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LUNG logoPulmonx Corporation(LUNG)Earnings, Financials & Key Ratios

LUNG•NASDAQ
$1.27
$54M mkt cap·Price updated May 7, 2026
SectorHealthcareIndustryMedical DevicesSub-IndustryRespiratory and sleep therapy devices
AboutPulmonx Corporation, a medical technology company, provides minimally invasive devices for the treatment of chronic obstructive pulmonary diseases. It offers Zephyr Endobronchial Valve, a solution for the treatment of bronchoscopic in adult patients with hyperinflation associated with severe emphysema; and Chartis Pulmonary Assessment System, a balloon catheter and console system with flow and pressure sensors that are used to assess the presence of collateral ventilation. The company also provides StratX Lung Analysis Platform, a cloud-based quantitative computed tomography analysis service that offers information on emphysema destruction, fissure completeness, and lobar volume to help identify target lobes for the treatment with Zephyr Valves. It serves emphysema patients in the United States, Europe, the Middle East, Africa, the Asia-Pacific, and internationally. The company was formerly known as Pulmonx and changed its name to Pulmonx Corporation in December 2013. Pulmonx Corporation was incorporated in 1995 and is headquartered in Redwood City, California.Show more
  • Revenue$90M+8.0%
  • EBITDA-$53M+6.2%
  • Net Income-$54M+4.2%
  • EPS (Diluted)-1.33+7.6%
  • Gross Margin74.19%+0.3%
  • EBITDA Margin-58.13%+13.2%
  • Operating Margin-59.3%+13.9%
  • Net Margin-59.67%+11.3%
  • ROE-77.19%-39.7%
  • ROIC-71.97%-22.7%
  • Debt/Equity1.04+58.3%
  • Interest Coverage-17.01-13.9%
Technical→

LUNG Key Insights

Pulmonx Corporation (LUNG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 22.6%
  • ✓Trading at only 1.0x book value

✗Weaknesses

  • ✗Profits declining 10.9% over 5 years
  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 19 (bottom 19%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

LUNG Price & Volume

Pulmonx Corporation (LUNG) stock price & volume — 10-year historical chart

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LUNG Growth Metrics

Pulmonx Corporation (LUNG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years22.55%
3 Years19.03%
TTM8.01%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM4.24%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM7.64%

Return on Capital

10 Years-60.81%
5 Years-34.06%
3 Years-40.09%
Last Year-43.34%

LUNG Peer Comparison

Pulmonx Corporation (LUNG) competitors in Respiratory and sleep therapy devices — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
INSP logoINSPInspire Medical Systems, Inc.Direct Competitor1.31B45.579.3213.6%14.33%17.98%0.04
NVCR logoNVCRNovoCure LimitedDirect Competitor1.92B16.83-13.808.28%-25.66%-50.82%0.85
ATRC logoATRCAtriCure, Inc.Direct Competitor1.41B27.80-115.8314.88%-0.83%-0.95%0.18
PRCT logoPRCTPROCEPT BioRobotics CorporationDirect Competitor1.45B25.44-14.7937.22%-31.82%-27.7%0.14
MMSI logoMMSIMerit Medical Systems, Inc.Product Competitor3.72B62.3329.2611.66%9.03%8.95%0.57
ANGO logoANGOAngioDynamics, Inc.Product Competitor468.54M11.27-13.58-3.76%-9.02%-15.71%
TMDX logoTMDXTransMedics Group, Inc.Product Competitor2.52B72.9014.9737.13%27.04%41.92%0.99
MDT logoMDTMedtronic plcSupply Chain99.94B77.9621.603.62%13%9.45%0.59

Compare LUNG vs Peers

Pulmonx Corporation (LUNG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs INSP

Most directly comparable listed peer for LUNG.

Scale Benchmark

vs SYK

Larger-name benchmark to compare LUNG against a more recognizable public peer.

