Richard | CFO, Treasurer | Grant / award | 2026-09-28 | 89,286 |
| OBOYLE KEVIN C | Reporting person | Grant / award | 2026-06-03 | 13,698 |
| Sidow Kevin | Reporting person | Grant / award | 2026-06-03 | 13,698 |
| ROOT JONATHAN D | Reporting person | Grant / award | 2026-06-03 | 13,698 |
| YOUNG PHILIP M | Reporting person | Grant / award | 2026-06-03 | 13,698 |
| Cordonnier Michael | CEO, President | Option exercise | 2026-03-03 | 160,567 |
| Durall William Scott | Chief Commercial Officer | Grant / award | 2026-01-28 | 44,977 |
| Casey Niall | Chief IP Officer | Grant / award | 2026-01-28 | 44,977 |
| Greenstein Leonard M. | CFO, Treasurer | Grant / award | 2026-01-28 | 44,977 |
| B CAPITAL GROUP MANAGEMENT, L.P. | Reporting person | Derivative conversion | 2025-07-24 | 3,680,506 |
| Presidio Management Group XII, L.L.C. | Reporting person | Derivative conversion | 2025-07-24 | 2,948,794 |
| Mittendorff Robert II | Reporting person | Derivative conversion | 2025-07-24 | 3,680,506 |
Recent transactions
| Date | Insider | Title | Transaction | Shares | Price |
|---|---|---|---|---|---|
| 2026-10-05 | Bertolini Jeffrey | Chief Operating Officer | Option exercise | 747 | $5.92 |
| 2026-10-05 | Bertolini Jeffrey | Chief Operating Officer | Open market sale | 747 | $14.39 |
| 2026-09-30 | Bertolini Jeffrey | Chief Operating Officer | Option exercise | 243 | $2.23 |
| 2026-09-30 | Bertolini Jeffrey | Chief Operating Officer | Open market sale | 243 | $13.99 |
| 2026-09-28 | Heppenstall Richard | CFO, Treasurer | Grant / award | 89,286 | $0.00 |
| 2026-06-03 | OBOYLE KEVIN C | Reporting person | Grant / award | 13,698 | $0.00 |
| 2026-06-03 | Sidow Kevin | Reporting person | Grant / award | 13,698 | $0.00 |
| 2026-06-03 | ROOT JONATHAN D | Reporting person | Grant / award | 13,698 | $0.00 |
| 2026-06-03 | YOUNG PHILIP M | Reporting person | Grant / award | 13,698 | $0.00 |
| 2026-03-03 | Cordonnier Michael | CEO, President | Option exercise | 160,567 | $0.34 |
| 2026-03-03 | Cordonnier Michael | CEO, President | Option exercise | 33,264 | $4.35 |
| 2026-03-02 | Cordonnier Michael | CEO, President | Option exercise | 197,855 | $0.34 |
| 2026-03-02 | Cordonnier Michael | CEO, President | Open market sale | 197,855 | $13.29 |
| 2026-01-28 | Durall William Scott | Chief Commercial Officer | Grant / award | 44,977 | $0.00 |
| 2026-01-28 | Casey Niall | Chief IP Officer | Grant / award | 44,977 | $0.00 |
| 2026-01-28 | Cordonnier Michael | CEO, President | Grant / award | 117,316 | $0.00 |
| 2026-01-28 | Greenstein Leonard M. | CFO, Treasurer | Grant / award | 44,977 | $0.00 |
| 2025-07-24 | B CAPITAL GROUP MANAGEMENT, L.P. | Reporting person | Derivative conversion | 3,680,506 | — |
| 2025-07-24 | B CAPITAL GROUP MANAGEMENT, L.P. | Reporting person | Open market purchase | 1,333,333 | $15.00 |
| 2025-07-24 | B CAPITAL GROUP MANAGEMENT, L.P. | Reporting person | Derivative conversion | 2,376,472 | — |
| 2025-07-24 | B CAPITAL GROUP MANAGEMENT, L.P. | Reporting person | Derivative conversion | 931,452 | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Reporting person | Derivative conversion | 2,948,794 | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Reporting person | Derivative conversion | 825,135 | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Reporting person | Derivative conversion | 531,877 | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Reporting person | Derivative conversion | 149,655 | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Reporting person | Derivative conversion | 41,876 | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Reporting person | Derivative conversion | 26,993 | — |
| 2025-07-24 | Presidio Management Group XII, L.L.C. | Reporting person | Derivative conversion | 1,117,743 | — |
| 2025-07-24 | Cordonnier Michael | CEO, President | Option exercise | 3,612 | — |
