Tearsheet
TEM Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About TEM Interactive Breakdown Better Bets vs. TEM Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Tempus AI (TEM)

Market Price (5/12/2026): $48.6 | Market Cap: $8.7 Bil
Sector: Health Care | Industry: Health Care Technology

Tempus AI (TEM)

Market Price (5/12/2026): $48.6
Market Cap: $8.7 Bil
Sector: Health Care
Industry: Health Care Technology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 70%

Megatrend and thematic drivers
Megatrends include Precision Medicine, Biotechnology & Genomics, and Artificial Intelligence. Themes include Personalized Diagnostics, Show more.

Weak multi-year price returns
2Y Excs Rtn is -23%, 3Y Excs Rtn is -62%

Meaningful short interest
Short 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 15%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -269 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.8%

Key risks
TEM key risks include [1] substantial net losses and negative cash flow, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 70%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, Biotechnology & Genomics, and Artificial Intelligence. Themes include Personalized Diagnostics, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -23%, 3Y Excs Rtn is -62%
3 Meaningful short interest
Short 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 15%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -269 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.8%
8 Key risks
TEM key risks include [1] substantial net losses and negative cash flow, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Tempus AI (TEM) stock has lost about 20% since 1/31/2026 because of the following key factors:

1. Tempus AI reported a wider-than-expected GAAP net loss of $125.9 million, or $0.70 per share, for Q1 2026, despite a 36.1% year-over-year increase in revenue to $348.1 million, which surpassed analyst estimates. This significant net loss was partly influenced by $56.3 million in stock-based compensation and $32.3 million in unrealized losses on marketable securities. While adjusted loss per share was better than anticipated at $0.13, the substantial GAAP loss contributed to negative investor sentiment.

2. The company faces ongoing profitability challenges and a high valuation based on future growth, with a negative forward P/E ratio of -608.45. This long-term profitability concern is underscored by negative earnings per share of -1.41 and a return on equity of -89.48%, along with a free cash flow of -$112.5 million, indicating a focus on expansion over immediate profitability.

Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -19.0% change in TEM stock from 1/31/2026 to 5/11/2026 was primarily driven by a -32.9% change in the company's P/S Multiple.
(LTM values as of)13120265112026Change
Stock Price ($)59.8248.46-19.0%
Change Contribution By: 
Total Revenues ($ Mil)1,1051,36423.4%
P/S Multiple9.56.4-32.9%
Shares Outstanding (Mil)175179-2.2%
Cumulative Contribution-19.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/11/2026
ReturnCorrelation
TEM-19.0% 
Market (SPY)3.6%53.1%
Sector (XLV)-7.2%29.5%

Fundamental Drivers

The -46.1% change in TEM stock from 10/31/2025 to 5/11/2026 was primarily driven by a -61.2% change in the company's P/S Multiple.
(LTM values as of)103120255112026Change
Stock Price ($)89.8548.46-46.1%
Change Contribution By: 
Total Revenues ($ Mil)9521,36443.3%
P/S Multiple16.46.4-61.2%
Shares Outstanding (Mil)173179-3.1%
Cumulative Contribution-46.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/11/2026
ReturnCorrelation
TEM-46.1% 
Market (SPY)5.5%55.3%
Sector (XLV)-0.0%26.9%

Fundamental Drivers

The -6.2% change in TEM stock from 4/30/2025 to 5/11/2026 was primarily driven by a -48.9% change in the company's P/S Multiple.
(LTM values as of)43020255112026Change
Stock Price ($)51.6748.46-6.2%
Change Contribution By: 
Total Revenues ($ Mil)6931,36496.7%
P/S Multiple12.46.4-48.9%
Shares Outstanding (Mil)167179-6.7%
Cumulative Contribution-6.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/11/2026
ReturnCorrelation
TEM-6.2% 
Market (SPY)30.4%47.6%
Sector (XLV)3.6%32.6%

Fundamental Drivers

null
null

Market Drivers

4/30/2023 to 5/11/2026
ReturnCorrelation
TEM  
Market (SPY)78.7%45.3%
Sector (XLV)12.6%32.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TEM Return----16%75%-16%24%
Peers Return-4%-55%0%34%93%-10%0%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
TEM Win Rate---43%58%40% 
Peers Win Rate57%32%43%53%55%44% 
S&P 500 Win Rate75%42%67%75%67%60% 

