The company's financial stability appears increasingly strained as total equity has eroded to $45.8 million, accompanied by a rising debt-to-equity ratio of 1.23 as of 2026Q1.
| Total Current Assets | 92.75M | 101.68M | 136.25M | 150.42M | 168.95M | 208M | 249.99M | 41.07M | 11.31M |
| Cash & Short-Term Investments | 61.57M | 70.01M | 101.48M | 117.1M | 141.14M | 180.04M | 231.79M | 28.35M | 4.12M |
| Cash Only | 61.57M | 70.01M | 70.91M | 83.55M | 101.74M | 148.48M | 231.79M | 14.77M | 4.12M |
| Short-Term Investments | 0 | 0 | 30.58M | 33.55M | 39.4M | 31.56M | 0 | 13.58M | 0 |
| Accounts Receivable | 11.27M | 12.07M | 13.79M | 13.02M | 9.28M | 6.92M | 4.57M | 6M | 3.42M |
| Days Sales Outstanding | 55.69 | 48.69 | 60.08 | 69.2 | 63.11 | 52.2 | 50.93 | 67.17 | 62.42 |
| Inventory | 16.31M | 15.85M | 16.91M | 16.74M | 14.56M | 16.29M | 10.74M | 5.61M | 3.32M |
| Days Inventory Outstanding | 271.5 | 247.6 | 283.37 | 340.97 | 385.29 | 464.89 | 339.99 | 201.2 | 157.01 |
| Other Current Assets | 301K | 3.76M | 1.39M | 741K | 521K | 578K | 377K | 666K | 125K |
| Total Non-Current Assets | 27.22M | 27.61M | 26.6M | 27.36M | 24.72M | 27.17M | 13.72M | 12.46M | 3.71M |
| Property, Plant & Equipment | 19.71M | 20.25M | 21.45M | 7.43M | 10.5M | 12.89M | 10.45M | 7.46M | 375K |
| Fixed Asset Turnover | 4.32x | 4.47x | 3.91x | 9.24x | 5.11x | 3.76x | 3.13x | 4.37x | 53.34x |
| Goodwill | 2.33M | 2.33M | 2.33M | 2.33M | 2.33M | 2.33M | 2.33M | 2.33M | 2.33M |
| Intangible Assets | 0 | 0 | 0 | 31K | 154K | 277K | 400K | 524K | 647K |
| Long-Term Investments | 0 | 0 | 0 | 14.39M | 5.92M | 10.94M | 0 | 0 | 0 |
| Other Non-Current Assets | 5.17M | 5.03M | 2.82M | 3.17M | 5.81M | 731K | 536K | 2.14M | 350K |
| Total Assets | 119.97M | 129.29M | 162.85M | 177.78M | 193.68M | 235.17M | 263.71M | 53.53M | 15.01M |
| Asset Turnover | 0.66x | 0.70x | 0.51x | 0.39x | 0.28x | 0.21x | 0.12x | 0.61x | 1.33x |
| Asset Growth % | -73.15% | -20.61% | -8.4% | -8.21% | -17.65% | -10.82% | 392.61% | 256.58% | - |
| Total Current Liabilities | 18.91M | 20.06M | 24.44M | 23.16M | 18.49M | 17.55M | 12.53M | 14.16M | 8.07M |
| Accounts Payable | 3.47M | 3.9M | 3.83M | 1.5M | 1.76M | 1.58M | 1.47M | 2.68M | 1.29M |
| Days Payables Outstanding | 85.58 | 61.02 | 64.11 | 30.49 | 46.51 | 45.16 | 46.59 | 96.12 | 60.96 |
| Short-Term Debt | 104K | 1.32M | 3.18M | 2.15M | 90K | 91K | 2.24M | 0 | 0 |
| Deferred Revenue (Current) | 220K | 18K | 135K | 104K | 120K | 163K | 71K | 173K | 139K |
| Other Current Liabilities | 2.89M | 4.98M | 6.89M | 7.88M | 4.97M | 4.74M | 3.1M | 6.47M | 2.49M |
| Current Ratio | 4.91x | 5.07x | 5.58x | 6.50x | 9.14x | 11.85x | 19.96x | 2.90x | 1.40x |
| Quick Ratio | 4.04x | 4.28x | 4.88x | 5.77x | 8.35x | 10.92x | 19.10x | 2.50x | 0.99x |
| Cash Conversion Cycle | 241.61 | 235.27 | 279.33 | 379.68 | 401.9 | 471.92 | 344.32 | 172.25 | 158.47 |
| Total Non-Current Liabilities | 55.3M | 55.12M | 52.6M | 36.31M | 21.18M | 24.38M | 25.05M | 226.75M | 174.27M |
| Long-Term Debt | 37.21M | 36.99M | 34M | 35.09M | 17.23M | 17.32M | 17.37M | 220.3M | 33.6M |
| Capital Lease Obligations | 72.7M | 18.06M | 18.52M | 1.11M | 3.85M | 6.84M | 7.62M | 6.4M | 0 |
| Deferred Tax Liabilities | 229K | 69K | 87K | 114K | 94K | 37K | 62K | 43K | 48K |
| Other Non-Current Liabilities | 277K | 0 | 0 | 0 | 0 | 179K | 0 | 0 | 140.61M |
| Total Liabilities | 74.2M | 75.17M | 77.04M | 59.47M | 39.67M | 41.93M | 37.57M | 240.91M | 182.34M |
| Total Debt | 56.29M | 56.36M | 56.47M | 41.42M | 24.4M | 26.46M | 27.22M | 227.15M | 33.6M |
| Net Debt | -5.28M | -13.64M | -14.43M | -42.12M | -77.33M | -122.02M | -204.57M | 212.39M | 29.48M |
| Debt / Equity | 1.23x | 1.04x | 0.66x | 0.35x | 0.16x | 0.14x | 0.12x | - | - |
| Debt / EBITDA | -1.10x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.10x | - | - | - | - | - | - | - | - |
