# Personalis, Inc. (PSNL)

> Source: Nexqual · https://nexqual.com/PSNL · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Personalis, Inc. (PSNL), nexqual.com/PSNL" · informational, not investment advice.

**Price:** USD 15.85 (+0.19% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 15.82 · day 15.67–15.89 · 52w 4.96–18.89 · market cap $1.69B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $69.7M, net income -$107M (-153.8% margin), free cash flow -$101M (SEC filings).
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $7.4M; 4 not under a Rule 10b5-1 plan ($267K); 0 by opportunistic insiders, 12 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.80 on a 1–5 scale) (5 analysts), mean target USD 15.17 (range 13–16.25).
- Total return with dividends: 1Y +63.7% vs S&P 500 +13.4%; 5Y -19.2% vs S&P 500 +76.9%.
- Next earnings: 2026-11-03, EPS estimate USD -0.25, revenue estimate $21.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $85.5M | $65.0M | $73.5M | $84.6M | $69.6M | $69.7M |
| Gross profit | $31.7M | $13.3M | $18.2M | $26.8M | $15.8M | — |
| Operating income | -$65.4M | -$116M | -$110M | -$68.3M | -$88.1M | -$114M |
| Net income | -$65.2M | -$113M | -$108M | -$81.3M | -$81.3M | -$107M |
| EPS (diluted) | -$1.49 | -$2.48 | -$2.25 | -$1.37 | -$0.91 | — |
| Free cash flow | -$81.9M | -$120M | -$67.2M | -$46.8M | -$79.5M | -$101M |
| Gross margin | 37.0% | 20.5% | 24.8% | 31.7% | 22.7% | — |
| Operating margin | -76.4% | -177.6% | -149.6% | -80.7% | -126.4% | -164.1% |
| Net margin | -76.3% | -174.2% | -147.4% | -96.1% | -116.7% | -153.8% |
| Revenue growth | +8.7% | -23.9% | +13.0% | +15.2% | -17.7% | — |
| Cash + short-term investments | $287M | $168M | $114M | $185M | $240M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 24.3x · P/B 7.2x · FCF yield -5.97% · Earnings yield -6.33%

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-18 | Moore Stephen Michael | SVP and Chief Legal Officer | 2,068 | $34K | 2.2% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-09-18 | Chen Richard | President and CMO | 3,998 | $65K | 2.3% | No | Routine (sold in Jan & May & Jul each year 2023–2025; this trade is outside those months) |
| 2026-09-18 | Hall Christopher M | Chief Executive Officer | 7,459 | $121K | 3.2% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-18 | Tachibana Aaron | CFO AND COO | 2,931 | $48K | 1.5% | No | Routine (sold in Jan & May & Jul & Nov each year 2023–2025; this trade is outside those months) |
| 2026-07-15 | Chen Richard | President and CMO | 100,000 | $1.5M | 36.5% | Yes (adopted December 23, 2025) | Routine (sold in Jan & May & Jul each year 2023–2025) |
| 2026-07-09 | Hall Christopher M | Chief Executive Officer | 100,000 | $1.5M | 29.8% | Yes (adopted December 17, 2025) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-29 | Tachibana Aaron | CFO AND COO | 4,982 | $70K | 2.4% | Yes (adopted August 7, 2025) | Routine (sold in Jan & May & Jul & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-26 | Tachibana Aaron | CFO AND COO | 51,251 | $675K | 20.5% | Yes (adopted August 7, 2025) | Routine (sold in Jan & May & Jul & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-26 | Hall Christopher M | Chief Executive Officer | 100,000 | $1.3M | 29.8% | Yes (adopted December 17, 2025) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-04 | Tachibana Aaron | CFO AND COO | 40,000 | $480K | 16.7% | Yes (adopted August 7, 2025) | Routine (sold in Jan & May & Jul & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-28…2026-05-29 | Hall Christopher M | Chief Executive Officer | 100,000 | $1.1M | 29.8% | Yes (adopted December 17, 2025) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-29 | Tachibana Aaron | CFO AND COO | 38,799 | $449K | 16.3% | Yes (adopted August 7, 2025) | Routine (sold in Jan & May & Jul & Nov each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.80 on a 1–5 scale), 5 analysts; mean target USD 15.17 (low 13, high 16.25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-06 | BTIG | Downgrade | Buy → Neutral |  |
| 2026-07-20 | Lake Street | Downgrade | Buy → Hold | $16.25 |
| 2026-07-20 | BTIG | Target raised | Buy | $11 → $16.25 |
| 2026-07-20 | Needham | Downgrade | Buy → Hold |  |
| 2026-07-17 | Needham | Target raised | Buy | $12 → $17 |
| 2026-07-09 | Morgan Stanley | Target raised | Equal-Weight | $9 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +63.7% | -19.2% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +64.0% | -4.2% |
| Volatility (annualized) | 84.0% | 101.3% |
| Max drawdown | -55.2% (Jan 2026→Apr 2026) | -95.4% (Nov 2021→Oct 2023) |

