Carlsmed (CARL) FCF Margin (2024 - 2026)

Carlsmed (CARL) posted FCF Margin of 81.2% for Q1 2026, down 156.91% on a QoQ basis from 31.61% in Q4 2025, and down 35.0% year-over-year from 124.92% in Q1 2025.

Carlsmed (CARL) FCF Margin (2024 - 2026) Analysis & Trends

Carlsmed's FCF Margin history runs 3 years deep, the most recent figure standing at 81.2% for Q1 2026.

  • Quarterly FCF Margin fell 35.0% year-over-year to 81.2% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 60.01% (up 183.0% YoY) and the FY2025 annual result came in at 57.45%, up 3630.0% from the prior year.
  • FCF Margin was 81.2% for Q1 2026 at Carlsmed, down from 31.61% in the prior quarter.
  • Across five years, FCF Margin topped out at 31.61% in Q4 2025 and bottomed at 115.81% in Q3 2024.
  • A 3-year average of 68.54% and a median of 65.92% in 2025 frame the typical range for FCF Margin.
  • Annual changes were most pronounced in 2025 — FCF Margin surged 4989 bps — and 2026, when it slumped 35 bps.
  • Carlsmed's FCF Margin stood at 43.41% in 2024, then gained by 27 bps to 31.61% in 2025, then slumped by 157 bps to 81.2% in 2026.
  • Business Quant data shows CARL's FCF Margin at 81.2% in Q1 2026, 31.61% in Q4 2025, and 65.92% in Q3 2025.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) FCF Margin (Qtr)
1 Veeva Systems 29.34 Bn 22.03 Bn 662.02 Mn 127.46%
2 BrightSpring Health Services 13.49 Bn 12.59 Bn 482.22 Mn 2.81%
3 Healthequity 7.96 Bn 7.70 Bn 256.31 Mn 23.01%
4 10x Genomics 6.17 Bn 5.63 Bn 106.18 Mn 17.24%
5 Hinge Health 6.02 Bn 5.70 Bn 154.23 Mn 23.59%
6 MiniMed 4.19 Bn 3.89 Bn 480.00 Mn -27.00%
7 Waystar Holding 4.14 Bn 4.07 Bn 216.84 Mn 22.17%
8 Doximity 3.82 Bn 3.08 Bn 125.97 Mn 79.91%
9 Privia Health 3.10 Bn 2.73 Bn - -8.03%
10 Carlsmed 295.19 Mn 222.08 Mn 12.43 Mn -81.20%

Historic Data

Download Data
DateValue
Mar 31, 2026 -81.20%
Dec 31, 2025 -31.61%
Sep 30, 2025 -65.92%
Jun 30, 2025 -60.99%
Mar 31, 2025 -80.85%
Dec 31, 2024 -43.41%
Sep 30, 2024 -115.81%