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Pulmonx Corp (LUNG) stock

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NASDAQ: LUNG Nasdaq Health Care Equipment Next results ~January 25, 2027

D Fundamentals grade

Pulmonx Corp is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$2.8

Forward price-to-sales vs peers

Base case. Range ~$2.8–$11. Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Pulmonx Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 55 sales by directors and officers, last 12 monthsInsider trades
  • Funds55 adding, 59 cuttingOf 25 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Pulmonx files

Where Pulmonx stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $87m, down 3.4% on a year earlier, against growth of 1.2% a quarter earlier. That puts it 88 of 103 for growth among the health care equipment companies we cover. Free-cash-flow margin held at -35.1%. Operating margin widened to -53.0% from -62.9%. The diluted share count is up 4.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 7 financial-health checks. Our price-to-sales vs peers value is $2.00 a share.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Pulmonx Corp's trailing-twelve-month revenue fell 3.4% year on year, with a free-cash-flow margin of -35.1%. Where it stands out: gross margin of 77.1% ranks 23 of 123 health care equipment companies we cover. Where it lags: revenue growth of -3.4% ranks 107 of 129 health care equipment companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -3.4% (-4.7pp vs the prior quarter), the 10th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 9.9 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 3.4% over the last 12 months.
  • Loss-making. Operating margin is -53.0%: costs exceed revenue.
  • Burning cash. Free cash flow was -35.1% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 19.7% of revenue, against a median of 6.1% for health care equipment companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 4.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 98% and a beta of 2.0 against the S&P 500.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
-$0.19 against an average estimate of -$0.26: beat by 25.8%
Revenue
$23m, down 4.6% on a year earlier
Share reaction
+29.2% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Next report
October 27, 2026; average EPS estimate -$0.23

Pulmonx's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-14.1%
  • 1 week+32.3%
  • 1 month+41.0%
  • This year+16.7%
  • 1 year+29.0%
  • 5 years-94.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$87.4M
Operating margin
-53.0%
Net margin
-55.0%
EPS (TTM, diluted)
$-1.15

Growth

Revenue growth
−3.4%
Change in growth rate
−4.7 pts
Share count change
+4.7%

Cash

Free cash flow (TTM)
-$30.7M
FCF margin
-35.1%
Stock pay % of revenue
19.7%

Earnings

Last results
October 27, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Pulmonx Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Pulmonx Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.15 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.8 ~$3.2–$11 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.8 ~$2.8–$11 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Pulmonx Corp with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$69.02$32.07$8.43$12.75$6.79$2.21$2.58
Market value$703m$1.2bn$313m$484m$266m$90m$108m
+ Net debt (− = net cash)−$213m−$129m−$79m−$38m−$31m−$27m$7m
Enterprise value$490m$1.0bn$233m$446m$235m$63m$114m
Multiples
Price / sales 21.5x23.9x5.8x7.1x3.2x1.0x1.2x
Price / earnings ———————
Price / free cash flow ———————
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard Pulmonx's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -21.8% of total assets over 6 years.

  • Pricing power 18 / 20

    Gross margin has been a median 73.6%, moving by 3.7 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -80.4%; its worst year was -101.2%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -58.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.98 +27% $91m +0%
Next −$0.88 +10% $99m +9%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −6.4% on 90 days ago. In the last 30 days, 4 analysts raised Pulmonx Corp's forecast and 0 cut it.

Consensus EPS forecast Pulmonx Corp, last 90 days
−$1.50 −$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.04 Current fiscal year, 60 days ago: −$1.04 Current fiscal year, 30 days ago: −$1.04 Current fiscal year, 7 days ago: −$1.04 Current fiscal year, Now: −$0.98 −$0.98 Next fiscal year, 90 days ago: −$0.94 Next fiscal year, 60 days ago: −$0.94 Next fiscal year, 30 days ago: −$0.94 Next fiscal year, 7 days ago: −$0.94 Next fiscal year, Now: −$0.88 −$0.88

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.04−$0.94
60 days ago −$1.04−$0.94
30 days ago −$1.04−$0.94
7 days ago −$1.04−$0.94
Now −$0.98−$0.88

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.26 −$0.19 +25.8%
Jun 2026 −$0.28 −$0.24 +14.3%
Mar 2026 −$0.33 −$0.33 −1.0%
Dec 2025 −$0.39 −$0.25 +35.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

