Tempus AI Looks Cheap Versus a 12-Month Sum-of-Parts
Data and diagnostics segments can support about $21B of equity value versus roughly $10B today
Data & Applications is annualizing about $410M after Q2, with 73% gross margins and roughly 28% growth, pointing toward about $525M of FY27 revenue and a $5.3-6.3B value at 10-12x sales. Diagnostics generated $293.3M in Q2 (about $1.2B annualized) and is on track for about $1.5B in FY27, aided by FDA approval of the xT CDx test that lifts tumor-DNA pricing by about $200 and an estimated $85M of incremental revenue. A 10x sales multiple, below Guardant Health's roughly 13x despite slower about 24% versus about 35% CAGR, implies about $15B for diagnostics and about $21B combined versus a roughly $10B market cap.
| Instrument | Side | Target | Reason |
|---|---|---|---|
| TEM | Long | Segment-level FY27 run-rates of about $525M in high-margin data software and about $1.5B in diagnostics, including about $85M from newly reimbursed xT CDx, support a roughly $21B sum-of-parts at a conservative 10x sales multiple versus a roughly $10B market cap, leaving substantial upside if growth holds. |
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