Caris Life Sciences
CAI on Nasdaq. Caris Life Sciences sells molecular cancer tests to hospitals, doctors, and drugmakers. Market value $8.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.60 of spare cash in the past 12 months. A savings account pays about $4.
You pay 47.9 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$27.45 a share, 93% above its 1-year low
Over the past year the price has ranged from $14.19 to $33.65.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $124 million in the past 12 months, $67 million in the year to December 2025.
| Revenue | |
| Revenue | $812m |
| Operating margin | |
| Operating margin | 5.6% |
| Debt to equity | |
| Debt to equity | 0.66 |
| Shares outstanding | |
| Shares outstanding | 0.28bn |
Health checks
- Free cash flow positive1 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- Debt0.66× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $264 million last quarter, up 45% on a year ago.
- A loss of $637,000, compared with a loss of $72 million a year ago.
- 336% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| June 2025 | $181m |
| September 2025 | $217m |
| December 2025 | $293m |
| March 2026 | $216m |
| June 2026 | $264m |
| Quarter to | Amount |
|---|---|
| June 2025 | -$72m |
| September 2025 | $24m |
| December 2025 | $82m |
| March 2026 | -$510,000 |
| June 2026 | -$637,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 246 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Cut |
Largest holders overall
- FMR$551m
- J. H. Whitney Equity Partners VI$201mCut
- Coatue Management$175m
- Braidwell LP$147mAdded
- Sixth Street Partners Management Company, L.P.$131mCut
- PointState Capital LP$122mCut
- JPMorgan Chase$120mAdded
- BlackRock$99mAdded
- T. Rowe Price Investment Management$91mCut
- Vanguard Portfolio Management$86mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- David D. HalbertPassive investorat least 44.1%(filed with 1 related holder)Since 30 June 2025
- FMR LLCPassive investorat least 10.8%+5.8 pts(filed with 1 related holder)Since 31 March 2026
- J H Whitney VI LPPassive investor7.3%Since 30 June 2025
- J H Whitney VI L PPassive investorat least 4.0%−2.5 pts(filed with 3 related holders)Since 30 June 2026
- Alan WaxmanPassive investorat least 2.6%−2.5 pts(filed with 1 related holder)Since 30 June 2026
- Millennium Management LLCPassive investorat least 1.3%(filed with 3 related holders)Since 17 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
David D. Halbert Passive investor | at least 44.1% (filed with 1 related holder) | 30 June 2025 | |
FMR LLC Passive investor | at least 10.8%+5.8 pts (filed with 1 related holder) | 31 March 2026 | |
J H Whitney VI LP Passive investor | 7.3% | 30 June 2025 | |
J H Whitney VI L P Passive investor | at least 4.0%−2.5 pts (filed with 3 related holders) | 30 June 2026 | |
Alan Waxman Passive investor | at least 2.6%−2.5 pts (filed with 1 related holder) | 30 June 2026 | |
Millennium Management LLC Passive investor | at least 1.3% (filed with 3 related holders) | 17 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $2m of shares on the open market. 4 sold $29m, $2m of it under preset trading plans.
- Denton John RusselSee RemarksSold
- Date
- 22 September 2026
- Shares
- 7,500
- Price
- $31.82
- Value
- $238,626
- Brille Brian JSee Remarks, DirectorSold
- Date
- 17 September 2026
- Shares
- 400,000
- Price
- $30.33
- Value
- $12m
- Spetzler David BaxleyPresidentSold
- Date
- 4 September 2026
- Shares
- 119,212
- Price
- $24.76
- Value
- $3m
- Spetzler David BaxleyPresidentSold
- Date
- 3 September 2026
- Shares
- 478,000
- Price
- $24.86
- Value
- $12m
- HALBERT JONDirectorBought
- Date
- 15 May 2026
- Shares
- 68,000
- Price
- $14.56
- Value
- $990,080
- Vacirca Jeff LDirectorBought
- Date
- 11 May 2026
- Shares
- 31,050
- Price
- $16.15
- Value
- $501,458
- Power Luke ThomasSee RemarksSoldunder a preset trading plan
- Date
- 11 December 2025
- Shares
- 62,250
- Price
- $26.57
- Value
- $2m
- Spetzler David BaxleyPresidentBought
- Date
- 7 November 2025
- Shares
- 400
- Price
- $23.85
- Value
- $9,540
- Denton John RusselSee RemarksBought
- Date
- 7 November 2025
- Shares
- 4,184
- Price
- $24.09
- Value
- $100,793
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 22 September 2026 | Denton John Russel See Remarks | Sold | 7,500 | $31.82 | $238,626 |
| 17 September 2026 | Brille Brian J See Remarks, Director | Sold | 400,000 | $30.33 | $12m |
| 4 September 2026 | Spetzler David Baxley President | Sold | 119,212 | $24.76 | $3m |
| 3 September 2026 | Spetzler David Baxley President | Sold | 478,000 | $24.86 | $12m |
| 15 May 2026 | HALBERT JON Director | Bought | 68,000 | $14.56 | $990,080 |
| 11 May 2026 | Vacirca Jeff L Director | Bought | 31,050 | $16.15 | $501,458 |
| 11 December 2025 | Power Luke Thomas See Remarks | Sold under a preset trading plan | 62,250 | $26.57 | $2m |
| 7 November 2025 | Spetzler David Baxley President | Bought | 400 | $23.85 | $9,540 |
| 7 November 2025 | Denton John Russel See Remarks | Bought | 4,184 | $24.09 | $100,793 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Caris Life Sciences’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on such evaluation, our principal executive officer and principal financial officer have concluded that these disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2026 due to the previously reported material weakness in our internal control over financial reporting pertaining to a lack of sufficient qualified accounting resources, including those necessary to account for and disclose accounting transactions that require complex calculations or thorough evaluation of the accounting literature.”
Show the full paragraph
Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our principal executive officer and principal financial officer have concluded that these disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2026 due to the previously reported material weakness in our internal control over financial reporting pertaining to a lack of sufficient qualified accounting resources, including those necessary to account for and disclose accounting transactions that require complex calculations or thorough evaluation of the accounting literature.
From the 10-Q filed 5 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 47.9× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.