Tempus AI (TEM)
Market Price (4/22/2026): $55.75 | Market Cap: $9.9 BilSector: Health Care | Industry: Health Care Technology
Tempus AI (TEM)
Market Price (4/22/2026): $55.75Market Cap: $9.9 BilSector: Health CareIndustry: Health Care Technology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 83% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40% Megatrend and thematic driversMegatrends include Precision Medicine, Biotechnology & Genomics, and Artificial Intelligence. Themes include Personalized Diagnostics, Show more. | Weak multi-year price returns2Y Excs Rtn is -2.8%, 3Y Excs Rtn is -34% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -253 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.5% Key risksTEM key risks include [1] substantial net losses and negative cash flow, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 83% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40% |
| Megatrend and thematic driversMegatrends include Precision Medicine, Biotechnology & Genomics, and Artificial Intelligence. Themes include Personalized Diagnostics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -2.8%, 3Y Excs Rtn is -34% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -253 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.5% |
| Key risksTEM key risks include [1] substantial net losses and negative cash flow, Show more. |
Qualitative Assessment
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Tempus AI (TEM) stock has lost about 5% since 12/31/2025 because of the following key factors:
1. Continued Unprofitability and Significant Cash Burn. Tempus AI, despite demonstrating high growth, has remained deeply unprofitable. As of April 15, 2026, the company reported an EBIT margin of approximately -17.6% and a profit margin of roughly -19%. Additionally, Tempus AI's cash flow from operations for the latest quarter was about -$36.8 million, with free cash flow near -$43.1 million. This sustained unprofitability and negative cash flow, even with strong revenue growth, has weighed on investor sentiment and contributed to a downward stock trend.
2. Substantial Insider Selling Activity. The stock experienced selling pressure due to significant insider transactions during the period. On February 19, 2026, CEO Eric P. Lefkofsky sold approximately $10.5 million worth of Class A Common Stock. Further, on March 26, 2026, entities managed by Mr. Lefkofsky sold 166,250 shares for an approximate value of $7.6 million. Overall insider selling in the 30 days leading up to April 11, 2026, totaled $7.71 million. Such considerable insider selling can signal caution to the market, contributing to downward stock momentum.
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1. Continued Unprofitability and Significant Cash Burn. Tempus AI, despite demonstrating high growth, has remained deeply unprofitable. As of April 15, 2026, the company reported an EBIT margin of approximately -17.6% and a profit margin of roughly -19%. Additionally, Tempus AI's cash flow from operations for the latest quarter was about -$36.8 million, with free cash flow near -$43.1 million. This sustained unprofitability and negative cash flow, even with strong revenue growth, has weighed on investor sentiment and contributed to a downward stock trend.
2. Substantial Insider Selling Activity. The stock experienced selling pressure due to significant insider transactions during the period. On February 19, 2026, CEO Eric P. Lefkofsky sold approximately $10.5 million worth of Class A Common Stock. Further, on March 26, 2026, entities managed by Mr. Lefkofsky sold 166,250 shares for an approximate value of $7.6 million. Overall insider selling in the 30 days leading up to April 11, 2026, totaled $7.71 million. Such considerable insider selling can signal caution to the market, contributing to downward stock momentum.