| 2025-07-24 | Sidow Kevin | Reporting person | Option exercise | 28,900 | — |
| 2025-07-24 | Sidow Kevin | Reporting person | Open market purchase | 13,333 | $15.00 |
| 2025-07-24 | Mittendorff Robert II | Reporting person | Derivative conversion | 3,680,506 | — |
| 2025-07-24 | Mittendorff Robert II | Reporting person | Open market purchase | 1,333,333 | $15.00 |
| 2025-07-24 | Mittendorff Robert II | Reporting person | Derivative conversion | 2,376,472 | — |
| 2025-07-24 | Mittendorff Robert II | Reporting person | Derivative conversion | 931,452 | — |
| 2025-07-24 | Casey Niall | Chief IP Officer, Secretary | Option exercise | 3,612 | — |
| 2025-07-24 | ROOT JONATHAN D | Reporting person | Derivative conversion | 2,948,794 | — |
| 2025-07-24 | ROOT JONATHAN D | Reporting person | Derivative conversion | 825,135 | — |
| 2025-07-24 | ROOT JONATHAN D | Reporting person | Derivative conversion | 531,877 | — |
| 2025-07-24 | ROOT JONATHAN D | Reporting person | Derivative conversion | 149,655 | — |
| 2025-07-24 | ROOT JONATHAN D | Reporting person | Derivative conversion | 41,876 | — |
| 2025-07-24 | ROOT JONATHAN D | Reporting person | Derivative conversion | 26,993 | — |
| 2025-07-24 | ROOT JONATHAN D | Reporting person | Derivative conversion | 1,117,743 | — |
| 2025-07-24 | ROOT JONATHAN D | Reporting person | Open market purchase | 466,666 | $15.00 |
| 2025-07-24 | YOUNG PHILIP M | Reporting person | Derivative conversion | 28,900 | — |
| 2025-07-24 | YOUNG PHILIP M | Reporting person | Open market purchase | 6,666 | $15.00 |
| 2025-07-24 | YOUNG PHILIP M | Reporting person | Open market purchase | 53,333 | $15.00 |
| 2025-07-22 | Sidow Kevin | Reporting person | Grant / award | 17,333 | $0.00 |
| 2025-07-22 | OBOYLE KEVIN C | Reporting person | Grant / award | 17,333 | $0.00 |
| 2025-07-22 | ROOT JONATHAN D | Reporting person | Grant / award | 17,333 | $0.00 |
| 2025-07-22 | YOUNG PHILIP M | Reporting person | Grant / award | 17,333 | $0.00 |
Recent SEC filings
Official company reports and insider transaction filings. Form 4 reports a transaction; it does not by itself explain why it happened.
Source: SEC EDGAR submissions · updated 2026-10-22 04:28 UTC
| Filed | Form | Report period | Official filing |
|---|---|---|---|
| 2026-10-06 | 4 | 2026-10-05 | View on SEC.gov → |
| 2026-10-01 | 4 | 2026-09-30 | View on SEC.gov → |
| 2026-09-30 | 4 | 2026-09-28 | View on SEC.gov → |
| 2026-09-30 | 8-K | 2026-09-24 | View on SEC.gov → |
| 2026-09-10 | 4 | 2026-09-08 | View on SEC.gov → |
| 2026-09-08 | 8-K | 2026-09-04 | View on SEC.gov → |
| 2026-08-05 | 10-Q | 2026-06-30 | View on SEC.gov → |
| 2026-08-05 | 8-K | 2026-08-05 | View on SEC.gov → |
| 2026-06-22 | 4 | 2026-06-03 | View on SEC.gov → |
| 2026-06-22 | 4 | 2026-06-03 | View on SEC.gov → |
| 2026-06-22 | 4 | 2026-06-03 | View on SEC.gov → |
| 2026-06-22 | 4 | 2026-06-03 | View on SEC.gov → |
Recent news
Headlines about CARL (Carlsmed, Inc.). Links open the publisher — we don’t host full articles.
-
Carl Tempel (1941–2026) of Swansea, IL | Obituary
RiverBender.com · 2026-10-21 -
Former Carl’s Jr. exec named CEO of Pollo Campero in U.S.
Yahoo Finance · 2026-10-20 -
Dolly Parton's niece now handling Carl Dean's estate
USA Today · 2026-10-20 -
Form 4 WILLIS TOWERS WATSON PLC: Carl Aaron Hess (Director, CEO) For: 15 October
Investing.com Canada · 2026-10-20 -
Form 4 Cloudflare Inc: Carl Ledbetter (Director) For: 19 October By Investing.com
Investing.com Nigeria · 2026-10-20 -
Cloudflare director Carl Ledbetter sells $1.52m in stock
Investing.com · 2026-10-19 -
Love Island USA's Aniya Harvey Shares What She and Carl Schmidt Are Focused on Post-Villa
E! News · 2026-10-19 -
Is The $1,999 iPhone Duo A Waste? Carl Pei Says Yes, Sales Say Otherwise
Yellow.com · 2026-10-19
No headlines in this category right now — try “All”.