PAVmed Inc. (PAVM) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PAVM SEC filings page.
PAVmed Inc. (PAVM) reported $112K in revenue over the twelve months to Jun 30, 2026, down 89.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
PAVmed remains a development-stage business: revenue is minimal, operating spending exceeds sales, and funding—not customers—has financed cash needs.
Accounting results have been a poor guide to cash needs: FY2024 reported net income of$32.0M alongside operating cash outflow of$33.6M , while FY2025's net loss of$3.8M still required$5.2M of operating cash. The gap indicates that reported earnings have been heavily influenced by items that did not provide operating liquidity.
Commercial scale is not yet funding the development cost base: FY2025 revenue fell to
The balance sheet changed sharply: total liabilities declined from
Financial Health Signals
PAVmed Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
PAVmed Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
PAVmed Inc. reported a net loss of $3.8M while operations used $5.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
PAVmed Inc. reported an operating loss of $21.8M against $21K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
PAVmed Inc. generated $33K in revenue in Q2 2026. This represents an increase of 450.0% from the same quarter a year earlier. Against the prior quarter it is up 50.0%.
PAVmed Inc.'s EBITDA was -$7.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 49.2% from the same quarter a year earlier. Against the prior quarter it is up 12.6%.
PAVmed Inc. reported -$5.4M in net income in Q2 2026. This represents an increase of 54.8% from the same quarter a year earlier. Against the prior quarter it is down 8873.3%.
Cash & Balance Sheet
PAVmed Inc. recorded an outflow of $2.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 125.6% from the same quarter a year earlier. Against the prior quarter it is down 1.3%.
PAVmed Inc. held $3.8M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
PAVmed Inc.'s ROE was -15.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 16.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 15.2 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
PAVmed Inc. invested $2.1M in research and development in Q2 2026. This represents an increase of 161.6% from the same quarter a year earlier. Against the prior quarter it is up 48.9%.
PAVmed Inc. invested $13K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 62.5% from the same quarter a year earlier. Against the prior quarter it is down 40.9%.
Not reported for Q2 2026.
PAVM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33K+450.0% | $22K+175.0% | $52K | $5K-99.5% | $6K-99.4% | $8K-99.2% | $0-100.0% | $1.0M+26.4% |
| Cost of Revenue | $122K+197.6% | $97K+169.4% | $86K+75.5% | $55K-96.0% | $41K-97.5% | $36K-97.9% | $49K-97.0% | $1.4M-22.4% |
| Gross Profit | -$89K-154.3% | -$75K-167.9% | -$34K+30.6% | -$50K+86.9% | -$35K+94.7% | -$28K+96.2% | -$49K+90.4% | -$381K+61.4% |
| R&D Expenses | $2.1M+161.6% | $1.4M+76.4% | $1.8M+126.1% | $1.1M-29.4% | $790K-51.9% | $787K-59.5% | $808K-77.5% | $1.5M-51.2% |
| SG&A Expenses | $4.7M+26.7% | $6.4M+45.0% | $4.7M+12.0% | $3.5M-47.3% | $3.7M-47.6% | $4.4M-34.4% | $4.2M-40.4% | $6.6M-3.0% |
| Operating Income | -$7.0M-48.9% | -$8.0M-47.5% | -$6.8M-31.1% | -$4.8M+58.2% | -$4.7M+65.5% | -$5.4M+61.2% | -$5.2M+68.3% | -$11.6M+25.4% |
| EBITDA | -$7.0M-49.2% | -$8.0M-48.3% | -$6.8M-32.5% | -$4.8M+57.5% | -$4.7M+64.9% | -$5.4M+59.8% | -$5.1M+67.3% | -$11.3M+23.4% |
| Interest Expense | $2K-92.3% | $3K-88.5% | -$39K-750.0% | $8K-33.3% | $26K+136.4% | $26K+62.5% | $6K-68.4% | $12K-92.5% |
| Income Tax | $0 | $0 | N/A | N/A | $0 | $0 | N/A | N/A |
| Net Income | -$5.4M+54.8% | -$60K-100.3% | -$5.4M+15.0% | -$5.4M-108.4% | -$11.9M-10.1% | $19.0M+224.7% | -$6.4M+60.4% | $64.4M+464.4% |
| EPS (Basic) | -$0.87+96.1% | -$4.42-111.6% | -$5.52 | -$0.29-104.5% | -$22.08-1755.5% | $38.26+1560.3% | $0.00+100.0% | $6.43+370.2% |
| EPS (Diluted) | -$0.87 | -$4.42 | -$5.52 | -$0.29 | -$22.08 | $10.10 | -$0.29 | $1.44 |
| Diluted Shares (Avg) | 6M | 2M | N/A | 22M | 602,822 | 2M | N/A | 44M |
PAVM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $40.2M-8.4% | $45.4M-14.0% | $38.8M+26.6% | $38.1M+24.6% | $43.9M+11.4% | $52.8M+41.8% | $30.7M-7.4% | $30.6M-27.3% |