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Stock Movement Drivers
Fundamental Drivers
The -6.6% change in TEM stock from 12/31/2025 to 4/21/2026 was primarily driven by a -17.3% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.05 | 55.15 | -6.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,105 | 1,272 | 15.1% |
| P/S Multiple | 9.3 | 7.7 | -17.3% |
| Shares Outstanding (Mil) | 175 | 178 | -1.8% |
| Cumulative Contribution | -6.6% |
Market Drivers
12/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| TEM | -6.6% | |
| Market (SPY) | -5.4% | 43.1% |
| Sector (XLV) | -5.7% | 25.6% |
Fundamental Drivers
The -31.7% change in TEM stock from 9/30/2025 to 4/21/2026 was primarily driven by a -47.4% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.71 | 55.15 | -31.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 952 | 1,272 | 33.6% |
| P/S Multiple | 14.7 | 7.7 | -47.4% |
| Shares Outstanding (Mil) | 173 | 178 | -2.7% |
| Cumulative Contribution | -31.7% |
Market Drivers
9/30/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| TEM | -31.7% | |
| Market (SPY) | -2.9% | 50.1% |
| Sector (XLV) | 5.3% | 26.4% |
Fundamental Drivers
The 14.3% change in TEM stock from 3/31/2025 to 4/21/2026 was primarily driven by a 83.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.24 | 55.15 | 14.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 693 | 1,272 | 83.4% |
| P/S Multiple | 11.6 | 7.7 | -33.5% |
| Shares Outstanding (Mil) | 167 | 178 | -6.3% |
| Cumulative Contribution | 14.3% |
Market Drivers
3/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| TEM | 14.3% | |
| Market (SPY) | 16.3% | 53.8% |
| Sector (XLV) | 1.3% | 39.5% |
Fundamental Drivers
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Market Drivers
3/31/2023 to 4/21/2026| Return | Correlation | |
|---|---|---|
| TEM | ||
| Market (SPY) | 63.3% | 44.8% |
| Sector (XLV) | 18.0% | 32.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TEM Return | - | - | - | -16% | 75% | -4% | 41% |
| Peers Return | -4% | -55% | 0% | 34% | 93% | -10% | -0% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| TEM Win Rate | - | - | - | 43% | 58% | 50% | |
| Peers Win Rate | 57% | 32% | 43% | 53% | 55% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TEM Max Drawdown | - | - | - | -38% | -6% | -28% | |
| Peers Max Drawdown | -22% | -63% | -31% | -29% | -19% | -22% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GH, NTRA, IQV, ILMN, ADPT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)
How Low Can It Go
TEM has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to GH, NTRA, IQV, ILMN, ADPT
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
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About Tempus AI (TEM)
We endeavor to unlock the true power of precision medicine by creating Intelligent Diagnostics through the practical application of artificial intelligence, or AI, in healthcare. Intelligent Diagnostics use AI, including generative AI, to make laboratory tests more accurate, tailored, and personal. We make tests intelligent by connecting laboratory results to a patient’s own clinical data, thereby personalizing the results. Our novel insight was realizing that all laboratory test results, genomic or otherwise, could be contextualized for a specific patient based upon that patient’s unique characteristics, and technology could therefore guide therapy selection and treatment decisions to allow each patient to progress on their own unique path. The drugs recommended, the clinical trials explored, the care pathways evaluated, the adverse events considered—all have the potential to be refined and enhanced when test results are connected to a patient’s personal profile, enabling the right patient to be routed to the right therapy at the right time. To accomplish this, we built the Tempus Platform, which comprises both a technology platform to free healthcare data from silos and an operating system to make the resulting data useful. Our proprietary technology has allowed us to amass what we consider to be one of the largest libraries of clinical and molecular oncology data in the world. Our goal is to embed AI, including generative AI, throughout every aspect of diagnostics to enable physicians and researchers to make personalized, data-driven decisions that improve patient care. The ability to deploy AI in precision medicine at scale has only recently become possible. Advances in cloud computing, imaging technologies, large language models, and low-cost molecular profiling, along with the digitization of vast amounts of healthcare data, have created a landscape that we believe is finally ripe for AI. However, despite an increase in the availability of healthcare data, physicians and researchers are largely unable today to leverage this data to improve patient care. The vast majority of healthcare data remains disconnected and lacks harmonization and structure. Traditional diagnostic tests are typically based only on a single data modality, such as a blood- based biomarker or a genomic mutation, and do not connect and integrate other forms of relevant clinical data, such as outcomes, or adverse events, or pathology results, which are essential for many clinical decisions. In order to bring AI to healthcare at scale, we began by rebuilding the foundation of how data flows in and out of healthcare institutions. We established data pipes, going to and from providers, to allow for the free exchange of data between physicians, who interpret data, and diagnostic and life science companies, who provide data. Without this capability, we believe that data could continue to accumulate without impacting patient care. Tempus has built this integrated Platform, and we are now deploying it at scale in the United States in oncology, and other areas, including neuropsychiatry, radiology, and cardiology, with aspirations