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Pulmonx Corporation

LUNG Healthcare Medical Devices

Pulmonx Corporation’s revenue for fiscal 2025 (year ended December 2025) was $90.5 million, up 8.01% from fiscal 2024.

Revenue
+6.20%
EPS
+42.8%
Free cash flow
+61.3%
Total debt
+1.57%

Quarter to September 2026, against a year earlier

2.57 0.01 +0.39%
Market cap
$111.5M
P/E
0.0×
Fwd P/E
−3.1×
Dividend yield
—
F-score
3/9
Altman Z
−4.84
Beneish M
−3.38
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.51
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — 4 — — 4 — — 4 — —
Insider Ownership 10.95%

Capital & Financial Ratios $m

Size
Market Cap 111.49
Revenue ttm 88.78
Net income ttm (42.55)
Free cash flow ttm (25.61)
Net debt Q (15.23)
Valuation
P/E 0.00
Forward P/E (3.07) (negative: loss-making)
Price / sales 1.22
Forward P/S Powerpack
Price / FCF 0.00
Price / book 3.17
Financial health
Current ratio Q 4.05 (at or above 1.5: strong)
Debt / equity Q 1.10
Interest coverage Q (6.07)
Growth
Revenue growth Q +6.20% (above 0%: growing)
Operating income growth Q +47.96% (above 0%: growing)
EPS, this year +27.22% (at or above 15%: strong)
EPS, next year A +5.17%
Revenue, next year A +0.32%
EPS, past 5 yrs —
EPS, next 5 yrs A +16.12% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 3.9×; over the ten years it ranged from 0.2× in 2025 to 43.8× in 2021.
P/S against its own 10 years 21.41%
10-year low 10-year high
P/B against its own 10 years 60.25%
10-year low 10-year high
EV/Sales against its own 10 years 24.35%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 117 102 70 53
Receivables 12 13 12 12
Inventory 17 17 16 15
Other — — — —
150 136 102 84
2023 2024 2025 Q'26
Payables 1 4 4 5
ST’ Debt 2 3 — —
Other — — — —
23 24 20 21