Peer Set

Compare Top 5

vs INSP, NVCR, ATRC, PRCT

LUNG Income Statement

Pulmonx Corporation (LUNG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue20M32.59M32.73M48.42M53.66M68.67M83.79M90.5M
Revenue Growth %-62.94%0.42%47.91%10.84%27.98%22.01%8.01%
Cost of Goods Sold7.72M10.18M11.53M12.79M13.8M17.92M21.79M23.36M
COGS % of Revenue38.58%31.23%35.23%26.41%25.71%26.1%26%25.81%
Gross Profit
12.29M▲ 0%
22.41M▲ 82.4%
21.2M▼ 5.4%
35.63M▲ 68.1%
39.87M▲ 11.9%
50.75M▲ 27.3%
62M▲ 22.2%
67.14M▲ 8.3%
Gross Margin %61.42%68.77%64.77%73.59%74.29%73.9%74%74.19%
Gross Profit Growth %-82.44%-5.41%68.05%11.89%27.31%22.16%8.29%
Operating Expenses27.34M40.25M53.53M82.93M98.5M112.69M119.7M120.8M
OpEx % of Revenue136.66%123.49%163.55%171.29%183.56%164.09%142.86%133.49%
Selling, General & Admin20.35M34.2M46.07M69.87M83.11M94.61M102.14M101.31M
SG&A % of Revenue101.71%104.93%140.76%144.31%154.87%137.76%121.9%111.95%
Research & Development6.99M6.05M7.46M13.06M15.4M18.08M17.57M19.49M
R&D % of Revenue34.95%18.56%22.79%26.98%28.69%26.33%20.97%21.54%
Other Operating Expenses00000000
Operating Income
-15.05M▲ 0%
-17.84M▼ 18.5%
-32.33M▼ 81.3%
-47.3M▼ 46.3%
-58.64M▼ 24.0%
-61.94M▼ 5.6%
-57.7M▲ 6.8%
-53.66M▲ 7.0%
Operating Margin %-75.24%-54.73%-98.77%-97.7%-109.27%-90.19%-68.87%-59.3%
Operating Income Growth %--18.51%-81.25%-46.31%-23.96%-5.62%6.83%7%
EBITDA-14.78M-16.64M-31.93M-46.44M-57.12M-59.99M-56.11M-52.61M
EBITDA Margin %-73.9%-51.04%-97.55%-95.91%-106.45%-87.35%-66.97%-58.13%
EBITDA Growth %--12.55%-91.93%-45.42%-23.01%-5.01%6.46%6.24%
D&A (Non-Cash Add-back)270K1.2M400K867K1.51M1.95M1.59M1.05M
EBIT-15.95M-18.02M-28.84M-47.49M-57.5M-57.04M-52.39M-53.66M
Net Interest Income-2.5M-1.89M-2.97M-429K463K2.34M1.55M-504K
Interest Income21K432K213K400K1.53M5.57M5.06M2.65M
Interest Expense2.52M2.32M3.18M829K1.07M3.23M3.51M3.15M
Other Income/Expense-3.42M-2.5M314K-1.01M67K1.66M1.81M286K
Pretax Income
-18.47M▲ 0%
-20.34M▼ 10.1%
-32.02M▼ 57.4%
-48.32M▼ 50.9%
-58.57M▼ 21.2%
-60.27M▼ 2.9%
-55.89M▲ 7.3%
-53.38M▲ 4.5%
Pretax Margin %-92.32%-62.4%-97.82%-99.8%-109.15%-87.76%-66.71%-58.98%
Income Tax12K363K213K343K353K571K500K626K
Effective Tax Rate %-0.06%-1.78%-0.67%-0.71%-0.6%-0.95%-0.89%-1.17%
Net Income
-18.48M▲ 0%
-20.7M▼ 12.0%
-32.23M▼ 55.7%
-48.66M▼ 51.0%
-58.92M▼ 21.1%
-60.84M▼ 3.3%
-56.39M▲ 7.3%
-54M▲ 4.2%
Net Margin %-92.38%-63.52%-98.47%-100.51%-109.8%-88.6%-67.3%-59.67%
Net Income Growth %--12.04%-55.68%-50.98%-21.09%-3.26%7.31%4.24%
Net Income (Continuing)-18.48M-20.7M-32.23M-48.66M-58.92M-60.84M-56.39M-54M
Discontinued Operations00000000
Minority Interest00000000
EPS (Diluted)
-0.89▲ 0%
-0.58▲ 34.8%
-0.90▼ 55.2%
-1.35▼ 50.0%
-1.59▼ 17.8%
-1.60▼ 0.6%
-1.44▲ 10.0%
-1.33▲ 7.6%
EPS Growth %-34.83%-55.17%-50%-17.78%-0.63%10%7.64%
EPS (Basic)-0.89-0.58-0.90-1.35-1.59-1.60-1.44-1.33
Diluted Shares Outstanding20.71M35.43M35.69M36.13M37.1M37.97M39.11M40.69M
Basic Shares Outstanding20.71M35.43M35.69M36.13M37.1M37.97M39.11M40.69M
Dividend Payout Ratio--------

