Pulmonx Corporation LUNG R2K

Healthcare · Medical Devices · United States

Pulmonx Corporation, a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease. It offers Zephyr Endobronchial Valve; and Chartis Pulmonary Assessment System, a balloon catheter and console system with flow and pressure sensors that are used to assess the presence of collateral ventilation. The company also offers LungTraX Platform, a cloud-based quantitative computed tomography analysis service that provides physicians with multiple products, such as LungTraX Connect to improve workup efficiency; LungTraX Detect to enable patient identification; and StratX Lung report that is designed for solution that includes information on emphysema destruction, fissure completeness, and lobar volume to help identify target lobes for treatment with Zephyr Valves. It serves emphysema patients in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company was formerly known as Pulmonx and changed its name to Pulmonx Corporation in December 2013. Pulmonx Corporation was incorporated in 1995 and is headquartered in Redwood City, California.

Market & Price

Market Cap

$69.69M

Current Price

$1.65

High / Low (52W)

$3.78 / $1.17

Beta

0.18

Valuation

Stock P/E

Industry PE

23.65

Forward P/E

PEG Ratio

Book Value

$1.08

Price to Book

1.52

P/S

0.79

EV/EBITDA

-1.26

Dividend Yield

Profitability & Returns

ROCE

-45.98%

ROE

-86.22%

ROA

-24.04%

Profit Margin

-60.09%

Op Margin

-62.94%

EPS (Latest Qtr)

$-0.33

EPS (TTM)

$-1.30

Balance Sheet & Liquidity

Debt/Equity

1.23

Quick Ratio

3.85

Current Ratio

4.91

Debt

$56.29M

Total Assets

$129.29M

Current Assets

$101.68M

Working Capital

$81.63M

Ownership

Promoter Holding

4.66%

Chg in Prom Hold

FII / Inst Holding

79.14%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$64.41M

Total Revenue (TTM)

$88.55M

EBITDA

$-51.16M

Free Cash Flow

$-8.36M

Operating Cash Flow

$-29.25M

Shares Outstanding

42.24M

Gross Margin

75.49%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

19.03%

Profit 5Y

2.78%

Revenue (YoY)

-8.70%

Earnings (YoY)

PROS

Compounding revenue at 19.0% over 5 years.

CONS

Trading 56.4% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Healthcare).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	LUNG Pulmonx Corporation R2K	1.65	-	$69.69M	-	-45.98%	-86.22%	19.03%	2.78%
2	LLY Eli Lilly and Company SPX	1,105.00	39.21	$985.37B	0.63%	38.44%	107.46%	31.69%	48.96%
3	JNJ Johnson & Johnson SPX	225.33	26.11	$542.42B	2.38%	23.13%	26.42%	5.60%	14.32%
4	UNH UnitedHealth Group Incorporated SPX	380.31	28.66	$345.38B	2.32%	9.60%	12.18%	11.35%	-15.69%
5	MRK Merck & Co., Inc. SPX	118.72	33.44	$293.22B	2.86%	20.66%	18.94%	3.12%	7.93%
6	TMO Thermo Fisher Scientific Inc. SPX	492.51	27.11	$183.03B	0.38%	9.17%	13.52%	-0.27%	-1.19%
7	AMGN Amgen Inc. NDXSPX	336.79	23.42	$181.77B	2.99%	18.02%	101.32%	11.77%	5.58%
8	GILD Gilead Sciences, Inc. NDXSPX	134.43	18.29	$166.90B	2.44%	22.92%	43.36%	2.57%	22.83%
9	ISRG Intuitive Surgical, Inc. NDXSPXAI	424.64	51.53	$150.39B	-	15.96%	17.23%	17.39%	29.26%

Quarterly Results

Figures in USD.

Metric	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	5.78M	7.37M	9.10M	10.35M	8.62M	3.67M	10.61M	9.83M	9.24M	12.20M	13.26M	10.79M	13.95M	13.50M	14.54M	17.19M	17.67M	18.85M	20.78M	20.39M	22.54M	23.86M	21.50M	22.60M	20.59M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6.20M	6.66M	5.45M	5.06M	4.54M
Gross Profit	3.72M	4.95M	6.41M	7.34M	5.65M	1.01M	7.46M	7.08M	6.61M	9.03M	9.74M	8.11M	10.42M	10.15M	10.59M	12.73M	13.03M	14.08M	15.31M	15.03M	16.34M	17.20M	16.05M	17.54M	16.04M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30.91M	32.01M	30.45M	27.44M	29.00M
Operating Income	-	-	-3.61M	-	-6.10M	-11.53M	-5.35M	-	-12.49M	-12.68M	-9.76M	-15.67M	-14.41M	-13.93M	-16.40M	-16.44M	-15.18M	-14.54M	-15.62M	-14.13M	-14.56M	-14.80M	-14.39M	-9.90M	-12.96M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-13.25M	-13.90M	-12.78M	-9.24M	-12.31M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	781.00K	799.00K	805.00K	770.00K	976.00K
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-14.31M	-15.00M	-13.83M	-10.24M	-13.51M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	135.00K	177.00K	128.00K	186.00K	149.00K
Net Income	-6.13M	-5.57M	-4.33M	-4.67M	-7.16M	-11.91M	-3.86M	-9.30M	-12.51M	-12.96M	-10.18M	-15.83M	-14.64M	-14.17M	-15.86M	-16.20M	-14.90M	-13.75M	-15.33M	-14.14M	-14.45M	-15.17M	-13.96M	-10.43M	-13.65M
Diluted EPS	-	-	-	-	-3.76	-6.15	-1.37	-	-0.35	-0.36	-0.28	-0.43	-0.40	-0.38	-0.42	-0.43	-0.39	-0.36	-0.39	-0.36	-0.36	-0.38	-0.34	-0.25	-0.33
R&D Expense	-	-	1.40M	-	1.56M	1.43M	2.00M	-	3.03M	3.51M	2.81M	3.53M	3.59M	4.37M	4.25M	5.71M	4.22M	4.21M	5.62M	3.74M	4.76M	5.31M	4.85M	-	4.90M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	20.00M	32.59M	32.73M	48.42M	53.66M	68.67M	83.79M	90.50M
Cost of Revenue	-	-	-	-	13.80M	17.92M	21.79M	23.36M
Gross Profit	12.29M	22.41M	21.20M	35.63M	39.87M	50.75M	62.00M	67.14M
Operating Expenses	-	-	-	-	98.50M	112.69M	119.70M	120.80M
Operating Income	-15.05M	-17.84M	-32.33M	-47.30M	-58.64M	-61.94M	-57.70M	-53.66M
EBITDA	-	-	-	-	-55.99M	-55.49M	-50.89M	-49.17M
Interest Expense	-	-	-	-	1.07M	3.23M	3.51M	3.15M
Pretax Income	-	-	-	-	-58.57M	-60.27M	-55.89M	-53.38M
Tax Provision	-	-	-	-	353.00K	571.00K	500.00K	626.00K
Net Income	-18.48M	-20.70M	-32.23M	-48.66M	-58.92M	-60.84M	-56.39M	-54.00M
Diluted EPS	-	-	-3.16	-1.35	-1.59	-1.60	-1.44	-1.33
R&D Expense	6.99M	6.05M	7.46M	13.06M	15.40M	18.08M	17.57M	19.49M

