# Carlsmed, Inc. (CARL) · Edgar & Edgarette company card

> Carlsmed (CARL) grew revenue 85.9% in FY2025 to $51 million, operating margin -60.5% against a 1.2% median for surgical & medical instruments & apparatus, equity 76.0% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1794546 · fiscal year ended 2025-12-31 · 2 audited years read · [page](https://www.pops4.com/boards/company/CARL) · [JSON](https://www.pops4.com/boards/company/CARL.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $51M |
| Revenue growth, 1 year | 85.9% |
| Revenue growth per year | — |
| Operating margin | -60.5% (prior year -88.8%) |
| Net margin | -58.7% |
| Operating cash flow | −$29M |
| Capital spending | $642,000 |
| Free cash flow | −$30M |
| Cash | $86M |
| Long-term debt | $15M |
| Total assets | $130M |
| Total equity | $99M |
| Equity ÷ assets | 76.0% |
| Return on equity | -30.0% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 4.88 (safe zone)
- Piotroski F: 5 of 9 (middling)
- Beneish M: -1.79 (below the −1.78 line)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -60.5% in FY2025; revenue is hard to predict: its 80% range is ±28%

## Edgarette's reading

Exposure: revenue $50.5M (FY2025), total debt $15.3M. Experience: revenue up 85.9% on the year; operating margin -60.5%, up from -88.8%. Soundness: equity 76.0% of assets, return on equity -30.0%. Credibility: 2 audited years, moderate weight. Range: 80% of past cases like this landed between $68.9M and $123.8M next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (60 filers, $50M+ revenue, surgical & medical instruments & apparatus): operating margin -60.5% against a 1.2% median; growth 85.9% against 11.6%.

Range logged 2026-09-20, receipt 60539b8a0a37883e, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-09-30 ([filing](https://www.sec.gov/Archives/edgar/data/1794546/000179454626000020/0001794546-26-000020-index.htm))

## Recent filings

- 8-K · filed 2026-09-30 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1794546/000179454626000020/0001794546-26-000020-index.htm)
- 8-K · filed 2026-09-08 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1794546/000179454626000018/0001794546-26-000018-index.htm)
- 10-Q · filed 2026-08-05 · [filing](https://www.sec.gov/Archives/edgar/data/1794546/000179454626000016/0001794546-26-000016-index.htm)
- 8-K · filed 2026-08-05 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1794546/000179454626000015/0001794546-26-000015-index.htm)
- 8-K · filed 2026-06-03 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1794546/000119312526255404/0001193125-26-255404-index.htm)
- 10-Q · filed 2026-05-05 · [filing](https://www.sec.gov/Archives/edgar/data/1794546/000179454626000011/0001794546-26-000011-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001794546.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1794546

## Cite

POPS4, Edgar & Edgarette: Carlsmed, Inc. (CARL) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/CARL. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.