Pulmatrix, Inc. (PULM) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Pulmatrix, Inc. (PULM) stock price & volume — 10-year historical chart
Pulmatrix, Inc. (PULM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Pulmatrix, Inc. (PULM) competitors in Drug Delivery Technology Platforms — business model, growth, and fundamentals comparison
Pulmatrix, Inc. (PULM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Pulmatrix, Inc. (PULM) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 335K | 153K | 7.91M | 12.63M | 5.17M | 6.07M | 7.3M | 7.81M | 0 |
| Revenue Growth % | -59.88% | -54.33% | 5069.93% | 59.72% | -59.09% | 17.45% | 20.21% | 6.96% | -100% |
| Cost of Goods Sold | 10.24M | 12.97M | 12.85M | 0 | 15.38M | 18.24M | 15.52M | 7.17M | 0 |
| COGS % of Revenue | 3057.61% | 8474.51% | 162.39% | - | 297.58% | 300.44% | 212.63% | 91.8% | - |
| Gross Profit | -9.91M▲ 0% | -12.81M▼ 29.3% | -4.93M▲ 61.5% | 12.63M▲ 356.0% | -10.21M▼ 180.8% | -12.17M▼ 19.2% | -8.22M▲ 32.5% | 640K▲ 107.8% | 0▼ 100.0% |
| Gross Margin % | -2957.61% | -8374.51% | -62.39% | 100% | -197.58% | -200.44% | -112.63% | 8.2% | - |
| Gross Profit Growth % | -6.34% | -29.32% | 61.48% | 356.01% | -180.84% | -19.15% | 32.45% | 107.79% | -100% |
| Operating Expenses | 7.57M | 7.59M | 15.76M | 22.5M | 9.95M | 6.78M | 6.52M | 10.4M | 5.17M |
| OpEx % of Revenue | 2258.81% | 4958.82% | 199.2% | 178.06% | 192.57% | 111.65% | 89.34% | 133.27% | - |
| Selling, General & Admin | 7.57M | 7.52M | 8.49M | 6.89M | 6.38M | 6.78M | 6.52M | 7.79M | 5.13M |
| SG&A % of Revenue | 2258.81% | 4913.73% | 107.32% | 54.51% | 123.37% | 111.65% | 89.34% | 99.73% | - |
| Research & Development | 10.24M | 12.97M | 12.85M | 15.61M | 15.38M | 18.24M | 15.52M | 7.17M | 38K |
| R&D % of Revenue | 3057.61% | 8474.51% | 162.39% | 123.55% | 297.58% | 300.44% | 212.63% | 91.8% | - |
| Other Operating Expenses | -10.24M | -12.9M | -5.58M | 0 | -11.8M | -18.24M | -15.52M | -4.55M | 0 |
| Operating Income | -17.48M▲ 0% | -20.4M▼ 16.7% | -20.69M▼ 1.4% | -9.86M▲ 52.3% | -20.17M▼ 104.5% | -18.95M▲ 6.0% | -14.74M▲ 22.2% | -9.76M▲ 33.8% | -5.17M▲ 47.1% |
| Operating Margin % | -5216.42% | -13333.33% | -261.59% | -78.06% | -390.15% | -312.09% | -201.97% | -125.07% | - |
| Operating Income Growth % | 29.72% | -16.74% | -1.43% | 52.34% | -104.49% | 6.05% | 22.2% | 33.77% | 47.06% |
| EBITDA | -17.23M | -20.17M | -20.51M | -9.65M | -20M | -18.79M | -14.61M | -9.66M | -5.17M |
| EBITDA Margin % | -5142.99% | -13182.35% | -259.29% | -76.36% | -386.88% | -309.42% | -200.14% | -123.71% | - |
| EBITDA Growth % | 30.01% | -17.06% | -1.69% | 52.96% | -107.3% | 6.07% | 22.25% | 33.88% | 46.47% |
| D&A (Non-Cash Add-back) | 246K | 231K | 182K | 215K | 169K | 162K | 134K | 106K | 0 |
| EBIT | -17.48M | -20.33M | -13.42M | -9.86M | -16.59M | -18.95M | -14.74M | -7.14M | 0 |
| Net Interest Income | -643K | -159K | 301K | 82K | 7K | 309K | 867K | 467K | 0 |
| Interest Income | 0 | 27K | 301K | 82K | 7K | 309K | 867K | 467K | 144K |
| Interest Expense | 643K | 186K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -581K | -163K | 96K | -9.45M | -4K | 111K | 619K | 204K | 7K |
