Latest Ratios: P/E Ratio -1.5x · EV/EBITDA N/A · ROE -77.2%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $84M | $90M | $266M | $484M | $313M | $1.2B | $2.5B | — | — |
| Enterprise Value | $71M | $76M | $251M | $442M | $235M | $1.0B | $2.3B | — | — |
| P/E Ratio → | -1.50 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.93 | 0.99 | 3.17 | 7.05 | 5.83 | 23.93 | 75.26 | — | — |
| P/B Ratio | 1.50 | 1.66 | 3.09 | 4.09 | 2.03 | 6.00 | 10.89 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.84 | 3.00 | 6.44 | 4.39 | 21.41 | 69.01 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.2% | 74.2% | 74.0% | 73.9% | 74.3% | 73.6% | 64.8% | 68.8% | 61.4% |
| Operating Margin | -59.3% | -59.3% | -68.9% | -90.2% | -109.3% | -97.7% | -98.8% | -54.7% | -75.2% |
| Net Profit Margin | -59.7% | -59.7% | -67.3% | -88.6% | -109.8% | -100.5% | -98.5% | -63.5% | -92.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -77.2% | -77.2% | -55.3% | -44.7% | -33.9% | -23.2% | -166.3% | — | — |
| ROA | -37.0% | -37.0% | -33.1% | -32.8% | -27.5% | -19.5% | -20.3% | -60.4% | -123.1% |
| ROIC | -72.0% | -72.0% | -58.7% | -60.8% | -59.5% | -76.5% | -104.1% | -53.5% | — |
| ROCE | -43.3% | -43.3% | -39.4% | -37.6% | -29.9% | -20.2% | -22.3% | -77.0% | -216.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.04 | 1.04 | 0.66 | 0.35 | 0.16 | 0.14 | 0.12 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.25 | -0.17 | -0.36 | -0.50 | -0.63 | -0.90 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -15.92 | -15.92 | -14.94 | -17.65 | -53.94 | -57.28 | -9.07 | -7.78 | -6.33 |
Net cash position: cash ($70M) exceeds total debt ($56M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.07 | 5.07 | 5.58 | 6.50 | 9.14 | 11.85 | 19.96 | 2.90 | 1.40 |
| Quick Ratio | 4.28 | 4.28 | 4.88 | 5.77 | 8.35 | 10.92 | 19.10 | 2.50 | 0.99 |
| Cash Ratio | 3.49 | 3.49 | 4.15 | 5.06 | 7.63 | 10.26 | 18.50 | 2.00 | 0.51 |
| Asset Turnover | — | 0.70 | 0.51 | 0.39 | 0.28 | 0.21 | 0.12 | 0.61 | 1.33 |
| Inventory Turnover | 1.47 | 1.47 | 1.29 | 1.07 | 0.95 | 0.79 | 1.07 | 1.81 | 2.32 |
| Days Sales Outstanding | — | 48.69 | 60.08 | 69.20 | 63.11 | 52.20 | 50.93 | 67.17 | 62.42 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $41M | $39M | $38M | $37M | $36M | $36M | $35M | $21M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LUNG stock.
Pulmonx Corporation's current P/E ratio is -1.5x. This places it at the 50th percentile of its historical range.
Pulmonx Corporation's return on equity (ROE) is -77.2%. The historical average is -66.8%.
Based on historical data, Pulmonx Corporation is trading at a P/E of -1.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pulmonx Corporation has 74.2% gross margin and -59.3% operating margin.
Key Metrics
Top Statement Risk
Capital dependency and dilution
Metrics are mathematically derived from official filings.
Valuation Compression Amidst Growth Headwinds
According to current market data, Pulmonx trades at a P/S multiple of 0.61, which suggests that investors are heavily discounting the company's future growth prospects compared to historical premiums, likely reflecting skepticism regarding the scalability of its high-touch, procedure-dependent revenue model in the current interest rate environment.
The lack of a positive P/E or EV/EBITDA multiple underscores that the market is currently pricing the firm as a distressed growth asset rather than a maturing medical device player. This valuation level implies that the market may be pricing in a significant probability of future equity dilution to sustain operations, given the absence of a clear path to profitability.
Capital Efficiency Remains Structurally Negative
As reported in financial statements, Pulmonx's ROIC has trended toward -24.0% in 2026Q1, indicating that the company is currently destroying shareholder value with every dollar of capital deployed into its diagnostic-to-therapeutic workflow, a trend that has worsened significantly from the -11.7% levels observed in 2024Q3.
The persistent negative return on capital suggests that the high fixed costs associated with clinical training and market creation are not yet being offset by the marginal contribution of new procedures. Investors should monitor whether management can pivot toward a more capital-efficient model, as the current trajectory indicates that the business is not yet compounding value.
Working Capital Cycles Indicate Inefficiency
Based on the reported figures, the company's cash conversion cycle has expanded to 296 days in 2026Q1, primarily driven by an elevated days inventory outstanding of 319 days, which suggests that the firm is struggling to optimize its supply chain and inventory turnover relative to its current sales velocity.
The significant duration of the cash conversion cycle highlights a potential mismatch between the company's inventory procurement and the actual rate of procedure adoption in the field. This inefficiency ties up critical liquidity that could otherwise be used to fund the high-touch sales force, further exacerbating the company's reliance on external financing.
Liquidity Buffer Facing Increasing Pressure
According to recent SEC filings, Pulmonx's current ratio has fluctuated around 4.91, yet this headline figure masks a deteriorating cash position that has fallen to $61.6 million, leaving the company with a narrowing runway to fund its ongoing operating losses without seeking additional capital injections.
While the current ratio appears healthy on the surface, the high inventory levels and the persistent cash burn suggest that the company's liquidity is less robust than the ratio implies. The firm's reliance on equity markets for funding, combined with a shrinking equity base, warrants close monitoring of the cash-to-burn ratio over the next several quarters.
Misapplication of Revenue Growth Metrics
Based on an analysis of the business model, the most commonly misapplied metric for Pulmonx is headline revenue growth, which obscures the underlying quality of the installed base and fails to distinguish between initial stocking orders and recurring, high-margin valve pull-through at established treating centers.
Investors often focus on top-line growth as a proxy for market penetration, but this ignores the 'Collateral Ventilation Filter' which effectively limits the addressable patient population. A more accurate assessment would involve tracking the utilization rate per center and the ratio of Chartis console usage to valve sales, which provides a clearer picture of whether the technology is becoming a standard of care.