Tempus AI
Tempus AI's revenue rose 83.4% to $1.3 billion in fiscal 2025. Its operating margin was −19.9%, up from −99.7% a year earlier. Free cash flow was −$239 million. It paid out $3 million in dividends and buybacks. The diluted share count rose 45.4%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Tempus AI does
Tempus AI runs medical laboratories and a large database of patient health data, mostly in cancer care in the United States. Doctors order its genetic and other lab tests to help choose treatments for patients, and Tempus links the results to patients' medical records and uses artificial intelligence, or AI, to put them in context. It gets data through connections with more than 5,000 hospital and clinic sites that order its tests, and strips out personal details before using it in its other products.
Tempus has two product lines. Diagnostics, its testing business for cancer treatment and inherited cancer risk, brought in $955.4 million of its $1,271.8 million in 2025 revenue. Data and applications licenses that de-identified data to drug companies for research, helps them find patients for clinical trials, and sells AI tools that flag patients who may need care. It names Foundation Medicine, Caris Life Sciences, Guardant Health and Natera as testing competitors, and Flatiron Health, IQVIA and ConcertAI as data competitors.
Tempus had more than 3,800 employees at the end of 2025, with its headquarters in Chicago. It bought Ambry Genetics, a maker of tests for inherited cancer risk, in February 2025, and Paige, a company that uses AI to read pathology slides, in August 2025. It reported a net loss of $245.0 million for 2025.
Its biggest risks, as it describes them
- A history of losses: it may keep losing money and need to raise more capital.
- Its reliance on continued access to patient data, and its ability to earn money from it.
- Insurers and government health programs that may not cover its tests or pay enough for them.
- Changing rules on lab tests and on health data privacy that could raise its costs or limit its products.
- Strong competition and fast-changing technology that could make its tests and tools less useful.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
Tempus AI lost money in fiscal 2025: a net loss of $245 million.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Tempus AI yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Tempus AI's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
The example scenarios need a positive starting cash flow. Tempus AI's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.
- Last close, October 26, 2026
- $67.16
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
The P/E method needs positive earnings, and Tempus AI's latest diluted earnings per share were negative or zero.
Balance sheet
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | 303 | 166 | 341 | 605 |
| Debt incl. finance leases | — | 193 | 168 | 209 |
| Net debt (negative means net cash) | — | 27 | −173 | −396 |
| Net debt to EBITDA | — | — | — | — |
| Debt to equity | — | — | 3.0x | 0.4x |
| Interest coverage | −12.1x | −4.2x | −12.9x | −3.6x |
| Current ratio | — | 1.5x | 2.3x | 3.1x |
| Quick ratio | — | 1.4x | 2.2x | 3.0x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Tempus AI shares on the open market, and 11 insiders sold $220.9 million, $206.2 million of it under trading plans set up in advance.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 25, 2026 | Thomas Edward SchoenherrCEO, Diagnostics | Sold plan | 10,281 | $85.00 | $873,885 | Form 4 |
| Sep 22, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 250,000 | $77.47 | $19.4 million | Form 4 |
| Sep 17, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 200,000 | $80.57 | $16.1 million | Form 4 |
| Sep 17, 2026 | Ryan M BartolucciChief Accounting Officer | Sold plan | 7,062 | $75.00 | $529,650 | Form 4 |
| Sep 17, 2026 | Andrew PolovinEVP, Chief Legal Officer | Sold plan | 2,951 | $75.00 | $221,325 | Form 4 |
| Sep 16, 2026 | Ryan FukushimaCEO, Data | Sold plan | 700 | $70.00 | $49,000 | Form 4 |
| Sep 1, 2026 | Ryan FukushimaCEO, Data | Sold plan | 30,846 | $62.71 | $1.9 million | Form 4 |
| Sep 1, 2026 | Jennifer A DoudnaDirector | Sold plan | 676 | $65.55 | $44,312 | Form 4 |
| Sep 1, 2026 | David R EpsteinDirector | Sold plan | 250 | $65.55 | $16,388 | Form 4 |
| Aug 28, 2026 | Nadja WestDirector | Sold plan | 3,000 | $69.00 | $207,000 | Form 4 |
| Aug 25, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 238,152 | $68.39 | $16.3 million | Form 4 |
| Aug 25, 2026 | Eric P LefkofskyCEO and Chairman, Director, 10% owner | Sold plan | 11,848 | $69.87 | $827,857 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | — | Fail | Fail |
| Cash from operations is positive | Fail | Fail | Fail |
| Return on assets rose | — | — | Pass |
| Cash from operations exceeds net income | Fail | Pass | Pass |
| Debt fell relative to assets | — | — | Pass |
| Current ratio rose | — | Pass | Pass |
| Share count didn't rise | Fail | Fail | Fail |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | Pass |
| F-score | — | — | 5 of 8 |
| Accruals ratio | — | −69.4% | −1.7% |
Compare
Put Tempus AI side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Tempus AI | FY25 | 83.4% | −19.9% | −18.8% | — | — | 5 | |
| Sotera Health | FY25 | 5.7% | — | 12.8% | 6.7% | — | 7 | Compare |
| Addus HomeCare | FY25 | 23.2% | 9.7% | 7.3% | 9.4% | 0.2x | 5 | Compare |
| Lifestance Health | FY25 | 13.8% | 1.7% | 7.7% | 1.2% | 0.5x | 7 | Compare |
| CorVel | FY26 | 7.0% | — | 11.5% | — | — | — | Compare |
4 years of figures
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | 321 | 532 | 693 | 1,272 |
| Revenue growth | — | 65.8% | 30.4% | 83.4% |
| Gross profit | — | — | — | — |
| Research and development | 83 | 90 | 149 | 173 |
| Operating income | −265 | −196 | −691 | −253 |
| Net income | −290 | −214 | −706 | −245 |
| Diluted EPS (US$) | −5.30 | −4.20 | −6.23 | −1.41 |
| Diluted shares (millions) | 0 | 0 | 0 | 0 |
| Cash flow | ||||
| Cash from operations | −168 | −214 | −189 | −218 |
| Capital expenditure | 18 | 35 | 22 | 21 |
| Free cash flow | −187 | −249 | −211 | −239 |
| Dividends paid | 6 | 6 | 6 | 0 |
| Share buybacks | 0 | 4 | 0 | 3 |
| Acquisitions | 40 | 6 | 0 | 377 |
| Stock-based compensation | 0 | 0 | 534 | 125 |
| Balance sheet at fiscal year end | ||||
| Cash and short-term investments | 303 | 166 | 341 | 605 |
| Debt incl. finance leases | — | 193 | 168 | 209 |
| Total assets | — | 564 | 926 | 2,275 |
| Total liabilities | — | 841 | 870 | 1,784 |
| Shareholders' equity | −1,129 | −1,382 | 56 | 491 |
| Margins and ratios | ||||
| Gross margin | — | — | — | — |
| Operating margin | −82.8% | −36.9% | −99.7% | −19.9% |
| Net margin | −90.4% | −40.3% | −101.8% | −19.3% |
| Free cash flow margin | −58.2% | −46.8% | −30.4% | −18.8% |
| Return on capital | — | — | — | — |
| Return on equity | — | — | — | −89.5% |
| Return on assets | — | — | −94.7% | −15.3% |
| Net debt to EBITDA | — | — | — | — |