LUNGNasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31
Pulmonx Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$1.75−0.03 (-1.69%)
Close on Oct 19, 2026
- Market cap
- $74.32M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
74.2%+9.4 pts over 5 years
Operating margin
-59.3%+39.5 pts over 5 years
Net margin
-59.7%+38.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.0% | +19.0% | +22.6% | – | |
| Gross profit | +8.3% | +19.0% | +25.9% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -166.3% | -77.2% | |
| Return on assets | – | -20.3% | -37.0% | |
| Current ratio | – | 19.96 | 5.07 | |
| Debt to equity | – | – | 0.69 | |
| Interest coverage | – | -10.2× | -17.0× | |
| Inventory turnover | – | 1.4× | 1.4× | |
| Capex to revenue | – | 2.8% | 0.5% | |
| Diluted shares | – | 10M | 41M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Pulmonx generated $187.99M from operations and spent $7.75M on capital expenditure, dividends and share buybacks. 99% of that went back into the business.
Generated
$187.99M
Used
$7.75M
Capital expenditure$7.70M99%Dividends$00%Share buybacks$53.00K1%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-59.7%
×Asset turnover0.62×
×Equity multiplier2.09×
=Return on equity, FY2025-77.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -59.7% | 0.62× | 2.09× | -77.2% |
| FY2024 | -67.3% | 0.49× | 1.67× | -55.3% |
| FY2023 | -88.6% | 0.37× | 1.36× | -44.7% |
| FY2022 | -109.8% | 0.25× | 1.24× | -33.9% |
| FY2021 | -100.5% | 0.19× | 1.19× | -23.2% |
| FY2020 | -98.5% | 0.21× | 8.19× | -166.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$54.00M
- Cash generatingOperating cash flow above zero-$32.38M
- Return on assets improvedROA up on the prior year-31.7% → -33.2%
- Earnings backed by cashOperating cash flow above net income-$32.38M vs -$54.00M
- Less leverageLong-term debt to assets fell20.9% → 28.6%
- Better liquidityCurrent ratio rose5.58 → 5.07
- No dilutionShare count did not rise39M → 41M
- Gross margin improvedGross margin up on the prior year74.00% → 74.19%
- More efficientAsset turnover rose0.47 → 0.56