Ceribell, Inc.

CBLL
About the company

CeriBell, Inc. operates as a medical technology company in the United States. It develops the Ceribell System, a novel and point-of-care EEG platform specifically designed to address the unmet needs of patients in the acute care setting. The company also offers disposable, flexible headbands, and headcaps; and a pocket-sized, rechargeable battery-operated recorder used to capture and wirelessly transmit EEG signals; and Clarity, an AI-powered seizure detection algorithm. In addition, it operates an EEG portal, which enables real-time remote access to a patient's EEG data.

Country: United StatesPrice: $26.14Market Cap: $1.0B

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

1 / 14

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

7 of 12 pass — Graham, Buffett, Lynch +2 more object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2244 (Top 72.5%)PASSFAILFAILFAILFAILFAILFAILFAILFAILFAILFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-24

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage58% pass✓ 10✗ 5▾

    7 of 12 pass — Graham, Buffett, Lynch +2 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.17, IC: -47.4x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.17
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities8.18
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.17
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.17
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-47.4x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.17
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.1702; #1572/4210 (top 37.3%)
    ✗AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 4✗ 31▾

    No clean pass — all 16 investors flag at least one profitability criterion

    Positive EPS (10 years)0/4 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/4 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-27.8%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-52.8M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-62.9%
    ✗Lynch> 15%
    EBIT / Enterprise Value-5.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-5.9%, ROC=-45.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-27.28%
    ✗PiotroskiROA > 0
    ROA Change YoY-17.95% -> -27.28% (delta: -9.33%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-20.84%, ROA=-27.28%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY86.7% -> 87.9%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue-68.0%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-62.9%
    ✗Dreman> 12%
    Margin of SafetyP/B=6.3x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-27.8% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-69.8%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-62.9%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-66.4% (2023) -> -65.6% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 84.4% -> 87.9%, operating margin -66.4% -> -65.6%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-7.28%; #4037/6340 (top 63.7%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+62.06%; #438/3702 (top 11.8%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity-62.86%; #4342/5226 (top 83.1%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1346; #3832/5884 (top 65.1%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation0% pass✗ 28▾

    All 13 investors flag CBLL's valuation

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio6.3x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-5.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-5.9%, ROC=-45.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share6.3x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-5.4%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-4.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=6.3x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low229% of trailing low ($11.40)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-7.28%; #4037/6340 (top 63.7%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.1158; #4661/6449 (top 72.3%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share6.33x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.1071; #4304/5247 (top 82.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-5.56%; #3013/4519 (top 66.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+44.02%; #745/6202 (top 12.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-52.8M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-56.4M
    ✗LynchPositive and growing
    Operating Cash Flow$-40.8M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-20.84%, ROA=-27.28%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-4.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/3 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-5.7%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/3 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-56.4M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-5.56%; #3013/4519 (top 66.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 2✗ 11▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 15.5% vs Rev: 31.3%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-5.56 (2023) -> $-1.46 (2025)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth40.4%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency2/2 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 84.4% -> 87.9%, operating margin -66.4% -> -65.6%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts6% pass✓ 1✗ 15▾

    Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2244✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1424/2370 (Top 60.1%))✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag CBLL's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio8.18
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-113.0%
    ✗Buffett> 10%
    ROIC - WACC-123.0%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-45.2%
    ✗Greenblatt> 25%
    Current Ratio Change YoY16.73 -> 9.73
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.29x -> 0.45x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities8.18
    ✓Dreman> 1.5
    Return on Invested Capital-43.6%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-14.9%; FY2025: ROIC=-26.3%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/2 years above 12% (latest -26.3%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Medical Equipment
SIC Sector: Measuring & Medical Instruments
Size: Small Cap($1.0B)
Revenue: $89.1M+36.1% YoY
Net Income: $53.4M-32.0% YoY

Financial Snapshot

Operating Margin-65.6%
Return on Equity-34.4%
Debt / Equity0.13
Current Ratio9.73
EPS (Diluted)$-1.46

