Caris Life Sciences
CAINASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $24.43 Prior regular-session close from the quote source.
- $23.86–$25.76 Regular-session low and high so far today.
- 4.7M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Jan 11 projected Projected for 2027-01-11 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $14.19–$36.50 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CAI if it converts that dataset into recurring, high-margin partnerships and sustained clinical adoption while keeping payers onboard, the business can justify its rich multiple.
CAI price history
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Investment thesis
What must happen next
Caris's large, proprietary multi‑omic dataset and Caris POA network create a meaningful, durable advantage that drives clinician adoption and high‑value biopharma partnerships, sustaining above‑market revenue growth.StrengtheningMateriality: High
Revenue increased from $306,128,000 (FY2023) to $412,260,000 (FY2024) and to $812,033,000 (FY2025), showing a rapid top‑line ramp. If true, growth and pricing power are sustainable and justify the premium valuation; if false, revenue and pricing will be vulnerable to competition and commoditization.
Watch: Competitors building large clinico‑genomic datasets (e.g., Tempus, Guardant Health, Foundation Medicine/Roche) could close the gap or undercut pricing.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue increased from $306,128,000 (FY2023) to $412,260,000 (FY2024) and to $812,033,000 (FY2025), showing a rapid top‑line ramp.
Open source ↗Scale and a higher mix of software/analytics and biopharma services will convert volume growth into sustained positive operating income and operating cash flow via operating leverage.HoldingMateriality: High
Operating income swung from $(319,551,000) (FY2023) to $(257,122,000) (FY2024) to $45,113,000 (FY2025), indicating rapid margin recovery. Sustained operating profitability validates the business model (not just revenue growth) and protects against dilution or the need for frequent external financing.
Watch: If the company must spend heavily on R&D, SG&A, or sales reimbursement support (or faces price competition), the operating leverage may not materialize.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income swung from $(319,551,000) (FY2023) to $(257,122,000) (FY2024) to $45,113,000 (FY2025), indicating rapid margin recovery.
Open source ↗A large cash balance established in 2025 provides a near‑term liquidity cushion that lowers near-term covenant/default risk and funds commercialization (including WGS launch) without immediate dilutive financings.StrengtheningMateriality: Medium
Cash and cash equivalents increased to $796,274,000 as of 2025‑12‑31 from $63,950,000 as of 2024‑12‑31. A healthy cash position buys time to execute commercialization and monetize the dataset; loss of that cushion would raise refinancing and covenant risks.
Watch: The MD&A highlights the 2023 Term Loan covenants and variable‑rate interest exposure.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents increased to $796,274,000 as of 2025‑12‑31 from $63,950,000 as of 2024‑12‑31.
Open source ↗The planned commercial rollout of whole‑genome sequencing (WGS) in 2026 can expand Caris's addressable market and deepen the dataset's value, but its success is contingent on technical validation, clinical adoption and reimbursement.HoldingMateriality: Medium
Item 1 states an anticipated launch of WGS solutions in 2026 and positions WGS as part of the Precision Whole Genome Platform. If WGS commercializes successfully it materially increases long‑term monetization paths; if it is delayed or not covered by payers, the expected revenue lift may never materialize.
Watch: Technical or regulatory setbacks for WGS, slow clinical uptake, or lack of payer reimbursement for WGS tests would prevent expected top‑line contribution.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 states an anticipated launch of WGS solutions in 2026 and positions WGS as part of the Precision Whole.
Open source ↗
Full investment case & evidence
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Original research
Caris's large, proprietary multi‑omic dataset and Caris POA network create a meaningful, durable advantage that drives clinician adoption and high‑value biopharma partnerships, sustaining above‑market revenue growth. If true, growth and pricing power are sustainable and justify the premium valuation; if false, revenue and pricing will be vulnerable to competition and commoditization.
Scale and a higher mix of software/analytics and biopharma services will convert volume growth into sustained positive operating income and operating cash flow via operating leverage. Sustained operating profitability validates the business model (not just revenue growth) and protects against dilution or the need for frequent external financing.
