Pulmonx Corporation (LUNG) Balance Sheet

8Y historyFree accessUpdated daily

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.

Annual statement

LUNG Balance Sheet

Pulmonx Corporation (LUNG) balance sheet — 8-year assets, liabilities & shareholders' equity history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18

Total Current Assets	88.13M	101.68M	136.25M	150.42M	168.95M	208M	249.99M	41.07M	11.31M
Cash & Short-Term Investments	55.84M	70.01M	101.48M	117.1M	141.14M	180.04M	231.79M	28.35M	4.12M
Cash Only	55.84M	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	12.25M	12.07M	13.79M	13.02M	9.28M	6.92M	4.57M	6M	3.42M
Days Sales Outstanding	52.06	48.69	60.08	69.2	63.11	52.2	50.93	67.17	62.42
Inventory	16.39M	15.85M	16.91M	16.74M	14.56M	16.29M	10.74M	5.61M	3.32M
Days Inventory Outstanding	294.69	247.6	283.37	340.97	385.29	464.89	339.99	201.2	157.01
Other Current Assets	3.65M	3.76M	1.39M	741K	521K	578K	377K	666K	125K
Total Non-Current Assets	26.6M	27.61M	26.6M	27.36M	24.72M	27.17M	13.72M	12.46M	3.71M
Property, Plant & Equipment	19.15M	20.25M	21.45M	7.43M	10.5M	12.89M	10.45M	7.46M	375K
Fixed Asset Turnover	4.38x	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	700K	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	5.11M	4.33M	2.82M	3.17M	5.81M	731K	536K	2.14M	350K
Total Assets	114.73M	129.29M	162.85M	177.78M	193.68M	235.17M	263.71M	53.53M	15.01M
Asset Turnover	0.70x	0.70x	0.51x	0.39x	0.28x	0.21x	0.12x	0.61x	1.33x
Asset Growth %	-80.47%	-20.61%	-8.4%	-8.21%	-17.65%	-10.82%	392.61%	256.58%	-
Total Current Liabilities	20.41M	20.06M	24.44M	23.16M	18.49M	17.55M	12.53M	14.16M	8.07M
Accounts Payable	4.67M	3.9M	3.83M	1.5M	1.76M	1.58M	1.47M	2.68M	1.29M
Days Payables Outstanding	84.02	61.02	64.11	30.49	46.51	45.16	46.59	96.12	60.96
Short-Term Debt	1.38M	1.32M	3.18M	2.15M	90K	91K	2.24M	0	0
Deferred Revenue (Current)	158K	18K	135K	104K	120K	163K	71K	173K	139K
Other Current Liabilities	14.33M	4.98M	6.89M	7.88M	4.97M	4.74M	3.1M	6.47M	2.49M
Current Ratio	4.32x	5.07x	5.58x	6.50x	9.14x	11.85x	19.96x	2.90x	1.40x
Quick Ratio	3.52x	4.28x	4.88x	5.77x	8.35x	10.92x	19.10x	2.50x	0.99x
Cash Conversion Cycle	262.73	235.27	279.33	379.68	401.9	471.92	344.32	172.25	158.47
Total Non-Current Liabilities	55.13M	55.12M	52.6M	36.31M	21.18M	24.38M	25.05M	226.75M	174.27M
Long-Term Debt	54.83M	36.99M	34M	35.09M	17.23M	17.32M	17.37M	220.3M	33.6M
Capital Lease Obligations	54.1M	18.06M	18.52M	1.11M	3.85M	6.84M	7.62M	6.4M	0
Deferred Tax Liabilities	250K	69K	87K	114K	94K	37K	62K	43K	48K
Other Non-Current Liabilities	238K	0	0	0	0	179K	0	0	140.61M
Total Liabilities	75.54M	75.17M	77.04M	59.47M	39.67M	41.93M	37.57M	240.91M	182.34M
Total Debt	56.21M	56.36M	56.47M	41.42M	24.4M	26.46M	27.22M	227.15M	33.6M
Net Debt	368K	-13.64M	-14.43M	-42.12M	-77.33M	-122.02M	-204.57M	212.39M	29.48M
Debt / Equity	1.43x	1.04x	0.66x	0.35x	0.16x	0.14x	0.12x	-	-
Debt / EBITDA	-1.24x	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-0.01x	-	-	-	-	-	-	-	-
Interest Coverage	-11.61x	-15.92x	-14.94x	-17.65x	-53.94x	-57.28x	-9.07x	-7.78x	-6.33x
Total Equity	39.2M	54.12M	85.81M	118.31M	154.01M	193.24M	226.13M	-187.38M	-167.33M
Equity Growth %	-157.37%	-36.93%	-27.47%	-23.18%	-20.3%	-14.55%	220.68%	-11.98%	-
Book Value per Share	0.93	1.33	2.19	3.12	4.15	5.35	6.34	-5.29	-8.08
Total Shareholders' Equity	39.2M	54.12M	85.81M	118.31M	154.01M	193.24M	226.13M	-187.38M	-167.33M
Common Stock	281K	42K	40K	39K	38K	37K	36K	19K	17K
Retained Earnings	-545.29M	-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	2.05M	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

Key Metrics

Growth RegimeDecelerating

ProfitabilityNegative

Balance SheetVulnerable

Cash FlowBurning

Top Statement Risk

Liquidity and capital dependency

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Balance Sheet Erosion Amidst Losses

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.

Rising Leverage Amidst Capital Constraints

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.

Liquidity Buffer Facing Downward Pressure

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.

Equity Quality and Dilution Risks

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.

LUNG — Frequently Asked Questions

Quick answers to the most common questions about buying LUNG stock.

What are the total assets of Pulmonx Corporation (LUNG)?

As of 2025, Pulmonx Corporation (LUNG) had total assets of $129.3M including $101.7M in current assets.

How much debt does Pulmonx Corporation (LUNG) have?

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.

What is the book value or shareholders' equity of Pulmonx Corporation?

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.

What is Pulmonx Corporation's current ratio and liquidity?

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.