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Pulmonx Corporation(LUNG)Earnings, Financials & Key Ratios
LUNG•NASDAQ
Price updated Jun 19, 2026
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%
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
- ✗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.
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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
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 INSP | 1.23B | 42.61 | 8.71 | 13.6% | 14.33% | 17.98% | 0.04 | |
 NVCR | 1.62B | 14.28 | -11.70 | 8.28% | -25.66% | -50.82% | 0.85 | |
 ATRC | 1.46B | 28.80 | -120 | 14.88% | -0.83% | -0.95% | 0.18 | |
 PRCT | 1.24B | 21.72 | -12.63 | 37.22% | -31.82% | -27.7% | 0.14 | |
 MMSI | 4.01B | 67.22 | 31.56 | 11.66% | 9.03% | 8.95% | 0.57 | |
 ANGO | 505.13M | 12.15 | -14.64 | -3.76% | -9.02% | -15.71% | ||
 TMDX | 2.72B | 78.79 | 16.18 | 37.13% | 27.04% | 41.92% | 0.99 | |
 MDT | 101.86B | 79.34 | 21.98 | 3.62% | 13% | 9.49% | 0.59 |
Compare LUNG vs Peers
Pulmonx Corporation (LUNG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
LUNG Income Statement
Pulmonx Corporation (LUNG) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 20M | 32.59M | 32.73M | 48.42M | 53.66M | 68.67M | 83.79M | 90.5M |
Revenue Growth % | - | 62.94% | 0.42% | 47.91% | 10.84% | 27.98% | 22.01% | 8.01% |
Cost of Goods Sold | 7.72M | 10.18M | 11.53M | 12.79M | 13.8M | 17.92M | 21.79M | 23.36M |
COGS % of Revenue | 38.58% | 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 Expenses | 27.34M | 40.25M | 53.53M | 82.93M | 98.5M | 112.69M | 119.7M | 120.8M |
OpEx % of Revenue | 136.66% | 123.49% | 163.55% | 171.29% | 183.56% | 164.09% | 142.86% | 133.49% |
Selling, General & Admin | 20.35M | 34.2M | 46.07M | 69.87M | 83.11M | 94.61M | 102.14M | 101.31M |
SG&A % of Revenue | 101.71% | 104.93% | 140.76% | 144.31% | 154.87% | 137.76% | 121.9% | 111.95% |
Research & Development | 6.99M | 6.05M | 7.46M | 13.06M | 15.4M | 18.08M | 17.57M | 19.49M |
R&D % of Revenue | 34.95% | 18.56% | 22.79% | 26.98% | 28.69% | 26.33% | 20.97% | 21.54% |
Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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) | 270K | 1.2M | 400K | 867K | 1.51M | 1.95M | 1.59M | 1.05M |
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 | -429K | 463K | 2.34M | 1.55M | -504K |
Interest Income | 21K | 432K | 213K | 400K | 1.53M | 5.57M | 5.06M | 2.65M |
Interest Expense | 2.52M | 2.32M | 3.18M | 829K | 1.07M | 3.23M | 3.51M | 3.15M |
Other Income/Expense | -3.42M | -2.5M | 314K | -1.01M | 67K | 1.66M | 1.81M | 286K |
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 Tax | 12K | 363K | 213K | 343K | 353K | 571K | 500K | 626K |
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 Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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 Outstanding | 20.71M | 35.43M | 35.69M | 36.13M | 37.1M | 37.97M | 39.11M | 40.69M |
Basic Shares Outstanding | 20.71M | 35.43M | 35.69M | 36.13M | 37.1M | 37.97M | 39.11M | 40.69M |
Dividend Payout Ratio | - | - | - | - | - | - | - | - |
LUNG Balance Sheet
Pulmonx Corporation (LUNG) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