| Interest Coverage | -14.69x | -15.92x | -14.94x | -17.65x | -53.94x | -57.28x | -9.07x | -7.78x | -6.33x |
| Total Equity | 45.76M | 54.12M | 85.81M | 118.31M | 154.01M | 193.24M | 226.13M | -187.38M | -167.33M |
| Equity Growth % | -145.82% | -36.93% | -27.47% | -23.18% | -20.3% | -14.55% | 220.68% | -11.98% | - |
| Book Value per Share | 1.09 | 1.33 | 2.19 | 3.12 | 4.15 | 5.35 | 6.34 | -5.29 | -8.08 |
| Total Shareholders' Equity | 45.76M | 54.12M | 85.81M | 118.31M | 154.01M | 193.24M | 226.13M | -187.38M | -167.33M |
| Common Stock | 319K | 42K | 40K | 39K | 38K | 37K | 36K | 19K | 17K |
| Retained Earnings | -535.21M | -521.56M | -467.56M | -411.16M | -350.32M | -291.39M | -242.73M | -210.5M | -189.8M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.17M | 2.36M | 2.11M | 2.64M | 1.57M | 1.71M | 1.69M | 1.37M | 1.33M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital dependency
According to the latest quarterly filings, Pulmonx's total equity has declined from $118.3 million in 2023Q4 to $45.8 million in 2026Q1, reflecting a consistent erosion of the capital base driven by persistent net losses and the absence of meaningful internal cash generation to offset operational spending.
The steady contraction in equity suggests that the company is consuming its capital base to fund ongoing commercialization efforts. Investors should monitor whether this downward trajectory in net assets necessitates a dilutive equity raise to maintain operational continuity.
As reported in recent financial statements, Pulmonx's debt-to-equity ratio has climbed from 0.35 in 2023Q4 to 1.23 in 2026Q1, indicating that the company is increasingly relying on debt financing to support its operations as its equity cushion continues to shrink due to sustained net losses.
The shift toward higher leverage in a loss-making environment may indicate limited flexibility in capital structure management. This trend warrants further investigation into the maturity profile of these obligations and the potential for future interest expense to further pressure the bottom line.
Based on the company's reported figures, cash reserves have decreased from $83.5 million in 2023Q4 to $61.6 million in 2026Q1, which suggests a tightening liquidity position as the company continues to burn through its cash balance to sustain its high-touch sales and marketing model.
While the current ratio remains elevated at 4.91, the absolute decline in cash highlights the urgency of achieving operating leverage. The current cash runway appears to be narrowing, which may force management to prioritize cost-cutting measures over aggressive market expansion in the coming quarters.
Analysis of the balance sheet reveals that retained earnings have plummeted to -$535.2 million as of 2026Q1, a trend that underscores the significant historical capital intensity required to build the Zephyr Valve market and the potential for future shareholder dilution to bridge the funding gap.
The accumulation of such substantial negative retained earnings suggests that the business model has yet to prove its long-term economic viability. Investors should be wary that the current balance sheet strength is largely a function of past capital raises rather than organic value creation.
Quick answers to the most common questions about buying LUNG stock.
As of 2025, Pulmonx Corporation (LUNG) had total assets of $129.3M including $101.7M in current assets.
Pulmonx Corporation (LUNG) carries total debt of $56.4M, offset by $70.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pulmonx Corporation (LUNG) has total shareholders' equity (book value) of $54.1M ($1.33 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pulmonx Corporation (LUNG) reported a current ratio of 5.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.