5 analysts, Oct 2026
Buy360%
Hold240%
Sell00%

Monthly trend

  1. Oct 2026325
  2. Sep 2026325
  3. Aug 2026325

Counts of recommendations published by analysts covering Pulmonx Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.9%
of tradable shares
Days to cover
2.6
at average volume
Short interest, 1 month
−18%
to October 15, 2026
Held by institutions
63%
of shares
Held by insiders
4.6%
of shares
Employees
296
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +29.0%

$2.00 on October 31, 2025 to $2.58

ThenNowEffect
Revenue (last 12 months) $91m $87m −3.4%
P/S multiple 0.9x 1.2x +39.9%
Share count 40m 42m −4.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −74.0%

$9.92 on November 3, 2023 to $2.58

ThenNowEffect
Revenue (last 12 months) $61m $87m +44.2%
P/S multiple 6.1x 1.2x −79.9%
Share count 37m 42m −10.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LUNG−54%−74%+51%−47%−68%+17%
Industry peers (median)−7%−37%−9%−19%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LUNG42%33%67%58%25%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LUNG−57%−87%−44%−62%−86%−50%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 1, 2020: 98% from December 31, 2020 to March 27, 2026. Getting back needed a 5799% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.17 – $3.17
From 52-week high
−18.5%
vs 50-day average
+25.3%
vs 200-day average
+55.5%
Volatility (1 year)
99%
Beta vs S&P 500
1.97

