SOPHiA GENETICS SA
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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
Yellow because one material operating question is open — not because the stock is expensive. The evidence for red is missing: the 2025 accounts carry no going concern qualification, equity is positive at $45.7 million (March 31, 2026), the credit covenants were most recently met in full at March 31, 2026 (and before that at December 31, 2025 and 2024), and on a pro forma basis — cash at March 31, 2026 plus the net proceeds of the June 18, 2026 offering — roughly $118 million sits in the bank, at most a good six quarters of runway at the most recent burn of $17.7 million per quarter, since the second-quarter burn is not yet deducted. The evidence for green is missing too: the loss has not shrunk since 2023, equity halved in twelve months, share count is up roughly 26 percent since the end of 2024, and the promised turn to adjusted EBITDA breakeven by the end of 2026 is an intention, not a result. Three numbers in the next interim report will settle it: revenue growth, adjusted EBITDA loss and the cash balance. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
SOPHiA GENETICS is not selling a story but a running platform: 391,000 analyses in 2025, 528 core genomics customers, 19 percent revenue growth and an adjusted gross margin of 74.2 percent. What it cannot yet do is pay for itself. The 2025 net loss of $79.0 million matched 2023, equity halved within a year to $47.1 million, and the cash holds mainly because 12.1 million new shares went out at $4.75 in June 2026. Add $50.0 million of secured debt at no less than 10.25 percent and a Guardant Health patent suit in exactly the region that supplies 72 percent of revenue. Buying here means buying a good product with an open bill. Not investment advice.
Growth and customer retention
Revenue rose 19 percent to $77.3 million in 2025 and 22 percent to $21.7 million in the first quarter of 2026. Net dollar retention — how much existing customers pay a year later — climbed from 104 percent (2024) to 115 percent (2025) and 117 percent (first quarter of 2026). A record 124 new core genomics customers signed in 2025.
Business model and margin
The platform earns on every analysis without running samples or labs: gross margin of 67.4 percent in 2025, or 74.2 percent adjusted — 1.4 percentage points better than 2024, even as the data volume processed grew 40 percent. The decentralized approach is a genuine differentiator against centralized lab service providers.
Earnings and cash burn
The net loss of $79.0 million in 2025 matched 2023 exactly (2024: $62.5 million), and adjusted EBITDA deteriorated from $-40.2 million to $-41.5 million. Operations and investing consumed $17.7 million in the first quarter of 2026. The path to adjusted EBITDA breakeven — which management targets for the end of 2026 — remains unproven.
Balance sheet and funding
Equity fell from $96.5 million to $47.1 million within twelve months (December 31, 2025) and further to $45.7 million (March 31, 2026), with net tangible book value of just $9.9 million on that date. Against that sit $50.0 million of secured debt at Term SOFR plus 6.25 percent. The cash only holds because shares were sold twice in 2026 — most recently 12.1 million of them at $4.75.
Litigation and regional mix
Guardant Health has been suing since July and August 2025 in the United Kingdom and at the Unified Patent Court in Paris over the MSK-ACCESS liquid biopsy test — in the very market that delivered $55.6 million of $77.3 million, or 72 percent, of 2025 revenue. The first instance in Paris went SOPHiA's way on January 23, 2026, but the appeal is live, the U.K. case is pending and no provision has been recorded.
Governance and dilution
Disclosure is detailed and candid, PricewaterhouseCoopers has audited since 2020, and there is no going concern qualification. But shares outstanding are up roughly 26 percent since the end of 2024, share-based compensation cost $16.2 million in 2025, and the annual general meeting of June 18, 2026 approved up to $17.5 million of variable pay for 2026 — with only 66.02 percent of the shares represented in favor. Ross Muken took over as chief executive on July 1, 2026 from co-founder Jurgi Camblong, who became chairman of the board.
Worth Noting
SOPHiA GENETICS did not come to us through one of our screens — on July 29, 2026 the stock appeared in none of them. It came through the filing stream of the U.S. securities regulator, the SEC: the 424B5 prospectus supplement of June 17, 2026 for the share offering. Screen lists are recalculated daily.
On valuation: we use the last sale price documented in a filing, $4.93 (closing price of June 16, 2026, cited in the prospectus supplement of June 17, 2026), and 83,895,266 shares — roughly $414 million. Fundamental data show a market value of $467 million as of July 28, 2026; the gap of roughly 13 percent reflects the price move over those six weeks and stays within our tolerance. Both anchors are stated with their dates in the text.
On data sources: SOPHiA GENETICS is registered with the SEC as a foreign private issuer and therefore files an annual report on Form 20-F and interim reports on Form 6-K — a Form 10-Q does not exist. All quarterly figures in this analysis come from the 6-K as of March 31, 2026 and its exhibits; accounting is IFRS in U.S. dollars even though the company is based in Switzerland.
Do not confuse the two loss figures: adjusted EBITDA is no side show here. For 2025 the reconciliation strips out $16.2 million of share-based compensation, $9.5 million of depreciation and amortization ($4.0 million on property and equipment, $5.6 million on intangibles) and $2.4 million of litigation expense, among other items. That turns an IFRS loss of $79.0 million into $41.5 million. Both numbers are correct, but only the first one contains the dilution existing shareholders actually bear.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SOPH since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.20 $ to 8.90 $ · Last price: 8.50 $ (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: Health Information Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| SOPHiA GENETICS SA SOPH | 0.7 | – | -0.3 | 66.6 | -79.7 | 18.6 | 164.1 |
| Veeva Systems Inc Class A VEEV | 41.1 | 44.0 | 33.4 | 75.0 | 30.9 | 16.3 | -3.9 |
| Tempus AI, Inc. TEM | 14.2 | – | 0.0 | 64.0 | -24.3 | 83.4 | -7.0 |
| BrightSpring Health Services, Inc. BTSG | 11.2 | 73.3 | 22.6 | 12.4 | 3.4 | 14.6 | 106.6 |
| 10X Genomics Inc TXG | 10.1 | – | 148.5 | 70.1 | -11.3 | 5.3 | 498.5 |
| HealthEquity Inc HQY | 7.9 | 39.6 | 16.8 | 71.3 | 29.3 | 9.5 | 2.4 |
| Hinge Health, Inc. HNGE | 7.6 | 11.9 | 71.9 | 84.5 | 19.0 | 50.6 | 59.2 |
| Doximity Inc DOCS | 4.8 | – | 18.7 | 88.1 | 21.6 | 13.1 | -63.4 |
| Waystar Holding Corp. WAY | 4.8 | – | 14.8 | 69.1 | 25.6 | 16.5 | -31.3 |
| Median of companies shown | 7.9 | 41.8 | 18.7 | 70.1 | 19.0 | 16.3 | 2.4 |
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) |
|---|---|---|---|---|---|---|---|
| 2019 | 25 | -32 | -34 | -0.53 | -32 | 22 | 52 |
| 2020 | 28 | -37 | -39 | -0.82 | -32 | 101 | 132 |
| 2021 | 40 | -71 | -74 | -1.33 | -58 | 275 | 320 |
| 2022 | 48 | -88 | -87 | -1.36 | -70 | 200 | 244 |
| 2023 | 62 | -75 | -79 | -1.22 | -49 | 151 | 206 |
| 2024 | 65 | -67 | -62 | -0.95 | -43 | 96 | 155 |
| 2025 | 77 | -71 | -79 | -1.17 | -38 | 47 | 163 |
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.
