# Tempus AI, Inc. (TEM)

> Source: Nexqual · https://nexqual.com/TEM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Tempus AI, Inc. (TEM), nexqual.com/TEM" · informational, not investment advice.

**Price:** USD 63.81 (-5.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 67.76 · day 61.53–68.29 · 52w 40.77–93.38 · market cap $11.5B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.43B, net income -$254M (-17.8% margin), free cash flow -$263M (SEC filings).
- 2 of 80 tracked superinvestors hold TEM (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Analysts: Buy (mean 2.45 on a 1–5 scale) (20 analysts), mean target USD 74.94 (range 35–100).
- Total return with dividends: 1Y -26.7% vs S&P 500 +14.9%; 5Y +58.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD -0.08, revenue estimate $409M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $321M | $532M | $693M | $1.27B | $1.43B |
| Operating income | -$265M | -$196M | -$691M | -$253M | -$283M |
| Net income | -$290M | -$214M | -$706M | -$245M | -$254M |
| EPS (diluted) | -$5.30 | -$4.20 | -$6.23 | -$1.41 | — |
| Free cash flow | -$187M | -$249M | -$211M | -$239M | -$263M |
| Operating margin | -82.8% | -36.9% | -99.7% | -19.9% | -19.8% |
| Net margin | -90.4% | -40.3% | -101.8% | -19.3% | -17.8% |
| Revenue growth | — | +65.8% | +30.4% | +83.4% | — |
| Cash + short-term investments | $303M | $166M | $341M | $605M | — |
| Total debt | — | $193M | $168M | $209M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 8.0x · EV/Sales 7.8x · P/B 25.9x · FCF yield -2.29% · Earnings yield -2.21% · Net cash $412M · EV $11.1B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold TEM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Samantha McLemore | Patient Capital Management | 0.77% | $23.2M | Reduced -9.4% |
| Duan Yongping | H&H International Investment | 0.01% | $1.2M | Unchanged |

## Analysts
Consensus Buy (mean 2.45 on a 1–5 scale), 20 analysts; mean target USD 74.94 (low 35, high 100).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | JP Morgan | Target raised | Neutral | $45 → $70 |
| 2026-10-12 | Canaccord Genuity | Target raised | Buy | $80 → $95 |
| 2026-10-01 | Guggenheim | Target raised | Buy | $65 → $92 |
| 2026-09-21 | Goldman Sachs | Initiated | Neutral | $75 |
| 2026-09-11 | HC Wainwright & Co. | Target raised | Buy | $56 → $66 |
| 2026-09-09 | UBS | Initiated | Neutral | $70 |
| 2026-09-08 | Rothschild & Co | Initiated | Neutral | $67 |
| 2026-09-08 | Roth Capital | Initiated | Neutral | $67 |
| 2026-09-02 | Cantor Fitzgerald | Initiated | Overweight | $80 |
| 2026-09-01 | Piper Sandler | Upgrade | Neutral → Overweight | $56 → $76 |
| 2026-08-31 | Freedom Capital Markets | Target raised | Hold | $51 → $73 |
| 2026-08-20 | BTIG | Target raised | Buy | $70 → $80 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-06-10) |
|---|---|---|
| Total return | -26.7% | +58.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -26.8% | +21.5% |
| Volatility (annualized) | 73.7% | 98.3% |
| Max drawdown | -54.6% (Oct 2025→Jul 2026) | -55.8% (Oct 2025→Mar 2026) |

## Peers (Health Information Services)
BTSG (BrightSpring Health Services, I) USD 60.86 -2.41% · HNGE (Hinge Health, Inc.) USD 109.93 -1.85% · HQY (HealthEquity, Inc.) USD 100.97 +3.16% · DOCS (Doximity, Inc.) USD 33.68 +0.30% · WAY (Waystar Holding Corp.) USD 28.98 +0.49% · HTFL (Heartflow, Inc.) USD 55.43 -0.70%

