How does Marpai's valuation (P/E, EV/EBITDA) compare to its direct competitors in the healthcare technology space?
Answer
The press release you shared announces Marpai Inc.’s upcoming Q2 2025 earnings webcast (August 14, 2025) but it does not include any valuation multiples—such as the price‑to‑earnings (P/E) ratio or enterprise‑value‑to‑EBITDA (EV/EBITDA)—for Marpai or for its peers. Because those key figures are missing, I can’t calculate a direct, data‑driven comparison from this specific news item alone.
Below is a step‑by‑step guide (and a sample framework) you can use to evaluate Marpai’s valuation relative to the most relevant competitors in the healthcare‑technology / third‑party‑administration (TPA) space.
1. Identify the “direct‑competitor” set
Typical public peers for a company that combines health‑tech platforms with TPA services include:
| Sub‑segment | Example Companies (OTCQX/NYSE/NASDAQ) |
|---|---|
| Health‑tech platforms / digital health | Cerner Corp. (CERN), Allscripts Healthcare Solutions (MDRX), ** athenahealth (private), **Health Catalyst (HCAT) |
| TPA / benefits administration | Paychex (PAYX), Automatic Data Processing (ADP), WageWorks (private), TriNet (TRN) |
| Hybrid health‑tech + TPA | eHealth (private), Benefitfocus (private), Maven (private) – these are private but often used as benchmarks via comparable multiples from public peers. |
When you build a peer list, focus on companies that:
- Generate the bulk of revenue from recurring SaaS or subscription‑based health‑technology solutions (e.g., EMR, telehealth, analytics).
- Provide third‑party administration or benefits‑management services (claims processing, enrollment, compliance).
- Operate at a similar scale (market‑cap range of roughly $500 M–$3 B), because valuation multiples can vary dramatically across size tiers.
2. Gather the valuation data you need
| Metric | How to calculate (or where to find) |
|---|---|
| P/E (Price‑to‑Earnings) | Share price ÷ EPS (Trailing twelve‑month). Use Bloomberg, FactSet, Yahoo Finance, or the “Key Statistics” section on each company’s investor‑relations page. |
| EV/EBITDA | Enterprise value (market cap + debt – cash) ÷ EBITDA (TTM). Enterprise value is also listed on most data‑providers’ summary pages. |
| EV/Revenue (optional) | Helpful when EBITDA is still negative or thin. |
| PEG (optional) | P/E ÷ 5‑year EPS growth rate. Useful for growth‑oriented health‑tech firms. |
Data sources you can tap in real‑time:
- SEC EDGAR filings (10‑K, 10‑Q) – provides the raw earnings numbers.
- Yahoo Finance / Google Finance – quick snapshot of P/E, market cap, debt, cash.
- FactSet / Bloomberg Terminal – gives EV/EBITDA and peer‑group screens.
- S&P Capital IQ – offers peer‑group creation and multiple‑comparison tools.
3. Build a valuation comparison table
Below is a template you can populate once you have the latest numbers (e.g., after Marpai releases its Q2 2025 results on August 14). I’ve filled in illustrative numbers that reflect typical ranges for the sector in 2024‑2025; do not treat these as Marpai’s actual values.
| Company | Market Cap (US$) | Share Price | EPS (TTM) | P/E | Net Debt (US$) | Cash (US$) | EV | EBITDA (TTM) | EV/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Marpai (MRAI) | 1.1 B | 12.45 | 0.68 | 18.3× | 120 M | 45 M | 1.15 B | 95 M | 12.1× |
| Cerner (CERN) | 5.8 B | 30.10 | 2.45 | 12.3× | 1.2 B | 1.0 B | 5.6 B | 560 M | 10.0× |
| Paychex (PAYX) | 22.0 B | 115.00 | 5.10 | 22.5× | 2.5 B | 1.8 B | 23.7 B | 1.2 B | 19.8× |
| Health Catalyst (HCAT) | 1.6 B | 45.00 | 0.30 | 150× | 80 M | 30 M | 1.65 B | 70 M | 23.6× |
| Allscripts (MDRX) | 1.3 B | 22.00 | 0.55 | 40× | 150 M | 70 M | 1.38 B | 120 M | 11.5× |
Interpretation of the illustrative data
| Insight | What it means for Marpai |
|---|---|
| P/E | At ~18×, Marpai sits mid‑range between high‑growth health‑tech firms (e.g., Health Catalyst at 150×) and more mature, lower‑growth SaaS peers (e.g., Cerner at 12×). It is cheaper than a pure‑play health‑tech growth story but pricier than a traditional TPA provider like Paychex (22×) if the market perceives slower growth. |
| EV/EBITDA | An EV/EBITDA of ~12× suggests Marpai is valued similarly to the broader SaaS market (often 10‑15×) and below the higher‑margin TPA specialists (e.g., Paychex at ~20×). This could indicate the market is rewarding Marpai’s recurring‑revenue model but still applying a modest premium for its TPA capabilities. |
| Growth vs. profitability | If Marpai’s EBITDA margin is expanding (e.g., from 8% to 12% YoY) while revenue growth stays in the high‑20% range, the 12× EV/EBITDA would look attractive relative to peers that either have higher margins but slower growth (Paychex) or higher growth but lower margins (Health Catalyst). |
4. How to update the table once the Q2 2025 results are out
- Download Marpai’s Q2 2025 earnings release (usually a PDF or a Form 8‑K filing).
- Extract the latest EPS (or Net Income) and EBITDA figures.
- Pull the current share price (e.g., from Nasdaq.com) and calculate market cap = shares outstanding × price.
- Gather the balance‑sheet totals (total debt, cash) from the same filing to compute EV.
- Repeat steps 2‑4 for each competitor (most will have their latest 10‑K/10‑Q already posted).
- Populate the template and compute the multiples.
5. What to watch for in the webcast
When you listen to the August 14, 2025 earnings call, the management team will likely discuss:
- Revenue mix (percentage of SaaS vs. TPA‑service fees).
- Margin trajectory (gross, EBITDA, and net).
- Guidance for FY 2025 (especially any revised growth targets).
- Capital‑allocation plans (e.g., M&A, R&D spend) that could affect future valuation multiples.
These forward‑looking statements can help you adjust the multiples for a forward‑looking view (e.g., forward P/E or forward EV/EBITDA) if you want a more predictive comparison.
6. Quick “next‑step” checklist
| ✅ | Action |
|---|---|
| 1 | Retrieve Marpai’s latest 10‑Q (Q2 2025) from SEC EDGAR. |
| 2 | Collect the most recent P/E and EV/EBITDA for each identified competitor (Cerner, Paychex, Health Catalyst, Allscripts, etc.). |
| 3 | Populate the comparison table using the template above. |
| 4 | Analyze the spread: higher vs. lower multiples → growth expectations, margin profile, risk premium. |
| 5 | Re‑visit after the webcast to incorporate any updated guidance or forward‑looking metrics. |
Bottom line
- The current press release does not provide the valuation multiples needed for a direct comparison.
- You can still conduct a thorough analysis by pulling the necessary financial data from SEC filings, market‑data platforms, and the companies’ investor‑relations sites.
- Once you have the numbers, the template and interpretation framework above will let you see whether Marpai is trading at a premium, discount, or parity relative to its healthcare‑technology and TPA peers.
If you need help locating the specific filings or building the peer‑group screen in a particular data platform (e.g., Bloomberg, FactSet), let me know and I can walk you through the exact steps.