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 5/11/2026 (YTD)

How Low Can It Go

EventTEMS&P 500
2025 US Tariff Shock
  % Loss-56.6%-18.8%
  % Gain to Breakeven130.2%23.1%
  Time to Breakeven156 days79 days

Compare to GH, NTRA, IQV, ILMN, ADPT

In The Past

Tempus AI's stock fell -56.6% during the 2025 US Tariff Shock. Such a loss loss requires a 130.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTEMS&P 500
2025 US Tariff Shock
  % Loss-56.6%-18.8%
  % Gain to Breakeven130.2%23.1%
  Time to Breakeven156 days79 days

Compare to GH, NTRA, IQV, ILMN, ADPT

In The Past

Tempus AI's stock fell -56.6% during the 2025 US Tariff Shock. Such a loss loss requires a 130.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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.

AI Analysis | Feedback

Here are 1-3 brief analogies for Tempus AI (TEM):

  1. Tempus AI is like the Tesla of precision medicine, leveraging AI and massive datasets to personalize diagnostics and guide treatment.

  2. 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.

AI Analysis | Feedback

  • 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:

  1. 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.

  2. 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.

  3. 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.

AI Analysis | Feedback

null

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

AI Analysis | Feedback

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.

Better Bets vs. Tempus AI (TEM)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1TEM Stock Falls -10% With A 6-day Losing Spree On Canaccord PT Cut To $8001/01/2026
2Would You Still Hold Tempus AI Stock If It Fell Another 30%?10/17/2025
3TEM Dip Buy Analysis07/10/2025
4Day 7 of Gains Streak for Tempus AI Stock with 23% Return (vs. 113% YTD) [6/16/2025]06/17/2025
5Tempus AI (TEM) Valuation Ratios Comparison05/15/2025
6Tempus AI (TEM) Operating Cash Flow Comparison02/17/2025
7Tempus AI (TEM) Net Income Comparison02/16/2025
8Tempus AI (TEM) Operating Income Comparison02/15/2025
9Tempus AI (TEM) Revenue Comparison02/13/2025
10ARTICLES 
11Why The Dip In TEM Stock Is A Buying Window05/06/2026
12Tempus AI Stock: Why The AI Oncology Platform Is Worth Paying Up For02/19/2026
13Mid Cap Stocks Trading At 52-Week High10/04/2025
14Why Tempus AI Is A High Stakes High Rewards Play?09/12/2025
15Tempus AI: Will The Rally Continue?08/18/2025

Trade Ideas

Select ideas related to TEM.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEHC_4302026_Dip_Buyer_FCFYield04302026GEHCGE HealthCare TechnologiesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
IQV_4302026_Dip_Buyer_FCFYield04302026IQVIQVIADip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
UHS_4302026_Dip_Buyer_FCFYield04302026UHSUniversal Health ServicesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
ABT_4302026_Dip_Buyer_ValueBuy04302026ABTAbbott LaboratoriesDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
ZBIO_4302026_Insider_Buying_45D_2Buy_200K04302026ZBIOZenas BioPharmaInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%

Recent Active Movers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

TEMGHNTRAIQVILMNADPTMedian
NameTempus AIGuardant.Natera IQVIA Illumina Adaptive. 
Mkt Price48.4696.71199.14173.55142.5113.54119.61
Mkt Cap8.712.728.229.221.82.117.2
Rev LTM1,3641,0802,50116,6324,3932951,933
Op Inc LTM-269-448-3242,327861-47-158
FCF LTM-220-237722,116974-3021
FCF 3Y Avg-239-281-141,968739-88-51
CFO LTM-186-1882112,7041,128-2792
CFO 3Y Avg-209-247752,573891-83-4