| Pretax Income | -18.06M▲ 0% | -20.56M▼ 13.9% | -20.6M▼ 0.2% | -19.31M▲ 6.3% | -20.17M▼ 4.5% | -18.84M▲ 6.6% | -14.12M▲ 25.0% | -9.56M▲ 32.3% | -5.16M▲ 46.0% |
| Pretax Margin % | -5389.85% | -13439.87% | -260.38% | -152.83% | -390.23% | -310.26% | -193.49% | -122.46% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -18.06M▲ 0% | -20.56M▼ 13.9% | -20.6M▼ 0.2% | -19.31M▲ 6.3% | -20.17M▼ 4.5% | -18.84M▲ 6.6% | -14.12M▲ 25.0% | -9.56M▲ 32.3% | -5.16M▲ 46.0% |
| Net Margin % | -5389.85% | -13439.87% | -260.38% | -152.83% | -390.23% | -310.26% | -193.49% | -122.46% | - |
| Net Income Growth % | 35.15% | -13.88% | -0.16% | 6.25% | -4.47% | 6.62% | 25.03% | 32.31% | 46% |
| Net Income (Continuing) | -18.06M | -20.56M | -20.6M | -19.31M | -20.17M | -18.84M | -14.12M | -9.56M | -5.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -186.42▲ 0% | -99.67▲ 46.5% | -24.37▲ 75.5% | -19.83▲ 18.6% | -8.63▲ 56.5% | -5.43▲ 37.1% | -3.87▲ 28.7% | -2.62▲ 32.3% | -1.41▲ 46.2% |
| EPS Growth % | 50.4% | 46.53% | 75.55% | 18.63% | 56.48% | 37.08% | 28.73% | 32.3% | 46.18% |
| EPS (Basic) | -186.42 | -99.67 | -24.37 | -19.83 | -8.63 | -5.43 | -3.87 | -2.62 | -1.41 |
| Diluted Shares Outstanding | 96.86K | 206.32K | 836.7K | 1.44M | 2.71M | 3.45M | 3.65M | 3.65M | 3.65M |
| Basic Shares Outstanding | 96.86K | 206.32K | 836.7K | 1.44M | 2.34M | 3.45M | 3.65M | 3.65M | 3.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Pulmatrix, Inc. (PULM) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 4.25M | 3.28M | 31.42M | 32.54M | 54.78M | 38.15M | 20.84M | 9.92M | 4.13M |
| Cash & Short-Term Investments | 3.55M | 2.56M | 23.44M | 31.66M | 53.84M | 35.63M | 19.17M | 9.52M | 4.09M |
| Cash Only | 3.55M | 2.56M | 23.44M | 31.66M | 53.84M | 35.63M | 19.17M | 9.52M | 4.09M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1K | 0 | 7.2M | 84K | 67K | 1.3M | 928K | 0 | 0 |
| Days Sales Outstanding | 1.09 | - | 332.24 | 2.43 | 4.73 | 78.04 | 46.41 | - | - |
| Inventory | 0 | 0 | 0 | 667K | 0 | 153K | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | 3.06 | - | - | - |
| Other Current Assets | 71K | 55K | 253K | -593K | 0 | 166K | 372K | 180K | 41K |
| Total Non-Current Assets | 11.73M | 11.44M | 4.68M | 5.63M | 4.04M | 2.81M | 13.12M | 23K | 10K |
| Property, Plant & Equipment | 614K | 394K | 900K | 1.85M | 2.41M | 945K | 11.47M | 0 | 0 |
| Fixed Asset Turnover | 0.55x | 0.39x | 8.79x | 6.83x | 2.14x | 6.42x | 0.64x | - | - |
| Goodwill | 10.91M | 10.85M | 3.58M | 3.58M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 204K | 204K | 204K | 0 | 1.63M | 1.47M | 1.47M | 10K | 0 |
| Other Non-Current Assets | 204K | 204K | 204K | 204K | 0 | 389K | 176K | 13K | 10K |
| Total Assets | 15.98M▲ 0% | 14.72M▼ 7.9% | 36.1M▲ 145.2% | 38.17M▲ 5.7% | 58.82M▲ 54.1% | 40.95M▼ 30.4% | 33.96M▼ 17.1% | 9.94M▼ 70.7% | 4.14M▼ 58.4% |
| Asset Turnover | 0.02x | 0.01x | 0.22x | 0.33x | 0.09x | 0.15x | 0.21x | 0.79x | - |
| Asset Growth % | -4.11% | -7.85% | 145.18% | 5.74% | 54.1% | -30.37% | -17.08% | -70.72% | -58.37% |
