Saturday 17 October 2026 Export PULM’s income statement to Excel — free account

Pulmatrix, Inc.

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.

1.36 0.05 −3.55%

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Market cap: $5.2M
P/E: 0.0×
Fwd P/E: −0.3×
Dividend yield: —
F-score: 4/9
Altman Z: −27.85
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

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.05%

Capital & Financial Ratios $m

Market Cap 5.15

Revenue 7.81

Net Income (4.01)

Free Cash Flow (3.91)

Net Debt (2.87)

Current Ratio 4.70

Debt/Equity 0.00

P/E ratio 0.00

Fwd P/E (0.34)

P/S ratio 0.64

P/B ratio 3.12

Past 5Y EPS Growth —

This Y EPS Growth (16.28%)

Next Y EPS Growth (3.69%)

Next Y revenue growth (10.26%)

Next 5Y EPS Growth —

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

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 3.94%

10-year low 10-year high

P/B against its own 10 years 85.66%

10-year low 10-year high

EV/Sales against its own 10 years 14.18%

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
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	19	10	4	3
Receivables	1	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	21	10	4	3

	2023	2024	2025	Q'26
Payables	2	1	0	1
ST’ Debt	—	—	—	—
Other	—	—	—	—
	4	1	0	1

Compound Annual Growth %

	10y	5y	3y
Sales	36.33%	(0.26%)	14.73%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	(19.32%)	(30.29%)	(50.34%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’24	6	2	0	0	8
’23	1	2	2	2	7
’22	1	1	2	2	6
’21	1	2	1	0	5
’20	3	4	4	2	13
’19	—	5	1	2	8

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(1)	(1)	—	—	—
’25	(2)	(2)	(1)	(1)	(5)
’24	(3)	(4)	(3)	(1)	(11)
’23	(5)	(5)	(4)	(2)	(16)
’22	(6)	(5)	(4)	(5)	(19)
’21	(5)	(7)	(3)	(4)	(20)
’20	1	(5)	(6)	(3)	(12)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(1)	(1)	—	—	—
’25	(2)	(2)	(1)	(1)	(5)
’24	(3)	(4)	(3)	(1)	(11)
’23	(5)	(5)	(4)	(2)	(17)
’22	(6)	(5)	(4)	(5)	(19)
’21	(5)	(7)	(3)	(4)	(20)
’20	1	(5)	(6)	(3)	(13)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.32)	(0.29)	—	—	—
’25	(0.50)	(0.42)	(0.24)	(0.25)	(1.41)
’24	0.23	(1.59)	(0.71)	(0.54)	(2.62)
’23	(1.22)	(1.04)	(1.03)	(0.57)	(3.87)
’22	(1.51)	(1.36)	(1.45)	(1.14)	(5.46)
’21	(1.80)	(1.40)	(3.00)	(1.38)	(8.63)
’20	(4.60)	(1.00)	(6.20)	(1.67)	(13.40)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	100.40	110.00	40.00	12.20	18.00	8.00	3.17	1.64	1.55	2.15	Analyst estimates 2026–2028 Powerpack
	High	988.00	1,396.00	434.00	71.60	41.10	60.80	9.20	4.49	8.44	10.40
People
People	Employees	24	24	22	23	22	25	29	22	2	2
	Revenue/emp, $m	0.03	0.01	0.01	0.34	0.57	0.21	0.21	0.33	3.90	0.00
Income, $m
Income, $m	Revenue	1	0	0	8	13	5	6	7	8	—
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	—
	EBT	(31)	(18)	(21)	(21)	(19)	(20)	(19)	(14)	(10)	(5)
	EBT margin, %	(3,688.86)	(5,389.85)	(13,439.87)	(260.38)	(152.83)	(390.23)	(310.26)	(193.49)	(122.46)	0.00
	Net income	(28)	(18)	(21)	(21)	(19)	(20)	(19)	(14)	(10)	(5)
	Depreciation	5	0	0	8	1	5	2	1	0	—
Per share, $
Per share, $	Revenue	11.27	3.46	0.74	9.45	8.79	1.91	1.76	2.00	2.14	0.00
	Earnings	(376.00)	(186.00)	(99.60)	(24.60)	(13.40)	(8.63)	(5.46)	(3.87)	(2.62)	(1.41)
	Cash flow	(178.72)	(149.40)	(81.25)	3.86	(8.68)	(7.28)	(5.61)	(4.38)	(2.93)	(1.49)
	Capex	(5.82)	(0.76)	(0.09)	(0.07)	(0.20)	(0.05)	(0.02)	(0.19)	(0.11)	0.00
	Free cash flow	(184.53)	(150.17)	(81.34)	3.79	(8.88)	(7.34)	(5.64)	(4.56)	(3.04)	(1.49)
	Book value	118.23	104.61	57.41	13.17	16.09	17.52	9.02	4.93	2.45	1.04
	Shares, m	0	0	0	1	1	3	3	4	4	4
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—
	P/S	10.65	35.56	14.85	1.78	2.71	4.59	2.42	0.98	3.27	—
	P/B	1.02	2.71	0.84	1.31	1.48	0.51	0.47	0.40	2.85	—
	EV/Sales	12.59	37.46	17.49	(0.59)	0.55	(4.99)	(2.76)	(1.06)	2.60	—
	EV/FCF	(0.77)	(1.99)	(0.69)	(1.49)	(0.54)	1.29	0.86	0.46	(1.83)	—
Cash, $m
Cash, $m	Operating cash flow	(13)	(14)	(17)	3	(12)	(20)	(19)	(16)	(11)	(5)
	Capex	0	0	0	0	0	0	0	(1)	0	—
	Free cash flow	(14)	(15)	(17)	3	(13)	(20)	(19)	(17)	(11)	(5)
Balance, $m
Balance, $m	Working capital	0	(2)	0	14	24	50	33	17	9	4
	Total debt	6	3	—	1	2	2	1	—	—	—
	Net debt	2	0	(3)	(23)	(32)	(54)	(36)	(19)	(10)	(4)
	Shareholders’ equity	9	10	12	11	23	47	31	18	9	4
Returns, %
Returns, %	ROA	(90.49)	(110.63)	(133.96)	(81.05)	(52.05)	(48.23)	(37.76)	(37.70)	(43.55)	(73.31)
	ROIC	(149.69)	(111.36)	(137.38)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	ROE	(134.61)	(191.09)	(187.10)	(180.17)	(113.05)	(67.24)	(48.62)	(57.51)	(70.96)	(80.93)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2024 · latest quarter Dec 2024