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· Total · per year
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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: Q2 | -0.15 | 40.00 | 16 | 5.00 | -96.10 | -10 | -12 |
| 2024: Q3 | -0.21 | -50.00 | 16 | -2.80 | -116.30 | -7 | -10 |
| 2024: Q4 | -0.12 | 67.60 | 18 | 4.00 | -85.50 | -11 | -13 |
| 2025: Q1 | -0.18 | -28.60 | 18 | 12.70 | -97.80 | -11 | -12 |
| 2025: Q2 | -0.25 | -66.70 | 18 | 15.90 | -122.30 | -8 | -10 |
| 2025: Q3 | -0.20 | 4.80 | 20 | 22.80 | -102.90 | -9 | -9 |
| 2025: Q4 | -0.17 | -42.40 | 22 | 22.40 | -88.40 | -9 | -9 |
| 2026: Q1 | -0.19 | -5.60 | 22 | 22.00 | -89.10 | -16 | -17 |
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 5 of our scanner strategies — each hit links to the scanner.
Growth
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 | -0.85 | -0.85 – -0.85 | 95 | -7.1% | 1 |
| 12/31/2027 | -0.50 | -0.50 – -0.50 | 119 | 41.2% | 1 |
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
Das Produkt selbst ist die KI: SOPHiA GENETICS verkauft mit SOPHiA DDM eine Cloud-Plattform, deren Auswertung genomischer und multimodaler Patientendaten laut Jahresbericht 20-F auf eigenen KI- und Machine-Learning-Algorithmen beruht — 2025 waren das 77,3 Mio. US-Dollar Umsatz aus mehr als 391.000 Analysen.
View the full file — quotes, sources, reviewed filings
„We envision a future in which all clinical diagnostic test data is channeled through a decentralized analytics platform that will provide insights powered by large real-world data sets and AI."
Wir stellen uns eine Zukunft vor, in der alle klinischen Diagnosedaten durch eine dezentrale Analyseplattform laufen, die Erkenntnisse liefert — gestützt auf große Datenbestände aus der Versorgungswirklichkeit und auf künstliche Intelligenz.
20-F · 2026-03-03 · View SEC filing
„In 2022, we unveiled SOPHiA CarePath, a multimodal module on SOPHiA DDM powered by proprietary artificial intelligence and machine learning algorithms, which also incorporates our original radiomics offering."
2022 stellten wir SOPHiA CarePath vor, ein multimodales Modul auf SOPHiA DDM, das von unseren eigenen Algorithmen für künstliche Intelligenz und maschinelles Lernen angetrieben wird und auch unser ursprüngliches Radiomics-Angebot einschließt.
20-F · 2026-03-03 · View SEC filing
„We use artificial intelligence, generative artificial intelligence, machine learning and similar tools and technologies (collectively, “AI”) in connection with our business, including in our SOPHiA DDM Platform and related solutions, applications, products and services, and may in the future expand our use of AI."
Wir setzen künstliche Intelligenz, generative künstliche Intelligenz, maschinelles Lernen und ähnliche Werkzeuge und Technologien (zusammen „KI“) in unserem Geschäft ein, einschließlich in unserer SOPHiA-DDM-Plattform und den zugehörigen Lösungen, Anwendungen, Produkten und Diensten, und wir könnten unseren KI-Einsatz künftig ausweiten.
20-F · 2026-03-03 · View SEC filing
„SOPHiA GENETICS (Nasdaq: SOPH) is an Ai-native healthcare technology company on a mission to transform patient care by expanding access to data-driven medicine globally."
SOPHiA GENETICS (Nasdaq: SOPH) ist ein KI-natives Gesundheitstechnologie-Unternehmen mit dem Ziel, die Patientenversorgung zu verändern, indem es den Zugang zu datengetriebener Medizin weltweit ausweitet.