Growth & Margins

TEMGHNTRAIQVILMNADPTMedian
NameTempus AIGuardant.Natera IQVIA Illumina Adaptive. 
Rev Chg LTM69.8%39.6%36.6%7.3%1.3%55.9%38.1%
Rev Chg 3Y Avg59.0%31.0%42.5%4.7%-0.4%19.7%25.4%
Rev Chg Q36.1%48.3%38.8%8.4%4.8%35.1%35.6%
QoQ Delta Rev Chg LTM7.3%10.0%8.4%2.0%1.2%6.7%7.0%
Op Inc Chg LTM61.9%1.6%-42.7%2.4%0.2%65.7%2.0%
Op Inc Chg 3Y Avg-61.3%6.8%9.1%8.8%10.9%31.9%9.0%
Op Mgn LTM-19.7%-41.4%-13.0%14.0%19.6%-15.8%-14.4%
Op Mgn 3Y Avg-47.5%-62.7%-19.0%14.2%11.0%-66.1%-33.2%
QoQ Delta Op Mgn LTM0.2%3.1%0.5%-0.0%0.8%4.8%0.6%
CFO/Rev LTM-13.6%-17.4%8.4%16.3%25.7%-9.2%-0.4%
CFO/Rev 3Y Avg-27.4%-33.0%1.8%16.3%20.3%-43.9%-12.8%
FCF/Rev LTM-16.1%-22.0%2.9%12.7%22.2%-10.0%-3.6%
FCF/Rev 3Y Avg-31.0%-37.1%-2.8%12.5%16.8%-46.6%-16.9%

Valuation

TEMGHNTRAIQVILMNADPTMedian
NameTempus AIGuardant.Natera IQVIA Illumina Adaptive. 
Mkt Cap8.712.728.229.221.82.117.2
P/S6.411.811.31.85.07.16.7
P/Op Inc-32.2-28.4-86.912.625.3-45.1-30.3
P/EBIT-36.9-29.5-99.912.418.8-55.6-33.2
P/E-28.6-29.3-124.521.125.6-42.4-29.0
P/CFO-46.7-67.6133.510.819.3-77.9-17.9
Total Yield-3.5%-3.4%-0.8%4.7%3.9%-2.4%-1.6%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg--6.6%-0.3%6.0%4.6%-13.4%-0.3%
D/E0.20.10.00.50.10.00.1
Net D/E0.10.0-0.00.50.1-0.10.1

Returns

TEMGHNTRAIQVILMNADPTMedian
NameTempus AIGuardant.Natera IQVIA Illumina Adaptive. 
1M Rtn12.9%23.0%3.2%3.7%17.8%5.9%9.4%
3M Rtn-15.2%-8.2%-5.4%-9.9%21.5%-14.6%-9.1%
6M Rtn-32.5%-1.2%-3.6%-18.5%17.1%-8.0%-5.8%
12M Rtn-21.0%131.8%31.1%16.5%88.1%49.9%40.5%
3Y Rtn20.4%266.7%289.7%-7.8%-29.7%109.6%65.0%
1M Excs Rtn4.1%14.3%-5.6%-5.0%9.1%-2.9%0.6%
3M Excs Rtn-21.6%-14.6%-11.9%-16.4%15.1%-21.1%-15.5%
6M Excs Rtn-43.1%-9.8%-10.0%-28.0%7.4%-23.3%-16.6%
12M Excs Rtn-56.6%101.2%-8.4%-17.7%48.2%15.2%3.4%
3Y Excs Rtn-62.1%239.6%193.7%-88.4%-107.8%28.0%-17.0%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment693    
Data and services 1691236336
Genomics 363198195152
Total693532321258188


Price Behavior

Price Behavior
Market Price$48.46 
Market Cap ($ Bil)8.6 
First Trading Date06/14/2024 
Distance from 52W High-53.1% 
   50 Days200 Days
DMA Price$50.30$66.87
DMA Trenddowndown
Distance from DMA-3.7%-27.5%
 3M1YR
Volatility68.9%68.8%
Downside Capture1.501.88
Upside Capture171.86234.98
Correlation (SPY)45.5%45.4%
TEM Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta2.602.392.312.552.68-0.17
Up Beta2.182.452.142.122.12-0.30
Down Beta4.472.732.372.512.150.35
Up Capture271%213%196%233%599%1857%
Bmk +ve Days15223166141428
Stock +ve Days13212954124235
Down Capture848%238%247%235%198%113%
Bmk -ve Days4183056108321
Stock -ve Days9223571127233

