Latest Ratios: P/E Ratio -49.1x · EV/EBITDA N/A · ROE -74.4%. (2014–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.7B | $925M | $1.0B | $588M | $94M | $414M | $555M | $278M | $196M | $348M | $72M |
| Enterprise Value | $3.6B | $852M | $908M | $553M | $109M | $397M | $554M | $278M | $145M | $345M | $69M |
| P/E Ratio → | -49.09 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 9999.00 | 2643.82 | — | — | 134.29 | 292.06 | — | — | — | — | — |
| P/B Ratio | 44.30 | 11.47 | 8.85 | 13.25 | — | 11.60 | 24.23 | 9.05 | 2.95 | 7.57 | 2.83 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2434.67 | — | — | 155.45 | 279.82 | — | — | — | — | — |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -360.0% | -360.0% | — | — | -1606.3% | -38.8% | — | — | — | — | — |
| Operating Margin | -21982.6% | -21982.6% | — | — | -8293.9% | -4443.9% | — | — | — | — | — |
| Net Profit Margin | -20794.6% | -20794.6% | — | — | -8357.9% | -4489.4% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -74.4% | -74.4% | -67.3% | -200.5% | -349.9% | -217.3% | -185.5% | -94.8% | -66.8% | -71.7% | -48.9% |
| ROA | -63.7% | -63.7% | -55.9% | -61.6% | -88.6% | -133.3% | -119.5% | -81.7% | -62.3% | -67.2% | -46.8% |
| ROIC | -876.1% | -876.1% | -567.8% | -301.1% | -281.9% | -235.6% | -143.2% | -157.1% | -98.5% | -58.8% | -43.2% |
| ROCE | -73.1% | -73.1% | -64.3% | -70.1% | -98.7% | -158.6% | -140.4% | -91.4% | -65.9% | -70.8% | -49.2% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.08 | 0.21 | — | 0.32 | 0.50 | 0.22 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.91 | -0.95 | -0.79 | — | -0.49 | -0.05 | -0.01 | -0.77 | -0.07 | -0.08 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -37.37 | -130.59 | -98.54 | — | — | — | — | — |
Net cash position: cash ($81M) exceeds total debt ($8M)
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.53 | 10.53 | 11.88 | 6.76 | 10.39 | 4.30 | 2.95 | 5.92 | 19.42 | 17.39 | 16.40 |
| Quick Ratio | 10.51 | 10.51 | 11.88 | 6.76 | 10.39 | 3.62 | 2.95 | 5.92 | 19.42 | 17.39 | 16.40 |
| Cash Ratio | 10.19 | 10.19 | 11.74 | 6.61 | 10.22 | 3.36 | 2.70 | 5.70 | 19.17 | 17.20 | 16.14 |
| Asset Turnover | — | 0.00 | — | — | 0.01 | 0.03 | — | — | — | — | — |
| Inventory Turnover | 11.84 | 11.84 | — | — | — | 0.34 | — | — | — | — | — |
| Days Sales Outstanding | — | 285.74 | — | — | — | 15.70 | — | — | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $67M | $58M | $48M | $34M | $28M | $23M | $21M | $17M | $15M | $11M |
Includes 30+ ratios · 12 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 PLSE stock.
Pulse Biosciences, Inc.'s current P/E ratio is -49.1x. This places it at the 50th percentile of its historical range.
Pulse Biosciences, Inc.'s return on equity (ROE) is -74.4%. The historical average is -116.6%.
Based on historical data, Pulse Biosciences, Inc. is trading at a P/E of -49.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pulse Biosciences, Inc. has -360.0% gross margin and -21982.6% operating margin.
Key Metrics
Top Statement Risk
Cash burn sustainability
Metrics are mathematically derived from official filings.
Gross Margin Inflection Points to Scalability
Gross margin swung from -96.6% in 2025Q4 to 37.1% in 2026Q2, as reported in quarterly financials, suggesting early production efficiencies are emerging despite minimal revenue.
The dramatic improvement in gross margin, from deeply negative to positive, indicates that the company is beginning to cover direct product costs, though absolute revenue remains negligible. Operating margin remains deeply negative at -58.2% in 2026Q2, reflecting heavy R&D and SG&A investment that far outpaces sales. Investors should monitor whether gross margin can sustain above 30% as volume scales, since current levels are based on very low revenue and may be volatile.
ROIC Recovery from Distressed Levels
ROIC improved from -114.5% in 2024Q3 to -3.9% in 2026Q2, per balance sheet data, indicating that capital efficiency is recovering as the asset base grows with equity raises.
The massive improvement in ROIC, though still negative, reflects a denominator effect from increased invested capital rather than operational profitability. The company is in a heavy investment phase, and returns are expected to remain negative until revenue scales significantly. The trend suggests that the capital raised is being deployed into R&D and commercialization, but the ultimate return on that capital remains unproven.
Negative CCC Reflects Supplier Financing
Cash conversion cycle turned sharply negative to -829 days in 2026Q2, driven by DPO of 932 days, as per quarterly data, indicating the company is delaying supplier payments to conserve cash.
The extremely negative CCC is a red flag, as it suggests the company is stretching payables far beyond normal terms, which may strain supplier relationships. DSO of 29 days and DIO of 74 days are modest, but DPO of 932 days is unsustainable and likely reflects early-stage purchasing patterns or extended payment terms. This working capital strategy provides temporary cash relief but warrants monitoring for potential supply chain disruptions.
Minimal Debt Masks Equity Dilution
Debt-to-equity stands at 0.07 as of 2026Q2, per balance sheet data, indicating low leverage, but the company's reliance on equity raises has diluted shareholders significantly.
With total debt of only $6.8M against equity of $99.5M, the balance sheet shows minimal leverage, and interest coverage is not a concern. However, the company has funded operations through repeated equity offerings, as evidenced by the surge in cash from $26.2M in 2024Q2 to $101.6M in 2026Q2. This suggests that while debt risk is low, dilution risk is high, and future funding needs may further erode shareholder value.
Liquidity Cushion but Runway Shortens
Current ratio of 9.63 in 2026Q2, as reported in financial statements, indicates ample short-term liquidity, but cash burn of $33.4M per quarter suggests a runway of roughly three quarters.
The high current ratio is driven by a large cash balance relative to current liabilities, providing a comfortable buffer for near-term obligations. However, with free cash flow margin at -77% and operating losses exceeding $25M per quarter, the company is consuming cash rapidly. Based on recent cash flow trends, the current cash position may only fund operations for about three quarters, necessitating additional capital raises or a significant reduction in burn.
P/S Misleading for Pre-Revenue Firm
Price-to-sales of 8,807 is meaningless for a company with only $434K in quarterly revenue, as per SEC filings, and obscures the true valuation based on cash burn and potential.
The P/S ratio is commonly misapplied to early-stage companies like Pulse Biosciences, where revenue is negligible and not indicative of future earning power. A more appropriate metric is EV/Invested Capital or price-to-book, though P/B of 37.22 also reflects the market's expectation of future growth. Investors should focus on cash runway, R&D progress, and the potential market for the company's technology rather than traditional revenue multiples.