Total Current Assets | 11.31M | 41.07M | 249.99M | 208M | 168.95M | 150.42M | 136.25M | 101.68M |
Cash & Short-Term Investments | 4.12M | 28.35M | 231.79M | 180.04M | 141.14M | 117.1M | 101.48M | 70.01M |
Cash Only | 4.12M | 14.77M | 231.79M | 148.48M | 101.74M | 83.55M | 70.91M | 70.01M |
Short-Term Investments | 0 | 13.58M | 0 | 31.56M | 39.4M | 33.55M | 30.58M | 0 |
Accounts Receivable | 3.42M | 6M | 4.57M | 6.92M | 9.28M | 13.02M | 13.79M | 12.07M |
Days Sales Outstanding | 62.42 | 67.17 | 50.93 | 52.2 | 63.11 | 69.2 | 60.08 | 48.69 |
Inventory | 3.32M | 5.61M | 10.74M | 16.29M | 14.56M | 16.74M | 16.91M | 15.85M |
Days Inventory Outstanding | 157.01 | 201.2 | 339.99 | 464.89 | 385.29 | 340.97 | 283.37 | 247.6 |
Other Current Assets | 125K | 666K | 377K | 578K | 521K | 741K | 1.39M | 3.76M |
Total Non-Current Assets | 3.71M | 12.46M | 13.72M | 27.17M | 24.72M | 27.36M | 26.6M | 27.61M |
Property, Plant & Equipment | 375K | 7.46M | 10.45M | 12.89M | 10.5M | 7.43M | 21.45M | 20.25M |
Fixed Asset Turnover | 53.34x | 4.37x | 3.13x | 3.76x | 5.11x | 9.24x | 3.91x | 4.47x |
Goodwill | 2.33M | 2.33M | 2.33M | 2.33M | 2.33M | 2.33M | 2.33M | 2.33M |
Intangible Assets | 647K | 524K | 400K | 277K | 154K | 31K | 0 | 0 |
Long-Term Investments | 0 | 0 | 0 | 10.94M | 5.92M | 14.39M | 0 | 0 |
Other Non-Current Assets | 350K | 2.14M | 536K | 731K | 5.81M | 3.17M | 2.82M | 5.03M |
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 Turnover | 1.33x | 0.61x | 0.12x | 0.21x | 0.28x | 0.39x | 0.51x | 0.70x |
Asset Growth % | - | 256.58% | 392.61% | -10.82% | -17.65% | -8.21% | -8.4% | -20.61% |
Total Current Liabilities | 8.07M | 14.16M | 12.53M | 17.55M | 18.49M | 23.16M | 24.44M | 20.06M |
Accounts Payable | 1.29M | 2.68M | 1.47M | 1.58M | 1.76M | 1.5M | 3.83M | 3.9M |
Days Payables Outstanding | 60.96 | 96.12 | 46.59 | 45.16 | 46.51 | 30.49 | 64.11 | 61.02 |
Short-Term Debt | 0 | 0 | 2.24M | 91K | 90K | 2.15M | 3.18M | 1.32M |
Deferred Revenue (Current) | 139K | 173K | 71K | 163K | 120K | 104K | 135K | 18K |
Other Current Liabilities | 2.49M | 6.47M | 3.1M | 4.74M | 4.97M | 7.88M | 6.89M | 14.56M |
Current Ratio | 1.40x | 2.90x | 19.96x | 11.85x | 9.14x | 6.50x | 5.58x | 5.07x |
Quick Ratio | 0.99x | 2.50x | 19.10x | 10.92x | 8.35x | 5.77x | 4.88x | 4.28x |
Cash Conversion Cycle | 158.47 | 172.25 | 344.32 | 471.92 | 401.9 | 379.68 | 279.33 | 235.27 |
Total Non-Current Liabilities | 174.27M | 226.75M | 25.05M | 24.38M | 21.18M | 36.31M | 52.6M | 55.12M |
Long-Term Debt | 33.6M | 220.3M | 17.37M | 17.32M | 17.23M | 35.09M | 34M | 36.99M |
Capital Lease Obligations | 0 | 6.4M | 7.62M | 6.84M | 3.85M | 1.11M | 18.52M | 18.06M |
Deferred Tax Liabilities | 48K | 43K | 62K | 37K | 94K | 114K | 87K | 69K |
Other Non-Current Liabilities | 140.61M | 0 | 0 | 179K | 0 | 0 | 0 | 0 |
Total Liabilities | 182.34M | 240.91M | 37.57M | 41.93M | 39.67M | 59.47M | 77.04M | 75.17M |
Total Debt | 33.6M | 227.15M | 27.22M | 26.46M | 24.4M | 41.42M | 56.47M | 56.36M |
Net Debt | 29.48M | 212.39M | -204.57M | -122.02M | -77.33M | -42.12M | -14.43M | -13.64M |
Debt / Equity | - | - | 0.12x | 0.14x | 0.16x | 0.35x | 0.66x | 1.04x |
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 | -5.29 | 6.34 | 5.35 | 4.15 | 3.12 | 2.19 | 1.33 |
