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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.

1.36 0.05 −3.55%
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 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (0.34) (negative: loss-making)
P/S ratio 0.64
P/B ratio 3.12
Past 5Y EPS Growth —
This Y EPS Growth (16.28%) (below 0%: weak)
Next Y EPS Growth (3.69%) (below 0%: weak)
Next Y revenue growth (10.26%) (below 0%: weak)
Next 5Y EPS Growth —

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 1.0×; over the ten years it ranged from −6.3× in 2022 to 74.7× in 2017.
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.

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 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

Pulmatrix, Inc. vs peers in Biotechnology (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
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%)

All 614 Biotechnology stocks →

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.

Pulmatrix, Inc. (PULM) Latest News

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stockrow.com/PULM · Data as of Dec 31, 2024 · For information only; not investment advice. · © 2026 stockrow.com