to eventually be in all major disease areas globally. Our Platform connects multiple stakeholders within the larger healthcare ecosystem, often in near real time, to assemble and integrate the data we collect, thereby providing an opportunity for physicians to make data-driven decisions in the clinic and for researchers to discover and develop therapeutics. Tempus is a technology company focused on healthcare that straddles two converging worlds. We strive to combine deep healthcare expertise, providing next-generation diagnostics across multiple disease areas, with leading technology capabilities, harnessing the power of data and analytics to help personalize medicine. Unlike traditional diagnostic labs, we can incorporate unique patient information, such as clinical, molecular, and imaging data, with the goal of making our tests more intelligent and our results more insightful. Unlike other technology companies, we are deeply rooted in clinical care delivery as one of the largest sequencers of patients in the United States. Straddling both worlds is advantageous as we believe Intelligent Diagnostics represent the future of precision medicine, informing more personalized and data-driven therapy selection and development. Our Platform includes proprietary software and dedicated data pipelines that create a network of healthcare institutions through approximately 450 unique data connections, many of which supply us with complex multimodal data in near real time, across more than 2,000 healthcare institutions that order our products and services. Healthcare institutions supply us with this data in our capacity as a covered entity (for example, when we provide Next Generation Sequencing, or NGS, services on behalf of a patient), or as a business associate (for example, when we provide clinical trial matching services or data de-identification and structuring services). In addition to the data we receive in these capacities, we currently have a limited number of paid license agreements through which we acquire de-identified data directly from healthcare associations or institutions, and in certain circumstances we cover the actual direct costs associated with the technical integrations needed to create a data connection. We then integrate this data into a unified multimodal database through which we offer numerous analytical and decision support capabilities to our customers. We establish dedicated and integrated data connections with healthcare institutions to enhance the information we provide in our clinical reports, to increase the effectiveness of our clinical trial matching services, and to enable our AI Applications product line, which we believe has the ability to transform healthcare. We have launched a suite of different products derived from our Platform, which have gained significant traction over the past five years. To date, our offerings have been used by approximately 95% of the largest public pharmaceutical companies based on 2023 revenue, and our clinical NGS volume in oncology rose from approximately 31,000 samples in 2018 to approximately 288,000 samples in 2023. Through March 31, 2024, our offerings have been used by more than 7,000 physicians across hundreds of provider networks, including more than 65% of all academic medical centers in the United States. Our database of multimodal, de-identified records has grown to be more than 50 times the size of The Cancer Genome Atlas, the largest public genomic dataset that we know of in oncology. We also now have more than 200 petabytes of data in our cloud environment. Between our sequencing and data collection efforts, we are connected in some way to more than 50% of all oncologists practicing in the United States. Our access to broad and diverse data serves as the basis for our ability to train generative AI models, and we believe our relationships with healthcare institutions provide us with proprietary data to deliver on the promise of AI in healthcare. We originally set out to build a sustainable business model in oncology as our first proof of concept. To date, we have focused primarily on establishing and growing our oncology business, which represents the majority of both the data we have amassed and our revenue. Even though our cancer business was at an early stage, we next expanded into neuropsychiatry, as we believed our model was extensible across disease areas. Having gained early traction in depression, we then expanded into the radiology and cardiology categories. Each time we enter a new disease area we look to expand upon the model we deployed in oncology by developing Intelligent Diagnostics connected to clinical data, and by leveraging large amounts of de-identified data to advance patient care and accelerate drug discovery and development. Once we obtain sufficient data, which we can leverage as a proprietary training data set for generative AI applications, we expect to deploy our AI and machine learning capabilities to build algorithmic diagnostics at scale across diseases. We were founded by Eric Lefkofsky, originally formed under the name Bioin LLC in Delaware in August 2015 and we converted to a Delaware corporation in September 2015 under the name Bioin Inc. We changed our name to Tempus Health, Inc. later in 2015, to Tempus Labs, Inc. in 2016 and in 2023, we changed our name to Tempus AI, Inc. Our principal executive offices are located at 600 West Chicago Avenue, Suite 510 Chicago, Illinois.
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Here are 1-3 brief analogies for Tempus AI (TEM):
Tempus AI is like the Tesla of precision medicine, leveraging AI and massive datasets to personalize diagnostics and guide treatment.
Think of Tempus AI as ChatGPT for medical data, using advanced AI to contextualize a patient's unique profile and generate personalized diagnostic insights and treatment paths.