A large cash balance established in 2025 provides a near‑term liquidity cushion that lowers near-term covenant/default risk and funds commercialization (including WGS launch) without immediate dilutive financings. A healthy cash position buys time to execute commercialization and monetize the dataset; loss of that cushion would raise refinancing and covenant risks.
The planned commercial rollout of whole‑genome sequencing (WGS) in 2026 can expand Caris's addressable market and deepen the dataset's value, but its success is contingent on technical validation, clinical adoption and reimbursement. If WGS commercializes successfully it materially increases long‑term monetization paths; if it is delayed or not covered by payers, the expected revenue lift may never materialize.
All standing thesis claims
Original report summary
it converts that dataset into recurring, high-margin partnerships and sustained clinical adoption while keeping payers onboard, the business can justify its rich multiple.
Bull case and bear case
Bull case and bear case for Caris Life Sciences
Where the evidence on Caris Life Sciences stands: Holding on the latest evidence (Nov 9, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
Caris's large, proprietary multi‑omic dataset and Caris POA network create a meaningful, durable advantage that drives clinician adoption and high‑value biopharma partnerships, sustaining above‑market revenue growth.
Scale and a higher mix of software/analytics and biopharma services will convert volume growth into sustained positive operating income and operating cash flow via operating leverage.
A large cash balance established in 2025 provides a near‑term liquidity cushion that lowers near-term covenant/default risk and funds commercialization (including WGS launch) without immediate dilutive financings.
The planned commercial rollout of whole‑genome sequencing (WGS) in 2026 can expand Caris's addressable market and deepen the dataset's value, but its success is contingent on technical validation, clinical adoption and reimbursement.
Bear case: what would count against it
Competitors building large clinico‑genomic datasets (e.g., Tempus, Guardant Health, Foundation Medicine/Roche) could close the gap or undercut pricing.
If the company must spend heavily on R&D, SG&A, or sales reimbursement support (or faces price competition), the operating leverage may not materialize.
The MD&A highlights the 2023 Term Loan covenants and variable‑rate interest exposure.
Thesis-Break Engine
What has broken in Caris Life Sciences’s thesis
Each break OptimistFi flagged on Caris Life Sciences, dated — with what has historically followed the same kind of break across the market, not a forecast for Caris Life Sciences.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Caris Life Sciences filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Caris Life Sciences filed an SEC 8-K on 2026-09-14: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Caris Life Sciences filed an SEC 8-K on 2026-08-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Competitors building large clinico‑genomic datasets (e.g., Tempus, Guardant Health, Foundation Medicine/Roche) could close the gap or undercut pricing.
- If the company must spend heavily on R&D, SG&A, or sales reimbursement support (or faces price competition), the operating leverage may not materialize.
- The MD&A highlights the 2023 Term Loan covenants and variable‑rate interest exposure.
- Technical or regulatory setbacks for WGS, slow clinical uptake, or lack of payer reimbursement for WGS tests would prevent expected top‑line contribution.
CAI news
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Financial statements
CAI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CAI: quick answers
- When does Caris Life Sciences (CAI) report earnings next?
- Caris Life Sciences's next results are projected for January 11, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 4, 2026. Earnings calendar
- What is CAI's short interest?
- As of October 30, 2026, 11.5M CAI shares were sold short, 4.01% of its shares outstanding, down 15.4% from the count before. At the stock's average daily volume that is 4.0 days to cover. FINRA publishes the count twice a month. CAI short interest history
- Which well-known investors own CAI?
- 2 of the 37 well-known funds tracked here reported CAI shares in their latest 13F filings. By share of the fund's portfolio: Duquesne Family Office (Stanley Druckenmiller), 0.7%; Coatue Management (Philippe Laffont), 0.4%. Fund portfolios
CAI in well-known investors’ portfolios
2 of 37 funds reported CAI shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Stanley DruckenmillerDuquesne Family Office | 0.65% | $33.8M | No change | Q2 2026 |
| Philippe LaffontCoatue Management | 0.36% | $175M | No change | Q2 2026 |