Pavmed Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for Pavmed Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.
Pavmed Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Pavmed has little or no product revenue yet; it used $8m of cash in the twelve months to June 2026. It passes 1 of our 3 financial-health checks.
Our model value for Pavmed is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 13, 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.
Pavmed Inc.'s trailing-twelve-month revenue fell 89.0% year on year, with a free-cash-flow margin of -6948.2%. Where it stands out: change in growth rate of +6.8pp ranks 19 of 129 health care equipment companies we cover. Where it lags: revenue growth of -89.0% ranks 129 of 129 health care equipment companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to -89.0% (+6.8pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Pavmed Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.99 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| 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: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.0 ~$0.0–$0.1 | Left out: out of range vs price (0.01x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Pavmed Inc. 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.
| At fiscal year end | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Share price | $1107.00 | $216.00 | $123.60 | $18.84 | $6.63 |
| Market value | $5.7bn | $1.3bn | $894m | $41m | $4m |
| + Net debt (− = net cash) | −$77m | −$6m | $25m | $24m | $6m |
| Enterprise value | $5.6bn | $1.3bn | $918m | $65m | $11m |
| Multiples | |||||
| Price / sales | n/m | n/m | n/m | 13.6x | 62.6x |
| Price / earnings | — | — | — | 1.0x | 11.1x |
| Price / free cash flow | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — |
Weak moat
How hard Pavmed's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -127.3% of total assets over 10 years.
Gross margin has been a median -74.9%, moving by 218.4 percentage points (standard deviation) across 5 years.
Operating margin has been a median -9686.4%; its worst year was -23842.9%.
Free cash flow was positive in 0 of 5 years, at a median -6948.2% of revenue.
The diluted share count fell 94.5% over five years; stock-based pay has been a median 1530.4% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 13, 2026, before the open. Analysts expect revenue of $25000 and EPS of −$0.66 (range −$0.66 to −$0.66) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.33 | +50% | $232500 | +228% |
| Next | −$2.38 | −2% | $600000 | +158% |
The consensus EPS forecast for the current fiscal year is −15.0% on 90 days ago. In the last 30 days, 1 analyst raised Pavmed Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$2.74 | −$2.74 |
| 60 days ago | −$2.62 | −$2.45 |
| 30 days ago | −$2.62 | −$2.45 |
| 7 days ago | −$2.62 | −$2.45 |
| Now | −$2.33 | −$2.38 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.63 | −$0.27 | +57.1% |
| Mar 2026 | −$0.69 | −$1.17 | −69.6% |
| Dec 2025 | −$4.50 | −$1.05 | +76.7% |
| Sept 2025 | −$6.00 | −$0.60 | +90.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| PAVM | +16% | −81% | −43% | −85% | −65% | −71% |
| Industry peers (median) | −9% | −37% | −8% | −19% | −16% | −13% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| PAVM | 67% | 17% | 33% | 33% | 25% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| PAVM | −74% | −84% | −70% | −86% | −74% | −84% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since July 27, 2016: 100% from August 4, 2016 to November 2, 2026. Getting back needed a 358958% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 14, 2026 | +12.3% | −0.7% | +9.2% | −17.3% |