Total Shareholders' Equity | -167.33M | -187.38M | 226.13M | 193.24M | 154.01M | 118.31M | 85.81M | 54.12M |
Common Stock | 17K | 19K | 36K | 37K | 38K | 39K | 40K | 42K |
Retained Earnings | -189.8M | -210.5M | -242.73M | -291.39M | -350.32M | -411.16M | -467.56M | -521.56M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | 1.33M | 1.37M | 1.69M | 1.71M | 1.57M | 2.64M | 2.11M | 2.36M |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
LUNG Cash Flow Statement
Pulmonx Corporation (LUNG) cash flow — operating, investing & free cash flow history
| Metric | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'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 & Amortization | 270K | 365K | 483K | 3.16M | 4M | 1.55M | 1.49M | 1.15M |
Stock-Based Compensation | 366K | 364K | 3.2M | 0 | 0 | 22.1M | 22.95M | 0 |
Deferred Taxes | 936K | 746K | 0 | -6K | 49K | 0 | 0 | 0 |
Other Non-Cash Items | 36K | 864K | 2.71M | 11.92M | 16.8M | 2.14M | 2.11M | 22.33M |
Working Capital Changes | -1.52M | -2.4M | -4.79M | -7.84M | -7.06M | -2.56M | -1.7M | -1.93M |
Change in Receivables | -262K | -2.52M | 1.46M | -2.43M | -2.19M | -3.1M | -1.31M | 1.07M |
Change in Inventory | -1.25M | -2.61M | -5.05M | -6.46M | -3.64M | 918K | -229K | -765K |
Change in Payables | -648K | 524K | 592K | 87K | 247K | -345K | 2.28M | 270K |
Cash from Investing | 200K | -14.23M | 12.69M | -46.26M | -4.22M | -2.01M | 17.48M | 30.48M |
Capital Expenditures | -316K | -720K | -911K | -3.67M | -1.32M | -807K | -1.45M | -452K |
CapEx % of Revenue | 1.58% | 2.21% | 2.78% | 7.58% | 2.46% | 1.18% | 1.73% | 0.5% |
Acquisitions | 16K | 13.51M | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | - | - | - | - | - | - | - | - |
Other Investing | 16K | -13.51M | 0 | 0 | 0 | 0 | 0 | 0 |
Cash from Financing | 12.11M | 45.62M | 234.83M | 4.5M | 2.47M | 21.4M | 1.36M | 903K |
Debt Issued (Net) | 12M | 6M | 32.99M | 0 | -87K | 19.91M | -95K | -100K |
Equity Issued (Net) | 0 | 39.67M | 201.39M | 4.5M | 2.56M | 0 | 0 | 1M |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | -12K | 0 | -26K | -27K | 0 | 0 | 0 |
Other Financing | 114K | -52K | 446K | 0 | 0 | 1.49M | 1.46M | 0 |
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) | 1.00x | 1.00x | 0.95x | 0.85x | 0.77x | 0.62x | 0.56x | 0.60x |
Interest Paid | 1.36M | 1.4M | 3.06M | 0 | 0 | 2.98M | 3.48M | 0 |
Taxes Paid | 226K | 196K | 259K | 0 | 0 | 471K | 556K | 0 |
LUNG Key Ratios
Pulmonx Corporation (LUNG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
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 Margin | 61.42% | 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 | - | - | 0.12x | 0.14x | 0.16x | 0.35x | 0.66x | 1.04x |
Interest Coverage | -6.33x | -7.78x | -9.07x | -57.28x | -53.94x | -17.65x | -14.94x | -17.01x |
FCF Conversion | 1.00x | 1.00x | 0.95x | 0.85x | 0.77x | 0.62x | 0.56x | 0.60x |
Revenue Growth | - | 62.94% | 0.42% | 47.91% | 10.84% | 27.98% | 22.01% | 8.01% |
Related:LUNG Dividend History·LUNG Revenue History·LUNG Price History·LUNG P/E History·LUNG Financial Ratios·LUNG Institutional Holders
LUNG SEC Filings & Documents
Pulmonx Corporation (LUNG) SEC filings — annual & quarterly reports (10-K, 10-Q)
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.