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±20.5%
After a week
7 up, 4 down
typical move ±25.7%
After a month
6 up, 5 down
typical move ±24.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +29.2% +0.9% — —
July 29, 2026 +28.8% +0.1% +58.4% +93.6%
April 29, 2026 +4.1% +1.0% +4.9% +34.1%
March 4, 2026 +5.2% +0.1% +17.3% −13.1%
November 12, 2025 −23.9% −1.6% −34.0% +21.1%
October 27, 2025 +20.7% +1.4% +11.6% +3.7%
July 30, 2025 −40.5% −0.5% −47.9% −43.0%
April 30, 2025 −28.5% +0.7% −30.2% −35.5%
February 19, 2025 +25.6% −0.2% +31.9% +10.2%
October 30, 2024 −7.7% −2.3% +13.9% −4.7%
July 31, 2024 −8.1% +0.2% −17.0% +3.7%
May 1, 2024 +23.3% +0.6% +15.8% −4.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Pulmonx Corp in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Pulmonx Corp
$60M $70M $80M $90M $100M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $64.8M Revenue (TTM), FY23 Q4: $68.7M Revenue (TTM), FY24 Q1: $73M Revenue (TTM), FY24 Q2: $76.6M Revenue (TTM), FY24 Q3: $79.3M Revenue (TTM), FY24 Q4: $83.8M Revenue (TTM), FY25 Q1: $87.5M Revenue (TTM), FY25 Q2: $90.5M Revenue (TTM), FY25 Q3: $91.7M Revenue (TTM), FY25 Q4: $90.5M Revenue (TTM), FY26 Q1: $88.5M Revenue (TTM), FY26 Q2: $87.4M $87.4M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $64.8M
FY23 Q4 $68.7M
FY24 Q1 $73M
FY24 Q2 $76.6M
FY24 Q3 $79.3M
FY24 Q4 $83.8M
FY25 Q1 $87.5M
FY25 Q2 $90.5M
FY25 Q3 $91.7M
FY25 Q4 $90.5M
FY26 Q1 $88.5M
FY26 Q2 $87.4M
Revenue growth, TTM YoY Pulmonx Corp
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 24.8% Revenue growth, TTM YoY, FY23 Q4: 28.0% Revenue growth, TTM YoY, FY24 Q1: 27.1% Revenue growth, TTM YoY, FY24 Q2: 26.3% Revenue growth, TTM YoY, FY24 Q3: 22.3% Revenue growth, TTM YoY, FY24 Q4: 22.0% Revenue growth, TTM YoY, FY25 Q1: 19.8% Revenue growth, TTM YoY, FY25 Q2: 18.2% Revenue growth, TTM YoY, FY25 Q3: 15.6% Revenue growth, TTM YoY, FY25 Q4: 8.0% Revenue growth, TTM YoY, FY26 Q1: 1.2% Revenue growth, TTM YoY, FY26 Q2: -3.4% -3.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 24.8%
FY23 Q4 28.0%
FY24 Q1 27.1%
FY24 Q2 26.3%
FY24 Q3 22.3%
FY24 Q4 22.0%
FY25 Q1 19.8%
FY25 Q2 18.2%
FY25 Q3 15.6%
FY25 Q4 8.0%
FY26 Q1 1.2%
FY26 Q2 -3.4%
Operating margin (TTM) Pulmonx Corp
-100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -96.6% Operating margin (TTM), FY23 Q4: -90.2% Operating margin (TTM), FY24 Q1: -82.3% Operating margin (TTM), FY24 Q2: -77.4% Operating margin (TTM), FY24 Q3: -73.4% Operating margin (TTM), FY24 Q4: -68.9% Operating margin (TTM), FY25 Q1: -66.0% Operating margin (TTM), FY25 Q2: -62.9% Operating margin (TTM), FY25 Q3: -62.4% Operating margin (TTM), FY25 Q4: -59.3% Operating margin (TTM), FY26 Q1: -58.8% Operating margin (TTM), FY26 Q2: -53.0% -53.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -96.6%
FY23 Q4 -90.2%
FY24 Q1 -82.3%
FY24 Q2 -77.4%
FY24 Q3 -73.4%
FY24 Q4 -68.9%
FY25 Q1 -66.0%
FY25 Q2 -62.9%
FY25 Q3 -62.4%
FY25 Q4 -59.3%
FY26 Q1 -58.8%
FY26 Q2 -53.0%
FCF margin (TTM) Pulmonx Corp
-80% -60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -61.3% FCF margin (TTM), FY23 Q4: -55.9% FCF margin (TTM), FY24 Q1: -52.0% FCF margin (TTM), FY24 Q2: -47.3% FCF margin (TTM), FY24 Q3: -43.9% FCF margin (TTM), FY24 Q4: -39.4% FCF margin (TTM), FY25 Q1: -39.2% FCF margin (TTM), FY25 Q2: -35.3% FCF margin (TTM), FY25 Q3: -35.5% FCF margin (TTM), FY25 Q4: -36.3% FCF margin (TTM), FY26 Q1: -33.2% FCF margin (TTM), FY26 Q2: -35.1% -35.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -61.3%
FY23 Q4 -55.9%
FY24 Q1 -52.0%
FY24 Q2 -47.3%
FY24 Q3 -43.9%
FY24 Q4 -39.4%
FY25 Q1 -39.2%
FY25 Q2 -35.3%
FY25 Q3 -35.5%
FY25 Q4 -36.3%
FY26 Q1 -33.2%
FY26 Q2 -35.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 20 33 33 48 54 69 84 90 87
Gross profit 12 22 21 36 40 51 62 67 67
EBITDA −15 −18 −32 −47 −57 −61 −57 −53 −45
Operating income −15 −18 −32 −47 −59 −62 −58 −54 −46
Net income −18 −21 −32 −49 −59 −61 −56 −54 −48
Diluted EPS −$11.03 −$11.66 −$3.16 −$1.35 −$1.59 −$1.60 −$1.44 −$1.33 −$1.15
Growth (year on year)
Revenue — +62.9% +0.4% +47.9% +10.8% +28.0% +22.0% +8.0% −3.4%
Margins
Gross margin 61.4% 68.8% 64.8% 73.6% 74.3% 73.9% 74.0% 74.2% 77.1%
EBITDA margin −74.7% −54.1% −97.9% −96.3% −106.7% −88.1% −67.6% −58.1% −51.8%
Operating margin −75.2% −54.7% −98.8% −97.7% −109.3% −90.2% −68.9% −59.3% −53.0%
Net margin −92.4% −63.5% −98.5% −100.5% −109.8% −88.6% −67.3% −59.7% −55.0%
Free-cash-flow margin −93.5% −65.9% −96.4% −93.1% −86.5% −55.9% −39.4% −36.3% −35.1%
Cash flow
Cash from operations −18 −21 −31 −41 −45 −38 −32 −32 −31
Capital spending 0 1 1 4 1 1 1 0 0
Free cash flow −19 −21 −32 −45 −46 −38 −33 −33 −31
Stock-based pay 0 0 3 11 16 22 23 21 17
Free cash flow after stock pay −19 −22 −35 −56 −63 −61 −56 −54 −48
Balance sheet
Cash 4 15 232 148 102 84 71 70 56
Total debt 0 0 18 19 22 46 40 42 62
Net debt (negative = net cash) −4 −15 −213 −129 −79 −38 −31 −27 7
Diluted shares 2m 2m 10m 36m 37m 38m 39m 41m 42m
Returned to shareholders
Buybacks 0 0 0 0 0 0 — — —
Total returned 0 0 0 0 0 0 — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $115m
Short-term assets $88mLonger-term assets $27m
What it owes, and who funded it · $115m
Short-term liabilities $20mLonger-term liabilities $55mShareholders' equity $39m
  • Short-term assets cover short-term liabilities $88m of assets due within a year against $20m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $88m short-term assets against $55m of longer-dated liabilities.
  • More cash than debt $56m of cash against $38m of debt.
  • Debt below 40% of shareholders' equity Debt is 96% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 9% to 96% over five years.
  • A year's operating cash flow covers at least 20% of debt −$31m of operating cash flow against $38m of debt.
  • Operating profit covers interest at least five times over Operating income of −$46m against $4m of interest.