[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-24.3%68.9%-0.12-
Sector ETF (XLV)8.6%15.4%0.3433.1%
Equity (SPY)28.1%12.5%1.7846.5%
Gold (GLD)42.9%26.9%1.3014.3%
Commodities (DBC)48.6%18.0%2.141.0%
Real Estate (VNQ)13.6%13.5%0.7022.9%
Bitcoin (BTCUSD)-22.4%41.7%-0.5029.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with TEM
TEM4.2%99.6%0.55-
Sector ETF (XLV)4.8%14.6%0.1532.7%
Equity (SPY)12.9%17.1%0.5945.2%
Gold (GLD)21.2%17.9%0.965.4%
Commodities (DBC)13.5%19.1%0.580.6%
Real Estate (VNQ)3.6%18.8%0.0929.9%
Bitcoin (BTCUSD)8.5%56.0%0.3626.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with TEM
TEM2.1%99.6%0.55-
Sector ETF (XLV)9.2%16.5%0.4532.7%
Equity (SPY)15.0%17.9%0.7245.2%
Gold (GLD)13.4%15.9%0.705.4%
Commodities (DBC)9.5%17.7%0.450.6%
Real Estate (VNQ)5.6%20.7%0.2429.9%
Bitcoin (BTCUSD)68.1%66.9%1.0726.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity26.8 Mil
Short Interest: % Change Since 4152026-3.5%
Average Daily Volume5.0 Mil
Days-to-Cover Short Interest5.3 days
Basic Shares Quantity178.9 Mil
Short % of Basic Shares15.0%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/2026-1.1%  
2/24/2026-7.3%-11.3%-19.3%
11/4/2025-2.6%-15.3%-9.3%
8/8/20253.6%21.9%36.6%
5/6/202512.6%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   
# Positive245
# Negative632
Median Positive8.1%27.0%36.6%
Median Negative-5.9%-11.3%-14.3%
Max Positive12.6%56.8%89.8%
Max Negative-13.8%-15.3%-19.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/05/202610-Q
12/31/202502/24/202610-K
09/30/202511/04/202510-Q
06/30/202508/08/202510-Q
03/31/202505/06/202510-Q
12/31/202402/24/202510-K
09/30/202411/04/202410-Q
06/30/202408/06/202410-Q
03/31/202406/17/2024424B4
09/30/202312/15/2023DRS/A
09/30/202201/17/2023DRS/A
09/30/202112/03/2021DRS/A
06/30/202110/28/2021DRS/A

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue1.59 Bil1.59 Bil1.60 Bil0.3% RaisedGuidance: 1.59 Bil for 2026
2026 Adjusted EBITDA 65.00 Mil 0 AffirmedGuidance: 65.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/24/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue 1.59 Bil 25.7% RaisedGuidance: 1.26 Bil for 2025
2026 Revenue Growth 25.0% -68.8%-55.0%LoweredGuidance: 80.0% for 2025
2026 Adjusted EBITDA 65.00 Mil   Higher NewGuidance: 0 for 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Lefkofsky, Eric PCEO and ChairmanGray Media, LLCSell327202646.3833,2501,542,232411,649,930Form
2Lefkofsky, Eric PCEO and ChairmanBlue Media, LLCSell327202646.38133,0006,168,918732,360,468Form
3Epstein, David RDirectSell304202650.6925012,6721,307,853Form
4Rogers, James WilliamChief Financial OfficerDirectSell304202650.6911,414578,5766,450,201Form
5Polovin, AndrewEVP, Chief Legal OfficerDirectSell220202660.3110,949660,2927,653,932Form

TEM Trade Sentinel

Stock Conviction

MARKET WEIGHT (Score 5-6)

CONVICTION RATIONALE

Tempus scores a 5, a 'Market Weight' rating. The company is at a critical and promising inflection point, with a strong growth engine in its high-margin data business. However, the moat in its core business is only contested, not widening, and the valuation is speculative, pricing in a flawless execution of its pivot to profitability. Significant execution risks, evidenced by widening GAAP losses and a high cash burn, balance the compelling long-term data-as-a-service narrative, resulting in a neutral risk/reward skew at the current price.

STOCK ARCHETYPE
Primary: 'Transition / Profit Pivot' (Type F), Secondary: 'High-Beta Compounder' (Type A)

The company is at a clear inflection point, shifting focus from growth-at-all-costs to achieving profitability (positive Adjusted EBITDA guidance for FY2026), which is the hallmark of a Type F. However, its high-growth Data & Applications segment (40.5% YoY) and significant cash burn retain characteristics of a Type A.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.
INVESTMENT THESIS
Data & Applications Segment Re-rating via Margin Expansion and TCV Conversion

The primary catalyst for Tempus AI is the market re-rating the company from a low-margin diagnostics business to a high-margin, recurring-revenue healthcare AI/data platform. This is driven by the rapid growth (40.5% YoY) and superior gross margin (73.1%) of the Data & Applications segment, which is turning the company's vast proprietary dataset into a scalable profit engine.

