PLSENasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31
PULSE BIOSCIENCES, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$47.55+3.12 (+7.02%)
Close on Oct 19, 2026
- Market cap
- $3.29B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
-54.0%
Operating margin
-21982.6%
Net margin
-20794.6%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | – | -20.6% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -48.9% | -185.9% | -74.4% | |
| Return on assets | -46.8% | -119.8% | -64.1% | |
| Current ratio | 16.40 | 2.95 | 10.53 | |
| Debt to equity | – | – | – | |
| Inventory turnover | – | – | 7.9× | |
| Capex to revenue | – | – | 90.0% | |
| Diluted shares | 11M | 23M | 67M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Pulse Biosciences generated $224.62M from operations and spent $1.40M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$224.62M
Used
$1.40M
Capital expenditure$1.40M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-20794.6%
×Asset turnover0.00×
×Equity multiplier1.16×
=Return on equity, FY2025-74.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -20794.6% | 0.00× | 1.16× | -74.4% |
| FY2022 | -8357.9% | 0.01× | 3.25× | -277.9% |
| FY2021 | -4489.4% | 0.03× | 1.49× | -189.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$72.78M
- Cash generatingOperating cash flow above zero-$54.12M
- Return on assets improvedROA up on the prior year-90.6% → -54.9%
- Earnings backed by cashOperating cash flow above net income-$54.12M vs -$72.78M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose11.88 → 10.53
- No dilutionShare count did not rise58M → 67M
- Gross margin improvedGross margin up on the prior year– → -54.00%
- More efficientAsset turnover rose0.00 → 0.00