From Pulmonx Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+4.7%
year over year
R&D spending
22.1%
of revenue
Sales & admin spending
107.9%
of revenue
Days sales outstanding
51 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated LUNG IRMD SGHT DCTH TELA PDEX Median
Revenue, last 12 months $87m $89m $83m $95m $80m $80m $99m
Revenue growth, last 12 months −3.4% 11.0% 9.3% 35.8% 6.1% 13.3% 9.2%
Revenue growth, 3-year average 13.0% 12.4% 0.8% 230.8% 17.6% 19.2% 13.5%
Revenue growth, latest quarter −4.6% 14.2% 19.5% 20.6% −4.5% 11.0% 10.2%
Gross margin 77.1% 75.5% 88.0% 87.1% 67.8% 32.5% 61.2%
Operating margin −53.0% 32.3% −33.4% −1.9% −42.6% 16.8% −8.5%
Operating margin, 3-year average −64.4% 31.0% −54.2% −99.4% −50.7% 15.6% −17.9%
Net margin −55.0% 26.8% −35.7% 0.6% −51.5% 15.1% −12.0%
Cash from operations / revenue −34.9% 30.4% −27.9% 20.5% −39.0% 14.4% −1.9%
Free-cash-flow margin −35.1% 29.3% −28.0% 18.3% −39.6% 13.4% −3.9%
Free-cash-flow margin, 3-year average −39.2% 24.2% −34.5% −80.5% −51.2% 2.2% −7.0%
Stock pay / revenue 19.7% 3.3% 12.9% 21.2% 4.0% 0.8% 6.1%
Change in share count 4.7% 0.3% 4.7% 10.8% 14.4% −1.8% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth -3.4% 9.1% 107 of 129
Change in growth rate Growth -4.7pp -0.6pp 104 of 129
Gross margin Profitability 77.1% 61.9% 23 of 123
Operating margin Profitability -53.0% -8.3% 90 of 132
Net margin Profitability -55.0% -12.0% 90 of 133
Free-cash-flow margin Cash generation -35.1% -3.4% 89 of 128
Stock pay as % of revenue Cash generation 19.7% 6.1% 97 of 123
Long-term debt as % of assets Balance sheet 32.6% 24.2% 59 of 87
Change in share count Balance sheet 4.7% 3.3% 70 of 115
Days sales outstanding Balance sheet 51 days 57 days 46 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $57M 63.0% ▲ 1.0%
EMEA $27M 29.8% ▲ 20.9%
Asia Pacific $6.2M 6.9% ▲ 40.3%
Other International Geographical Areas $260,000 0.3% ▼ 53.2%

From Pulmonx Corp's 10-K filed March 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$34.1M
Institutions reporting
108
Shares held vs prior quarter
▼ 17.6%
Positions opened / closed
20 / 24

