Pulmatrix, Inc. (PULM) Key Metrics
PULM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.0M
- Enterprise value
- −$3.4M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 48.2 10-yr median 2.5
- Price / book
- 3.9 10-yr median 1.3
- EV / EBITDA
- 1.6
- Dividend yield
- —
- Beta
- 1.93
PULM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPULM valuation Price multiples at each fiscal year-end price.
Price / book−25.0%
2.1
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−23.1 pts
−66.7%
2025 · hover or tap a bar for each year
20162025
PULM returns How much profit the business earns on the capital it uses.
Return on equity−10.0 pts
−80.9%
2025 · hover or tap a bar for each year
20162025
Return on assets−29.8 pts
−73.3%
2025 · hover or tap a bar for each year
20162025
Asset turnover−100.0%
0.00
2025 · hover or tap a bar for each year
20162025
PULM per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−100.0%
$0.00
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$1.41
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$1.49
2025 · hover or tap a bar for each year
20162025
Book value per share−57.4%
$1.04
2025 · hover or tap a bar for each year
20162025
Shares outstanding0.0%
3.7M
2025 · hover or tap a bar for each year
20162025
PULM financial health Debt, liquidity and how easily interest is covered.
Net debt+$5.4M
−$4.1M
2025 · hover or tap a bar for each year
20162025
Current ratio+17.5%
12.55
2025 · hover or tap a bar for each year
20162025
PULM efficiency & capital use Working capital cycle and where the cash goes.
Days payables outstanding+5,122 days
5,192 days
2025 · hover or tap a bar for each year
20162025
PULM valuation history
Fiscal year-endToday10-year median
PULM returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PULM debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PULM cash returned to shareholders
DividendsBuybacksFree cash flow
PULM price vs earnings per share
Share price at year-endEPS (right axis)
PULM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.1M | $25.5M | $6.8M | $13.4M | $23.7M | $34.2M | $14.4M | — | — | — |
| Enterprise value | $4.1M | $16.0M | −$3.6M | −$21.4M | −$27.8M | $4.3M | −$8.4M | — | — | — |
| Price / sales | — | 3.3 | 0.9 | 2.2 | 4.6 | 2.7 | 1.8 | — | — | — |
| Price / book | 2.1 | 2.8 | 0.4 | 0.4 | 0.5 | 1.5 | 1.3 | — | — | — |
| Price / free cash flow | — | — | — | — | — | — | 4.5 | — | — | — |
| Price / operating cash flow | — | — | — | — | — | — | 4.5 | — | — | — |
| EV / sales | — | 2.0 | -0.5 | -3.5 | -5.4 | 0.3 | -1.1 | — | — | — |
| Earnings yield | −63.4% | −37.5% | −207.9% | −140.0% | −85.0% | −56.4% | −143.1% | — | — | — |
| Free cash flow yield | −66.7% | −43.6% | −245.3% | −145.3% | −83.7% | −37.3% | 22.0% | — | — | — |
| Dividend yield | — | — | — | — | 13.5% | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | 1.1% | 13.5% | 0.0% | 0.0% | — | — | — |
| Share price at fiscal year-end | $2.23 | $6.98 | $1.86 | $3.88 | $8.76 | $23.80 | $17.20 | $48.00 | $282.00 | $118.00 |
| Per share | ||||||||||
| Revenue per share | $0.00 | $2.14 | $2.00 | $1.76 | $1.91 | $8.79 | $9.45 | — | — | — |
| Earnings per share | −$1.41 | −$2.62 | −$3.87 | −$5.43 | −$7.45 | −$13.43 | −$24.62 | — | — | — |
| Operating cash flow per share | −$1.49 | −$2.93 | −$4.38 | −$5.61 | −$7.28 | −$8.68 | $3.86 | — | — | — |
| Free cash flow per share | −$1.49 | −$3.04 | −$4.56 | −$5.64 | −$7.34 | −$8.88 | $3.79 | — | — | — |
| Cash per share | $1.12 | $2.61 | $5.25 | $10.33 | $19.88 | $22.02 | $28.01 | — | — | — |
| Book value per share | $1.04 | $2.45 | $4.93 | $9.02 | $17.52 | $16.09 | $13.17 | — | — | — |
| Tangible book value per share | $1.04 | $2.45 | $4.93 | $9.02 | $17.52 | $11.12 | $4.62 | — | — | — |
| Dividends per share | — | — | — | — | $1.18 | — | — | — | — | — |
| Capex per share | $0.00 | $0.11 | $0.19 | $0.02 | $0.05 | $0.20 | $0.07 | — | — | — |
| Debt per share | — | — | $2.40 | $0.25 | $0.84 | $1.21 | $0.81 | — | — | — |
| Shares outstanding | 3.7M | 3.7M | 3.7M | 3.4M | 2.7M | 1.4M | 837K | — | — | — |
| Change in shares outstanding | 0.0% | +0.0% | +5.9% | +27.3% | +88.4% | +71.8% | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −80.9% | −71.0% | −57.5% | −47.7% | −57.2% | −113.1% | −180.2% | −187.1% | −191.1% | −134.6% |
| Return on invested capital (ROIC) | — | — | −594.7% | — | — | — | — | −168.9% | −136.8% | −127.5% |
| Return on assets (ROA) | −73.3% | −43.5% | −37.7% | −37.5% | −41.6% | −52.0% | −81.1% | −134.0% | −110.6% | −90.5% |
| Return on tangible assets | −124.7% | −96.1% | −41.6% | −45.7% | −34.3% | −62.3% | −71.2% | −530.2% | — | — |
| Free cash flow margin | — | −142.4% | −228.3% | −320.2% | −384.4% | −101.0% | 40.1% | — | — | — |
| Financial health | ||||||||||
| Total debt | — | — | $8.8M | $857,000 | $2.3M | $1.7M | $675,000 | −$67,000 | $3.2M | $5.8M |
| Cash & short-term investments | $4.1M | $9.5M | $19.2M | $35.6M | $53.8M | $31.7M | $23.4M | $2.6M | $3.5M | $4.2M |
| Net debt | −$4.1M | −$9.5M | −$10.4M | −$34.8M | −$51.6M | −$29.9M | −$22.8M | −$2.6M | −$329,000 | $1.6M |
| Debt / equity | — | — | 0.49 | 0.03 | 0.05 | 0.08 | 0.06 | −0.01 | 0.32 | 0.66 |
| Debt / assets | — | — | 0.26 | 0.02 | 0.04 | 0.05 | 0.02 | −0.00 | 0.20 | 0.35 |
| Current ratio | 12.55 | 10.68 | 5.33 | 7.60 | 12.33 | 3.94 | 1.83 | 1.14 | 0.73 | 1.02 |
| Quick ratio | 12.55 | 10.68 | 5.43 | 7.57 | 12.33 | 3.86 | 1.79 | 1.14 | 0.73 | 1.02 |
| Interest coverage | — | — | — | -170.7 | — | — | -111.2 | -109.3 | -27.2 | -28.2 |
| Working capital | $3.8M | $9.0M | $16.9M | $33.1M | $50.3M | $24.3M | $14.2M | $401,000 | −$1.6M | $109,000 |
| Invested capital | −$278,000 | −$574,000 | $7.6M | −$3.7M | −$4.1M | −$6.8M | −$11.7M | $9.2M | $9.8M | $10.4M |
| Tangible asset value | $3.8M | $8.9M | $18.0M | $31.1M | $47.4M | $16.0M | $3.9M | $999,000 | −$11.7M | −$13.1M |
| Net current asset value | $3.8M | $8.9M | $4.9M | $28.3M | $43.4M | $17.5M | $6.3M | $401,000 | −$1.6M | −$3.1M |
| Graham net-net per share | $1.03 | $2.33 | $1.02 | $7.78 | $15.70 | $11.84 | $4.83 | — | — | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $3.2M | — | — | — | $0 | $0 |
| Share buybacks (net) | — | — | — | $152,000 | — | $0 | $0 | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | 0.0% | — | — | — |
| Capex / revenue | — | 5.1% | 9.3% | 1.4% | 2.8% | 2.2% | 0.7% | 12.4% | 22.1% | 54.5% |
| Capex / operating cash flow | — | — | — | — | — | — | 1.8% | — | — | — |
| Capex / depreciation | — | 0.91 | 0.46 | 0.06 | 0.12 | 0.27 | 0.08 | 0.08 | 0.30 | 1.82 |
| Stock-based compensation / revenue | — | 6.5% | 13.1% | 18.3% | 22.4% | 9.2% | 26.1% | 1,943.1% | 841.2% | 478.8% |
| R&D / revenue | — | 91.8% | 212.6% | 300.4% | 297.6% | 123.5% | 162.4% | 8,474.5% | 3,057.6% | 2,118.1% |
| SG&A / revenue | — | 99.7% | 89.3% | 111.6% | 123.4% | 54.5% | 107.3% | 4,913.7% | 2,258.8% | 959.9% |
| Efficiency | ||||||||||
| Days sales outstanding | — | 21.7 | 55.7 | 41.0 | 5.3 | 105.2 | 166.1 | 1.2 | 112.8 | 150.2 |
| Days of inventory on hand | — | — | -2.6 | 18.1 | 7.9 | — | 15.8 | — | — | — |
| Days payables outstanding | 5,191.6 | 69.4 | 36.5 | 239.4 | 20.1 | — | 25.3 | 23.1 | 21.5 | 33.0 |
| Cash conversion cycle (days) | — | -47.7 | 16.6 | -180.3 | -6.8 | — | 156.6 | -21.9 | 91.3 | 117.1 |
| Receivables turnover | — | 16.82 | 6.56 | 8.90 | 68.46 | 3.47 | 2.20 | 306.00 | 3.24 | 2.43 |
| Payables turnover | 0.07 | 5.26 | 10.00 | 1.52 | 18.20 | 0.00 | 14.41 | 15.81 | 17.01 | 11.05 |
| Inventory turnover | — | — | — | 20.20 | 46.12 | 0.00 | 23.10 | — | — | — |
| Asset turnover | 0.00 | 0.36 | 0.19 | 0.12 | 0.11 | 0.34 | 0.31 | 0.01 | 0.02 | 0.03 |
| Average receivables | — | $464,000 | $1.1M | $682,500 | $75,500 | $3.6M | $3.6M | $500 | $103,500 | $343,500 |
| Average payables | $540,500 | $1.4M | $1.6M | $1.0M | $845,000 | $725,500 | $891,500 | $820,000 | $602,000 | $918,500 |
| Average inventory | — | — | −$108,500 | $76,500 | $333,500 | $611,500 | $556,000 | — | $0 | $0 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 18.7% | 19.8% | 73.7% | 136.6% | 131.0% |
Computed from PULM's annual financial statements (latest annual report filed February 26, 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.
PULM valuation and financial ratios
Pulmatrix earned a return on equity of −80.9% in fiscal 2025.
See the PULM income statement, the PULM chart for price history, or the PULM stock overview for the latest quote and news.
PULM key metrics FAQ
What is Pulmatrix's return on equity?
Pulmatrix's return on equity (ROE) was −80.9% in fiscal 2025: net income of -$5.2 million on average shareholders' equity of $6.4 million.
What is Pulmatrix's free cash flow yield?
Pulmatrix generated -$5.4 million of free cash flow in fiscal 2025, a free cash flow yield of −66.7% on its market value at year-end ($8.1 million).
What is Pulmatrix's current ratio?
Pulmatrix's current ratio was 12.55 at the end of fiscal 2025: current assets were 12.55 times current liabilities.