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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. In the quarter to June 2026, revenue grew 4,922.2%, EPS fell 28.6% and free cash flow fell 45.4%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

44.27 1.32 −2.90%
Market cap
$3.3B
P/E
0.0×
Fwd P/E
−19.0×
Dividend yield
—
F-score
n/a
Altman Z
31.41
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 13.50
Total sells 2.93
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 2 — — 2 — —
Sell — — — 3 — — — — — — — —
Insider Ownership 69.58%

Capital & Financial Ratios $m

Market Cap 3,310.00
Revenue 1.19
Net Income (80.06)
Free Cash Flow (61.39)
Net Debt (101.62)
Current Ratio 9.63 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (19.00) (negative: loss-making)
P/S ratio 2,585.22 (above 10: high)
P/B ratio 30.79 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth (57.24%) (below 0%: weak)
Next Y EPS Growth (5.50%) (below 0%: weak)
Next Y revenue growth 477.71% (at or above 10%: strong)
Next 5Y EPS Growth (12.34%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2,555×, against a ten-year median of 625×; over the ten years it ranged from 16.8× in 2022 to 2,909× in 2026.
P/S against its own 10 years 94.90%
10-year low 10-year high
P/B against its own 10 years 94.99%
10-year low 10-year high
EV/Sales against its own 10 years 94.90%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 44 118 81 102
Receivables — — 0 0
Inventory — — 0 0
Other — — — —
45 119 83 106
2023 2024 2025 Q'26
Payables 2 2 3 3
ST’ Debt — — — —
Other — — — —
7 10 8 11

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%

Revenue $m

Mar Jun Sep Dec Year
’26 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) — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.27) (0.36) — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 4.03 5.82 8.60 10.60 5.11 14.11 1.18 2.36 6.60 12.56

Analyst estimates 2026–2028

Powerpack
High 6.77 39.50 24.87 19.77 25.00 45.82 15.38 13.62 22.69 25.00
People
People Employees 13 33 54 82 95 142 61 56 75 116
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00
Income, $m
Income, $m Revenue — — — — — 1 1 — — 0
Gross margin, % 0.00 0.00 0.00 0.00 0.00 (38.79) (1,606.29) — — (54.00)
EBT (10) (26) (38) (47) (50) (64) (59) (42) (54) (73)
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)
Net income (10) (26) (38) (47) (50) (64) (59) (42) (54) (73)
Depreciation 1 1 1 1 1 1 1 1 1 1
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
Earnings (0.86) (1.73) (2.20) (2.26) (2.14) (2.28) (1.72) (0.88) (0.92) (1.08)
Cash flow (0.73) (0.75) (1.40) (1.65) (1.52) (1.93) (1.39) (0.66) (0.62) (0.80)
Capex (0.01) (0.17) (0.02) (0.03) (0.02) (0.02) (0.01) 0.00 0.00 0.00
Free cash flow (0.74) (0.92) (1.42) (1.68) (1.54) (1.95) (1.40) (0.67) (0.62) (0.81)
Book value 2.30 3.12 3.88 1.48 0.98 1.28 (0.07) 0.89 1.97 1.20
Shares, m 11 15 17 21 23 28 34 50 58 67
Valuation, ×
Valuation, × P/E — — — — — 0.00 0.00 — — 0.00
P/S — — — — — 0.00 60.44 — — 1,526.95
P/B — — — — — 11.60 0.00 — — 11.47
EV/Sales — — — — — 0.00 63.54 — — 1,502.31
EV/FCF — — — — — (7.28) (2.07) — — (16.72)
Cash, $m
Cash, $m Operating cash flow (8) (11) (24) (34) (35) (54) (47) (33) (36) (54)
Capex 0 (3) 0 (1) 0 0 0 0 0 0
Free cash flow (8) (14) (24) (35) (36) (55) (47) (33) (36) (54)
Balance, $m
Balance, $m Working capital 16 36 57 22 15 28 56 39 109 75
Total debt — — — 7 11 11 66 — — —
Net debt (16) (38) (60) (19) (9) (17) 5 (44) (118) (81)
Shareholders’ equity 25 46 66 31 23 36 (2) 44 115 81
Returns, %
Returns, % ROA (46.84) (67.16) (62.34) (83.46) (119.82) (133.26) (88.56) (61.61) (55.93) (64.12)
ROIC (67.29) (203.55) (351.46) (248.56) (226.70) (214.91) (1,434.21) 0.00 0.00 0.00
ROE (48.86) (71.72) (66.85) (96.78) (185.90) (217.33) (349.89) (200.47) (67.31) (74.45)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $5.4B — (loss-making) 45.3× +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 36.4× 23.4× +9.51% (above 0%: growing) +18.18% (above 0%: growing) −25.66% (below 0%: shrinking) 51.37% 14.42% Compare
STVN Stevanato Group S.p.A. $5.3B 33.8× 27.5× +10.46% (above 0%: growing) −25.00% (below 0%: shrinking) −167.02% (below 0%: shrinking) 28.75% 12.93% Compare
ICUI ICU Medical, Inc. $4.2B 136× 49.5× +0.51% (above 0%: growing) −46.85% (below 0%: shrinking) +655.98% (above 0%: growing) 42.61% 7.09% Compare
NVST Envista Holdings Corporation $3.8B 38.8× 24.4× +7.10% (above 0%: growing) +106.25% (above 0%: growing) +37.57% (above 0%: growing) 55.72% 10.99% Compare
PLSE Pulse Biosciences, Inc $3.3B — (loss-making) — (loss-making) +4,922.22% (above 0%: growing) n/m −45.39% (below 0%: shrinking) 37.10% (5,823.04%)
WRBY Warby Parker Inc. $3.0B 334× 122× +9.81% (above 0%: growing) n/m −71.75% (below 0%: shrinking) 57.94% 1.34% Compare
ATRC AtriCure, Inc. $2.9B 259× 591× +12.83% (above 0%: growing) n/m −2.79% (below 0%: shrinking) 77.23% 6.29% Compare
LMAT LeMaitre Vascular, Inc. $1.9B 27.9× 31.5× +9.57% (above 0%: growing) +22.95% (above 0%: growing) −27.95% (below 0%: shrinking) 72.13% 28.98% Compare
Median of peers $4.0B 38.8× 38.4× +9.69% +0.42% −14.22% 56.83% 11.88%

All 55 Medical Instruments & Supplies stocks →

Pulse Biosciences, Inc (PLSE) key facts

  • Concern: Pulse Biosciences, Inc’s revenue for fiscal 2025 (year ended December 2025) was $350,000.00, down 50.0% from fiscal 2022.
  • Concern: Pulse Biosciences, Inc reported a net loss of $72.8 million, or a loss of $1.08 per share, for fiscal 2025.
  • Pulse Biosciences, Inc (PLSE) is a Medical Instruments & Supplies company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, PLSE traded at $44.27, a market capitalization of $3.3 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 2,585× sales.
  • Return on equity was −74.5% and debt-to-equity 0.00.
  • Its Altman Z-score is 31.41 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Pulse Biosciences, Inc (PLSE) Latest News

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stockrow.com/PLSE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com