SphinxRisk
Create account
EN

Tempus AI, Inc.

TEM · Technology (services-computer programming, data processing, etc.) · 5 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31

Signed in, this page also says what this company is inside your own portfolio: its weight, its share of your risk, and what buying or selling some of it would change. Sign in ›

Tempus AI, Inc. reported revenue of $1.3 billion in fiscal 2025. On the accounting screens, it passes 3 of 7 Piotroski tests, its Altman Z'' of -1.60 is in the distress zone and its Beneish M-score is above the -1.78 line; 4 of the six cross-checks between its statements fire.

Revenue, fiscal 2025 1.3B  
Operating margin -19.9% gross margin —
Return on invested capital —  
Free cash flow after stock pay -363.9M -28.6% of revenue
Net debt ÷ EBITDA — net debt —
Piotroski F-score 3/7 tests of improvement passed

Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units: 2-for-1 before fiscal 2024.

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income
Compound growth a year
3 yrs4 yrs
Revenue+58.3%—
Shares+11.4%—

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

GrossOperatingNetFree cash flow

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
-49.9%
Return on assets
-10.8%
Asset turnover
0.56×
Research & development
13.6% of revenue
Overheads (SG&A)
57.5% of revenue

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt ÷ EBITDA
—
Interest coverage
-4× operating income ÷ interest
Current ratio
3.13 current assets ÷ current liabilities
Cash conversion cycle
— collects in 89d

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

3of 7 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero failed
  • Profitability improvedReturn on assets higher than a year before passed
  • Profit backed by cashOperating cash flow above net income (low accruals) passed
  • Less long-term debtLong-term debt as a share of assets fell — not reported no data
  • More liquidCurrent ratio higher than a year before passed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before — not reported no data
  • Sells more per assetAsset turnover higher than a year before failed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

-1.60distress zone
  • Working capital ÷ assets 0.35 × 6.56+2.29
  • Retained earnings ÷ assets -1.05 × 3.26-3.43
  • Operating income ÷ assets -0.11 × 6.72-0.75
  • Equity ÷ liabilities 0.28 × 1.05+0.29

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

-1.01above the -1.78 line
  • Receivables vs sales 1.10+1.01
  • Gross margin slipping 1.00 (not reported, set to 1)+0.53
  • Soft assets 2.07+0.84
  • Sales growth 1.83+1.64
  • Slower depreciation 1.18+0.14
  • Overheads vs sales 0.53-0.09
  • Profit not in cash -0.01-0.06
  • Leverage rising 0.52-0.17

Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Receivables are growing 101% against revenue growing 83%.

Benign

A shift towards larger customers on longer terms, or sales concentrated at the end of the period.

Worrying

Sales are being made on looser credit, or revenue has been booked that may never be collected.

Reported profit comfortably exceeds the cash generated (-245M against -218M).

Benign

Growth consuming working capital, or the seasonality of the year-end.

Worrying

Profit held up by accounting entries that do not turn into money.

Capital spending (21M) is well below depreciation (32M).

Benign

Mature assets, or a business that has become less capital-intensive.

Worrying

Under-investing: today's profit is being held up by consuming tomorrow's capacity.

The effective tax rate is -17.8%.

Benign

A favourable geographic mix, or legitimate tax credits.

Worrying

Not sustainable; projecting it forward inflates the valuation.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2025

%

revenue grew +58.3% a year over the last 3 years; it fades to the terminal rate by the last year

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

free cash flow to the firm after stock-based pay ÷ revenue, last 3 fiscal years together

