Latest Ratios: P/E Ratio -2.6x · 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 | $108M | $90M | $266M | $484M | $313M | $1.2B | $2.5B | — | — |
| Enterprise Value | $94M | $76M | $251M | $442M | $235M | $1.0B | $2.3B | — | — |
| P/E Ratio → | -2.60 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.22 | 0.99 | 3.17 | 7.05 | 5.83 | 23.93 | 75.26 | — | — |
| P/B Ratio | 1.92 | 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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DCF models, multiple analysis, and analyst estimates.
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 -2.6x. 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 -2.6x. 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
Persistent operating cash burn
Metrics are mathematically derived from official filings.
Headline Metrics Overstate Underlying Financial Strength
According to recent SEC filings, the 4.05 current ratio and 76.2% gross margin look supportive, yet operating margin of -32.8% and cumulative operating losses exceeding $180M show these strengths do not yet translate into earning power.
A high gross margin and elevated current ratio are the metrics most often cited to argue the business is near an inflection point, but neither captures the cost base that consumes gross profit. SG&A alone absorbed roughly 88% of gross profit in 2026Q3, so the margin strength is largely offset before reaching the operating line. Investors should treat the current ratio as a lagging indicator of cash depletion rather than evidence of durable solvency.
Gross Margin Strong but Operating Losses Persist
Based on Pulmonx's reported quarterly figures, gross margin reached 76.2% in 2026Q3 while operating margin stood at -32.8%, indicating that the gap between gross profit and operating expenses, not product economics, drives the losses at this stage of commercialization.
A gross margin in the mid-70s is consistent with a differentiated device franchise, yet the operating margin trajectory from -62.9% in 2026Q1 to -32.8% in 2026Q3 suggests cost discipline is improving but has not reached breakeven. Compared with the 2024Q2 starting point of -75.2% operating margin, the improvement is real but the absolute level remains far below profitable medtech peers such as INSP, which posted a 15.9% net margin. Investors should treat gross margin as evidence of pricing power while monitoring whether SG&A growth can slow faster than revenue, since the current cost base leaves little room for error.
Negative Returns Show No Compounding
As reported in the financial statements, ROIC stood at -14.5% in 2026Q3 and ROE at -22.9%, with both measures still negative across all ten quarters analyzed, showing that invested capital is not yet generating economic returns.
The ROIC series moved from -13.4% in 2024Q2 to -14.5% in 2026Q3 after a deeper trough near -24.0% in 2026Q1, so the pattern is oscillation rather than sustained recovery. Against peer INSP at 6.0% ROIC and ATRC near -0.6%, Pulmonx trails a profitable comparable by a wide margin and sits closer to PRCT's -50.8%. The negative ROE, combined with a shrinking equity base, suggests returns on capital are not yet a valid basis for valuation until operating leverage turns positive.
Equity Erosion Drives Leverage Deterioration
Based on Pulmonx's reported balance sheet, debt-to-equity rose from 0.56 in 2024Q2 to 1.65 in 2026Q3 while total debt held near $56M, meaning the increase reflects a shrinking equity denominator rather than new borrowing.
Because debt has been flat and equity has fallen roughly 66% over the period, the leverage ratio deterioration is primarily a function of accumulated losses rather than financing decisions. Interest coverage is deeply negative at -5.68 in 2026Q3, meaning operating earnings do not cover interest expense, although the reported figures do not show the terms or maturity schedule of the debt. Investors should monitor refinancing timelines and covenant headroom, since a continued equity decline could tighten the balance sheet even if debt remains constant.