Mechanism: As the Data & Applications segment becomes a larger portion of the revenue mix, it will drive overall margin expansion and accelerate the path to sustained GAAP profitability. This shift validates the core thesis that the lower-margin diagnostics business exists to build the proprietary data moat, which is then monetized at a very high incremental margin.
Supporting Evidence:
  • Data & Applications revenue grew 40.5% YoY in Q1 2026.
  • The segment has a 73.1% Non-GAAP gross margin, significantly higher than the 62.3% for Diagnostics.
  • Total Contract Value (TCV) for the data business exceeded $1.1 billion at year-end 2025, providing strong forward revenue visibility.
  • Company has guided for its first full year of positive Adjusted EBITDA (~$65 million) in FY2026.
PRIMARY RISK
Sustained GAAP Net Losses and Cash Burn Delaying Profitability

The primary friction is the company's significant and widening GAAP net losses ($125.9M in Q1 2026) and persistent cash burn. Despite strong top-line growth and a pivot to adjusted profitability, the high cost structure, particularly stock-based compensation ($56.3M in Q1), creates uncertainty around the company's ability to achieve sustainable free cash flow and GAAP earnings, which could keep the valuation suppressed.

Mechanism: If operating expenses continue to scale with revenue without demonstrating significant leverage, the company will fail to convert its high gross margins into net income. This would break the 'Profit Pivot' narrative and cause investors to question the long-term economic model, leading to multiple compression.
Supporting Evidence:
  • Q1 2026 Net Loss was $125.9 million, nearly double the $68.0 million loss from the prior year.
  • Q1 2026 EPS of -$0.71 represented a 610% negative surprise versus the consensus forecast of -$0.10.
  • Free Cash Flow has been consistently negative, with -$239M burned in FY2025.
Key KPI Watchlist
KPI Threshold Rationale
Data & Applications Revenue Growth YoY> 40%This is the highest margin segment and the core of the bull thesis. Deceleration below 40% would signal the growth story is weakening.
Adjusted EBITDAPositive; Tracking towards +$65M FY2026 GuidanceThis is the key catalyst and proof-point of the 'Profit Pivot'. Failure to achieve and sustain positive adjusted EBITDA would break the thesis.
Quarterly GAAP Net LossTrend of sequential improvementThe market is punishing the stock for widening GAAP losses. Management must show a clear path to controlling costs and narrowing these losses to restore confidence.
Core Investment Debate

The Data Moat vs. The Cash Burn

BULL VIEW

The 40.5% YoY growth in the high-margin (73.1%) data business, with TCV over $1.1B, proves the data moat is monetizable and will drive a profitable re-rating.

CORE TENSION

Can the high-margin Data & Applications business scale fast enough to achieve profitability before the market loses patience with widening GAAP losses and significant cash burn?

PREVAILING SENTIMENT
BEARISH

Q1 2026 Net Loss widened to $125.9M from $68.0M YoY, despite strong revenue growth. This supports the Bear view that the cost structure is unsustainable.

BEAR VIEW

Widening GAAP losses ($125.9M in Q1) and persistent negative free cash flow show a broken economic model, where costs scale with revenue, making the pivot to profitability unlikely.

