Personalis Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business fundamentally works and the balance sheet holds: $212.7 million of liquidity, $235.2 million of equity and no going-concern warning. Green is out of reach because the operating proof is missing — 2025 revenue came in below 2021, the first half of 2026 was flat on revenue while the loss nearly doubled, and three customers carry 62 percent of sales. Red does not apply either: there is no over-indebtedness, no threatening cash runway and no accounting or governance breach. That leaves yellow — one material operating question is open, and the takeover does not answer it, it simply skips past it. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Personalis is a technically strong specialist laboratory whose revenue has circled back to its 2021 level and which has accumulated $631 million of losses since inception. Since July 20, 2026 the stock has been driven mainly by the merger agreement with Tempus AI — an agreement that caps the consideration at $16.25 without protecting it on the downside. Buying in here means betting on a closing date and on another company's share price, not on the cancer genomics business. Not investment advice.
Business model
Highly specialized cancer genetics with demonstrated technical performance and five Medicare coverage decisions between January 2024 and May 2026. The commercial proof is missing: revenue of $69.6 million in 2025 is below the $85.5 million booked in 2021.
Profitability
A net loss in every year from 2021 through 2025, most recently $81.3 million. In the first half of 2026 the loss widened to $61.7 million (prior year $35.8 million) and cash used in operations to $48.2 million (prior year $30.9 million).
Balance sheet
$212.7 million of liquidity and $235.2 million of stockholders' equity as of June 30, 2026, with no going-concern warning in any reviewed filing. The cash position carries operations for several quarters even without the takeover.
Customer base
Three customers accounted for 62 percent of second-quarter 2026 revenue (Merck 37 %, VA MVP 13 %, ModernaTX 12 %), and Merck for 49 percent of receivables as of June 30, 2026. Former key account Natera has fallen away with no replacement.
Dilution
Shares outstanding rose from 50,480,694 (December 31, 2023) to 106,799,872 (July 29, 2026). In 2025 alone, 16.2 million shares were issued through the at-the-market program, raising $126.8 million net.
Deal structure
A signed agreement with Tempus AI dated July 20, 2026 and a shareholder holding roughly 13 percent of the votes committed to it. The consideration is capped at $16.25 and declines below a Tempus price of $48.42 — and closing is not guaranteed.
Worth Noting
Hook: merger agreement with Tempus AI, Inc. dated July 20, 2026 (SEC current report on Form 8-K, Item 1.01) — not a screener hit.
Data status: SEC filings evaluated through August 20, 2026; the most recent periodic report is the quarterly report for June 30, 2026 (filed August 4, 2026). Price and valuation figures as of August 21, 2026.
Possible confusion: the buyer, Tempus AI, Inc. (Nasdaq: TEM), is a separate, also publicly traded company. This analysis assesses Personalis, not Tempus — even though the value of the consideration depends on the Tempus share price.
The quality rating assesses the company, not the entry point and not the outcome of the takeover.
Stock Watch
This analysis is as of August 29, 2026. Stock Watch will tell you what's changed at PSNL since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.00 $ to 18.40 $ · Last price: 16.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Diagnostics & Research
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Personalis Inc PSNL | 1.7 | – | 0.0 | 12.7 | -150.3 | -17.7 | 183.3 |
| Thermo Fisher Scientific Inc TMO | 241.9 | 36.8 | 21.9 | 41.0 | 17.9 | 3.9 | 39.8 |
| Danaher Corporation DHR | 150.1 | 41.8 | 21.5 | 58.8 | 22.9 | 2.9 | 11.0 |
| Natera Inc NTRA | 52.8 | – | -26.8 | 65.2 | -12.4 | 35.9 | 97.3 |
| IQVIA Holdings Inc IQV | 45.2 | 33.9 | 16.6 | 33.0 | 13.6 | 5.9 | 43.9 |
| Agilent Technologies Inc A | 44.2 | 31.0 | 21.4 | 53.7 | 23.7 | 6.7 | 21.8 |
| Waters Corporation WAT | 42.2 | 53.4 | 46.7 | 56.3 | 2.8 | 7.0 | 38.1 |
| IDEXX Laboratories Inc IDXX | 40.3 | 37.7 | 25.4 | 62.5 | 31.8 | 10.4 | -20.5 |
| Illumina Inc ILMN | 37.1 | 43.7 | 23.7 | 67.9 | 18.3 | -0.8 | 143.1 |
| Median of companies shown | 44.2 | 37.7 | 21.5 | 56.3 | 17.9 | 5.9 | 39.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 9 | -22 | -24 | -1.08 | 0 | -93 | 34 |
| 2018 | 38 | -14 | -20 | -0.91 | 6 | -106 | 42 |
| 2019 | 65 | -22 | -25 | -1.39 | -18 | 107 | 157 |
| 2020 | 79 | -42 | -41 | -1.20 | -43 | 195 | 245 |
| 2021 | 85 | -65 | -65 | -1.49 | -71 | 310 | 397 |
| 2022 | 65 | -116 | -113 | -2.48 | -70 | 218 | 293 |
| 2023 | 73 | -96 | -108 | -2.25 | -56 | 129 | 225 |
| 2024 | 85 | -68 | -81 | -1.37 | -45 | 203 | 270 |
| 2025 | 70 | -88 | -81 | -0.91 | -75 | 261 | 334 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.64 | -33.30 | 26 | 40.90 | -152.00 | -6 | -6 |
| 2024: Q4 | -0.23 | 57.40 | 17 | -14.60 | -97.80 | -8 | -9 |
| 2025: Q1 | -0.18 | 30.80 | 21 | 5.50 | -76.40 | -18 | -21 |
| 2025: Q2 | -0.23 | 4.20 | 17 | -23.80 | -116.60 | -13 | -13 |
| 2025: Q3 | -0.24 | 62.50 | 15 | -43.60 | -149.40 | -22 | -23 |
| 2025: Q4 | -0.26 | -13.00 | 17 | 3.20 | -137.30 | -22 | -22 |
| 2026: Q1 | -0.29 | -61.10 | 16 | -24.90 | -194.10 | -23 | -26 |