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-24
FY 2024
Sources
  • 10-K · 2025-02-25
FY 2023
Sources
  • 10-K · 2025-02-25
FY 2022
Sources
  • 10-K · 2025-02-25
Market Cap$1.0Bcurrent------$775.8Mest.$275.0Mest.$142.8Mest.--
Revenue$108.7M↑31%$29.3M↑30%$28.1M↑33%$26.5M↑29%$89.1M↑36%$65.4M↑45%$45.2M--
Operating Income-$75.9M↓34%-$20.5M↓40%-$20.0M↓34%-$20.7M↓46%-$58.4M↓47%-$39.7M↓32%-$30.0M--
Net Income-$73.9M↓41%-$21.4M↓59%-$19.3M↓41%-$19.7M↓54%-$53.4M↓32%-$40.5M↓37%-$29.5M--
EPS (Diluted)--$-0.55↓49%$-0.51↓34%$-0.52↓44%$-1.46↑57%$-3.39↑39%$-5.56--
Gross Margin89.3%↑1%89.8%↑2%92.3%↑5%87.3%↓1%87.9%↑1%86.7%↑3%84.4%—
Operating Margin-69.8%↓2%-70.0%↓8%-71.1%↓1%-78.3%↓13%-65.6%↓8%-60.7%↑9%-66.4%—
ROE-62.9%↓97%———-34.4%↓62%-21.2%↓181%26.2%—
Total Debt$20.0M↑1%$20.0M↑1%$20.0M↑2%$19.9M↑2%$19.8M↑1%$19.6M↑65%$11.8M--
Shareholders' Equity$117.5M↓28%$117.5M↓28%$128.3M↓25%$140.8M↓22%$155.3M↓19%$191.2M↑270%-$112.3M↓30%-$86.4M
Current Ratio8.18↓35%8.18↓35%9.18↓31%10.44↓40%9.73↓42%16.73↑595%2.41—
Debt / Equity0.17↑41%0.17↑41%0.16↑36%0.14↑30%0.13↑25%0.10↑197%-0.11—
Operating Cash Flow-$56.0M↓40%-$13.1M↓18%-$12.9M↓71%-$19.3M↓69%-$40.8M↓16%-$35.0M↓20%-$29.2M--
Free Cash Flow-$56.4M↓38%-$13.2M↓15%-$12.9M↓69%-$19.4M↓68%-$41.6M↓14%-$36.4M↓21%-$30.1M--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Medical Equipment

CBLL vs Peers — Financial Grading

Revenue$89.1MBottom 25%
Net Income$53.4MBottom 25%
ROE-34.4%Bottom 25%
D/E0.13Top 25%
Op. Margin-65.6%Bottom 25%
Curr. Ratio9.73Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
ALCON INCALC$35.6B$74.12$10.4B$980.0M4.4%0.2113.1%2.122/91/93/70/3F-Score 64/11
KONINKLIJKE PHILIPS NVPHG$29.7B$30.34$21.0B$1.1B8.2%0.648.0%1.321/91/91/70/3F-Score 53/11
WEST PHARMACEUTICAL SERVICES INCWST$29.0B$416.42$3.1B$493.7M15.5%0.0619.0%3.024/96/96/71/3F-Score 75/11
SMITH & NEPHEW PLCSNN$13.1B$31.28$6.2B$625.0M11.8%0.5912.9%2.572/90/91/70/3F-Score 64/11
MSA Safety IncMSA$6.7B$174.17$1.9B$278.9M20.4%0.4219.8%3.015/95/94/71/3F-Score 57/11
STAAR SURGICAL COSTAA$1.3B$26.39$239.4M$80.4M-23.4%—-38.3%4.552/92/92/70/3F-Score 33/11
ARTIVION, INC.AORT$931.9M$19.10$441.3M$9.8M2.2%0.487.6%3.532/90/90/70/3F-Score 71/11
InMode Ltd.INMD$763.6M$13.27$370.5M$93.8M13.7%—23.0%9.885/93/90/73/3F-Score 44/11