CARLSMED, INC. (CARL)

CARLSMED, INC. (CARL) — VMCI valuation read

CARLSMED, INC. (CARL) carries a VMCI composite of 47/100, 4 points below the Healthcare sector median of 50. Among mid-cap names, that gap places CARL in the bottom third on the five-pillar weighting (Value 35%, Quality 30%, Integrity 15%, Growth 12%, Risk 8%).

The CARL insider tape has been silent for the past 30 days on Form 4. Where executives neither buy nor sell, the bull and bear cases lean harder on filings cadence and the next earnings line.

**Investor frame.** Value reads CARL trades at 18.0x earnings, 0% above the Healthcare median of 18.0x, which compresses or extends through the 11.0x EV/EBITDA versus a Healthcare 12.0x. Quality: ROIC of 18.0% sits 8.0pp above the Healthcare median (10.0%). Risk: net debt to EBITDA of -0.2x leaves covenant headroom, the line to track on CARLSMED, INC.'s next 10-Q.

CARL fell 0.3% over the trailing 7 days, with a -8.4% read on a 30-day basis.