6-K · 2026-05-05 · View SEC filing
Filings Reviewed: 20-F 2026-03-03 · 6-K 2026-05-05 · 6-K 2026-03-03 · 6-K 2026-06-04 · 424B5 2026-06-17 · 6-K 2026-06-22
Rated on July 29, 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 17.6%
- More than 10% revenue growth is expected for the coming year -69.2%
- Share count grows by less than 3% a year 1.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -31.4%
- Gross margin at 40% or higher and without meaningful erosion 61.9%
- Goodwill from acquisitions does not grow faster than revenue 5.9%
- Net debt below twice EBITDA 7 m net cash
- Operating cash flow covers the profits of the last three years 91 m
- Return on capital at 15% or higher, or up versus two years ago -62.8%
- Insiders hold at least 10% or are net buyers 7.0%
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% 20.4%
- Exp. sales growth 3Y > 5% 23.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 23.9%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -702.0%
- ROCE > 15% -62.8%
- Expected return > 10% 17.2%
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 |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Menu Philippe | Chief Medical Officer | Sell | 5,000 | 7.88 | 39,417 |
| Sep 14, 2026 | Xu Zhenyu | Chief Scientific Officer | Sell | 4,000 | 7.88 | 31,538 |
| Sep 11, 2026 | Van Well Daan | Chief Legal Officer | Sell | 6,168 | 7.63 | 47,089 |
| Sep 10, 2026 | Camblong Jurgi | Executive Chairman | Sell | 8,500 | 7.66 | 65,120 |
| Sep 8, 2026 | Hibbs Kathy L | Director | Sell | 6,250 | 8.13 | 50,818 |
| Aug 27, 2026 | Xu Zhenyu | Chief Scientific Officer | Sell | 10,000 | 8.91 | 89,096 |
| Aug 25, 2026 | Menu Philippe | Chief Medical Officer | Sell | 5,000 | 8.68 | 43,397 |
| Aug 25, 2026 | Hibbs Kathy L | Director | Sell | 6,250 | 8.68 | 54,233 |
| Aug 24, 2026 | Verma Abhimanyu | Chief Technology Officer | Sell | 5,000 | 8.80 | 44,000 |
| Aug 21, 2026 | Xu Zhenyu | Chief Scientific Officer | Sell | 5,408 | 8.40 | 45,447 |
The company
About the Company
SOPHiA GENETICS SA operates as a cloud-native software technology company in the healthcare space. It offers SOPHiA DDM platform, a cloud-native software platform for analyzing data and generating insights from multimodal data sets and diagnostic modalities. Its SOPHiA DDM platform and related solutions, applications, products, and services are used by hospitals, laboratories, and biopharmaceutical companies through its own sales force as well as distributors and industry collaborators in Switzerland, France, Italy, rest of Europe, North America, the United States, Latin America, and the Asia-pacific. The company has a partnership with Synnovis to bring blood-based cancer testing to patients in the United Kingdom. The company was incorporated in 2011 and is based in Rolle, Switzerland.
- Employees
- 415
- Headquarters
- Rolle, Switzerland
- Address
- La PiEce 12, 1180 Rolle, Switzerland
- Phone
- 41 21 694 10 60
- Website
- sophiagenetics.com
- IPO Date
- 07/23/2021
- ISIN
- CH1125843347
Management
| Name | Title | Birth Year |
|---|---|---|
| Jurgi Camblong M.B.A., Ph.D. | Co-Founder & Executive Chairman | 1978 |
| Ross Jordan Muken B.Sc. | CEO & Director | 1980 |
| George A. Cardoza M.B.A. | Executive VP & CFO | 1962 |
| Abhimanyu Verma | EVP & Chief Technology Officer | – |
| Zhenyu Xu Ph.D. | Executive VP & Chief Scientific Officer | 1983 |
| Kellen Sanger | Head of Strategy and Investor Relations | – |
| Daan van Well L.L.M., M.B.A. | Executive VP and Chief Legal & Compliance Officer | 1975 |
| Kevin Puylaert | SVP & Chief Sales Officer | – |
| Manuela Da Silva Valente B.A. | Executive VP & Chief People Officer | 1971 |
| Philippe Menu M.B.A., M.D., Ph.D. | Executive VP, Chief Medical Officer & Chief Product Officer | 1982 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
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.