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CANF Can-Fite Biopharma Ltd	$5.6M	— (loss-making)	— (loss-making)	−1.18% (below 0%: shrinking)	n/m	+12.63% (above 0%: growing)	0.00%	0.00%	Compare
BGMS Bio Green Med Solution, Inc.	$5.5M	— (loss-making)	— (loss-making)	+3,260.00% (above 0%: growing)	n/m	+66.67% (above 0%: growing)	23.51%	(124.40%)	Compare
CELZ Creative Medical Technology Holdings, Inc.	$5.4M	— (loss-making)	— (loss-making)	0.00%	n/m	−27.05% (below 0%: shrinking)	66.67%	0.00%	Compare
CDIO Cardio Diagnostics Holdings, Inc.	$5.2M	— (loss-making)	— (loss-making)	−28.00% (below 0%: shrinking)	n/m	+15.58% (above 0%: growing)	100.00%	(27,742.59%)	Compare
PULM Pulmatrix, Inc.	$5.2M	— (loss-making)	— (loss-making)	−99.86% (below 0%: shrinking)	n/m	+41.26% (above 0%: growing)	100.00%	0.00%
RVPH Reviva Pharmaceuticals Holdings, Inc.	$5.0M	— (loss-making)	—	—	n/m	+57.80% (above 0%: growing)	—	0.00%	Compare
LGVN Longeveron Inc.	$4.8M	— (loss-making)	— (loss-making)	−9.18% (below 0%: shrinking)	n/m	−49.12% (below 0%: shrinking)	63.41%	(2,150.17%)	Compare
XBIO Xenetic Biosciences, Inc.	$4.7M	— (loss-making)	— (loss-making)	+11.99% (above 0%: growing)	n/m	−128.11% (below 0%: shrinking)	100.00%	(147.09%)	Compare
PCSA Heatwurx Inc.	$4.7M	1.6×	—	−64.29% (below 0%: shrinking)	n/m	+20.29% (above 0%: growing)	0.00%	0.00%	Compare
Median of peers	$5.1M	—	—	−1.18%	—	+14.11%	63.41%	(62.20%)

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Pulmatrix, Inc. (PULM) key facts

Strength: Pulmatrix, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $7.8 million, up 6.96% from fiscal 2023.
Pulmatrix, Inc. (PULM) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, PULM traded at $1.36, a market capitalization of $5.2 million.
Return on equity was −80.9% and debt-to-equity 0.00.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −27.85 (distress zone) for fiscal 2024.

Source: company filings (standardised) and stockrow calculations.