| Total Current Liabilities | 5.84M | 2.88M | 17.2M | 8.25M | 4.44M | 5.02M | 3.91M | 929K | 329K |
| Accounts Payable | 457K | 1.18M | 600K | 851K | 839K | 1.19M | 1.92M | 809K | 272K |
| Days Payables Outstanding | 16.28 | 33.3 | 17.05 | - | 19.91 | 23.77 | 45.04 | 41.21 | - |
| Short-Term Debt | 3.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 67K | 13.41M | 4.17M | 939K | 1.34M | 618K | 0 | 0 |
| Other Current Liabilities | 138K | 0 | 1.95M | 1.23M | 182K | 508K | 877K | 71K | 329K |
| Current Ratio | 0.73x | 1.14x | 1.83x | 3.94x | 12.33x | 7.60x | 5.33x | 10.68x | 12.55x |
| Quick Ratio | 0.73x | 1.14x | 1.83x | 3.86x | 12.33x | 7.57x | 5.33x | 10.68x | 12.55x |
| Cash Conversion Cycle | - | - | - | - | - | 57.33 | - | - | - |
| Total Non-Current Liabilities | 1K | 0 | 7.88M | 6.78M | 6.93M | 4.82M | 12.05M | 67K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 608K | 857K | 0 | 8.33M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 67K | 0 |
| Total Liabilities | 5.84M | 2.88M | 25.08M | 15.03M | 11.37M | 9.84M | 15.96M | 996K | 329K |
| Total Debt | 3.22M | 0 | 675K | 1.74M | 2.29M | 857K | 8.76M | 0 | 0 |
| Net Debt | -329K | -2.56M | -22.77M | -29.91M | -51.55M | -34.77M | -10.42M | -9.52M | -4.09M |
| Debt / Equity | 0.32x | - | 0.06x | 0.08x | 0.05x | 0.03x | 0.49x | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -27.18x | -109.68x | - | - | - | - | - | - | - |
| Total Equity | 10.14M▲ 0% | 11.84M▲ 16.8% | 11.02M▼ 7.0% | 23.14M▲ 110.0% | 47.45M▲ 105.1% | 31.11M▼ 34.4% | 18M▼ 42.2% | 8.95M▼ 50.3% | 3.81M▼ 57.4% |
| Equity Growth % | 15.71% | 16.84% | -6.97% | 109.99% | 105.06% | -34.44% | -42.16% | -50.28% | -57.42% |
| Book Value per Share | 104.66 | 57.41 | 13.17 | 16.09 | 17.52 | 9.02 | 4.93 | 2.45 | 1.04 |
| Total Shareholders' Equity | 10.14M | 11.84M | 11.02M | 23.14M | 47.45M | 31.11M | 18M | 8.95M | 3.81M |
| Common Stock | 2K | 0 | 2K | 4K | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -174M | -194.56M | -215.16M | -234.47M | -254.64M | -273.48M | -287.6M | -297.16M | -302.32M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.87M | -2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pulmatrix, Inc. (PULM) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -14.48M | -16.76M | 3.23M | -12.48M | -19.73M | -19.36M | -15.98M | -10.72M | -5.43M |
| Operating CF Margin % | -4321.49% | -10954.9% | 40.83% | -98.8% | -381.64% | -318.83% | -219.03% | -137.28% | - |
| Operating CF Growth % | -9.32% | -15.78% | 119.27% | -486.47% | -58.03% | 1.88% | 17.42% | 32.96% | 49.3% |
| Net Income | -18.06M | -20.56M | -20.6M | -19.31M | -20.17M | -18.84M | -14.12M | -9.56M | -5.16M |
| Depreciation & Amortization | 246K | 231K | 765K | 1.04M | 1.24M | 1.54M | 1.48M | 435K | 0 |
| Stock-Based Compensation | 2.82M | 2.97M | 2.07M | 1.16M | 1.16M | 1.11M | 954K | 511K | 25K |
| Deferred Taxes | -34K | 76K | 0 | 0 | 0 | -4.92M | 0 | 0 | 0 |
| Other Non-Cash Items | 204K | 38K | 7.27M | 9.29M | 3.58M | 4.92M | 8K | 2.69M | -296K |
| Working Capital Changes | 345K | 484K | 13.73M | -4.67M | -5.53M | -3.18M | -4.3M | -4.79M | 0 |