LUNG Balance Sheet

Pulmonx Corporation (LUNG) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets11.31M41.07M249.99M208M168.95M150.42M136.25M101.68M
Cash & Short-Term Investments4.12M28.35M231.79M180.04M141.14M117.1M101.48M70.01M
Cash Only4.12M14.77M231.79M148.48M101.74M83.55M70.91M70.01M
Short-Term Investments013.58M031.56M39.4M33.55M30.58M0
Accounts Receivable3.42M6M4.57M6.92M9.28M13.02M13.79M12.07M
Days Sales Outstanding62.4267.1750.9352.263.1169.260.0848.69
Inventory3.32M5.61M10.74M16.29M14.56M16.74M16.91M15.85M
Days Inventory Outstanding157.01201.2339.99464.89385.29340.97283.37247.6
Other Current Assets125K666K377K578K521K741K1.39M3.76M
Total Non-Current Assets3.71M12.46M13.72M27.17M24.72M27.36M26.6M27.61M
Property, Plant & Equipment375K7.46M10.45M12.89M10.5M7.43M21.45M20.25M
Fixed Asset Turnover53.34x4.37x3.13x3.76x5.11x9.24x3.91x4.47x
Goodwill2.33M2.33M2.33M2.33M2.33M2.33M2.33M2.33M
Intangible Assets647K524K400K277K154K31K00
Long-Term Investments00010.94M5.92M14.39M00
Other Non-Current Assets350K2.14M536K731K5.81M3.17M2.82M5.03M
Total Assets
15.01M▲ 0%
53.53M▲ 256.6%
263.71M▲ 392.6%
235.17M▼ 10.8%
193.68M▼ 17.6%
177.78M▼ 8.2%
162.85M▼ 8.4%
129.29M▼ 20.6%
Asset Turnover1.33x0.61x0.12x0.21x0.28x0.39x0.51x0.70x
Asset Growth %-256.58%392.61%-10.82%-17.65%-8.21%-8.4%-20.61%
Total Current Liabilities8.07M14.16M12.53M17.55M18.49M23.16M24.44M20.06M
Accounts Payable1.29M2.68M1.47M1.58M1.76M1.5M3.83M3.9M
Days Payables Outstanding60.9696.1246.5945.1646.5130.4964.1161.02
Short-Term Debt002.24M91K90K2.15M3.18M1.32M
Deferred Revenue (Current)139K173K71K163K120K104K135K18K
Other Current Liabilities2.49M6.47M3.1M4.74M4.97M7.88M6.89M14.56M
Current Ratio1.40x2.90x19.96x11.85x9.14x6.50x5.58x5.07x
Quick Ratio0.99x2.50x19.10x10.92x8.35x5.77x4.88x4.28x
Cash Conversion Cycle158.47172.25344.32471.92401.9379.68279.33235.27
Total Non-Current Liabilities174.27M226.75M25.05M24.38M21.18M36.31M52.6M55.12M
Long-Term Debt33.6M220.3M17.37M17.32M17.23M35.09M34M36.99M
Capital Lease Obligations06.4M7.62M6.84M3.85M1.11M18.52M18.06M
Deferred Tax Liabilities48K43K62K37K94K114K87K69K
Other Non-Current Liabilities140.61M00179K0000
Total Liabilities182.34M240.91M37.57M41.93M39.67M59.47M77.04M75.17M
Total Debt33.6M227.15M27.22M26.46M24.4M41.42M56.47M56.36M
Net Debt29.48M212.39M-204.57M-122.02M-77.33M-42.12M-14.43M-13.64M
Debt / Equity--0.12x0.14x0.16x0.35x0.66x1.04x
Debt / EBITDA--------
Net Debt / EBITDA--------
Interest Coverage-6.33x-7.78x-9.07x-57.28x-53.94x-17.65x-14.94x-17.01x
Total Equity
-167.33M▲ 0%
-187.38M▼ 12.0%
226.13M▲ 220.7%
193.24M▼ 14.5%
154.01M▼ 20.3%
118.31M▼ 23.2%
85.81M▼ 27.5%
54.12M▼ 36.9%
Equity Growth %--11.98%220.68%-14.55%-20.3%-23.18%-27.47%-36.93%
Book Value per Share-8.08-5.296.345.354.153.122.191.33
Total Shareholders' Equity-167.33M-187.38M226.13M193.24M154.01M118.31M85.81M54.12M
Common Stock17K19K36K37K38K39K40K42K
Retained Earnings-189.8M-210.5M-242.73M-291.39M-350.32M-411.16M-467.56M-521.56M
Treasury Stock00000000
Accumulated OCI1.33M1.37M1.69M1.71M1.57M2.64M2.11M2.36M
Minority Interest00000000

LUNG Cash Flow Statement

Pulmonx Corporation (LUNG) cash flow — operating, investing & free cash flow history

