Tempus AI, Inc.TEM
NasdaqGS•Healthcare•Health Information Services
Tempus AI, Inc. operates as a healthcare technology company in the United States. It offers the Tempus platform, a closed-loop, full-stack, bi-directional integrations between a clinician's desktop and its laboratory diagnostic capabilities, analytics platform, and repository of multimodal data; and Hub, a clinical application for physicians and other healthcare providers for use in the diagnostics product line as an end-to-end application for healthcare providers for NGS tests. The company also provides Lens, a software application for life sciences and advanced precision research; diagnostics services, such as NGS diagnostics, PCR profiling, and other anatomic and molecular pathology tests; and large-panel solid tumor and hematologic testing through multiple assays, with its core clinical assay (xT and xR) offering large panel DNA, RNA full transcriptome, and incidental germline findings through normal blood or saliva analyses. In addition, it provides genetic tests focused on inherited conditions; an nP assay for pharmacogenomic testing for patients with psychiatric conditions, including depression, general anxiety disorder, bipolar disorder, and other relevant diagnoses; Insights, which licenses libraries of linked, de-identified clinical, molecular, and imaging data; Organoids, a tumor derived biological modeling. Further, the company offers Trials for clinical trial matching services; Next, an AI platform; Algos, an algorithm-based diagnostics application. It has Strategic Collaborations with AstraZeneca AB, Pathos AI, Inc., GlaxoSmithKline, Merck, and Recursion Pharmaceuticals, Inc. Additionally, it also has a strategic collaboration with Blood Cancer United to develop registry for pediatric acute myeloid leukemia. The company was formerly known as Tempus Labs, Inc. and changed its name to Tempus AI, Inc. in January 2023. Tempus AI, Inc. was incorporated in 2015 and is headquartered in Chicago, Illinois.
Tempus AI, Inc. (TEM) reported trailing twelve months revenue of $1.36B as of March 2026, a 43.7% increase year-over-year. Quarterly revenue reached $348.12M, reflecting continued top-line momentum.
Tempus AI, Inc. reported a TTM net loss of $302.91M, with quarterly EBITDA of $-58.54M. The operating margin expanded from -26.9% to -24.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-24.3%) and net margin (-36.2%) indicates moderate non-operating costs. Net margin has narrowed from -26.6% a year ago, reflecting increased costs or interest expense.
TEM trades at a P/S of 0.0x. The price-to-book ratio of 0.0x suggests the stock trades below its book value.
The company reported negative free cash flow of $-81.48M, indicating cash consumption over the period. The balance sheet shows $2.14B in total assets with $199.28M in long-term debt against $416.40M in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 8 quarters of fundamental data
Operating margins are under pressure, averaging -60.9%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 8 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares decreased 27.6% — net buybacks are reducing shares outstanding and boosting per-share value.