Compound Annual Growth %

10y 5y 3y
Sales — 22.55% 19.03%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (24.87%) (29.43%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.26 Actual −0.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.39 −0.25 Beat by 0.14
Q1 FY26 −0.33 −0.33 Met by 0.00
Q2 FY26 −0.28 −0.24 Beat by 0.04
Q3 FY26 −0.26 −0.19 Beat by 0.07
Q4 FY26 −0.23 — Reports 3 March 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.33) (0.24) (0.19) — —
’25 (0.36) (0.38) (0.34) (0.25) (1.33)
’24 (0.36) (0.39) (0.36) (0.33) (1.44)
’23 (0.42) (0.43) (0.39) (0.36) (1.60)
’22 (0.43) (0.40) (0.38) (0.38) (1.59)
’21 (0.34) (0.34) (0.28) (0.35) (1.35)
’20 (3.76) (6.16) (1.37) (0.27) (3.16)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 21 23 23 — —
’25 23 24 22 23 90
’24 19 21 20 24 84
’23 15 17 18 19 69
’22 11 14 14 15 54
’21 9 12 13 14 48
’20 9 4 11 10 33
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) (5) (3) — —
’25 (13) (4) (8) (7) (32)
’24 (12) (6) (7) (7) (32)
’23 (13) (8) (9) (8) (38)
’22 (15) (10) (11) (10) (45)
’21 (10) (13) (8) (11) (41)
’20 (10) (8) (6) (7) (31)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) (5) (3) — —
’25 (14) (4) (8) (7) (33)
’24 (12) (6) (8) (7) (33)
’23 (13) (8) (9) (9) (38)
’22 (16) (10) (11) (10) (46)
’21 (10) (13) (10) (12) (45)
’20 (10) (8) (6) (8) (32)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 20 33 33 48 54 69 84 90 89 +24.1% 91 99 111 +7.0%
Gross margin, % — — 61.42 68.77 64.77 73.59 74.29 73.90 74.00 74.19 77.42 +12.8 pt
EBT — — (18) (20) (32) (48) (59) (60) (56) (53) (42) +16.4%
EBT margin, % — — (92.32) (62.40) (97.82) (99.80) (109.15) (87.76) (66.71) (58.98) (47.24) +33.3 pt
Net income — 0 (18) (21) (32) (49) (59) (61) (56) (54) (43) n/m
Per share, $
Per share, $ Revenue — — 11.94 18.35 3.21 1.34 1.45 1.81 2.14 2.22 2.06 (21.3%)
Earnings — — (11.03) (11.66) (3.16) (1.35) (1.59) (1.60) (1.44) (1.33) (1.01) (26.1%)
Cash flow — — (10.98) (11.69) (3.01) (1.15) (1.22) (0.99) (0.81) (0.80) (0.59) (31.3%)
Capex — — (0.18) (0.41) (0.09) (0.10) (0.04) (0.02) (0.04) (0.01) 0.00 (32.8%)
Free cash flow — — (11.16) (12.10) (3.10) (1.25) (1.25) (1.01) (0.84) (0.81) (0.59) (31.3%)
Book value — — (15.99) 10.11 22.20 5.35 4.15 3.12 2.19 1.33 0.79 n/m
Shares, m — — 2 2 10 36 37 38 39 41 42 +57.7%
Valuation, ×
Valuation, × P/E — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — — 3.33 3.33 21.48 23.93 5.18 7.02 3.17 0.99 1.22 8.6
P/B — — 0.00 0.00 3.11 6.00 1.80 4.08 3.09 1.66 3.17 2.5
EV/Sales — — 3.58 3.58 14.98 20.61 2.87 5.86 2.40 0.63 1.05 6.8
EV/FCF — — (4.36) (4.36) (15.54) (22.15) (3.31) (10.47) (6.09) (1.74) (3.64) (8.5)
Cash, $m
Cash, $m Operating cash flow — — (18) (21) (31) (41) (45) (38) (32) (32) (26) +8.4%
Capex — — 0 (1) (1) (4) (1) (1) (1) 0 0 +6.0%
Free cash flow — — (19) (21) (32) (45) (46) (38) (33) (33) (26) +8.4%
Balance, $m
Balance, $m Working capital — — 3 27 237 190 150 127 112 82 63 +58.6%
Net debt — — 29 (13) (213) (161) (124) (80) (65) (33) (15) n/m
Shareholders’ equity — — (27) 18 226 193 154 118 86 54 34 n/m
Returns, %
Returns, % ROA — — (246.17) (60.41) (20.32) (19.51) (27.48) (32.76) (33.11) (36.97) (34.25) +209.2 pt
ROIC — — (349.72) (221.87) (150.98) (90.74) (122.32) (101.28) (169.73) (158.98) (129.86) +190.7 pt
ROE — — 10.42 11.67 (166.33) (23.21) (33.94) (44.68) (55.25) (77.19) (90.31) (87.6) pt
People
People Employees — — — 202 170 160 269 279 291 296 — +6.6%
Revenue/emp, $m — — 0.00 0.16 0.19 0.30 0.20 0.25 0.29 0.31 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Pulmonx Corporation vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MXCT MaxCyte, Inc. $135.2M — (loss-making) — (loss-making) −14.53% (below 0%: shrinking) n/m +54.74% (above 0%: growing) 76.96% (140.72%) Compare
QTRX Quanterix Corporation $130.5M — (loss-making) — (loss-making) +34.44% (above 0%: growing) n/m +18.92% (above 0%: growing) 38.52% (150.22%) Compare
APYX Apyx Medical Corporation $128.9M — (loss-making) — (loss-making) +8.95% (above 0%: growing) n/m +53.17% (above 0%: growing) 64.16% (4.07%) Compare
OWLT Owlet, Inc. $123.9M — (loss-making) — (loss-making) +29.94% (above 0%: growing) n/m +55.74% (above 0%: growing) 64.44% 5.14% Compare
LUNG Pulmonx Corporation $111.5M — (loss-making) — (loss-making) +6.20% (above 0%: growing) n/m +61.33% (above 0%: growing) 76.19% (32.80%)
ZOMDF Zomedica Corp. $95.4M — (loss-making) — (loss-making) +22.29% (above 0%: growing) n/m +32.51% (above 0%: growing) 61.06% (34.60%) Compare
CATX Perspective Therapeutics, Inc. $90.0M — (loss-making) — (loss-making) −72.07% (below 0%: shrinking) n/m −66.09% (below 0%: shrinking) 100.00% (36,120.99%) Compare
NYXH Nyxoah SA $82.6M — (loss-making) — (loss-making) +486.62% (above 0%: growing) n/m +4.01% (above 0%: growing) 59.73% (268.25%) Compare
LUCD Lucid Diagnostics Inc. $79.3M — (loss-making) — (loss-making) +26.74% (above 0%: growing) n/m −7.04% (below 0%: shrinking) 1.97% (868.45%) Compare
Median of peers $109.6M — — +24.52% — +25.72% 62.61% (145.47%)

All 149 Medical Devices stocks →

Pay and ownership Proxy statement filed 22 April 2026

Ownership

Directors and executive officers, together 7.50%
PRIMECAP Management Co/CA/ 11.50%
Morgan Stanley and Morgan Stanley Capital Services LLC 8.00%
BlackRock, Inc. 6.40%
Soleus Capital Master Fund, L.P. and affiliated persons 6.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Pulmonx Corporation (LUNG) Latest News

27 Oct

Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire earnings
Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks

15 Aug

Impact 4 · · MarketBeat

7 Aug

Impact 3 · · The Motley Fool transcript

3 Aug

Impact 3 ·

30 Jul

Impact 3 · · Moby

29 Jul

Impact 3 · · MarketBeat transcript
Impact 3 ·

30 Apr

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · GuruFocus.com

29 Apr

Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

19 Apr

Impact 4 · · Simply Wall St.

4 Apr

Impact 4 · · Simply Wall St.

21 Mar

Impact 3 · · Simply Wall St.

5 Mar

Impact 4 · · Moby
Impact 4 · · GuruFocus.com

4 Mar

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswireGuruFocus.comMarketBeatMotley FoolSimply Wall St.MobyMobyMarketBeat
Impact 3 · · Zacks

10 Jan

Impact 3 · · Simply Wall St.

25 Dec

Impact 4 · · Simply Wall St.

11 Dec

Impact 4 · · Simply Wall St.

3 Dec

Impact 4 · · Simply Wall St.
stockrow.com/LUNG · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com