Caris Life Sciences, Inc.

CAIdata completeness 100%3 fiscal years on file

The thesis, from the filings

Caris Life Sciences, Inc. earns about -12% on equity, but has diluted owners by 379% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	$306.1M¹	$412.3M¹	$812M¹
Net income	−$341.4M²	−$281.9M²	−$68.1M²
Operating cash flow	−$276.1M³	−$245.2M³	$83.2M³
Capital expenditure	$22.3M⁴	$8.44M⁴	$16.3M⁴
Free cash flow (derived)	−$298.4M³	−$253.6M³	$66.9M³
Total debt	—	$752.7M⁵	$757.4M⁵
Cash & equivalents	—	$64M⁶	$796.3M⁶
Diluted shares	34.9M	35.5M	167.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$34.53

your share of equity

Profit it earned you last year

−$4.07

Free cash flow it threw off

Debt you’d be carrying

$45.3

10 shares is a claim on $34.53 of net worth that earned you −$4.07 and generated $4 of cash last year, against $45.3 of debt.

iii. Is this a good business?

Moat signal · return on equity

-12% avg · 3y

FY23 —FY24 —FY25 -12%

It earned an average -12% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+379% shares · 3y

Share count is up 379% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0002019410-26-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0002019410-26-000016 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0002019410-26-000016 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0002019410-26-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0002019410-26-000016 (LongTermDebtNoncurrent)
10-K · period ending 2024-12-31 · accession 0002019410-26-000016 (CashAndCashEquivalentsAtCarryingValue)