Pulmatrix, Inc.
PULM Healthcare Biotechnology
Pulmatrix, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $7.8 million, up 6.96% from fiscal 2023. In the quarter to June 2026, revenue fell 99.9%, EPS grew 31.0% and free cash flow grew 41.3%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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Pulmatrix, Inc. (PULM) Altman Z-score
Pulmatrix, Inc.'s Altman Z-score for fiscal 2024 is −27.85, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | −27.85 | (15.63) |
| FY2023 | −12.22 | (3.28) |
| FY2022 | −8.94 | (4.12) |
| FY2021 | −4.83 | 2.18 |
| FY2020 | −7.00 | 2.20 |
| FY2019 | −9.20 | 11.77 |
| FY2018 | −20.97 | (4.82) |
| FY2017 | −16.15 | 1.16 |
| FY2016 | −17.30 | (13.76) |
| FY2015 | −3.55 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.90 | — | 1.09 | |
| Retained earnings / total assets | (29.89) | — | −41.84 | |
| EBIT / total assets | (0.98) | — | −3.24 | |
| Market value of equity / total liabilities | 25.59 | — | 15.36 | |
| Sales / total assets | 0.79 | — | 0.79 | |
| Altman Z-score | Distress zone | −27.85 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −88.66 | ||
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 |
|---|---|
| CDIO Cardio Diagnostics Holdings, Inc. compare | −3.6× |
| CELZ Creative Medical Technology Holdings, Inc. compare | −4.3× |
| LGVN Longeveron Inc. compare | −24.1× |
| PULM Pulmatrix, Inc. | −27.9× |
| CANF Can-Fite Biopharma Ltd compare | −28.0× |
| XBIO Xenetic Biosciences, Inc. compare | −30.9× |
| BGMS Bio Green Med Solution, Inc. compare | −78.9× |
| PCSA Heatwurx Inc. compare | −251× |
| RVPH Reviva Pharmaceuticals Holdings, Inc. compare | — |
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