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Tempus AI, Inc. (TEM)

合理估值
HealthcareHealth Information ServicesUnited States

基本面

35

价格

$76.95

市值

$14.84B

第一部分 · 这家公司值多少

概览

Tempus sells AI-driven diagnostic tests and the data platform built on top of them. Doctors, mostly oncologists, order its genomic sequencing tests to decide which cancer drugs are likely to work for a specific patient, and the results also add to a growing library of clinical and molecular data. That data library is then licensed to pharmaceutical companies, who use it to find drug targets and design clinical trials faster than they could with their own data alone.

盈利方式

Diagnostics revenue is billed per test, largely through insurance reimbursement, so it depends on how many tests get ordered and what payers agree to pay for each one. Data and Applications revenue comes from multi-year licensing agreements with pharmaceutical companies and from Insights, a subscription-like product giving structured access to Tempus's data library. The Diagnostics business drives most of the volume and losses today, while Data and Applications carries higher margins and is growing faster.

分部营收

Diagnostics75.1%

Genomic and molecular sequencing tests ordered by physicians, mainly oncologists, to guide treatment decisions for individual cancer patients.

Data and Applications24.9%

Licensing of Tempus's clinical and molecular data library to pharmaceutical companies, plus Insights, a subscription product for structured data access.

护城河

专利与许可 · 狭窄

Tempus's advantage rests on a data library that grows with every test it runs, linking genomic results to real clinical outcomes in a way a newcomer cannot replicate quickly. But established diagnostics competitors have their own large data sets and physician relationships, and nothing stops a hospital system from sending samples to more than one lab.

需求驱动因素

中度周期性

Test volume follows how many patients get diagnosed with cancer and how willing physicians and insurers are to order and pay for genomic profiling, a trend that has grown steadily rather than swung with the economy. Data licensing demand instead tracks pharmaceutical research budgets, which can be cut in a downturn even as clinical demand for testing keeps rising.

主要风险

  • Ongoing net losses and cash burn — Tempus has never been profitable and continues to report significant net losses and negative operating cash flow, making it dependent on external financing or faster margin improvement to keep funding growth.
  • Reimbursement risk on Diagnostics tests — Insurers can decline to cover a test, pay less than the cost of running it, or change coverage policy, and Diagnostics revenue depends heavily on what payers ultimately reimburse.
  • A data-driven model that rivals could replicate — The value of Tempus's data library depends on continuing to add tests and partners at scale; larger, better-capitalized competitors in genomic testing could build comparable data assets over time.
  • Regulatory oversight of laboratory-developed tests — Tempus's tests operate as laboratory-developed tests under evolving regulatory frameworks; a shift toward stricter FDA oversight could raise costs or slow the launch of new tests.

客户集中度

Tempus signed data-licensing agreements with more than 70 pharmaceutical partners in 2025, including large companies such as AstraZeneca and Merck; the company does not disclose what share of revenue its largest partner represents.

看多理由

Buyers argue that Tempus is building a data asset pharmaceutical companies cannot easily replicate, that landing repeat, expanding agreements with companies like AstraZeneca and Merck shows the model works commercially, and that Diagnostics volume growth of over 100% signals a business approaching the scale needed to turn a profit.

看空理由

Sellers fear that a company still losing money at this scale depends on continued access to capital markets, that reimbursement for genomic tests can be cut by insurers at any time, and that today's data advantage narrows as competitors with equally large patient populations build their own libraries.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

资产负债表与流动性

营收

$1.43B

最近12个月(截至2026/6/30)

净利润

$-254M

最近12个月(截至2026/6/30)

自由现金流

$-239M

股东权益合计

$491M

负债合计

$1.78B

流动比率

3.30

利息覆盖率

5.12

债务/EBITDA

-

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形合理估值

公允价值

$68.56

当前价格

$76.95

安全边际

-12.2%

公允价值区间

$65.13 - $71.98

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$68.56
现金流折现法(DCF):数据不足,无法计算
市盈率法(P/E):数据不足,无法计算
格雷厄姆成长公式:数据不足,无法计算
盈利能力价值(EPV):数据不足,无法计算
合理市净率(P/B):数据不足,无法计算
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):数据不足,无法计算
周期中段收益:数据不足,无法计算
市销率法(P/S):$30.93
分析师共识:买入 (13B / 8H / 2S)
最近财报超预期:+71.65%

估值指标

市盈率(P/E)

-

ROE

-49.9%

市净率(P/B)

32.28

P/FCF

-

毛利率

-

ROIC

-11.3%

盈利能力雷达图

价值创造(经济护城河)

ROIC

-11.3%

WACC

15.6%

ROIC − WACC

-27.0 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(9)

  • EPS shows upward trend
  • Price CAGR 50.66%
  • Debt/Equity ratio
  • Current Ratio
  • Interest Coverage
  • Revenue Growth 5Y 46.6%
  • Analyst Consensus 57% Buy
  • Earnings Surprise avg 36.2%
  • Net Margin Trend -17.8% vs -21.0%

未通过(10)

  • ROIC -11.3%
  • P/B Ratio 32.28
  • Operating Margin -19.8%
  • Positive Free Cash Flow
  • Return on Tangible Assets
  • Low reliance on intangibles
  • DCF valuation (Unknown)
  • ROE -54.7%
  • Share Dilution 53.4%
  • Piotroski F-Score 4/9

