SA

Spectral AI, Inc.

MDAI·NASDAQ

$2.02

+1.0%
HealthcareMedical - Devices

Spectral AI, Inc. operates as an artificial intelligence (AI) company. The company focuses on medical diagnostics for faster and accurate treatment decisions in wound care with applications involving patients with burns and diabetic foot ulcers. Its products include DeepView, a predictive diagnostic device that offers clinicians an objective and immediate assessment of a wound's healing potential prior to treatment or other medical intervention. The company is based in Dallas, Texas.

At a Glance

Live Snapshot
Market Cap$64.13M
EPS-0.2900
P/E Ratio-6.95
Earnings Date08/11/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal · Driver · Risk

Signal

Medium confidence

Valuation multiple is compressed (P/E -7.0).

Valuation inputs: P/E -7.0, earnings yield N/A, momentum +1.0%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is soft (ROE +1.3%, ROIC -2.0%).

Profitability stack: net margin -38.5%, ROE +1.3%, ROIC -2.0%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Downside profile is elevated and scenario stress-testing is essential.

Risk factors: liabilities/assets +126.8%, momentum +1.0%, net margin -38.5%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

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Spectral AI, Inc. Market vs Earnings Trajectory

MDAI · NASDAQ
Current Price
$2.02
EPS (TTM)
$-0.53

Performance Analysis

EPS Growth

+21.6%

Strong earnings growth indicates robust business expansion and improving profitability.

Price-EPS Relationship

Aligned

Stock price is moving in line with earnings growth—a healthy sign of fundamental-driven valuation.

Stock Price Change

+12.8%

Over the 1Y period, stock price has increased by 12.8%.

P/E Ratio (TTM)

-7.0x

Relatively low P/E may indicate undervaluation or lower growth expectations.

Key Insight

Strong earnings growth (+21.6%) is outpacing price appreciation (+12.8%), potentially indicating an attractive entry point as the market may not have fully recognized the improving fundamentals.

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Spectral AI, Inc. Fair Value Envelope

MDAI · NASDAQ

Our analysis suggests that MDAI has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $2.0153, this represents a potential HIDDEN relative to our calculated worth for Spectral AI, Inc..

Intrinsic Value
Current Price: $2.0153
3Y+81.0%
5Y-12.0%
10Y-12.0%
3Y-23.0%
5Y+29.0%
10Y+29.0%
3Y+160.0%
5Y+90.0%
10Y+90.0%
3Y+754.0%
5Y+240.0%
10Y+240.0%
3Y+754.0%
5Y+239.0%
10Y+239.0%
3Y+14.0%
5Y+12881.0%
10Y+12881.0%
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Spectral AI, Inc. Profit Bridge

MDAI · NASDAQ
Revenue19.65M
Cost of Goods Sold (10.72M)
Gross Profit8.93M
Operating Expenses (17.53M)
Operating Income-8.60M
Interest Expense (1.51M)
Other Income/Expense1.04M
Pretax Income-7.56M
Income Tax (11.00K)
Net Income-7.57M
Net Income
-7.57M

Profitability Analysis

Gross Margin

45.4%

Strong gross margins indicate healthy pricing and efficient production or service delivery.

Operating Margin

-43.8%

Operating losses indicate the core business is unprofitable. Requires restructuring or revenue growth.

Net Profit Margin

-38.5%

Net losses indicate the company is burning cash. Sustainability depends on path to profitability.

Profitability Insight

Margin squeeze alert: Healthy gross margins but weak operating margins suggest excessive operating expenses. Cost optimization could unlock significant value.