| May 15, 2026 | −3.7% | −1.3% | −0.9% | −22.7% |
| March 30, 2026 | +17.1% | +2.6% | +9.7% | +2.9% |
| November 13, 2025 | −17.3% | −1.7% | −8.0% | −19.1% |
| August 14, 2025 | −2.2% | −0.2% | −8.5% | −13.0% |
| May 15, 2025 | −11.1% | +1.1% | −11.0% | −14.4% |
| March 25, 2025 | +1.9% | −1.0% | −12.5% | −5.6% |
| November 14, 2024 | +11.8% | −1.9% | −1.0% | −29.4% |
| August 13, 2024 | −10.0% | +2.0% | −12.5% | +114.9% |
| May 14, 2024 | −1.0% | +1.7% | −4.2% | −42.2% |
| November 15, 2023 | 0.0% | +0.3% | −2.7% | +12.2% |
| March 15, 2023 | −10.4% | +1.1% | −19.7% | −4.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $1.6M |
| FY23 Q4 | $2.5M |
| FY24 Q1 | $3.1M |
| FY24 Q2 | $3.9M |
| FY24 Q3 | $4.1M |
| FY24 Q4 | $3M |
| FY25 Q1 | $2M |
| FY25 Q2 | $1M |
| FY25 Q3 | $19K |
| FY25 Q4 | $71K |
| FY26 Q1 | $85K |
| FY26 Q2 | $112K |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 181.6% |
| FY23 Q4 | 451.9% |
| FY24 Q1 | 330.1% |
| FY24 Q2 | 343.8% |
| FY24 Q3 | 157.5% |
| FY24 Q4 | 20.0% |
| FY25 Q1 | -34.3% |
| FY25 Q2 | -73.9% |
| FY25 Q3 | -99.5% |
| FY25 Q4 | -97.6% |
| FY26 Q1 | -95.8% |
| FY26 Q2 | -89.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -4840.6% |
| FY23 Q4 | -2751.8% |
| FY24 Q1 | -2044.2% |
| FY24 Q2 | -1533.7% |
| FY24 Q3 | -1359.1% |
| FY24 Q4 | -1482.8% |
| FY25 Q1 | -1787.6% |
| FY25 Q2 | -2655.4% |
| FY25 Q3 | -106273.7% |
| FY25 Q4 | -30715.5% |
| FY26 Q1 | -28702.4% |
| FY26 Q2 | -23842.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -3604.1% |
| FY23 Q4 | -2091.1% |
| FY24 Q1 | -1605.8% |
| FY24 Q2 | -1233.9% |
| FY24 Q3 | -1116.8% |
| FY24 Q4 | -1120.3% |
| FY25 Q1 | -1097.9% |
| FY25 Q2 | -1141.2% |
| FY25 Q3 | -18852.6% |
| FY25 Q4 | -7376.1% |
| FY26 Q1 | -7402.4% |
| FY26 Q2 | -6948.2% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 1 | 0 | 3 | 3 | 0 | 0 |
| Gross profit | −0 | −3 | −4 | −2 | −0 | −0 |
| EBITDA | −54 | −89 | −66 | −43 | −22 | −27 |
| Operating income | −54 | −91 | −69 | −44 | −22 | −27 |
| Net income | −50 | −89 | −64 | 40 | 0 | −12 |
| Diluted EPS | −$9.75 | −$15.03 | −$9.16 | $14.90 | −$5.63 | — |
| Growth (year on year) | ||||||
| Revenue | — | −24.6% | +563.1% | +20.0% | −97.6% | −89.0% |
| Net income | — | — | — | — | −99.0% | −116.6% |
| Diluted EPS | — | — | — | — | −137.8% | — |
| Margins | ||||||
| Gross margin | −17.0% | −858.6% | −156.8% | −61.3% | −207.0% | −220.5% |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | <−999% | <−999% | >999% | 564.8% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Cash flow | ||||||
| Cash from operations | −41 | −71 | −52 | −34 | −5 | −8 |
| Capital spending | 1 | 2 | 0 | 0 | 0 | 0 |
| Free cash flow | −42 | −73 | −52 | −34 | −5 | −8 |
| Stock-based pay | 15 | 20 | 11 | 6 | 2 | 2 |
| Free cash flow after stock pay | −57 | −92 | −63 | −40 | −7 | −9 |
| Balance sheet | ||||||
| Cash | 77 | 40 | 20 | 1 | 2 | 4 |
| Total debt | 0 | 34 | 44 | 25 | 8 | 15 |
| Net debt (negative = net cash) | −77 | −6 | 25 | 24 | 6 | 11 |
| Diluted shares | 5m | 6m | 7m | 2m | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | −0 | −0 | −0 | −0 | −0 | −0 | −0 | −0 |
| EBITDA | −11 | −5 | −5 | −5 | −5 | −7 | −8 | −7 |
| Operating income | −12 | −5 | −5 | −5 | −5 | −7 | −8 | −7 |
| Net income | 64 | 1 | 19 | −12 | −5 | −1 | −0 | −5 |
| Diluted EPS | $1.08 | $10.58 | $7.58 | −$5.52 | −$2.17 | −$1.38 | −$1.10 | −$0.87 |
| Growth (year on year) | ||||||||
