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BALCAO · SERVICES-MISC HEALTH & ALLIED SERVICES, NEC · SMALL CAP

Marpai, Inc. MRAI

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$18.1M
▼ 35.8% YoY
$-16.6M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

We are a technology platform company which operates subsidiaries that provide Third Party Administrator (“TPA”), Pharmacy Benefit Management (“PBM”), and value-oriented health plan services to employers that directly pay for employee health benefits. We provide affordable, intelligent, healthcare programs for self-insured employers in the U.S. We derive our revenues from three general sources: Health Plan Administration services, In-House Ancillary services, and Third-Party Vendor services. As of December 31, 2025, we had a total of 107 full-time employees. We compete with nearly 1,000 health insurance entities, all of whom are vying for the same business - the management of healthcare benefits for self-insured employers.

Written from the business description in Marpai, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 25 March 2026. Every sentence was checked against that document before publication.

Growth

USD 18.1M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 18.1 · Net income -16.6
15M30M-15M-30M
202020232025
Compound annual growth
−9.4%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−91 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -74.9% · Net -91.5%
-50%-100%
202020222025
ROE

Not applicable: equity was zero or negative in this period, so return on equity has no meaning.

Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Return on capital employedNot applicable: capital employed was zero or negative in this period, so return on capital employed has no meaning.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2022 · FCF -35.6
-15M-30M
202020222025

Total assetsUSD 10.9M
EquityUSD -32.6M
CashUSD 133,000.00
Gross debtUSD 19.4M
Net debtUSD 19.3M
Current ratio0.40×

Equity was zero or negative — liabilities equaled or exceeded assets. No ratio is shown.

The 6-year record

6 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
MRAI, 6-year financial record
Metric 202520242023202220212020
Revenue $B0.00.00.00.00.0◌
Operating income $B−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B◌−0.0−0.0−0.0−0.0◌
Net income $B−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B◌◌◌−0.0−0.0−0.0
EPS, diluted $−0.95−1.92−4.14−5.23−1.59−1.60
Dividend / sh $◌◌◌◌◌◌
Payout % — not applicable: no dividend——————
ROE %———−147.7——
Shares out B0.020.010.010.020.020.00

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 24 reconciliationsAUDITED

Reconciled in 6 of the 6 fiscal years we could check. 26 checks were skipped: the balance sheet is not tagged before 2020. 14 checks were skipped: revenue is not tagged before 2021. 13 checks were skipped: EPS is not tagged before 2020.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityServices-Misc Health & Allied Services, NEC
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company, smaller reporting company
Data on record since2020

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