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. In the quarter to June 2026, revenue fell 4.62%, EPS grew 36.8%, free cash flow fell 31.8% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Pulmonx Corporation (LUNG) Altman Z-score
Pulmonx Corporation's Altman Z-score for fiscal 2025 is −4.84, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −4.84 | (3.06) |
| FY2024 | −1.78 | (3.53) |
| FY2023 | 1.74 | (0.66) |
| FY2022 | 2.41 | (12.95) |
| FY2021 | 15.36 | 4.62 |
| FY2020 | 10.74 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.63 | — | 0.76 | |
| Retained earnings / total assets | (4.03) | — | −5.65 | |
| EBIT / total assets | (0.42) | — | −1.37 | |
| Market value of equity / total liabilities | 1.20 | — | 0.72 | |
| Sales / total assets | 0.70 | — | 0.70 | |
| Altman Z-score | Distress zone | −4.84 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −11.04 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| APYX Apyx Medical Corporation compare | 1.1× |
| ZOMDF Zomedica Corp. compare | 0.4× |
| SERA Sera Prognostics, Inc. compare | −2.1× |
| LNSR LENSAR, Inc. compare | −2.8× |
| LUNG Pulmonx Corporation | −4.8× |
| OM Outset Medical, Inc. compare | −5.4× |
| HYPR Hyperfine, Inc. compare | −6.1× |
| LUCD Lucid Diagnostics Inc. compare | −10.9× |
| ECOR electroCore, Inc. compare | −13.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets