LUNG Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2018βFY2025
Pulmonx Corp had $90.5M of revenue in fiscal 2025, up 8.0% on the year before. Over five years, revenue changed +22.6% a year on average.
Last close Β· Oct 23, 2026
$1.83
2.7%Hi! I read Pulmonx Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+8.0%
Yes. Sales grew 8.0% last year.
Does it make a profit?
β59.7%
No. It lost money last year.
Does profit turn into cash?
β36.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Pulmonx Corp had $90.5M of revenue in fiscal 2025, up 8.0% on the year before. Over five years, revenue changed +22.6% a year on average. Its operating margin was β59.3%, up 9.6Β pts: of every 100 in sales, about β59 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Pulmonx Corp lost $54.0M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$32.8M in fiscal 2025, β36.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $0.5M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.5M
5 insiders
Of sales under plans
8%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Geoffrey Beran RoseChief Commercial Officer | Sold | 7,879 | $2.26 | $0.0M | Form 4 |
| Sep 1, 2026 | Srikanth RadhakrishnanChief Science & Techn. Officer | Sold | 14,245 | $2.26 | $0.0M | Form 4 |
| Sep 1, 2026 | Glendon E. French IIIPresident and CEO, Director | Sold | 41,882 | $2.26 | $0.1M | Form 4 |
| Sep 1, 2026 | David Aaron LehmanGeneral Counsel | Sold | 14,334 | $2.26 | $0.0M | Form 4 |
| Jun 2, 2026 | Glendon E. French IIIPresident and CEO, Director | Sold | 13,511 | $1.57 | $0.0M | Form 4 |
| Jun 1, 2026 | David Aaron LehmanGeneral Counsel | Sold | 14,594 | $1.54 | $0.0M | Form 4 |
| Jun 1, 2026 | Geoffrey Beran RoseChief Commercial Officer | Sold | 8,023 | $1.54 | $0.0M | Form 4 |
| Jun 1, 2026 | Glendon E. French IIIPresident and CEO, Director | Sold | 42,638 | $1.54 | $0.1M | Form 4 |
| Jun 1, 2026 | Srikanth RadhakrishnanChief Science &Techn. Officer | Sold | 14,497 | $1.54 | $0.0M | Form 4 |
| Mar 2, 2026 | Geoffrey Beran RoseChief Commercial Officer | Sold | 7,732 | $1.43 | $0.0M | Form 4 |
| Mar 2, 2026 | Glendon E. French IIIPresident and CEO, Director | Sold | 67,813 | $1.43 | $0.1M | Form 4 |
| Mar 2, 2026 | David Aaron LehmanGeneral Counsel | Sold | 12,237 | $1.43 | $0.0M | Form 4 |
| Mar 2, 2026 | Srikanth RadhakrishnanChief Science &Techn. Officer | Sold | 10,483 | $1.43 | $0.0M | Form 4 |
| Dec 8, 2025 | Daniel P FlorinDirector | Sold plan | 23,321 | $1.99 | $0.0M | Form 4 |
| Dec 1, 2025 | Geoffrey Beran RoseChief Commercial Officer | Sold | 6,322 | $1.57 | $0.0M | Form 4 |
| Dec 1, 2025 | Glendon E. French IIIPresident and CEO, Director | Sold | 8,805 | $1.57 | $0.0M | Form 4 |
| Dec 1, 2025 | David Aaron LehmanGeneral Counsel | Sold | 10,278 | $1.57 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Pulmonx Corp has $32.6M more cash than debt.
Cash, debt and the ratios that show how comfortably Pulmonx Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $180M | $141M | $83.5M | $70.9M | $69.8M |
| Debt incl. finance leases | $17.5M | $17.4M | $39.4M | $40.4M | $37.2M |
| Debt / equity | 0.1x | 0.1x | 0.3x | 0.5x | 0.7x |
| Interest coverage | β57.1x | β55.0x | β19.2x | β16.5x | β17.0x |
| Current ratio | 11.9x | 9.1x | 6.5x | 5.6x | 5.1x |
| Quick ratio | 10.9x | 8.3x | 5.8x | 4.9x | 4.3x |
| Total assets | $235M | $194M | $178M | $163M | $129M |
| Total liabilities | $41.9M | $39.7M | $59.5M | $77.0M | $75.2M |
| Shareholders' equity | $193M | $154M | $118M | $85.8M | $54.1M |
| Net debt (β = net cash) | β$163M | β$124M | β$44.1M | β$30.6M | β$32.6M |
KIRA Β· Its return on capital was β196.6%: every 100 invested in the business earned about β197 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Pulmonx Corp passes 3 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 3 / 8 | 3 / 9 | 3 / 9 | 2 / 9 | 3 / 9 | 3 / 9 |
| Accruals ratio | β | 0.1% | β1.0% | β2.9% | β6.5% | β12.5% | β14.6% | β14.8% |
| Altman Z'' | β | β17.29 | 8.40 | 4.76 | 1.24 | β3.10 | β6.07 | β11.04 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $20.0M | $32.6M | $32.7M | $48.4M | $53.7M | $68.7M | $83.8M | $90.5M |
| Gross profit | $12.3M | $22.4M | $21.2M | $35.6M | $39.9M | $50.8M | $62.0M | $67.1M |
| Research and development | $7.0M | $6.0M | $7.5M | $13.1M | $15.4M | $18.1M | $17.6M | $19.5M |
| Operating income | β$15.1M | β$17.8M | β$32.3M | β$47.3M | β$58.6M | β$61.9M | β$57.7M | β$53.7M |
| Interest expense | $2.5M | $2.3M | $3.2M | $0.8M | $1.1M | $3.2M | $3.5M | $3.2M |
| Pretax income | β$18.5M | β$20.3M | β$32.0M | β$48.3M | β$58.6M | β$60.3M | β$55.9M | β$53.4M |
| Income tax | $0.0M | $0.4M | $0.2M | $0.3M | $0.4M | $0.6M | $0.5M | $0.6M |
| Net income | β$18.5M | β$20.7M | β$32.2M | β$48.7M | β$58.9M | β$60.8M | β$56.4M | β$54.0M |
| Net income to common | β$18.5M | β$20.7M | β$32.2M | β$48.7M | β$58.9M | β$60.8M | β$56.4M | β$54.0M |
| Diluted EPS | β$11.03 | β$11.66 | β$3.16 | β$1.35 | β$1.59 | β$1.60 | β$1.44 | β$1.33 |
| Diluted shares | 0.00B | 0.00B | 0.01B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B |
| Cash flow | ||||||||
| Cash from operations | β$18.4M | β$20.8M | β$30.6M | β$41.4M | β$45.1M | β$37.6M | β$31.5M | β$32.4M |
| Capital expenditure | $0.3M | $0.7M | $0.9M | $3.7M | $1.3M | $0.8M | $1.4M | $0.5M |
| Free cash flow | β$18.7M | β$21.5M | β$31.5M | β$45.1M | β$46.4M | β$38.4M | β$33.0M | β$32.8M |
| Depreciation and amortization | $0.1M | $0.2M | $0.3M | $0.7M | $1.4M | $1.4M | $1.1M | $1.1M |
| Stock-based compensation | $0.4M | $0.4M | $3.2M | $10.5M | $16.4M | $22.1M | $23.0M | $21.2M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β | β |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β | β |
| Balance sheet | ||||||||
| Cash and short-term investments | $4.1M | $28.3M | $232M | $180M | $141M | $83.5M | $70.9M | $69.8M |
| Total debt | β | β | $17.4M | $17.5M | $17.4M | $39.4M | $40.4M | $37.2M |
| Current assets | β | $41.1M | $250M | $208M | $169M | $150M | $136M | $102M |
| Current liabilities | β | $14.2M | $12.5M | $17.6M | $18.5M | $23.2M | $24.4M | $20.1M |
| Inventory | β | $5.6M | $10.7M | $16.3M | $14.6M | $16.7M | $16.9M | $15.8M |
| Property and equipment, net | β | $0.9M | $1.5M | $4.8M | $4.7M | $4.0M | $2.9M | $2.2M |
| Goodwill | β | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M |
| Intangible assets | β | $0.5M | $0.4M | $0.3M | $0.2M | $0.0M | $0.0M | β |
| Total assets | β | $53.5M | $264M | $235M | $194M | $178M | $163M | $129M |
| Total liabilities | β | $35.6M | $37.6M | $41.9M | $39.7M | $59.5M | $77.0M | $75.2M |
| Preferred stock | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$167M | β$187M | $226M | $193M | $154M | $118M | $85.8M | $54.1M |
| Margins | ||||||||
| Gross margin | 61.4% | 68.8% | 64.8% | 73.6% | 74.3% | 73.9% | 74.0% | 74.2% |
| Operating margin | β75.2% | β54.7% | β98.8% | β97.7% | β109.3% | β90.2% | β68.9% | β59.3% |
| EBITDA margin | β74.7% | β54.1% | β97.9% | β96.3% | β106.7% | β88.1% | β67.6% | β58.1% |
| Net margin | β92.4% | β63.5% | β98.5% | β100.5% | β109.8% | β88.6% | β67.3% | β59.7% |
| FCF margin | β93.5% | β65.9% | β96.4% | β93.1% | β86.5% | β55.9% | β39.4% | β36.3% |
| Returns | ||||||||
| Return on capital | β | β | β213.9% | β121.7% | β153.0% | β66.0% | β82.5% | β196.6% |
| Return on capital employed | β | β45.3% | β12.9% | β21.7% | β33.5% | β40.1% | β41.7% | β49.1% |
| Return on equity | β | β | β166.3% | β23.2% | β33.9% | β44.7% | β55.3% | β77.2% |
| Return on assets | β | β38.7% | β20.3% | β19.5% | β27.5% | β32.8% | β33.1% | β37.0% |
| Return on tangible equity | β | β | β14.4% | β25.5% | β38.9% | β52.5% | β67.6% | β104.3% |
| Growth | ||||||||
| Revenue growth | β | 62.9% | 0.4% | 47.9% | 10.8% | 28.0% | 22.0% | 8.0% |
| Share count change | β | 6.0% | 473.4% | 254.7% | 2.7% | 2.4% | 3.0% | 4.0% |
| Financial health | ||||||||
| Debt / equity | β | β | 0.1x | 0.1x | 0.1x | 0.3x | 0.5x | 0.7x |
| Interest coverage | β6.0x | β7.7x | β10.2x | β57.1x | β55.0x | β19.2x | β16.5x | β17.0x |
| Current ratio | β | 2.9x | 20.0x | 11.9x | 9.1x | 6.5x | 5.6x | 5.1x |
| Quick ratio | β | 2.5x | 19.1x | 10.9x | 8.3x | 5.8x | 4.9x | 4.3x |
| Capital allocation | ||||||||
| Capex / revenue | 1.6% | 2.2% | 2.8% | 7.6% | 2.5% | 1.2% | 1.7% | 0.5% |
| Stock comp / revenue | 1.8% | 1.1% | 9.8% | 21.7% | 30.6% | 32.2% | 27.4% | 23.5% |
| Quality scores | ||||||||
| Piotroski F-score | β | β | 3.0 | 3.0 | 3.0 | 2.0 | 3.0 | 3.0 |
| Altman Z'' | β | β17.3 | 8.4 | 4.8 | 1.2 | β3.1 | β6.1 | β11.0 |
| Accruals ratio | β | 0.1% | β1.0% | β2.9% | β6.5% | β12.5% | β14.6% | β14.8% |
Source: SEC EDGAR XBRL filings (CIK 0001127537). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
