Pulmonx Corp key statistics and ratios

In fiscal 2025, Pulmonx Corp had return on equity of -77.2%, an operating margin of -59.3%, debt equal to 78.5% of equity and a current ratio of 5.07. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Pulmonx Corp: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	61.4%	68.8%	64.8%	73.6%	74.3%	73.9%	74.0%	74.2%	77.1%
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%
Return on equity	—	—	−166.3%	−23.2%	−33.9%	−44.7%	−55.3%	−77.2%	−103.1%
Return on assets	—	−38.7%	−20.3%	−19.5%	−27.5%	−32.8%	−33.1%	−37.0%	−39.4%
Asset turnover	—	0.61	0.21	0.19	0.25	0.37	0.49	0.62	0.72
Current ratio	—	2.90	19.96	11.85	9.14	6.50	5.58	5.07	4.32
Debt to equity	—	—	8.2%	9.9%	14.5%	38.7%	47.0%	78.5%	159.1%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	34.9%	18.6%	22.8%	27.0%	28.7%	26.3%	21.0%	21.5%	22.1%
SG&A as % of revenue	101.7%	104.9%	140.8%	144.3%	154.9%	137.8%	121.9%	111.9%	107.9%
Capital spending as % of revenue	1.6%	2.2%	2.8%	7.6%	2.5%	1.2%	1.7%	0.5%	0.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Pulmonx Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	73.7%	74.0%	72.5%	72.1%	74.7%	77.6%	77.9%	78.0%
Operating margin	−69.3%	−56.5%	−64.6%	−62.0%	−66.9%	−43.8%	−62.9%	−39.8%
Net margin	−69.4%	−55.4%	−64.1%	−63.6%	−64.9%	−46.1%	−66.3%	−44.3%
Free-cash-flow margin	−37.6%	−28.8%	−60.0%	−16.6%	−38.4%	−31.4%	−49.1%	−22.9%
Current ratio	7.70	5.58	4.97	5.35	4.86	5.07	4.91	4.32
Debt to equity	39.6%	43.3%	47.9%	53.7%	61.8%	68.5%	81.5%	95.8%
R&D as % of revenue	18.4%	16.8%	21.1%	22.2%	22.5%	20.3%	23.8%	22.1%
SG&A as % of revenue	124.6%	113.6%	116.0%	111.9%	119.1%	101.2%	117.1%	95.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: IRMD vs LUNG LUNG vs SGHT DCTH vs LUNG

More: Health Care Equipment stocks compared, Health Care sector, rankings of US companies

Figures from Pulmonx Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Pulmonx Corp.