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- Intelligent Diagnostics: AI-enhanced laboratory tests that integrate a patient's clinical data to personalize results and guide therapy selection and treatment decisions across various disease areas.
- Clinical Next Generation Sequencing (NGS): Genomic sequencing services offered to patients, primarily in oncology, which are made more insightful by connecting results to a patient's personal clinical profile.
- Clinical Trial Matching Services: Services that leverage integrated multimodal patient data to identify and connect patients with relevant clinical trials.
- Data De-identification and Structuring Services: Services provided to healthcare institutions for processing, de-identifying, and structuring complex healthcare data.
- AI Applications (Analytical and Decision Support Capabilities): A product line offering advanced analytics and decision support tools, built upon their extensive data library, to aid physicians and researchers.
AI Analysis | Feedback
Tempus AI (TEM) primarily sells its products and services to other companies and healthcare professionals rather than directly to individuals. Its major customers fall into the following categories:
Pharmaceutical Companies: Tempus AI's offerings have been used by approximately 95% of the largest public pharmaceutical companies (based on 2023 revenue). These companies leverage Tempus AI's data, analytics, and intelligent diagnostics to support drug discovery, development, and therapeutic applications. Specific company names are not provided in the description.
Healthcare Institutions: This category includes hundreds of provider networks and more than 65% of all academic medical centers in the United States. These institutions order Tempus AI's diagnostic products and services (such as Next Generation Sequencing, or NGS), utilize its platform for clinical decision support, and engage in services like clinical trial matching.
Physicians and Researchers: These professionals, often operating within the aforementioned healthcare institutions and pharmaceutical companies, are direct users and beneficiaries of Tempus AI's intelligent diagnostics and AI applications. They use the platform to make personalized, data-driven decisions to improve patient care and accelerate drug discovery and development.
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Eric Lefkofsky, Founder & Chief Executive Officer
Eric Lefkofsky is the Founder and CEO of Tempus AI. A serial entrepreneur, he co-founded several successful companies before Tempus, including Groupon, Mediaocean, Echo Global Logistics, and InnerWorkings. He also serves as a co-managing partner of Lightbank, a venture capital firm. Lefkofsky founded Tempus AI in 2015, driven by a personal mission to improve patient outcomes through data-driven solutions, after his wife's breast cancer diagnosis.
James Rogers, Chief Financial Officer
James Rogers has served as Tempus AI's Chief Financial Officer since April 2021. He joined Tempus in 2017 as the first finance hire, building the finance function and helping guide the company through its public offering. Prior to Tempus, he held various finance positions at Groupon, including leading Financial Planning & Analysis (FP&A) for the North America business and serving as the financial controller of Asia Pacific operations. Rogers began his career in audit at Ernst & Young.
Ryan Fukushima, Chief Operating Officer
Ryan Fukushima has been the Chief Operating Officer at Tempus AI since September 2015 and was part of the founding team. He is also a co-founder and currently serves as CEO and a director of Pathos AI, Inc. Before joining Tempus, Fukushima was an Entrepreneur-in-Residence and Vice President at Lightbank LLC, a venture fund. He also worked at Hyde Park Venture Partners and as an engineer for Cisco and VMware.
Shane Colley, Chief Technology Officer
Shane Colley is the Chief Technology Officer at Tempus AI. Before joining Tempus, Colley was the Vice President of Research and Development at R1 RCM (formerly Accretive Health), where he was responsible for building and leading a global organization of over 200 professionals focused on R1's technology portfolio.
Ezra Cohen, MD, Chief Medical Officer of Oncology
Dr. Ezra Cohen joined Tempus AI in May 2023 as the Chief Medical Officer of Oncology. He is a prominent medical oncologist and cancer researcher with extensive clinical and research experience. Prior to his role at Tempus, Dr. Cohen served as the Chief of the Division of Hematology-Oncology and the Associate Director of Clinical Science at UC San Diego (UCSD) Moores Cancer Center. He also spent 15 years at the University of Chicago, where he co-directed the Head and Neck Cancer Program.
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Key Risks to Tempus AI (TEM)
- Regulatory and Data Privacy Compliance: Tempus AI operates in a highly regulated healthcare environment, necessitating strict adherence to data privacy laws such as HIPAA in the United States. The company's business model relies heavily on acquiring and processing sensitive patient data, both as a covered entity and a business associate. Non-compliance, data breaches, or evolving regulatory landscapes (including those specific to AI in healthcare) could lead to significant legal penalties, reputational damage, and operational restrictions on their ability to collect and utilize data.
