Pulse Biosciences, Inc. (PLSE) Key Metrics
PLSE valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $3.17B
- Enterprise value
- $3.61B
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- —
- Price / book
- 37.2 10-yr median 10.3
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.57
PLSE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPLSE valuation Price multiples at each fiscal year-end price.
Price / book+29.6%
11.5
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−2.3 pts
−5.9%
2025 · hover or tap a bar for each year
20162025
PLSE returns How much profit the business earns on the capital it uses.
Return on equity−7.1 pts
−74.4%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−324.7 pts
−922.8%
2025 · hover or tap a bar for each year
20162025
Return on assets−7.8 pts
−63.7%
2025 · hover or tap a bar for each year
20162025
Asset turnover
0.00
2025 · hover or tap a bar for each year
20162025
PLSE per-share figures Results divided by the shares outstanding at year-end.
Revenue per share
$0.01
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$1.08
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$0.81
2025 · hover or tap a bar for each year
20162025
Book value per share−39.2%
$1.20
2025 · hover or tap a bar for each year
20162025
Shares outstanding+15.4%
67.4M
2025 · hover or tap a bar for each year
20162025
PLSE financial health Debt, liquidity and how easily interest is covered.
Debt / equity+20.5%
0.09
2025 · hover or tap a bar for each year
20162025
Net debt+$35.9M
−$73.2M
2025 · hover or tap a bar for each year
20162025
Current ratio−11.4%
10.53
2025 · hover or tap a bar for each year
20162025
Debt / assets+16.6%
0.08
2025 · hover or tap a bar for each year
20162025
PLSE efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding
143 days
2025 · hover or tap a bar for each year
20162025
Days of inventory
15 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−39 days
504 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle
-346 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue
90.0%
2025 · hover or tap a bar for each year
20162025
PLSE valuation history
Fiscal year-endToday10-year median
PLSE returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PLSE debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PLSE cash returned to shareholders
DividendsBuybacksFree cash flow
PLSE price vs earnings per share
Share price at year-endEPS (right axis)
PLSE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $925.3M | $1.02B | $588.0M | $94.0M | $414.1M | $554.7M | $278.2M | $195.7M | $348.2M | — |
| Enterprise value | $852.1M | $907.6M | $552.8M | $108.8M | $396.8M | $545.6M | $259.5M | $136.1M | $310.1M | — |
| Price / sales | — | — | — | 134.3 | 292.1 | — | — | — | — | — |
| Price / book | 11.5 | 8.9 | 13.3 | — | 11.6 | 24.2 | 9.1 | 3.0 | 7.6 | — |
| EV / sales | — | — | — | 155.5 | 279.8 | — | — | — | — | — |
| Earnings yield | −7.9% | −5.3% | −7.2% | −62.7% | −15.3% | −9.0% | −16.5% | −19.2% | −7.3% | — |
| Free cash flow yield | −5.9% | −3.6% | −5.6% | −50.4% | −13.2% | −6.5% | −12.5% | −12.4% | −3.9% | — |
| Dividend yield | — | — | — | — | 0.2% | — | 0.2% | — | 0.0% | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.4% | 0.1% | 0.0% | — |
