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Pulse Biosciences, Inc

PLSE Healthcare Medical Instruments & Supplies

Pulse Biosciences, Inc’s revenue for fiscal 2025 (year ended December 2025) was $350,000.00, down 50.0% from fiscal 2022.

Revenue
+359.3%
EPS
−10.3%
Free cash flow
−1,180.5%

Quarter to September 2026, against a year earlier

53.15 3.91 −6.85%
Market cap
$3.9B
P/E
0.0×
Fwd P/E
−38.1×
Dividend yield
—
F-score
n/a
Altman Z
31.41
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 13.50
Sold, $m 2.93
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 2 — — 2 — — —
Sell — — 3 — — — — — — — — —
Insider Ownership 69.37%

Capital & Financial Ratios $m

Size
Market Cap 3,860.00
Revenue ttm 1.49
Net income ttm (83.80)
Free cash flow ttm (216.07)
Net debt Q (36.72)
Valuation
P/E 0.00
Forward P/E (38.10) (negative: loss-making)
Price / sales 2,558.93 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 20.83 (above 6: high)
Financial health
Current ratio Q 14.35 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (16.40)
Growth
Revenue growth Q +359.30% (above 0%: growing)
Operating income growth Q −19.27% (below 0%: shrinking)
EPS, this year −56.81% (below 0%: weak)
EPS, next year A −6.37% (below 0%: weak)
Revenue, next year A +480.57% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A −12.75% (below 0%: weak)

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 2,578×, against a ten-year median of 626×; over the ten years it ranged from 16.8× in 2022 to 2,909× in 2026.
P/S against its own 10 years 95.52%
10-year low 10-year high
P/B against its own 10 years 88.05%
10-year low 10-year high
EV/Sales against its own 10 years 95.88%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 44 118 81 37
Receivables — — 0 0
Inventory — — 0 0
Other — — — —
45 119 83 192
2023 2024 2025 Q'26
Payables 2 2 3 3
ST’ Debt — — — —
Other — — — —
7 10 8 13

Compound Annual Growth %

10y 5y 3y
Sales — — —
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 19.43% 28.64% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.31 Actual −0.36

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.31 −0.29 Beat by 0.02
Q4 FY25 −0.32 −0.26 Beat by 0.06
Q1 FY26 −0.32 −0.27 Beat by 0.05
Q2 FY26 −0.31 −0.36 Miss by 0.05
Q3 FY26 −0.35 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.27) (0.36) (0.32) — —
’25 (0.25) (0.28) (0.29) (0.26) (1.08)
’24 (0.18) (0.20) (0.21) (0.31) (0.92)
’23 (0.26) (0.22) (0.19) (0.22) (0.88)
’22 (0.58) (0.44) (0.49) (0.25) (1.72)
’21 (0.71) (0.58) (0.48) (0.52) (2.28)
’20 (0.57) (0.53) (0.51) (0.54) (2.14)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 0 0 0 — —
’25 — — 0 0 0
’22 0 0 — 0 1
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (15) (19) (15) — —
’25 (14) (13) (13) (15) (54)
’24 (10) (8) (9) (9) (36)
’23 (7) (9) (10) (7) (33)
’22 (16) (13) (11) (8) (47)
’21 (12) (16) (13) (13) (54)
’20 (10) (8) (9) (9) (35)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (15) (19) (168) — —
’25 (14) (13) (13) (15) (54)
’24 (10) (8) (9) (9) (36)
’23 (7) (9) (11) (7) (33)
’22 (16) (13) (11) (8) (47)
’21 (12) (16) (14) (13) (55)
’20 (10) (8) (9) (10) (36)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
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 — — — — — 1 1 — — 0 1 (29.5%) 2 6 17 +263.6%
Gross margin, % 0.00 0.00 0.00 0.00 0.00 (38.79) (1,606.29) — — (54.00) 26.77 (54.0) pt
EBT (10) (26) (38) (47) (50) (64) (59) (42) (54) (73) (84) +25.4%
EBT margin, % 0.00 0.00 0.00 0.00 0.00 (4,489.42) (8,357.86) 0.00 0.00 (20,794.57) (5,609.44) (20,794.6) pt
Net income (10) (26) (38) (47) (50) (64) (59) (42) (54) (73) (84) +25.4%
Per share, $
Per share, $ Revenue 0.00 0.00 0.00 0.00 0.00 0.05 0.02 0.00 0.00 0.01 0.02 n/m
Earnings (0.86) (1.73) (2.20) (2.26) (2.14) (2.28) (1.72) (0.88) (0.92) (1.08) (1.21) +2.6%
Cash flow (0.73) (0.75) (1.40) (1.65) (1.52) (1.93) (1.39) (0.66) (0.62) (0.80) (0.88) +1.0%
Capex (0.01) (0.17) (0.02) (0.03) (0.02) (0.02) (0.01) 0.00 0.00 0.00 (2.12) (1.6%)
Free cash flow (0.74) (0.92) (1.42) (1.68) (1.54) (1.95) (1.40) (0.67) (0.62) (0.81) (3.00) +1.0%
Book value 2.30 3.12 3.88 1.48 0.98 1.28 (0.07) 0.89 1.97 1.20 2.55 (7.0%)
Shares, m 11 15 17 21 23 28 34 50 58 67 69 +22.3%
Valuation, ×
Valuation, × P/E — — — — — 0.00 0.00 — — 0.00 0.00 0.0
P/S — — — — — 0.00 60.44 — — 1,526.95 2,558.93 529.1
P/B — — — — — 11.60 0.00 — — 11.47 20.83 7.7
EV/Sales — — — — — 0.00 63.54 — — 1,502.31 2,578.39 521.9
EV/FCF — — — — — (7.28) (2.07) — — (16.72) (17.83) (8.7)
Cash, $m
Cash, $m Operating cash flow (8) (11) (24) (34) (35) (54) (47) (33) (36) (54) (63) +23.6%
Capex 0 (3) 0 (1) 0 0 0 0 0 0 (153) +20.2%
Free cash flow (8) (14) (24) (35) (36) (55) (47) (33) (36) (54) (216) +23.6%
Balance, $m
Balance, $m Working capital 16 36 57 22 15 28 56 39 109 75 179 +19.1%
Net debt (16) (38) (60) (19) (9) (17) 5 (44) (118) (81) (37) +19.4%
Shareholders’ equity 25 46 66 31 23 36 (2) 44 115 81 184 +13.7%
Returns, %
Returns, % ROA (46.84) (67.16) (62.34) (83.46) (119.82) (133.26) (88.56) (61.61) (55.93) (64.12) (54.01) (17.3) pt
ROIC (67.29) (203.55) (351.46) (248.56) (226.70) (214.91) (1,434.21) 0.00 0.00 0.00 (37.01) +67.3 pt
ROE (48.86) (71.72) (66.85) (96.78) (185.90) (217.33) (349.89) (200.47) (67.31) (74.45) (60.67) (25.6) pt
People
People Employees 13 33 54 82 95 142 61 56 75 116 — +27.5%
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