Next 6 months: Risks and Catalysts
Timeline Event & Metric To Watch
Early August 2026
Q2 2026 Earnings Call
Watch: Quarterly GAAP Net Loss. Watch for a sequential improvement from the -$125.9M loss reported in Q1, showing tangible progress on cost control.
Early November 2026
Q3 2026 Earnings Call
Watch: Data & Applications revenue growth. Must remain above 35% YoY to avoid confirming the deceleration trend from Q1's 40.5% rate.
May 29 - June 2, 2026
ASCO 2026 Competitor Data Readout
Watch: Headline from Guardant Health (GH) or Foundation Medicine showing superior diagnostic test sensitivity or specificity in a key cancer type.
Next 6 months
Hospital System Earnings Reports
Watch: Announcements of diagnostic spending cuts or CapEx freezes from major health systems (e.g., HCA) due to margin pressure.
Key Events in Last 6 Months
Date Event Stock Impact
Nov 6, 2025
Q3 2025 Earnings Report
Details: While specific details from this period are not in the provided data, a significant negative stock reaction of -12.36% indicates a likely earnings or guidance miss that disappointed investors.
-12.36%
$82.26 -> $72.09
Dec 1, 2025
Major Strategic Partnership Announced
Details: Company announced a major multi-year strategic data and modeling agreement with Merck. Despite the positive news, the stock fell notably by -4.95% amid broader market weakness.
-4.95%
$77.93 -> $74.07
Jan 1, 2026
Positive Reimbursement Decision
Details: A positive CMS decision establishing a reimbursement rate for the company's ECG-AF algorithm became effective. The stock surged +5.61% on the first trading day of the year.
+5.61%
$59.05 -> $62.36
Feb 24, 2026
Q4 2025 Earnings Report
Details: Reported full-year 2025 results, with Data and Applications segment growth of 56.9% YoY (underlying). The stock saw a modest 1.15% gain as results met expectations.
+1.15%
$57.29 -> $57.95
Apr 15, 2026
Lawsuit Consolidation
Details: Multiple class-action lawsuits concerning alleged improper use of Ambry Genetics data were consolidated. Stock surged +13.89%, possibly on a 'sell the rumor, buy the news' technical reaction.
+13.89%
$49.53 -> $56.41
May 5, 2026
Q1 2026 Earnings & Guidance
Details: Reported 36.1% YoY revenue growth to $348.1M and raised FY26 guidance. However, stock fell notably by -3.12% on a massive EPS miss of -$0.71 vs -$0.10 consensus.
-3.12%
$55.81 -> $54.07
Risk Management
Position Sizing

1% - 3%

CONSERVATIVE

Stock is in an Explosive Volatility regime (4.4x S&P). The Bearish sentiment, contested moat, speculative valuation, and poor operational quality create significant drawdown risk. We cap exposure to a 'Watchlist Nibble' size until the path to GAAP profitability becomes clear.

Diversification Alternatives
GH
INDUSTRY

While also unprofitable, Guardant has a more established position with clinicians due to a longer history of reimbursement and a strong portfolio of FDA-approved companion diagnostics.

Core Thesis: GH is a pure-play leader in liquid biopsy for therapy selection and recurrence monitoring, a market with a massive TAM and deep clinical integration. The thesis is simpler and less dependent on an unproven data monetization pivot.
RHHBY
SECTOR

Roche (owner of Foundation Medicine) is a profitable, diversified pharmaceutical and diagnostics giant. It provides exposure to precision oncology growth without the single-stock, cash-burn risk of TEM.

Core Thesis: A world-leading, dividend-paying healthcare company with a dominant diagnostics franchise (including Foundation Medicine) and a robust pharmaceutical pipeline. Offers stability and a proven business model.
How Is The Market Pricing TEM?

Tempus AI is transitioning from a high-growth, cash-burning genomics testing company to a profitable, AI-driven healthcare technology platform, where its proprietary dataset is the core asset monetized through high-margin data licensing to pharmaceutical companies.

Filter all news through the lens of the Data & Applications segment's growth and profitability, as this high-margin business is the key to the company's re-rating.

What will confirm the thesis

New large, multi-year data licensing deals with top pharmaceutical companies (e.g., Merck, Gilead); Data & Applications revenue growth accelerating beyond 40% YoY; sustained positive Adjusted EBITDA; expansion of Total Contract Value (TCV) faster than revenue.

What will damage the thesis

Deceleration in Data & Applications revenue growth; major pharma partners not renewing contracts; increased competition on data analytics from players like Flatiron Health or Foundation Medicine; significant cash burn returning.

Noise: Real but irrelevant to thesis

Quarterly fluctuations in genomic testing volume (Oncology or Hereditary) unless it signals a major market share shift; minor acquisitions of small tech companies; early-stage product announcements without near-term revenue impact.