| Share price at fiscal year-end | $13.73 | $17.41 | $12.24 | $2.77 | $14.81 | $23.86 | $13.41 | $11.46 | $23.60 | $6.50 |
| Per share | ||||||||||
| Revenue per share | $0.01 | $0.00 | $0.00 | $0.02 | $0.05 | $0.00 | $0.00 | $0.00 | $0.02 | — |
| Earnings per share | −$1.08 | −$0.92 | −$0.88 | −$1.74 | −$2.26 | −$2.14 | −$2.22 | −$2.20 | −$1.73 | — |
| Operating cash flow per share | −$0.80 | −$0.62 | −$0.69 | −$1.39 | −$1.93 | −$1.52 | −$1.65 | −$1.40 | −$0.75 | — |
| Free cash flow per share | −$0.81 | −$0.62 | −$0.69 | −$1.40 | −$1.95 | −$1.54 | −$1.68 | −$1.42 | −$0.92 | — |
| Cash per share | $1.20 | $2.02 | $0.92 | $1.80 | $1.02 | $0.88 | $1.22 | $3.49 | $2.58 | — |
| Book value per share | $1.20 | $1.97 | $0.92 | −$0.07 | $1.28 | $0.98 | $1.48 | $3.88 | $3.12 | — |
| Tangible book value per share | $1.15 | $1.90 | $0.83 | −$0.22 | $1.06 | $0.70 | $1.13 | $3.42 | $2.53 | — |
| Dividends per share | — | — | — | — | $0.03 | — | $0.03 | — | $0.00 | — |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.01 | $0.02 | $0.02 | $0.03 | $0.02 | $0.17 | — |
| Debt per share | $0.11 | $0.15 | $0.19 | $2.24 | $0.40 | $0.49 | $0.32 | — | $0.00 | — |
| Shares outstanding | 67.4M | 58.4M | 48.0M | 33.9M | 28.0M | 23.2M | 20.7M | 17.1M | 14.8M | — |
| Change in shares outstanding | +15.4% | +21.6% | +41.6% | +21.4% | +20.3% | +12.1% | +21.5% | +15.8% | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −74.4% | −67.3% | −200.5% | — | −215.6% | −185.5% | −94.8% | −66.8% | −71.7% | −48.9% |
| Return on invested capital (ROIC) | −922.8% | −598.1% | −317.1% | −296.9% | −310.2% | −305.6% | −402.8% | −408.7% | −242.4% | −79.9% |
| Return on assets (ROA) | −63.7% | −55.9% | −61.6% | −89.2% | −132.2% | −119.5% | −81.7% | −62.3% | −67.2% | −46.8% |
| Return on tangible assets | −78.5% | −41.7% | −77.5% | −81.3% | −130.9% | −143.7% | −133.0% | −59.9% | −62.1% | −56.1% |
| Financial health | ||||||||||
| Total debt | $7.5M | $8.9M | $9.1M | $76.0M | $11.2M | $11.4M | $6.7M | — | $0 | $0 |
| Cash & short-term investments | $80.7M | $118.0M | $44.4M | $61.1M | $28.6M | $20.5M | $25.4M | $59.6M | $38.1M | $16.4M |
| Net debt | −$73.2M | −$109.1M | −$35.2M | $14.8M | −$17.4M | −$9.1M | −$18.7M | −$59.6M | −$38.1M | −$16.4M |
| Debt / equity | 0.09 | 0.08 | 0.21 | — | 0.32 | 0.50 | 0.22 | — | 0.00 | 0.00 |
| Debt / assets | 0.08 | 0.07 | 0.15 | 0.98 | 0.21 | 0.28 | 0.16 | — | 0.00 | 0.00 |
| Current ratio | 10.53 | 11.88 | 6.76 | 10.39 | 4.30 | 2.95 | 5.92 | 19.42 | 17.39 | 16.40 |
| Quick ratio | 10.51 | 11.88 | 6.76 | 10.39 | 3.62 | 2.95 | 5.92 | 19.42 | 17.39 | 16.40 |
| Interest coverage | — | — | -39.6 | -129.6 | -97.5 | — | — | — | — | — |
| Working capital | $75.5M | $109.4M | $38.6M | $56.2M | $28.1M | $14.8M | $21.9M | $57.3M | $36.3M | $15.6M |
| Invested capital | $7.5M | $5.7M | $9.1M | $12.6M | $18.3M | $13.8M | $12.1M | $6.8M | $7.9M | $8.9M |
| Tangible asset value | $77.3M | $110.9M | $39.7M | −$7.6M | $29.7M | $16.2M | $23.4M | $58.3M | $37.3M | $16.0M |
| Net current asset value | $68.0M | $101.9M | $30.5M | −$18.0M | $18.1M | $3.9M | $15.2M | $56.1M | $34.7M | $15.6M |