| 2026: Q2 | -0.30 | -30.40 | 22 | 30.00 | -141.70 | -26 | -30 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 18 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- Ameet Rai: Daily Liquidity
- High ADR (≥5%)
- Mike Webster: Swing Trading List
- Near 52-Week High
- Richard Moglen: 1 Week Top Performers
- Stage 2 Leader
- Stan Weinstein: Stage 2
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.09 | -1.23 – -1.02 | 83 | -20.1% | 4 |
| 12/31/2027 | -0.94 | -1.19 – -0.78 | 110 | 13.8% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In allen sechs ausgewerteten SEC-Berichten ist der einzige KI-Bezug eine Cybersicherheits-Standardformel („attacks enhanced or facilitated by artificial intelligence“); weder ein KI-Produkt noch eine KI-Umsatzquelle noch ein belegter operativer KI-Einsatz wird beschrieben — das Geschäft beruht auf Gensequenzierung und Laborauswertung.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-08-04 · 10-Q 2026-05-07 · 10-K 2026-02-26 · 10-Q 2025-11-04 · 10-Q 2025-08-05 · 10-K 2025-02-27
Rated on August 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 2.3%
- More than 10% revenue growth is expected for the coming year -69.3%
- Share count grows by less than 3% a year 25.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -131.8%
- Gross margin at 40% or higher and without meaningful erosion 22.7%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 200 m net cash
- Operating cash flow covers the profits of the last three years 95 m
- Return on capital at 15% or higher, or up versus two years ago -29.9%
- Insiders hold at least 10% or are net buyers 26.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 28.5%
- Exp. sales growth 3Y > 5% 25.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 25.8%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -31.1%
- ROCE > 15% -29.9%
- Expected return > 10% 20.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jul 15, 2026 | Chen Richard | President and CMO | Sell | 100,000 | 15.15 | 1,515,000 |
| Jul 15, 2026 | Chen Richard | President and CMO | Other | 100,000 | 2.44 | 244,000 |
| Jul 9, 2026 | Hall Christopher M | Chief Executive Officer | Sell | 100,000 | 15.08 | 1,508,000 |
| Jul 9, 2026 | Hall Christopher M | Chief Executive Officer | Other | 100,000 | 1.61 | 161,000 |
The company
About the Company
Personalis, Inc. develops, markets, and sells advanced cancer genomic tests and services in the United States and internationally. The company offers NeXT Personal, a tumor-informed liquid biopsy test for detection of minimal residual disease (MRD), therapy response and recurrence monitoring in solid tumor cancers; and ImmunoID NeXT, a tissue-based service that combines whole exome and whole transcriptome sequencing data with advanced analytics to provide a multi-dimensional view of the tumor and the tumor microenvironment from a single sample. It also provides NeXT Personal Dx, a tumor-informed liquid biopsy test for the detection of MRD; and NeXT Dx, a tumor profiling test that is used to help select therapy for a cancer patient and identify potential clinical trials for a patient. In addition, the company performs whole exome sequencing of cancer tissue and matched blood samples for diagnostic companies as an input to their products; and whole genome sequencing on human samples for research projects, such as population sequencing initiatives. Its services are used by pharmaceutical companies for translational research, biomarker discovery, the development of personalized cancer therapies, and for clinical trials, as well as tests are used by physicians to detect residual or recurrent cancer in patients, monitor cancer response to therapy, and uncover insights for therapy selection. The company's customers include pharmaceutical companies, biopharmaceutical companies, diagnostics companies, universities, non-profits, government entities, and cancer patients. The company has strategic collaboration with Tempus AI, Inc. to bring testing to colorectal cancer patients. Personalis, Inc. was incorporated in 2011 and is headquartered in Fremont, California.
- Employees
- 259
- Headquarters
- Fremont, CA
- Address
- 6600 Dumbarton Circle, 94555 Fremont, United States
- Phone
- 650 752 1300
- Website
- personalis.com
- IPO Date
- 06/20/2019
- ISIN
- US71535D1063
Management
| Name | Title | Birth Year |
|---|---|---|
| Christopher M. Hall | CEO & Director | 1969 |
| Richard Chen M.D., M.S. | President & Chief Medical Officer | 1971 |
| Aaron L. Tachibana | CFO & COO | 1961 |
| Russ B. Altman M.D., Ph.D. | Co-Founder and Member of Clinical & Scientific Advisory Board | – |
| Euan Angus Ashley DPHIL, FRCP, M.D., Ph.D. | Co-Founder and Member of Clinical & Scientific Advisory Board | 1971 |
| Michael P. Snyder Ph.D. | Co-Founder and Member of Clinical & Scientific Advisory Board | – |
| Ashish Kheterpal | Senior VP & Chief Information Officer | – |
| Stephen M. Moore J.D. | Senior VP, Chief Legal Officer & Corporate Secretary | 1972 |
| Christian Haudenschild Ph.D. | Senior Vice President of Genomic Science | – |
| Stephane Mouradian Ph.D. | Senior Vice President of Business Development | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/20/2026 Personalis, Inc. (PSNL): Other Events SEC ↗
- 08/04/2026 Personalis, Inc. (PSNL): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/20/2026 Personalis, Inc. (PSNL): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
- 07/20/2026 Personalis, Inc. (PSNL): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.