45.42%
Gross Profit Margin
1%
3Y+6.0%
5Y-
10Y-
-43.78%
Operating Profit Margin
97%
3Y+320.0%
5Y-
10Y-
-38.53%
Net Profit Margin
-26%
3Y+236.0%
5Y-
10Y-
132.20%
Return on Equity
-37%
3Y-645.0%
5Y-
10Y-
-35.37%
Return on Assets
-72%
3Y+127.0%
5Y-
10Y-
-197.00%
Return on Invested Capital
-177%
3Y+882.0%
5Y-
10Y-
M

Spectral AI, Inc. Cash Conversion Engine

MDAI · NASDAQ
Net Income-7.57M
Depreciation & Amortization635.00K
Stock-Based Compensation1.11M
Change in Working Capital-2.03M
Others-2.07M
Capital Expenditures0.00
Free Cash Flow-9.92M

Cash Flow Quality Analysis

FCF Conversion Rate

131.0%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

FCF Growth Trend

-7.8%

Declining FCF warrants attention. Investigate whether due to temporary factors or fundamental deterioration.

Working Capital Impact

-$2.03M

Moderate working capital outflow. Typical for growing businesses, but ensure it's supporting revenue growth, not inefficiency.

Cash Flow Quality Insight

Working capital strain: Significant cash tied up in operations. Monitor receivables collection, inventory turns, and payment terms to optimize cash conversion cycle.

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Spectral AI, Inc. Funding & Solvency Profile

MDAI · NASDAQ
Cash & Cash Equivalents11.65M
Net Receivables1.19M
Inventory831.00K
Other Current Assets2.31M
Total Current Assets16 M
Property, Plant & Equipment1.49M
Goodwill & Intangible Assets0.00
Long-Term Investments0.00
Other Non-Current Assets260.00K
Total Non-Current Assets2 M
Total Assets
17.73M

Financial Health Analysis

Current Ratio

0.75x

Warning: Liquidity concerns. Current assets may not be sufficient to cover short-term obligations.

Working Capital

-5287000

Negative working capital indicates short-term liabilities exceed short-term assets—potential liquidity stress.

Asset Composition

90% Current

Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.

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Spectral AI, Inc. Street Expectations Map

MDAI · NASDAQ

Wall Street analysts project that MDAI stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 4.00, with estimates ranging from a low of 4.00 to a high of 4.00.

Lowest Target
4.00
98.48%
Consensus Target
4.00
98.48%
Highest Target
4.00
98.48%

The consensus 1-year price target stands at 4.00, with estimates ranging from a low of 4.00 to a high of 4.00.

Analyst Consensus Analysis

Upside Potential

+98.5%

Substantial upside potential. Analysts see significant value gap, suggesting the stock may be materially undervalued at current levels.

Analyst Agreement

0.0% spread

High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.

Analyst Conviction

Very High

Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.

Market Sentiment Insight

Rare opportunity: Exceptional upside potential with strong analyst consensus creates a compelling setup. The combination of significant price target premium and tight agreement suggests high-conviction undervaluation that may attract institutional capital.

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Spectral AI, Inc. Insider Positioning

MDAI · NASDAQ

During the last 12 months, insiders have purchased $33K worth of MDAI shares, with no selling activity reported.

3 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

3-6 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

6-9 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

9-12 Months

Bought

16.7K

33.32K

Sold

0

0.00

Net Activity

+33K

+$33K

Top Buyers

1
DJM

Dimaio John Michael

Director

11.7K shares2 transactions

$25K

2
MMC

Mellish Martin C.B.

Director

5.0K shares1 transactions

$9K

Top Sellers

No selling activity

Insider Activity Analysis

Net Insider Sentiment

Bullish

Strong bullish signal with $33K net buying. Insiders are aggressively accumulating shares, suggesting significant confidence in future prospects.

Buy/Sell Ratio

∞:1

Perfect buy/sell ratio. Only buying activity with zero selling—the most bullish possible insider signal.

Insider Participation

High Buying

2 insider buyers vs. 0 sellers. Broad-based buying across management team suggests widespread confidence.

Insider Activity Insight

Compelling insider conviction: The combination of strong buy/sell ratio and multiple buyers suggests insiders see attractive risk/reward. Consider this alongside fundamental analysis for confirmation.

No Dividend Yield Data

MDAI has not reported any dividend yield values in the available annual periods.

 

mdai Dividend History

MDAI
10Y CAGR +0%
Latest $0
Annual $0
Stable dividend payments
Last Period: +0%