Top buyers and sellers, Q2 2026: 55 institutions bought and 59 sold ; the biggest buyer was Almitas Capital LLC (+1.1M shares) and the biggest seller Blackrock, Inc (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Primecap Management Co $6M 4.6M 17.6% ▼ 2.4%
Morgan Stanley $3.8M 2.9M 11.2% ▼ 26.8%
Soleus Capital Management, L.P. $3.6M 2.8M 10.6% 0.0%
Vanguard Capital Management LLC $2.1M 1.6M 6.2% ▼ 0.2%
Exoduspoint Capital Management, LP $1.6M 1.2M 4.7% ▼ 37.1%
Almitas Capital LLC $1.4M 1.1M 4.1% New
Blackrock, Inc. $1.1M 882K 3.4% ▼ 66.8%
Stonepine Capital Management, LLC $1.1M 815K 3.1% ▲ 6.1%
Jane Street Group, LLC $985,700 758K 2.9% ▲ 468.9%
Braidwell LP $978,303 753K 2.9% 0.0%
AQR Capital Management LLC $968,453 745K 2.8% ▲ 108.3%
Parkman Healthcare Partners LLC $840,533 647K 2.5% ▼ 14.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Pulmonx Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $547,892 55 trades by 5 insiders · 9% under pre-set plans
Net ▼ $547,892 net selling
Insider Date Trade Shares Price Value
Rose Geoffrey Beran Chief Commercial Officer September 1, 2026 Sell 2,390 $2.26 $5,401
Rose Geoffrey Beran Chief Commercial Officer September 1, 2026 Sell 1,746 $2.26 $3,946
Rose Geoffrey Beran Chief Commercial Officer September 1, 2026 Sell 1,530 $2.26 $3,458
Rose Geoffrey Beran Chief Commercial Officer September 1, 2026 Sell 2,213 $2.26 $5,001
Lehman David Aaron General Counsel September 1, 2026 Sell 2,224 $2.26 $5,026
Lehman David Aaron General Counsel September 1, 2026 Sell 3,476 $2.26 $7,856
Lehman David Aaron General Counsel September 1, 2026 Sell 4,827 $2.26 $10,909
Lehman David Aaron General Counsel September 1, 2026 Sell 3,807 $2.26 $8,604
Radhakrishnan Srikanth Chief Science & Techn. Officer September 1, 2026 Sell 2,121 $2.26 $4,793
Radhakrishnan Srikanth Chief Science & Techn. Officer September 1, 2026 Sell 3,618 $2.26 $8,177
Radhakrishnan Srikanth Chief Science & Techn. Officer September 1, 2026 Sell 5,863 $2.26 $13,250
Radhakrishnan Srikanth Chief Science & Techn. Officer September 1, 2026 Sell 2,643 $2.26 $5,973

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 29, 2026
  • April 29, 2026
  • March 4, 2026
  • November 12, 2025
  • October 27, 2025

Recent SEC filings

Data status

When each part of this page on Pulmonx Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Pulmonx Corp in brief

What does Pulmonx Corp do?
Pulmonx Corp is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Pulmonx Corp's stock ticker?
Pulmonx Corp trades under the ticker LUNG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Pulmonx Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Pulmonx Corp reported revenue of $87.4M, 3.4% lower than a year earlier, according to its SEC filings.
What is Pulmonx Corp's free cash flow?
Pulmonx Corp's free-cash-flow margin is -35.1% of revenue over the trailing twelve months, ranking 89 of the 128 health care equipment companies we cover.
Who are Pulmonx Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Primecap Management Co, Morgan Stanley and Soleus Capital Management, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Pulmonx Corp's market cap?
On November 2, 2026, Pulmonx Corp's market capitalisation was about $108M and net debt of $6.5M. Market figures come from third-party market data and may be delayed.
How much debt does Pulmonx Corp have?
Pulmonx Corp's debt-to-equity ratio is 95.8%, from its latest balance sheet (9.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Pulmonx Corp's competitors?
In our Health Care Equipment peer group, the companies closest to Pulmonx Corp are Iradimed Corp, Sight Sciences, Inc., Delcath Systems, Inc., Tela Bio, Inc. and PRO DEX Inc. The side-by-side comparison below sets their revenue, margins and growth against Pulmonx Corp's.
Are insiders buying or selling Pulmonx Corp stock?
Over the last 12 months, Pulmonx Corp's directors and officers reported 0 open-market purchases and 55 sales on Form 4. The insider trading page charts every trade.
When is Pulmonx Corp's next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Pulmonx Corp announces its own schedule.