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) Piotroski F-score
Pulmatrix, Inc.'s Piotroski F-score for fiscal 2024 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2023.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2024 | 4 | 1.00 |
| FY2023 | 3 | 0.00 |
| FY2022 | 3 | (1.00) |
| FY2021 | 4 | (1.00) |
| FY2020 | 5 | (1.00) |
| FY2019 | 6 | 3.00 |
| FY2018 | 3 | 1.00 |
| FY2017 | 2 | (1.00) |
| FY2016 | 3 | — |
How fiscal 2024’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (43.55%) | (37.70%) | Fail | 0 |
| Positive operating cash flow | (10.72m) | (15.98m) | Fail | 0 |
| Rising return on assets | (43.55%) | (37.70%) | Fail | 0 |
| Cash flow above net income | (1.16m) | (1.86m) | Fail | 0 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 10.68 | 5.33 | Pass | 1 |
| No new shares issued | 3,652,000 | 3,652,000 | Pass | 1 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.36 | 0.19 | Pass | 1 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| XBIO Xenetic Biosciences, Inc. compare | 5 |
| CELZ Creative Medical Technology Holdings, Inc. compare | 4 |
| BGMS Bio Green Med Solution, Inc. compare | 4 |
| PULM Pulmatrix, Inc. | 4 |
| CDIO Cardio Diagnostics Holdings, Inc. compare | 3 |
| LGVN Longeveron Inc. compare | 3 |
| CANF Can-Fite Biopharma Ltd compare | 2 |
| PCSA Heatwurx Inc. compare | — |
| RVPH Reviva Pharmaceuticals Holdings, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover