CareDx, Inc. (CDNA) stock analysis
Close on Nov 13, 2026Market cap $4.09BP/E 32.6Yield –
StockData Score
Prices as of Nov 13, 2026How the score works
Mixed12 of 30 checks passed
CareDx passes 12 of the 30 checks behind our score; 11 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 4/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 69.8%, above the 10% that usually covers the cost of capital.
No debt
CareDx has no borrowings on its latest balance sheet.
Interest well covered
No meaningful interest expense to cover.
Debt covered by cash flow
There is no debt to cover.
What to watch
Margin of safety under 20%
The price is 32.5% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $77.88 is above our fair value estimate of $58.77.
Return on equity under 15%
Return on equity was 33.0% over the last twelve months and averaged -14.0% over five years; we look for 15% on both.
Revenue growing under 10% a year
Revenue grew 5.7% a year over the last three fiscal years, short of the 10% we look for.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E above the industry
CareDx's P/E of 32.6 is above the Health Services median of 24.0.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
CareDx's price-to-book of 8.75 is above the Health Services median of 2.91.
Trading above fair value
The share price of $77.88 is above our fair value estimate of $58.77.
Margin of safety under 20%
The price is 32.5% above fair value, so there is no margin of safety.
Growth2/6
Revenue growing under 10% a year
Revenue grew 5.7% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 38.9% over the last twelve months; the Health Services median is 16.9%.
Guidance raised
CareDx raised its full year 2026 revenue outlook on Oct 29, 2026.
Gross margin trend
This company does not report gross profit.
Past performance4/6
Return on equity under 15%
Return on equity was 33.0% over the last twelve months and averaged -14.0% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 69.8%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
CareDx's return on equity of 33.0% is above the Health Services median of -10.0%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 25.9% over the last twelve months, against a 5-year average of -18.4%.
Net margin above the industry
CareDx's net margin of 25.9% is above the Health Services median of -10.3%.
Financial health6/6
No debt
CareDx has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 2.31 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 14.77; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
CareDx has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$58.77
The share price is 33% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 24.0× | – | 24.0× | $57.27 | 53% |
| EV/EBITDA | 21.8× | – | 21.8× | $60.49 | 47% |
| Earnings powerleft out, too far from the others | 12.6% cost of equity | – | – | $3.10 | – |
| Fair value | $58.77 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- EV/EBITDA at month end
- Health Services median 21.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $101.52M
- Value traded per 1% price move
- $30.82M
Downside
Low risk
- Typical loss in a bad month
- 12.9%
- Volatility (annualized)
- 75%
- Sharpe ratio, 1 year
- 4.96
- Beta to the S&P 500 (5Y)
- 1.51
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.8% | +5.7% | +14.6% | +29.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -161.2% | -9.9% | -6.3% | |
| Return on assets | -59.6% | -7.2% | -4.7% | |
| Current ratio | 0.65 | 3.95 | 2.86 | |
| Debt to equity | 1.23 | 0.00 | – | |
| Net debt to EBITDA | -0.19× | 8.69× | – | |
| Inventory turnover | 3.3× | – | – | |
| Capex to revenue | 1.4% | – | – | |
| Diluted shares | 16M | 46M | 53M |
Cash use needs five years of cash flow figures
CareDx does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -5.6% | 0.84× | 1.33× | -6.3% |
| FY2024 | 15.7% | 0.70× | 1.50× | 16.4% |
| FY2023 | -67.9% | 0.56× | 1.46× | -55.0% |
| FY2022 | -23.8% | 0.58× | 1.24× | -17.1% |
| FY2021 | -10.3% | 0.63× | 1.26× | -8.2% |
| FY2020 | -9.7% | 0.74× | 1.38× | -9.9% |
| FY2019 | -17.3% | 0.90× | 1.45× | -22.5% |
| FY2018 | -61.1% | 0.71× | 2.39× | -104.1% |
| FY2017 | -114.8% | 0.60× | 12.01× | -831.1% |
| FY2016 | -97.1% | 0.61× | 2.70× | -161.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$21.35M
- Cash generatingOperating cash flow above zero$42.03M
- Return on assets improvedROA up on the prior year11.3% → -4.3%
- Earnings backed by cashOperating cash flow above net income$42.03M vs -$21.35M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.94 → 2.86
- No dilutionShare count did not rise57M → 53M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.72 → 0.77
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