CARLSMED, Inc. (CARL) intrinsic value & 10-year financials
CARLSMED, Inc. (CARL) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 3 fiscal years revenue grew 85.9% a year to $50.5M, with an average return on invested capital of 60.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $13.41
- Market cap
- $190.7M
- Revenue (FY2025)
- $50.5M
- Revenue growth (3-yr CAGR)
- 85.9%
- ROIC (10-yr avg)
- 60.4%
- Free cash flow (FY2025)
- -$29.6M
CARL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $50.5M | -$29.6M | -$2.12 | -$29.6M | -60.5% | 95.1% |
| FY2024 | $27.2M | -$24.3M | -$6.11 | -$25.6M | -88.8% | 25.7% |
| FY2023 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CARLSMED, INC. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
CARLSMED, INC. has earned high returns on invested capital, averaging 60.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
CARLSMED, INC. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CARLSMED, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-70.42 per share.