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

no interest line: the risk-free rate + 1.5 points

%

effective rate in the last fiscal year, -17.8%, kept within 0–35%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Quarterly 2026-07-30
Quarterly report
Results 2026-07-30
Reported results; published information for investors
Event 2026-07-20
Signed a material agreement
Event 2026-07-20
Published information for investors
Event 2026-05-22
Published the results of a shareholder vote
Event 2026-05-13
Signed a material agreement; terminated a material agreement; took on a financial obligation; sold shares outside a registration; published other information
Quarterly 2026-05-05
Quarterly report
Results 2026-05-05
Reported results; published information for investors
Estimatein 37d
Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$38.2M29 sale(s) by 4 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
Other lines00 awards · 0 option exercises · 0 tax withholdings
DateWhoWhatSharesPriceValueHolds after
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 7,394 $76.57 $566,159 8.6M
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 33,770 $77.29 $2.6M 8.6M
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 16,152 $78.23 $1.3M 8.5M
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 184 $78.86 $14,510 8.5M
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 17,359 $76.57 $1.3M 15.0M
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 79,259 $77.29 $6.1M 14.9M
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 37,950 $78.23 $3.0M 14.9M
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 432 $78.86 $34,068 14.9M
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 965 $76.57 $73,890 808,666
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 4,420 $77.29 $341,622 804,246
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 2,091 $78.23 $163,579 802,155
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 24 $78.86 $1,893 802,131
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 6,431 $76.57 $492,422 143,569
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 29,367 $77.29 $2.3M 114,202
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 14,042 $78.23 $1.1M 100,160
22 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 160 $78.86 $12,618 100,000
17 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 52,558 $80.52 $4.2M 8.6M
17 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 4,942 $81.09 $400,747 8.6M
17 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 123,391 $80.52 $9.9M 15.0M
17 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 11,609 $81.09 $941,374 15.0M
17 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 6,855 $80.52 $551,965 810,276
17 Sep 2026 Lefkofsky Eric PCEO and Chairman Sold on the open market · pre-arranged plan · indirect 645 $81.09 $52,303 809,631
17 Sep 2026 Bartolucci Ryan MChief Accounting Officer Sold on the open market · pre-arranged plan 7,062 $75.00 $529,650 60,804
17 Sep 2026 Polovin AndrewEVP, Chief Legal Officer Sold on the open market · pre-arranged plan 2,951 $75.00 $221,325 135,189
16 Sep 2026 Fukushima RyanCEO, Data Sold on the open market · pre-arranged plan · indirect 700 $70.00 $49,000 15,874
1 Sep 2026 Fukushima RyanCEO, Data Sold on the open market · pre-arranged plan · indirect 13,046 $62.12 $810,418 34,374
1 Sep 2026 Fukushima RyanCEO, Data Sold on the open market · pre-arranged plan · indirect 10,900 $62.64 $682,776 23,474
1 Sep 2026 Fukushima RyanCEO, Data Sold on the open market · pre-arranged plan · indirect 5,900 $63.80 $376,420 17,574
1 Sep 2026 Fukushima RyanCEO, Data Sold on the open market · pre-arranged plan · indirect 1,000 $64.63 $64,630 16,574

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

FundSharesValueShare of the fundSince the quarter before
ARK Invest 30 Jun 2026 10.0M $580.6M 3.8% Added to
Baillie Gifford 30 Jun 2026 8.2M $474.5M 0.4% Reduced
Norges Bank (Norway's sovereign fund) 30 Jun 2026 975,302 $56.5M 0.0% New

All the funds and what they reported ›

Companies like this one

Same SEC industry (services-computer programming, data processing, etc.) first, then the rest of technology.

GOOGL Alphabet Inc.META Meta Platforms, Inc.APP AppLovin CorpZM Zoom Communications, Inc.PINS Pinterest, Inc.MTCH Match Group, Inc.TTD Trade Desk, Inc.MGNI Magnite, Inc.

Every figure, year by year

5 fiscal years · 30 measures
20212022202320242025
Size
Revenue—320.7M531.8M693.4M1.3B
Revenue growth——+65.8%+30.4%+83.4%
Operating income—-265.4M-196.1M-691.1M-252.9M
Net income—-289.8M-214.1M-705.8M-245.0M
Margins
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%-30.5%-18.8%
R&D ÷ revenue—25.9%17.0%21.5%13.6%
SG&A ÷ revenue—72.8%55.8%108.9%57.5%
Cash
Free cash flow—-186.6M-248.9M-211.2M-239.1M
Stock-based pay—00534.1M124.7M
Free cash flow after stock pay—-186.6M-248.9M-745.3M-363.9M
Free cash flow to the firm—-267.2M-209.7M-757.6M-428.3M
Free cash flow ÷ net income—0.6×1.2×0.3×1.0×
Capex ÷ revenue—5.7%6.5%3.2%1.7%
Returns
Return on invested capital—————
Return on equity———-1252.8%-49.9%
Return on assets——-38.0%-76.2%-10.8%
Asset turnover——0.9×0.7×0.6×
Economic profit—————
Per share
Earnings per share—$-2,298.92$-1,691.14$-5,889.15$-1,406.07
Free cash flow per share—$-1,480.05$-1,966.22$-1,761.93$-1,372.28
Dividend per share—$44.62$44.43$46.93$0.00
Payout ratio—————
Book value per share—$-8,955.98$-10,916.52$470.08$2,819.43
Diluted shares—126,064126,612119,849174,264
Balance sheet
Net debt—————
Net debt ÷ EBITDA—————
Interest coverage—-12.1×-4.2×-12.9×-3.6×
Current ratio——1.5×2.3×3.1×
Cash conversion cycle (days)—————
Scores
Piotroski F-score—0033
Altman Z''——-10.77-9.85-1.60
Beneish M———-4.77-1.01

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.