- Dependence on Data Acquisition and Healthcare Institution Partnerships: Tempus AI's core "Intelligent Diagnostics" and AI models are built upon one of the largest libraries of clinical and molecular oncology data, amassed through approximately 450 unique data connections with over 2,000 healthcare institutions. The company's continued success is fundamentally reliant on establishing and maintaining these data pipelines and strategic partnerships. Any disruption to these critical relationships, challenges in securing new data agreements, or increased costs associated with data acquisition and integration could severely impair its ability to grow its proprietary dataset, develop and train its generative AI models, and deliver its products and services.
- Efficacy, Clinical Adoption, and Competition in AI-Powered Diagnostics: The company's value proposition centers on leveraging AI, including generative AI, to create more accurate and personalized diagnostic tests. There is an inherent risk that the AI models may not consistently achieve the anticipated accuracy or clinical utility, or that they may face challenges in widespread adoption by physicians and healthcare systems. Furthermore, the market for AI in healthcare and diagnostics is becoming increasingly competitive, with both established corporations and agile startups vying for market share. Tempus AI must continuously innovate and demonstrate tangible benefits to distinguish its offerings and secure market penetration amidst this competitive pressure.
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Expected Drivers of Future Revenue Growth for Tempus AI (TEM)
Tempus AI (TEM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, focusing on its core diagnostics business, advanced AI capabilities, and strategic market expansion:
- Growth in Diagnostics Volume, particularly in Oncology and Hereditary Testing: Tempus AI anticipates continued strong growth in the volume of its diagnostic tests, especially within oncology and hereditary testing. The company reported a 29% increase in oncology unit volume and a 23% increase in hereditary testing in Q4 2025, with similar momentum expected to continue. This growth is supported by increasing adoption of genomic sequencing in cancer care and the expansion of Tempus's comprehensive test portfolio.
- Increased Average Selling Prices (ASPs) and Improved Reimbursement: A significant driver of revenue growth is the projected increase in average selling prices (ASPs) for Tempus's diagnostic tests. Management expects substantial ASP upside, with an outline of more than $500 per test of potential ASP improvement over time. This improvement is largely attributed to the transition of volume from lab-developed tests to FDA-approved versions, such as the xT CDx, which is priced at $4,500 compared to the previous $1,630-$2,200 range for its primary oncology test. Additionally, the company anticipates that continued FDA approvals and the shift of tests into Advanced Diagnostic Laboratory Test (ADLT) status will help improve reimbursement rates.
- Expansion and Monetization of Data and AI Capabilities: The "Data and Services" or "Insights" segment is a rapidly scaling, high-margin revenue stream for Tempus AI. This segment, which includes data licensing and AI algorithm commercialization, delivered 69% reported revenue growth in Q4 2025 (including a one-time warrant impact) and is projected to grow by roughly 40% in the following quarter. Tempus has a strong commercial pipeline, with total contract value exceeding $1.1 billion, providing significant visibility into future data-driven expansion. Strategic collaborations, such as multi-year agreements to build multimodal foundation models in oncology, are also contributing to this segment's growth.
- Launch of New Diagnostic Products and Expansion into New Disease Areas: While oncology remains a primary focus, Tempus AI is expanding its diagnostic offerings and entering new disease areas. The company has launched new liquid biopsy assays like xM for Treatment Response Monitoring ("TRM") and expects the xF liquid biopsy FDA submission to have a significant impact on revenue starting in 2027. The background also mentions expansion into neuropsychiatry, radiology, and cardiology, indicating a broader market reach for its Intelligent Diagnostics.
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Capital Expenditures
- Capital expenditures have primarily focused on the development and expansion of the Tempus Platform, which includes proprietary software and the establishment of a network of approximately 450 unique data connections across more than 2,000 healthcare institutions.
- Significant investment has been directed towards building and maintaining a unified multimodal database and cloud infrastructure, which now houses over 200 petabytes of data, serving as a proprietary training dataset for generative AI applications.