不可用(8)

  • Gross Margin NaN%
  • P/FCF NaN
  • Dividend Payout NaN%
  • CapEx intensity
  • Debt/EBITDA
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Earnings Quality (OCF/Net Income)

Piotroski F-评分

4/9

信号混杂:部分领域需关注

score
criteria

盈利质量

-

低质量:需深入审查会计处理

股权稀释

53.4%

正在发行新股,稀释所有权

机构持股

公司治理

管理团队

姓名职位年龄
Mr. Eric P. Lefkofsky J.D.Co-Founder, CEO, President & Chairman55
Mr. James RogersChief Financial Officer38
Mr. Erik PhelpsExecutive VP and Chief Administrative & Legal Officer54
Mr. Andrew PolovinChief Legal Officer51
Mr. Ryan FukushimaChief Executive Officer of Data & Apps39
Mr. Ryan M. Bartolucci CPAChief Accounting Officer43
Mr. Shane ColleyChief Technology Officer-
Dr. Kate A. Sasser Ph.D.Chief Scientific Officer47
Ms. Elizabeth KrutoholowVice President of Investor Relations & Competitive Intelligence-
Ms. Christina AntoniouSenior VP & Head of Corporate Development-

审计风险

1

董事会风险

9

薪酬风险

10

股东权利风险

10

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-02-24

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-07-30

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-07-30

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for TEM, sourced from Markets Gazette.

  • 13d agoPOSITIVE
    Le azioni Tempus AI volano: c'è ancora margine di rialzo?

    Tempus AI Inc. (TEM) shares are experiencing a significant rally, reaching their highest point since November of the previous year. The stock has surged to $80, marking a 95% increase from its year-to-date low, and now boasts a market capitalization exceeding $14 billion. Technical analysis of the daily chart reveals a triple-bottom pattern, a bullish reversal signal, after the stock bottomed out at $41.47 in April, May, and August. Having broken through the key resistance level of $63.25, the stock is now being watched by bulls for a potential advance towards the $100 resistance level, suggesting further upside potential.

  • 8/19/2026POSITIVE
    Le azioni Tempus AI volano grazie a Moderna

    Tempus AI (TEM) shares surged on August 19th, fueled by a technical short squeeze triggered by positive third-party clinical trial progress. The stock decisively broke above key moving averages, signaling a bullish trend reversal across multiple timeframes. Following this rally, Tempus AI shares are trading nearly 50% above their July lows. The primary catalyst for TEM's explosive move originated not from Tempus AI itself, but from Phase 3 benchmark results released by Merck and Moderna Inc., which indirectly boosted investor sentiment towards health-tech companies like Tempus AI.

  • 5/6/2026POSITIVE
    Tempus AI's Big Pharma AI Partnerships Are Getting Bigger And Stickier

    Tempus AI reported Q1 revenue of $348.1 million, a substantial 36.1% increase year-over-year, surpassing analyst expectations. The company also raised its 2026 financial outlook, citing robust demand for its artificial intelligence solutions and diagnostic services, particularly within the pharmaceutical sector. These strong results and an optimistic forward-looking statement suggest continued growth and market penetration, which is a positive indicator for investors.

  • 3/26/2026POSITIVE
    Cathie Wood Chooses Medical AI Over Mark Zuckerberg: Ark Loads Up On TEM Stock, Dumps Meta Shares

    Cathie Wood's Ark Invest has significantly increased its exposure to the healthcare technology sector by acquiring shares of Tempus AI (TEM). This strategic move contrasts with a simultaneous reduction in Meta Platforms (META) holdings, indicating a pronounced shift in Ark's investment focus. The decision to favor medical AI specialists like Tempus AI over established big tech giants suggests a strong conviction in the growth potential and disruptive capabilities of AI applications within the healthcare industry. Investors may view this as a signal of strong future performance for companies at the intersection of AI and medicine.

  • 2/26/2026POSITIVE
    Cathie Wood Is Buying The Tempus AI Dip, Ark Snaps Up Stock Worth $11 Million

    Cathie Wood's Ark Invest made a notable move on Wednesday, February 25, 2026, by acquiring $11 million worth of Tempus AI stock. This significant purchase followed a 7% dip in the company's share price. Ark Invest's decision to 'buy the dip' signals strong conviction in Tempus AI's long-term prospects and underlying value, particularly in the wake of a market correction. Investors often view such actions by prominent funds like Ark as a bullish indicator, suggesting that the recent downturn presents an an attractive entry point and reinforcing the potential for future growth in the artificial intelligence sector.

  • 2/24/2026NEGATIVE
    Tempus AI Stock Drops Despite Q4 Earnings Beat: Details

    Tempus AI's stock, TEM, experienced a notable decline despite the company reporting stronger-than-expected Q4 earnings. The healthcare AI firm announced robust financial results, yet investor reaction was unexpectedly negative, leading to a drop in share value. This scenario suggests that the market might have already priced in the positive news, or that there are underlying concerns not immediately apparent in the earnings report, such as cautious future outlooks or a perceived overvaluation. Investors should closely monitor upcoming communications to understand the reasons behind this discrepancy.

via Markets Gazette