Compounded Sales Growth

5 Years:	19.03%
1 Year:	-8.70%

Compounded Profit Growth

5 Years:	2.78%
1 Year:	-

Stock Price Performance

1 Year:	-51.47%
6 Months:	-2.94%
3 Months:	+4.43%
1 Month:	+37.50%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	53.53M	263.71M	-	193.68M	177.78M	162.85M	129.29M
Current Assets	-	-	-	-	-	168.95M	150.42M	136.25M	101.68M
Cash & Equivalents	-	4.12M	14.77M	231.56M	-	101.74M	83.55M	70.91M	69.75M
Inventory	-	-	-	-	-	14.56M	16.74M	16.91M	15.85M
Receivables	-	-	-	-	-	8.68M	12.11M	13.12M	12.07M
Total Liabilities	-	-	35.57M	37.57M	-	39.67M	59.47M	77.04M	75.17M
Current Liabilities	-	-	14.16M	12.53M	-	18.49M	23.16M	24.44M	20.06M
Long Term Debt	-	-	-	-	-	17.23M	35.09M	34.00M	36.99M
Total Debt	-	-	-	-	-	24.40M	41.42M	56.47M	56.36M
Total Equity	-149.39M	-167.33M	-187.38M	226.13M	-	154.01M	118.31M	85.81M	54.12M
Shares Outstanding	-	-	-	-	-	37.56M	38.52M	39.79M	41.67M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-18.39M	-20.77M	-30.63M	-	-45.08M	-37.61M	-31.54M	-32.38M
Investing Cash Flow	200.00K	-14.23M	12.69M	-	-4.22M	-2.01M	17.48M	30.48M
Financing Cash Flow	12.11M	45.62M	234.83M	-	2.42M	21.40M	1.36M	833.00K
Capital Expenditure	-316.00K	-720.00K	-911.00K	-	-1.32M	-807.00K	-1.45M	-452.00K
Free Cash Flow	-18.71M	-21.48M	-31.54M	-	-46.40M	-38.42M	-32.98M	-32.83M
Net Change in Cash	-	-	-	-	-46.89M	-18.22M	-12.70M	-1.06M
Share Buybacks	0	12.00K	21.00K	26.00K	27.00K	0	-	-

Ratios (Annual)

Figures in %.

Metric	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	61.4%	68.8%	64.8%	73.6%	74.3%	73.9%	74.0%	74.2%
Operating Margin %	-75.2%	-54.7%	-98.8%	-97.7%	-109.3%	-90.2%	-68.9%	-59.3%
Net Margin %	-92.4%	-63.5%	-98.5%	-100.5%	-109.8%	-88.6%	-67.3%	-59.7%
ROE %	11.0%	11.0%	-14.3%	-	-38.3%	-51.4%	-65.7%	-99.8%
ROCE %	-	-45.3%	-12.9%	-	-33.5%	-40.1%	-41.7%	-49.1%

Shareholding Pattern

Insiders

4.66%

Institutions

79.14%

Public Float

83.01%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Primecap Management Company	11.19%	4.72M	$7.80M
2	Morgan Stanley	9.46%	3.99M	$6.59M
3	Soleus Capital Management, L.P.	6.60%	2.79M	$4.60M
4	Blackrock Inc.	6.30%	2.66M	$4.39M
5	ExodusPoint Capital Management, LP	4.60%	1.94M	$3.21M
6	Vanguard Capital Management LLC	3.87%	1.63M	$2.70M
7	Deutsche Bank AG	2.76%	1.16M	$1.92M
8	Bank of America Corporation	2.76%	1.17M	$1.93M
9	Geode Capital Management, LLC	2.24%	944.49K	$1.56M
10	State Street Corporation	1.92%	809.12K	$1.34M

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LUNG · Healthcare