| Revenue | +26.4% | −100.0% | −99.2% | −99.4% | −99.5% | — | +175.0% | +450.0% |
| Net income | — | — | — | — | −108.4% | −188.3% | −100.3% | — |
| Diluted EPS | — | — | — | — | −301.4% | −113.0% | −114.6% | — |
| Margins | ||||||||
| Gross margin | −38.1% | — | −350.0% | −583.3% | <−999% | −63.5% | −340.9% | −269.7% |
| EBITDA margin | <−999% | — | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | — | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | >999% | — | >999% | <−999% | <−999% | <−999% | −272.7% | <−999% |
| Free-cash-flow margin | −888.9% | — | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −9 | 0 | −2 | −1 | −1 | −2 | −3 | −3 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −9 | 0 | −2 | −1 | −1 | −2 | −3 | −3 |
| Stock-based pay | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 1 |
| Free cash flow after stock pay | −11 | −1 | −3 | −1 | −1 | −2 | −3 | −4 |
| Last 12 months unless stated | PAVM | POAS | NXL | QTEX | CUPR | ITOC | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $112000 | $102806 | $217155 | $289000 | $38204 | $523031 | $99m |
| Revenue growth, last 12 months | −89.0% | −18.2% | 24.2% | — | 5.6% | 16.7% | 9.2% |
| Revenue growth, 3-year average | −49.6% | — | −30.6% | — | — | — | 13.5% |
| Revenue growth, latest quarter | 450.0% | — | −82.8% | — | — | — | 10.2% |
| Gross margin | −220.5% | 13.1% | 86.2% | 0.7% | −1.3% | 62.6% | 61.2% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | −991.7% | −8.5% |
| Operating margin, 3-year average | <−999% | — | <−999% | — | — | — | −17.9% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | −974.7% | −12.0% |
| Cash from operations / revenue | <−999% | <−999% | <−999% | <−999% | <−999% | −617.8% | −1.9% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | −618.6% | −3.9% |
| Free-cash-flow margin, 3-year average | <−999% | — | <−999% | — | — | — | −7.0% |
| Stock pay / revenue | >999% | — | >999% | >999% | — | 563.2% | 6.1% |
| Change in share count | 14.0% | 19.7% | 52.1% | 60.0% | 13.7% | 26.1% | 4.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -89.0% | 9.1% | 129 of 129 |
| Change in growth rate Growth | +6.8pp | -0.6pp | 19 of 129 |
| Gross margin Profitability | -220.5% | 61.9% | 123 of 123 |
| Operating margin Profitability | -23842.9% | -8.3% | 131 of 132 |
| Net margin Profitability | -10794.6% | -12.0% | 132 of 133 |
| Free-cash-flow margin Cash generation | -6948.2% | -3.4% | 126 of 128 |
| Stock pay as % of revenue Cash generation | 1530.4% | 6.1% | 122 of 123 |
| Days sales outstanding Balance sheet | 58 days | 57 days | 63 of 118 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Two Seas Capital LP | $2.7M | 462K | 49.3% | 0.0% |
| First Manhattan Co. Llc. | $2M | 333K | 35.6% | ▲ 1298.5% |
| Vanguard Capital Management LLC | $365,928 | 62K | 6.6% | ▲ 941.1% |
| Geode Capital Management, LLC | $217,871 | 37K | 3.9% | ▲ 211.4% |
| Vanguard Fiduciary Trust Co | $152,094 | 26K | 2.7% | ▲ 371.6% |
| Blackrock, Inc. | $101,526 | 17K | 1.8% | ▲ 607.5% |
| Morgan Stanley | $968 | 0K | 0.0% | ▼ 1.2% |
| Barclays PLC | $446 | 0K | 0.0% | New |
| Sbi Securities Co., Ltd. | $398 | 0K | 0.0% | 0.0% |
| UBS Group AG | $339 | 0K | 0.0% | ▼ 24.0% |
| Wells Fargo & Company | $267 | 0K | 0.0% | 0.0% |
| Integrated Wealth Concepts LLC | $78 | 0K | 0.0% | New |
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 Pavmed Inc.'s complete shareholder register. Values are as reported by the filers .
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.
Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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