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

Pulse Biosciences, Inc vs peers in Medical Instruments & Supplies (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
TFX Teleflex Incorporated $6.5B — (loss-making) 37.4× +28.88% (above 0%: growing) −17.33% (below 0%: shrinking) +220.14% (above 0%: growing) 58.16% 12.77% Compare
MMSI Merit Medical Systems, Inc. $5.4B 33.2× 30.7× +8.35% (above 0%: growing) +50.53% (above 0%: growing) +50.18% (above 0%: growing) 48.20% 14.12% Compare
MMED MiniMed Group, Inc. $5.1B — (loss-making) 27.8× — n/m −13.92% (below 0%: shrinking) 55.16% 0.47% Compare
ICUI ICU Medical, Inc. $4.2B 69.3× 48.8× +4.37% (above 0%: growing) n/m +292.20% (above 0%: growing) 41.89% 9.34% Compare
NVST Envista Holdings Corporation $4.0B 6.4× 21.5× +3.22% (above 0%: growing) n/m −6.48% (below 0%: shrinking) 57.93% 74.50% Compare
PLSE Pulse Biosciences, Inc $3.9B — (loss-making) — (loss-making) +359.30% (above 0%: growing) n/m −1,180.54% (below 0%: shrinking) 51.65% (6,149.87%)
STVN Stevanato Group S.p.A. $3.6B 22.4× 30.2× +5.91% (above 0%: growing) +17.53% (above 0%: growing) +4,089.92% (above 0%: growing) 29.12% 18.51% Compare
WRBY Warby Parker Inc. $3.2B 434× 208× +10.40% (above 0%: growing) −20.00% (below 0%: shrinking) −30.28% (below 0%: shrinking) 54.41% 1.45% Compare
ATRC AtriCure, Inc. $3.1B 199× 573× +15.03% (above 0%: growing) n/m −0.73% (below 0%: shrinking) 77.27% 2.82% Compare
Median of peers $4.1B 51.2× 34.1× +8.35% +0.10% +24.73% 54.79% 11.06%

All 53 Medical Instruments & Supplies stocks →

Pay and ownership Proxy statement filed 11 May 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2022 424.29k (193.68k) 11.61

Ownership

Directors and executive officers, together 74.00%
Robert W. Duggan 71.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. 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

Pulse Biosciences, Inc (PLSE) Latest News

5 Nov

Impact 4 · · Business Wire

25 Oct

Impact 4 · · Simply Wall St.

22 Oct

Impact 3 · · Business Wire

17 Oct

Impact 4 · · Simply Wall St.

14 Oct

Impact 3 · · Business Wire

13 Oct

Impact 4 · · MT Newswires

10 Oct

Impact 3 · · Simply Wall St.

8 Oct

Impact 3 · · Business Wire

7 Oct

Impact 3 · · Business Wire

3 Oct

Impact 4 · · Simply Wall St.

15 Sep

Impact 3 ·

16 Aug

Impact 4 · · MarketBeat
Impact 3 ·

13 Aug

Impact 4 · · The Motley Fool transcript

7 Aug

Impact 4 · transcript
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript

6 Aug

Impact 3 ·
Impact 3 ·

29 Jul

Impact 3 ·

24 Jul

Impact 3 · · Barchart

9 Jun

Impact 3 · · Simply Wall St.

12 May

Impact 4 · · Business Wire

10 May

Impact 4 · · Simply Wall St.

8 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 3 · · MarketBeat

6 May

Impact 4 · · Business Wire

4 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Business Wire

PLSE metrics, ten years each

stockrow.com/PLSE · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com