| Graham net-net per share | $0.97 | $1.72 | $0.62 | −$0.56 | $0.47 | $0.09 | $0.69 | $3.24 | $2.32 | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $810,000 | — | $619,000 | — | $0 | $0 |
| Share buybacks (net) | $0 | $0 | $0 | $0 | $0 | $0 | $613,000 | $115,000 | $0 | $0 |
| Capex / revenue | 90.0% | — | — | 57.3% | 30.8% | 386.8% | — | — | 1,032.8% | 94.1% |
| Capex / depreciation | 0.29 | 0.11 | 0.10 | 0.30 | 0.38 | 0.40 | 0.52 | 0.21 | 2.55 | 0.08 |
| Stock-based compensation / revenue | 6,130.6% | — | — | 741.6% | 1,029.7% | 8,837.7% | — | — | 4,423.5% | 1,279.4% |
| R&D / revenue | 12,777.4% | — | — | 2,977.0% | 2,019.7% | 23,196.5% | — | — | 3,905.3% | 8,805.9% |
| SG&A / revenue | 9,151.1% | — | — | 3,710.6% | 2,385.3% | 20,049.1% | — | — | 6,276.5% | 4,313.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 142.9 | — | — | 15.9 | 7.9 | 0.0 | — | — | — | — |
| Days of inventory on hand | 15.4 | — | — | — | 540.1 | — | — | — | — | — |
| Days payables outstanding | 504.4 | 543.6 | 515.4 | 68.4 | 428.5 | 613.3 | 886.5 | 563.7 | 287.3 | 144.6 |
| Cash conversion cycle (days) | -346.1 | — | — | 36.5 | 119.4 | -613.3 | — | — | — | — |
| Receivables turnover | 2.55 | — | — | 22.95 | 46.49 | — | — | — | — | — |
| Payables turnover | 0.72 | 0.67 | 0.71 | 5.34 | 0.85 | 0.60 | 0.41 | 0.65 | 1.27 | 2.52 |
| Inventory turnover | 23.68 | — | — | — | 0.68 | — | — | — | — | — |
| Asset turnover | 0.00 | 0.00 | 0.00 | 0.01 | 0.03 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Average receivables | $137,000 | $0 | — | $30,500 | $30,500 | $0 | — | — | — | — |
| Average payables | $2.2M | $1.8M | $1.7M | $2.2M | $2.3M | $1.8M | $1.6M | $1.0M | $523,500 | $263,500 |
| Average inventory | $68,000 | $0 | — | $2.9M | $2.9M | $0 | — | — | $0 | $0 |
| Intangibles / total assets | 3.5% | 3.0% | 7.9% | 6.9% | 11.1% | 16.2% | 17.5% | 11.3% | 17.4% | 35.5% |
Computed from PLSE's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PLSE valuation and financial ratios
Pulse Biosciences earned a return on equity of −74.4% and a return on invested capital of −922.8% in fiscal 2025. It ended the year with $7.5 million of debt and $80.7 million in cash and short-term investments, a net cash position of $73.2 million.
See the PLSE income statement, the PLSE chart for price history, or the PLSE stock overview for the latest quote and news.
PLSE key metrics FAQ
What is Pulse Biosciences's return on equity?
Pulse Biosciences's return on equity (ROE) was −74.4% in fiscal 2025: net income of -$72.8 million on average shareholders' equity of $97.8 million.
What is Pulse Biosciences's ROIC?
Pulse Biosciences's return on invested capital was −922.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Pulse Biosciences have?
Pulse Biosciences had total debt of $7.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.09 and more cash than debt.
What is Pulse Biosciences's free cash flow yield?
Pulse Biosciences generated -$54.4 million of free cash flow in fiscal 2025, a free cash flow yield of −5.9% on its market value at year-end ($925.3 million).
What is Pulse Biosciences's current ratio?
Pulse Biosciences's current ratio was 10.53 at the end of fiscal 2025: current assets were 10.53 times current liabilities.