## Peers (Diagnostics & Research)
WGS (GeneDx Holdings Corp.) USD 56.15 -16.37% · FRNM (Freenome, Inc.) USD 12.77 -2.52% · NEO (NeoGenomics, Inc.) USD 16.59 +1.22% · OPK (Opko Health, Inc.) USD 1.63 +0.00% · CSTL (Castle Biosciences, Inc.) USD 33.08 -0.33% · CDNA (CareDx, Inc.) USD 69.21 +0.07%

## More
Full page: https://nexqual.com/PSNL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PSNL's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1527753/000119312526076615/psnl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | ILLUMINA, INC. (ILMN) | "For example, we rely on Illumina as the sole supplier of sequencers and various associated reagents, and as the sole provider of maintenance and repair services for these sequencers." |
| Customer | Natera, Inc. (NTRA) | "We previously derived a significant portion of our revenue from Natera under our partnership to provide advanced tumor analysis for use in Natera's MRD testing." |
| Customer | Moderna (MRNA) | "We have substantial customer concentration, with a limited number of customers accounting for a substantial portion of our revenue and accounts receivable; in particular, we currently derive a substantial portion of our …" |
| Partner | Tempus AI, Inc. (TEM) | "our sales, marketing and commercialization plans and strategies, including the expected benefits of and activities to be performed under our Commercialization and Reference Laboratory Agreement with Tempus AI, Inc. ("Tem…" |
| Partner | Merck (MRK) | "our future business with the U.S. Department of Veterans Affairs' Million Veteran Program ("VA MVP"), ModernaTX, Inc. ("Moderna"), Merck & Co., Inc. ("Merck"), and other collaboration partners and customers;" |
| Partner | MYRIAD GENETICS INC (MYGN) | "We are pursuing a partner-centric strategy and have key relationships with Tempus, Myriad Genetics, Inc., Moderna, and Merck, among others." |
| Partner | Laboratory | "our sales, marketing and commercialization plans and strategies, including the expected benefits of and activities to be performed under our Commercialization and Reference Laboratory Agreement with Tempus AI, Inc. ("Tem…" |

Other companies that name PSNL in their own reports (relationship from PSNL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Tempus AI, Inc. (TEM) | 10-K 2026-02-24 | "In November 2023, we entered into a Commercialization and Reference Laboratory Agreement with Personalis, Inc., or Personalis, pursuant to which we began marketing Personalis' Personal Dx test in the …" |

## Customer concentration

Period ended 2026-06-30: 37%, 13%, 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-08-04)

- "As a result of the announcement on July 20, 2026 that Personalis and Tempus AI, Inc. have entered into an Agreement and Plan of Merger, Personalis will no longer provide financial guidance or conduct a quarterly earnings conference call."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.25 | $-0.24 | +4.8% | $21.3M | 6 |
| Next quarter (ends 2026-12-31) | $-0.24 | $-0.22 | +6.0% | $25.2M | 6 |
| Current fiscal year (ends 2026-12-31) | $-1.08 | $-1.03 | +5.5% | $84.3M | 4 |
| Next fiscal year (ends 2027-12-31) | $-0.97 | $-0.91 | +6.6% | $110.1M | 6 |