- The company has also focused capital on expanding its Intelligent Diagnostics and AI applications beyond oncology into new disease areas such as neuropsychiatry, radiology, and cardiology, by leveraging large amounts of de-identified data.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| TEM Stock Falls -10% With A 6-day Losing Spree On Canaccord PT Cut To $80 | 01/01/2026 | |
| Would You Still Hold Tempus AI Stock If It Fell Another 30%? | 10/17/2025 | |
| TEM Dip Buy Analysis | 07/10/2025 | |
| Day 7 of Gains Streak for Tempus AI Stock with 23% Return (vs. 113% YTD) [6/16/2025] | 06/17/2025 | |
| Tempus AI (TEM) Valuation Ratios Comparison | 05/15/2025 | |
| Tempus AI (TEM) Operating Cash Flow Comparison | 02/17/2025 | |
| Tempus AI (TEM) Net Income Comparison | 02/16/2025 | |
| Tempus AI (TEM) Operating Income Comparison | 02/15/2025 | |
| Tempus AI (TEM) Revenue Comparison | 02/13/2025 | |
| ARTICLES | ||
| Tempus AI Stock: Why The AI Oncology Platform Is Worth Paying Up For | 02/19/2026 | |
| Mid Cap Stocks Trading At 52-Week High | 10/04/2025 | |
| Why Tempus AI Is A High Stakes High Rewards Play? | 09/12/2025 | |
| Tempus AI: Will The Rally Continue? | 08/18/2025 |
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| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
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| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 111.17 |
| Mkt Cap | 15.8 |
| Rev LTM | 1,789 |
| Op Inc LTM | -155 |
| FCF LTM | 14 |
| FCF 3Y Avg | -78 |
| CFO LTM | 85 |
| CFO 3Y Avg | -32 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 34.4% |
| Rev Chg 3Y Avg | 23.5% |
| Rev Chg Q | 39.6% |
| QoQ Delta Rev Chg LTM | 8.9% |
| Op Inc Chg LTM | 20.6% |
| Op Inc Chg 3Y Avg | 8.7% |
| Op Mgn LTM | -16.7% |
| Op Mgn 3Y Avg | -37.4% |
| QoQ Delta Op Mgn LTM | 2.6% |
| CFO/Rev LTM | -3.6% |
| CFO/Rev 3Y Avg | -15.0% |
| FCF/Rev LTM | -7.2% |
| FCF/Rev 3Y Avg | -19.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 15.8 |
| P/S | 7.8 |
| P/Op Inc | -32.3 |
| P/EBIT | -36.3 |
| P/E | -32.3 |
| P/CFO | -16.9 |
| Total Yield | -1.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -1.1% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.9% |
| 3M Rtn | -18.9% |
| 6M Rtn | -4.1% |
| 12M Rtn | 63.9% |
| 3Y Rtn | 51.2% |
| 1M Excs Rtn | -2.6% |
| 3M Excs Rtn | -22.9% |
| 6M Excs Rtn | -5.9% |
| 12M Excs Rtn | 28.3% |
| 3Y Excs Rtn | -12.4% |
Price Behavior
Price Behavior
| Market Price | $55.15 | |
| Market Cap ($ Bil) | 9.8 | |
| First Trading Date | 06/14/2024 | |
| Distance from 52W High | -46.6% | |
| 50 Days | 200 Days | |
| DMA Price | $51.09 | $67.37 |
| DMA Trend | down | down |
| Distance from DMA | 7.9% | -18.1% |
| 3M | 1YR | |
| Volatility | 66.6% | 72.3% |
| Downside Capture | 0.67 | 1.56 |
| Upside Capture | 71.42 | 270.97 |
| Correlation (SPY) | 34.6% | 44.6% |
TEM Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.83 | 1.83 | 1.96 | 2.35 | 2.11 | 0.41 |
| Up Beta | 3.37 | 1.28 | 0.44 | 1.30 | 1.86 | 0.18 |
| Down Beta | 3.18 | 2.41 | 2.09 | 1.89 | 1.53 | 0.43 |
| Up Capture | 42% | 88% | 180% | 262% | 656% | 1446% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 9 | 17 | 26 | 54 | 124 | 223 |
| Down Capture | 160% | 213% | 219% | 227% | 168% | 113% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 25 | 37 | 72 | 127 | 224 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TEM | |
