COMP <GO>
CARL vs MRK // FORWARD P/E MULTIPLE
Carlsmed Inc. (NASDAQ) VS. Merck & Company Inc. (NYSE) • 15-METRIC TALLY: CARL 3
— MRK 7
■ METRIC PARITY
LAST: $14.95 (-5.20%) • MKT CAP: $430.6M
forward-pe
—
LAST: $149.52 (+2.18%) • MKT CAP: $361.02B
forward-pe
18.4x
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (CARL VS. MRK)
EMERALD CELL = QUANTITATIVE EDGE
| INSTITUTIONAL METRIC | CARL | MRK | SPREAD (A - B) | ADVANTAGE | DEDICATED URL |
|---|---|---|---|---|---|
| Gross Profit Margin | 75.30% | 74.80% | +0.50 | CARL | /gross-margins <GO> |
| Return on Invested Capital (ROIC) | -35.00% | 20.70% | -55.70 | MRK | /roic <GO> |
| EV/EBITDA & P/E Valuation | — | 15.3x | — | TIE | /valuation <GO> |
| Free Cash Flow Yield | -6.88% | 3.42% | -10.30 | MRK | /fcf-yield <GO> |
| Operating Margin | -60.00% | 34.30% | -94.30 | MRK | /operating-margins <GO> |
| Net Profit Margin | -58.70% | 28.10% | -86.80 | MRK | /net-margins <GO> |
| Revenue Growth (YoY) | — | 1.30% | — | TIE | /revenue-growth <GO> |
| Dividend Yield & FCF Payout Safety | 0.00% | 2.26% | -2.26 | MRK | /dividend-safety <GO> |
| Altman Z-Score & Debt/Equity | 7.83 | 5.19 | +2.64 | CARL | /balance-sheet <GO> |
| Piotroski F-Score Quality | 3/9 | 7/9 | -4.00 | MRK | /piotroski-score <GO> |
| Options Implied Move & Put/Call Skew | — | — | — | TIE | /options-implied-move <GO> |
| RSI-14 & 200D SMA Momentum | 59.5 | 51.7 | +7.80 | CARL | /rsi-technicals <GO> |
| 10Y Yield & FRED Macro Beta | — | 0.92 | — | TIE | /macro-sensitivity <GO> |
| Forward P/E Multiple ACTIVE | — | 18.4x | — | TIE | /forward-pe <GO> |
| Enterprise Scale & Market Cap | $430.6M | $361.02B | -$360.59B | MRK | /market-cap <GO> |
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
| FISCAL YEAR | CARL REV | MRK REV | CARL GROSS % | MRK GROSS % | CARL FCF | MRK FCF |
|---|---|---|---|---|---|---|
| FY 2025 | $50.5M | $65.01B | 75.3% | 74.8% | -$29.6M | $12.36B |
| FY 2024 | $27.2M | $64.17B | 73.8% | 76.3% | -$25.6M | $18.10B |
| FY 2023 | — | $60.12B | — | — | — | $10.30B |
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
CARL // BETA —
MRK // BETA 0.92