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-18.39M-20.77M-30.63M-41.43M-45.14M-37.61M-31.54M-32.45M
Operating CF Margin %-91.95%-63.71%-93.58%-85.57%-84.11%-54.77%-37.64%-35.85%
Operating CF Growth %--12.89%-47.52%-35.24%-8.95%16.67%16.15%-2.88%
Net Income-18.48M-20.7M-32.23M-48.66M-58.92M-60.84M-56.39M-54M
Depreciation & Amortization270K365K483K3.16M4M1.55M1.49M1.15M
Stock-Based Compensation366K364K3.2M0022.1M22.95M0
Deferred Taxes936K746K0-6K49K000
Other Non-Cash Items36K864K2.71M11.92M16.8M2.14M2.11M22.33M
Working Capital Changes-1.52M-2.4M-4.79M-7.84M-7.06M-2.56M-1.7M-1.93M
Change in Receivables-262K-2.52M1.46M-2.43M-2.19M-3.1M-1.31M1.07M
Change in Inventory-1.25M-2.61M-5.05M-6.46M-3.64M918K-229K-765K
Change in Payables-648K524K592K87K247K-345K2.28M270K
Cash from Investing200K-14.23M12.69M-46.26M-4.22M-2.01M17.48M30.48M
Capital Expenditures-316K-720K-911K-3.67M-1.32M-807K-1.45M-452K
CapEx % of Revenue1.58%2.21%2.78%7.58%2.46%1.18%1.73%0.5%
Acquisitions16K13.51M000000
Investments--------
Other Investing16K-13.51M000000
Cash from Financing12.11M45.62M234.83M4.5M2.47M21.4M1.36M903K
Debt Issued (Net)12M6M32.99M0-87K19.91M-95K-100K
Equity Issued (Net)039.67M201.39M4.5M2.56M001M
Dividends Paid00000000
Share Repurchases0-12K0-26K-27K000
Other Financing114K-52K446K001.49M1.46M0
Net Change in Cash
-5.93M▲ 0%
10.64M▲ 279.6%
217.03M▲ 1939.1%
-83.08M▼ 138.3%
-46.74M▲ 43.7%
-18.18M▲ 61.1%
-12.62M▲ 30.6%
-1.15M▲ 90.9%
Free Cash Flow
-18.71M▲ 0%
-21.48M▼ 14.8%
-31.54M▼ 46.8%
-45.1M▼ 43.0%
-46.45M▼ 3.0%
-38.42M▲ 17.3%
-32.98M▲ 14.1%
-32.9M▲ 0.3%
FCF Margin %-93.53%-65.92%-96.37%-93.15%-86.57%-55.94%-39.37%-36.35%
FCF Growth %--14.83%-46.82%-42.97%-3%17.3%14.14%0.26%
FCF per Share-0.90-0.61-0.88-1.25-1.25-1.01-0.84-0.81
FCF Conversion (FCF/Net Income)1.00x1.00x0.95x0.85x0.77x0.62x0.56x0.60x
Interest Paid1.36M1.4M3.06M002.98M3.48M0
Taxes Paid226K196K259K00471K556K0

LUNG Key Ratios

Pulmonx Corporation (LUNG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric20182019202020212022202320242025
Return on Equity (ROE)---166.33%-23.21%-33.94%-44.68%-55.25%-77.19%
Return on Invested Capital (ROIC)--53.5%-104.13%-76.47%-59.47%-60.77%-58.66%-71.97%
Gross Margin61.42%68.77%64.77%73.59%74.29%73.9%74%74.19%
Net Margin-92.38%-63.52%-98.47%-100.51%-109.8%-88.6%-67.3%-59.67%
Debt / Equity--0.12x0.14x0.16x0.35x0.66x1.04x
Interest Coverage-6.33x-7.78x-9.07x-57.28x-53.94x-17.65x-14.94x-17.01x
FCF Conversion1.00x1.00x0.95x0.85x0.77x0.62x0.56x0.60x
Revenue Growth-62.94%0.42%47.91%10.84%27.98%22.01%8.01%

LUNG SEC Filings & Documents

Pulmonx Corporation (LUNG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Mar 5, 2026·SEC

Material company update

Mar 4, 2026·SEC

10-K Annual Reports

4
FY 2026

Mar 10, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 12, 2025·SEC

FY 2025

Aug 1, 2025·SEC

FY 2025

May 2, 2025·SEC

LUNG Frequently Asked Questions

Pulmonx Corporation (LUNG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Pulmonx Corporation (LUNG) reported $90.5M in revenue for fiscal year 2025. This represents a 352% increase from $20.0M in 2018.

Pulmonx Corporation (LUNG) grew revenue by 8.0% over the past year. This is steady growth.

Pulmonx Corporation (LUNG) reported a net loss of $54.0M for fiscal year 2025.

Dividend & Returns

Pulmonx Corporation (LUNG) has a return on equity (ROE) of -77.2%. Negative ROE indicates the company is unprofitable.

Pulmonx Corporation (LUNG) had negative free cash flow of $32.9M in fiscal year 2025, likely due to heavy capital investments.

Explore More LUNG

Pulmonx Corporation (LUNG) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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