## More
Full page: https://nexqual.com/TEM · 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 TEM's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1717115/000119312526066961/tem-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | ILLUMINA, INC. (ILMN) | "Illumina, Inc., is our primary supplier of sequencers and laboratory reagents; however, we purchase laboratory supplies from other companies as well, such as Roche Holdings, Inc., Integrated DNA Technologies, and Tecan U…" |
| Supplier | Alphabet (Google) (GOOGL) | "In addition to suppliers who provide products supporting our provision of laboratory tests, we have cloud agreements with both AWS and Google." |
| Supplier | Amazon (AMZN) | "In addition to suppliers who provide products supporting our provision of laboratory tests, we have cloud agreements with both AWS and Google." |
| Supplier | Roche Holdings | "Illumina, Inc., is our primary supplier of sequencers and laboratory reagents; however, we purchase laboratory supplies from other companies as well, such as Roche Holdings, Inc., Integrated DNA Technologies, and Tecan U…" |
| Supplier | Tecan US | "Illumina, Inc., is our primary supplier of sequencers and laboratory reagents; however, we purchase laboratory supplies from other companies as well, such as Roche Holdings, Inc., Integrated DNA Technologies, and Tecan U…" |
| Customer | Paige | "the potential that advancements in AI allow our Data customers to develop models that serve as functional equivalents of our database and render our own products obsolete." |
| Customer | Ambry Genetics | "We believe our commercial success is dependent upon our ability to continue to successfully market and sell our current Diagnostics products, including both Oncology testing (legacy Tempus) and Hereditary testing (legacy…" |
| Partner | SB Tempus | "our ability to expand internationally, including through our joint venture, SB Tempus Corp., in Japan;" |
| Partner | Pathos AI | "Pursuant to the MSA, (i) we will ensure that Pathos develops, and we provide AstraZeneca with, a Foundation Model which has been developed, validated, and maintained using de-identified datasets contributed by us, (ii) t…" |
| Partner | Personalis, Inc. (PSNL) | "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 United States initia…" |
| Partner | SOFTBANK GROUP CORP. (SFTBF) | "For example, on May 18, 2024, we entered into the Joint Venture Agreement, or the Joint Venture Agreement, with SoftBank Group Corporation, or SoftBank, to form SB Tempus Corp., the Joint Venture or SB Tempus." |
| Partner | ARES CAPITAL CORP (ARCC) | "We are party to a credit agreement with Ares Capital Corporation, under which we have $206.0 million outstanding in term loans and $100.0 million outstanding in revolving credit facility as of December 31, 2025." |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Personalis, Inc. (PSNL) | 10-K 2026-02-26 | "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 T…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Diagnostics | $289.3M | 75.6% | +19.6% |
| Data & Applications | $93.2M | 24.4% | +28.0% |
| — Insights Product (part of Data & Applications) | $77.7M | 20.3% | +35.8% |
| — Trials Product (part of Data & Applications) | $9.0M | 2.4% | -8.2% |
| — Next Product (part of Data & Applications) | $6.3M | 1.6% | +10.5% |
| Total revenue | $382.5M | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "Financial Outlook and Guidance Tempus is increasing its full year 2026 revenue guidance to $1.595 to $1.605 billion, which represents ~25% annual growth."
- "We continue to expect 2026 Adjusted EBITDA to be ~$65 million."
- "Guidance assumes no impact from the Personalis transaction, which is expected to close in late Q4 2026 or early 2027."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.08 | $-0.08 | -7.4% | $409.4M | 14 |
| Next quarter (ends 2026-12-31) | $-0.01 | $-0.01 | +33.8% | $455.5M | 14 |
| Current fiscal year (ends 2026-12-31) | $-0.26 | $-0.36 | -27.5% | $1.60B | 15 |
| Next fiscal year (ends 2027-12-31) | $-0.05 | $-0.08 | -40.5% | $1.97B | 14 |