|---|---|---|---|---|
| TEM | 39.3% | 72.3% | 0.76 | - |
| Sector ETF (XLV) | 9.2% | 16.0% | 0.37 | 31.3% |
| Equity (SPY) | 23.7% | 12.7% | 1.52 | 47.0% |
| Gold (GLD) | 41.4% | 27.5% | 1.25 | 7.4% |
| Commodities (DBC) | 22.4% | 16.2% | 1.25 | 9.3% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 23.0% |
| Bitcoin (BTCUSD) | -10.4% | 42.7% | -0.14 | 30.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TEM | |
|---|---|---|---|---|
| TEM | 6.9% | 100.4% | 0.63 | - |
| Sector ETF (XLV) | 5.9% | 14.6% | 0.22 | 32.2% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 44.8% |
| Gold (GLD) | 21.6% | 17.8% | 0.99 | 5.0% |
| Commodities (DBC) | 10.9% | 18.8% | 0.47 | 3.7% |
| Real Estate (VNQ) | 4.1% | 18.8% | 0.12 | 30.0% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 26.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TEM | |
|---|---|---|---|---|
| TEM | 3.4% | 100.4% | 0.63 | - |
| Sector ETF (XLV) | 9.5% | 16.5% | 0.47 | 32.2% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 44.8% |
| Gold (GLD) | 13.7% | 15.9% | 0.71 | 5.0% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 3.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 30.0% |
| Bitcoin (BTCUSD) | 68.0% | 66.9% | 1.07 | 26.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/24/2026 | -7.3% | -11.3% | -19.3% |
| 11/4/2025 | -2.6% | -15.3% | -9.3% |
| 8/8/2025 | 3.6% | 21.9% | 36.6% |
| 5/6/2025 | 12.6% | 32.0% | 12.4% |
| 1/13/2025 | -13.8% | -6.3% | 89.8% |
| 11/4/2024 | -10.1% | 56.8% | 17.2% |
| 8/6/2024 | -4.5% | 4.9% | 36.9% |
| SUMMARY STATS | |||
| # Positive | 2 | 4 | 5 |
| # Negative | 5 | 3 | 2 |
| Median Positive | 8.1% | 27.0% | 36.6% |
| Median Negative | -7.3% | -11.3% | -14.3% |
| Max Positive | 12.6% | 56.8% | 89.8% |
| Max Negative | -13.8% | -15.3% | -19.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 06/17/2024 | 424B4 |
| 09/30/2023 | 12/15/2023 | DRS/A |
| 09/30/2022 | 01/17/2023 | DRS/A |
| 09/30/2021 | 12/03/2021 | DRS/A |
| 06/30/2021 | 10/28/2021 | DRS/A |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.59 Bil | 25.7% | Raised | Guidance: 1.26 Bil for 2025 | |||
| 2026 Revenue Growth | 25.0% | -68.8% | -55.0% | Lowered | Guidance: 80.0% for 2025 | ||
| 2026 Adjusted EBITDA | 65.00 Mil | Higher New | Guidance: 0 for 2025 | ||||
Prior: Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Adjusted EBITDA | 20.00 Mil | ||||||
| 2025 Revenue | 1.26 Bil | 0.4% | Raised | Guidance: 1.26 Bil for 2025 | |||
| 2025 Adjusted EBITDA | Lowered | Guidance: 5.00 Mil for 2025 | |||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fukushima, Ryan | Chief Operating Officer | Spouse | Sell | 1072026 | 64.26 | 5,000 | 321,300 | 9,562,402 | Form |
| 2 | Doudna, Jennifer A | Direct | Sell | 1062026 | 60.17 | 1,250 | 75,212 | 1,365,979 | Form | |
| 3 | Lefkofsky, Eric P | CEO and Chairman | Gray Media, LLC | Sell | 12222025 | 63.99 | 33,250 | 2,127,643 | 574,289,789 | Form |
| 4 | Lefkofsky, Eric P | CEO and Chairman | Blue Media, LLC | Sell | 12222025 | 63.99 | 133,000 | 8,510,835 | 1,035,920,178 | Form |
| 5 | Phelps, Erik | EVP & Chief Admin & Legal Off | Direct | Sell | 12182025 | 67.42 | 1,302 | 87,781 | 6,019,258 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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