| Change in Receivables | 0 | 0 | -7.2M | 7.12M | 17K | -1.23M | 370K | 928K | 0 |
| Change in Inventory | 0 | 0 | 220K | -1.13M | -2.07M | 0 | 0 | 0 | 0 |
| Change in Payables | -290K | 726K | -583K | 300K | -149K | 511K | 727K | -1.11M | -537K |
| Cash from Investing | -74K | -19K | -58K | -281K | -144K | -86K | -676K | -398K | 0 |
| Capital Expenditures | -74K | -19K | -58K | -281K | -144K | -86K | -676K | -398K | 0 |
| CapEx % of Revenue | 22.09% | 12.42% | 0.73% | 2.22% | 2.79% | 1.42% | 9.26% | 5.1% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 13.92M | 15.79M | 17.7M | 20.98M | 43.48M | 1.23M | 53K | 0 | 0 |
| Debt Issued (Net) | -2.69M | -3.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 53K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -3.2M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 304K | 0 | 160K | 13.67M | 3.4M | 0 | 0 | 0 | 0 |
| Net Change in Cash | -632K▲ 0% | -987K▼ 56.2% | 20.88M▲ 2215.2% | 8.22M▼ 60.6% | 23.6M▲ 187.3% | -18.21M▼ 177.2% | -16.61M▲ 8.8% | -11.11M▲ 33.1% | -5.43M▲ 51.1% |
| Free Cash Flow | -14.55M▲ 0% | -16.78M▼ 15.3% | 3.17M▲ 118.9% | -12.76M▼ 502.4% | -19.87M▼ 55.7% | -19.44M▲ 2.2% | -16.66M▲ 14.3% | -11.11M▲ 33.3% | -5.43M▲ 51.1% |
| FCF Margin % | -4343.58% | -10967.32% | 40.1% | -101.03% | -384.43% | -320.24% | -228.3% | -142.38% | - |
| FCF Growth % | -6.23% | -15.32% | 118.9% | -502.4% | -55.68% | 2.16% | 14.3% | 33.29% | 51.12% |
| FCF per Share | -150.23 | -81.33 | 3.79 | -8.88 | -7.34 | -5.64 | -4.56 | -3.04 | -1.49 |
| FCF Conversion (FCF/Net Income) | 0.80x | 0.82x | -0.16x | 0.65x | 0.98x | 1.03x | 1.13x | 1.12x | 1.05x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pulmatrix, Inc. (PULM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -134.61% | -191.09% | -187.1% | -180.17% | -113.05% | -57.15% | -47.95% | -57.51% | -70.96% | -80.93% |
| Return on Invested Capital (ROIC) | -121.07% | -129.83% | -160.3% | - | - | - | - | -564.61% | -209.09% | - |
| Gross Margin | -1115.81% | -2957.61% | -8374.51% | -62.39% | 100% | -197.58% | -200.44% | -112.63% | 8.2% | - |
| Net Margin | -3334.49% | -5389.85% | -13439.87% | -260.38% | -152.83% | -390.23% | -310.26% | -193.49% | -122.46% | - |
| Debt / Equity | 0.66x | 0.32x | - | 0.06x | 0.08x | 0.05x | 0.03x | 0.49x | - | - |
| Interest Coverage | -28.22x | -27.18x | -109.68x | - | - | - | - | - | - | - |
| FCF Conversion | 0.48x | 0.80x | 0.82x | -0.16x | 0.65x | 0.98x | 1.03x | 1.13x | 1.12x | 1.05x |
| Revenue Growth | -30.47% | -59.88% | -54.33% | 5069.93% | 59.72% | -59.09% | 17.45% | 20.21% | 6.96% | -100% |
Pulmatrix, Inc. (PULM) stock FAQ — growth, dividends, profitability & financials explained
Pulmatrix, Inc. (PULM) saw revenue decline by 100.0% over the past year.
Pulmatrix, Inc. (PULM) reported a net loss of $5.2M for fiscal year 2025.
Pulmatrix, Inc. (PULM) has a return on equity (ROE) of -80.9%. Negative ROE indicates the company is unprofitable.
Pulmatrix, Inc. (PULM) had negative free cash flow of $5.4M in fiscal year 2025, likely due to heavy capital investments.
Pulmatrix, Inc. (PULM) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates