LUNG · Pulmonx Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $90.50M | $83.79M | $68.67M | $53.66M | $48.42M | $32.73M |
| Cost of Revenue | $23.36M | $21.79M | $17.92M | $13.80M | $12.79M | $11.53M |
| Gross Profit | $67.14M | $62.00M | $50.75M | $39.87M | $35.63M | $21.20M |
| R&D | $19.49M | $17.57M | $18.08M | $15.40M | $13.06M | $7.46M |
| SG&A | $101.31M | $102.14M | $94.61M | $83.11M | $69.87M | $46.07M |
| Total Operating Expenses | $120.80M | $119.70M | $112.69M | $98.50M | $82.93M | $53.53M |
| D&A | $1.10M | $1.10M | $1.40M | $1.40M | $700.0K | $300.0K |
| Operating Income | ($53.66M) | ($57.70M) | ($61.94M) | ($58.64M) | ($47.30M) | ($32.33M) |
| Interest Expense | $3.15M | $3.51M | $3.23M | $1.07M | $829.0K | $3.18M |
| Income Tax | $626.0K | $500.0K | $571.0K | $353.0K | $343.0K | $213.0K |
| Net Income | ($54.00M) | ($56.39M) | ($60.84M) | ($58.92M) | ($48.66M) | ($32.23M) |
| EPS - Basic | ($1.33) | ($1.44) | ($1.60) | ($1.59) | ($3.16) | - |
| EPS - Diluted | ($1.33) | ($1.44) | ($1.60) | ($1.59) | ($3.16) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $69.75M | $70.91M | $83.55M | $101.74M | $148.48M | $4.12M |
| Accounts Receivable | $12.07M | $13.12M | $12.11M | $8.68M | $6.56M | $4.23M |
| Inventory | $15.85M | $16.91M | $16.74M | $14.56M | $16.29M | $10.74M |
| Accounts Payable | $3.90M | $3.83M | $1.50M | $1.76M | $1.58M | $1.47M |
| Current Assets | $101.68M | $136.25M | $150.42M | $168.95M | $208.00M | $249.99M |
| Total Assets | $129.29M | $162.85M | $177.78M | $193.68M | $235.17M | $263.71M |
| Current Liabilities | $20.06M | $24.44M | $23.16M | $18.49M | $17.55M | $12.53M |
| Long-term Debt | $36.99M | $34.00M | $35.09M | $17.32M | $17.41M | $17.37M |
| Total Liabilities | $75.17M | $77.04M | $59.47M | $39.67M | $41.93M | $37.57M |
| Stockholders' Equity | $54.12M | $85.81M | $118.31M | $154.01M | $193.24M | ($149.39M) |
| Retained Earnings | ($521.56M) | ($467.56M) | ($411.16M) | ($350.32M) | ($291.39M) | ($242.73M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($32.38M) | ($31.54M) | ($37.61M) | ($45.08M) | ($41.39M) | ($30.63M) |
| Investing Cash Flow | $30.48M | $17.48M | ($2.01M) | ($4.22M) | ($46.26M) | $12.69M |
| Financing Cash Flow | $833.0K | $1.36M | $21.40M | $2.42M | $4.46M | $234.83M |
| CapEx | $452.0K | $1.45M | $807.0K | $1.32M | $3.67M | $911.0K |
| Free Cash Flow | ($32.83M) | ($32.98M) | ($38.42M) | ($46.40M) | ($45.06M) | ($31.54M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 74.2% | 74.0% | 73.9% | 74.3% | 73.6% | 64.8% |
| Operating margin | -59.3% | -68.9% | -90.2% | -109.3% | -97.7% | -98.8% |
| EBITDA margin | -58.1% | -67.6% | -88.1% | -106.7% | -96.3% | -97.9% |
| Net margin | -59.7% | -67.3% | -88.6% | -109.8% | -100.5% | -98.5% |
| Free cash flow margin | -36.3% | -39.4% | -55.9% | -86.5% | -93.1% | -96.4% |
| FCF / Net income | 0.61 | 0.58 | 0.63 | 0.79 | 0.93 | 0.98 |
| R&D / Revenue | 21.5% | 21.0% | 26.3% | 28.7% | 27.0% | 22.8% |
| SG&A / Revenue | 111.9% | 121.9% | 137.8% | 154.9% | 144.3% | 140.8% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -41.8% | -34.6% | -34.2% | -30.4% | -20.7% | -12.2% |
| Return on equity | -99.8% | -65.7% | -51.4% | -38.3% | -25.2% | 21.6% |
| Return on invested capital | -46.5% | -38.0% | -31.9% | -27.0% | -17.7% | - |
| Liquidity | ||||||
| Current ratio | 5.07 | 5.58 | 6.50 | 9.14 | 11.85 | 19.96 |
| Quick ratio | 4.28 | 4.88 | 5.77 | 8.35 | 10.92 | 19.10 |
| Cash ratio | 3.48 | 2.90 | 3.61 | 5.50 | 8.46 | 0.33 |
| Leverage | ||||||
| Debt / Equity | 0.68 | 0.40 | 0.30 | 0.11 | 0.09 | -0.12 |
| Debt / Assets | 0.29 | 0.21 | 0.20 | 0.09 | 0.07 | 0.07 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -17.0x | -16.5x | -19.2x | -55.0x | -57.1x | -10.2x |
| Equity multiplier | 2.39 | 1.90 | 1.50 | 1.26 | 1.22 | -1.77 |
| Liabilities / Assets | 0.58 | 0.47 | 0.33 | 0.20 | 0.18 | 0.14 |
| Efficiency | ||||||
| Asset turnover | 0.70 | 0.51 | 0.39 | 0.28 | 0.21 | 0.12 |
| Inventory turnover | 1.47 | 1.29 | 1.07 | 0.95 | 0.79 | 1.07 |
| Days sales outstanding | 49d | 57d | 64d | 59d | 49d | 47d |
| Days inventory outstanding | 248d | 283d | 341d | 385d | 465d | 340d |
| Days payable outstanding | 61d | 64d | 30d | 47d | 45d | 47d |
| Cash conversion cycle | 235d | 276d | 375d | 398d | 469d | 341d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 1.7x | 3.1x | 4.1x | 2.0x | 1.7x | - |
| P / S | 1.0x | 3.2x | 7.1x | 5.8x | 6.7x | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 8.0% | 22.0% | 28.0% | 10.8% | 47.9% | - |
| Revenue CAGR (3y) | 19.0% | 20.1% | 28.0% | - | - | - |
| Revenue CAGR (5y) | 22.6% | - | - | - | - | - |
| Gross profit growth (YoY) | 8.3% | 22.2% | 27.3% | 11.9% | 68.1% | - |
| Operating income growth (YoY) | 7.0% | 6.8% | -5.6% | -24.0% | -46.3% | - |
| Net income growth (YoY) | 4.2% | 7.3% | -3.3% | -21.1% | -51.0% | - |
| EPS growth (YoY) | 7.6% | 10.0% | -0.6% | 49.7% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 0.5% | 14.1% | 17.2% | -3.0% | -42.8% | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -36.9% | -27.5% | -23.2% | -20.3% | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Geographic
$90.50M totalUS$57.02M · 63.0%
EMEA$26.98M · 29.8%
Asia Pacific$6.23M · 6.9%
Other International Geographical Areas$260.0K · 0.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-3.25
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing Pulmonx Corp against the 5 most active filers in the same SIC group.