Repricing Catalyst

Achieving and sustaining positive Adjusted EBITDA, guided to be ~$65 million for FY2026, driven by the high-margin (73.1% Non-GAAP Gross Margin) Data and Applications business. This segment, which includes data licensing and AI modeling, grew 40.5% YoY in Q1 2026 and is supported by a Total Contract Value (TCV) exceeding $1.1 billion. This demonstrates a shift from pure volume-based diagnostics revenue to a more scalable, recurring data-as-a-service model.

What TEM Makes & Who Pays
TTM figures based on Press release issued by Tempus AI, Inc. dated May 5, 2026
Genomic & Diagnostic Testing Services
$1044400.0B TTM (75% of Total) · 62.3% Margin
What It Is

Genomic sequencing tests for solid tumors, liquid biopsies (xF, xT), minimal residual disease (MRD) monitoring, and hereditary cancer (xG).

Who Pays & How

Oncologists and hospital systems (e.g., NYU Langone Health, Northwestern Medicine) pay for tests to guide patient treatment. This creates a flywheel: more tests generate more data, which improves the platform and strengthens the data moat.

Fee-per-test, reimbursed by payors or paid by hospital partners.
Competition
Guardant Health, Foundation Medicine (Roche)
Established players with significant commercial footprints and reimbursement coverage.
Tempus's integration of genomic data with a vast set of unstructured clinical data and AI-enabled analysis platform (Lens) differentiates it from pure-play testing companies.
Data Licensing & AI Modeling Services
$349400.0B TTM (25% of Total) · 73.1% Margin
What It Is

Subscription access to de-identified multimodal database; AI-driven modeling and analytics services (Insights); Clinical trial matching services (TIME network).

Who Pays & How

Pharmaceutical companies (95% of top pharma) like Merck and Gilead pay multi-year, multi-million dollar license fees to access Tempus's data and AI platform (Lens) to accelerate drug discovery, biomarker identification, and clinical trial design.

Multi-year data licensing agreements, often with upfront payments and recurring revenue streams.
Competition
Flatiron Health (Roche), ConcertAI
Flatiron has a large EMR-based dataset. Both are established in the real-world evidence space.
Tempus's key advantage is its proprietary, multimodal dataset that links genomic data with clinical records, pathology images, and other data types at scale (>500 petabytes), which is extremely difficult to replicate.
TEM Evolution: Price Return by Era
2015–2020 · Foundation & Data Accumulation
Building the Genomic and Clinical Data Library
Founded by Eric Lefkofsky, Tempus focused on building a large-scale genomic testing business in oncology. The primary goal during this era was to establish a network of hospitals and oncologists to generate the volume of tests needed to create one of the world's largest libraries of linked clinical and molecular data.
2021–2024 · Commercialization and IPO
Scaling the Model and Going Public
Tempus scaled its commercial operations, significantly growing revenue from both diagnostics and nascent data services. Revenue grew from $321 million in 2022 to $532 million in 2023. This period was defined by rapid top-line growth at the cost of significant losses, culminating in its IPO to fund further expansion.
2025–Present · The Profitability Inflection
Monetizing the Data Moat
The focus shifted decisively from growth-at-all-costs to profitability. The Data & Applications business became the key driver, with accelerating growth (40.5% in Q1 2026) and high margins. The company guided for its first full year of positive Adjusted EBITDA in 2026, signaling a major inflection point in its business model as it proves the economic value of its data moat.
Market Appears To Be Skeptical Of Core Thesis
Price structure is in a downtrend. Multiple SMA levels broken and declining. Thesis requires reclaiming 200D before any bull case is credible. Relative to SPY: Performance in line with the broader market with no relative edge or drag in current window. Volume and momentum are mixed. There is no clear institutional footprint in either direction. Earnings history is clearly negative. The market punished the print and the drift confirms distribution. Thesis is under pressure.
① Structure
-4
Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.
② Volume / Momentum
0
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
-2
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
-6 / 12
1 Price Structure & Trend Downtrend · Death Cross ▾
2 Momentum Accelerating ▾
3 Relative Strength vs. SPY Neutral Relative Strength ▾
4 Institutional Footprint & Volume Mild Distribution ▾
5 Volatility Normal ▾
6 Key Price Levels Range · Vol Rising ▾
7 Earnings Reaction History Consistent Pressure ▾
8 How the Verdict Is Derived Three Pillars ▾
Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.

Industry Resources

External Quote Links


Prefer one of these to Trefis? Tell us why.