| Current Assets | $4.9M-11.5% | $7.4M+103.8% | $2.6M+18.2% | $4.2M+96.8% | $5.5M-81.8% | $3.6M-87.7% | $2.2M-91.2% | $2.1M-93.4% |
| Cash & Equivalents | $3.8M-5.5% | $6.5M+139.3% | $1.5M+29.8% | $3.1M+305.6% | $4.0M-84.3% | $2.7M-89.4% | $1.2M-94.0% | $765K-97.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $6K |
| Accounts Receivable | N/A | N/A | N/A | $3K-81.3% | $3K-98.6% | $9K-86.6% | $18K-70.5% | $16K-55.6% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $5.2M-58.6% | $5.9M-50.4% | $4.8M-87.1% | $12.3M-69.2% | $12.5M-89.0% | $11.9M-88.8% | $37.7M-56.6% | $39.9M-53.2% |
| Current Liabilities | $4.1M-61.1% | $3.7M-62.5% | N/A | $10.5M-72.2% | $10.5M-80.3% | $9.8M-82.2% | $35.4M-34.6% | $37.6M-31.1% |
| Non-Current Liabilities | $1.1M-45.2% | $2.2M+5.8% | N/A | $1.8M-23.4% | $2.0M-96.7% | $2.1M-95.9% | $2.2M-93.1% | $2.4M-92.3% |
| Total Equity | $35.0M-6.6% | $39.5M-12.2% | $34.0M+1461.4% | $32.5M+767.9% | $37.5M+150.8% | $45.0M+165.4% | -$2.5M+95.4% | -$4.9M+88.7% |
| Retained Earnings | -$264.5M-5.6% | -$259.0M-9.2% | -$258.7M-1.5% | -$256.9M-0.2% | -$250.6M+21.8% | -$237.3M+23.4% | -$255.0M+13.4% | -$256.3M+8.0% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
PAVM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.7M-126.1% | -$2.6M-65.7% | -$1.6M-1750.0% | -$896K+89.9% | -$1.2M+89.9% | -$1.6M+87.9% | $94K+100.8% | -$8.9M+19.9% |
| Depreciation & Amortization | $19K-13.6% | $20K-53.5% | $18K-73.9% | $22K-90.8% | $22K-92.8% | $43K-92.7% | $69K-90.5% | $238K-67.5% |
| Stock-Based Compensation | $917K+466.0% | $182K-80.4% | N/A | $383K-80.2% | $162K-91.5% | $930K-50.6% | N/A | $1.9M-14.0% |
| Capital Expenditures | $13K+62.5% | $22K+266.7% | $14K+250.0% | $3K-50.0% | $8K+166.7% | $6K-85.7% | $4K-97.8% | $6K-66.7% |
| Free Cash Flow | -$2.7M-125.6% | -$2.6M-66.5% | -$1.6M-1838.9% | -$899K+89.9% | -$1.2M+89.8% | -$1.6M+87.9% | $90K+100.7% | -$8.9M+20.0% |
| Investing Cash Flow | -$13K-62.5% | -$22K-266.7% | -$14K-250.0% | -$3K+100.0% | -$8K-166.7% | -$6K+85.7% | -$4K+97.8% | -$16.1M-89538.9% |
| Financing Cash Flow | $0-100.0% | $7.6M+143.8% | $0-100.0% | -$2K-100.7% | $2.5M-78.6% | $3.1M-83.7% | $330K-93.8% | $284K-19.3% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
PAVM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -269.7% | -340.9% | -65.4% | -1000.0% | -583.3% | -350.0% | N/A | -38.1% |
| Operating Margin | -21278.8% | -36522.7% | -13078.9% | -96880.0% | -78583.3% | -68075.0% | N/A | -1157.8% |
| Net Margin | -16315.1% | -272.7% | -10457.7% | -107660.0% | -198683.3% | 237100.0% | N/A | 6439.9% |
| Return on Equity | -15.4%+16.4pp | -0.1%-42.3pp | -16.0% | -16.6% | -31.8% | 42.2% | N/A | N/A |
| Return on Assets | -13.4%+13.8pp | -0.1%-36.0pp | -14.0%+6.8pp | -14.1%-224.9pp | -27.2%+0.3pp | 35.9%+76.7pp | -20.8%+27.9pp | 210.8%+252.9pp |
| Current Ratio | 1.19+0.7x | 2.02+1.7x | N/A | 0.40+0.3x | 0.520.0x | 0.37-0.2x | 0.06-0.4x | 0.06-0.5x |
| Debt-to-Equity | 0.15-0.2x | 0.15-0.1x | 0.14 | 0.38 | 0.33 | 0.26 | N/A | N/A |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.030.0x |
| FCF Margin | -8109.1% | -12009.1% | -3009.6% | -17980.0% | -19766.7% | -19837.5% | N/A | -888.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| PAVmed Inc. PAVM | FY2025 | $71K | -$3.8M | N/A | $22.3M | — |
| ReShape Lifesciences, Inc. RSLS | FY2025 | $320K | -$10.3M | N/A | $7.6M | — |
| HeartSciences Inc. HSCS | FY2026 | $4K | -$9.1M | N/A | $15.4M | — |
| Lifeward Ltd. LFWD | FY2025 | $22.0M | -$19.9M | -90.3% | $18.4M | 47/100 |
| BIOMERICA INC BMRA | FY2026 | $4.5M | -$3.8M | -84.8% | $8.4M | 44/100 |
| DIH HOLDINGS US INC A DHAI | FY2025 | $62.9M | -$8.7M | -13.8% | $1.6M | — |
Where PAVmed Inc. Ranks
Frequently Asked Questions
What is PAVmed Inc.'s annual revenue?
PAVmed Inc. (PAVM) reported $71K in total revenue for fiscal year 2025. This represents a -97.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is PAVmed Inc.'s revenue growing?
PAVmed Inc. (PAVM) revenue declined by 97.6% year-over-year, from $3.0M to $71K in fiscal year 2025.
Is PAVmed Inc. profitable?
No, PAVmed Inc. (PAVM) reported a net income of -$3.8M in fiscal year 2025.
What is PAVmed Inc.'s EBITDA?
PAVmed Inc. (PAVM) had EBITDA of -$21.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is PAVmed Inc.'s return on equity (ROE)?
PAVmed Inc. (PAVM) has a return on equity of -11.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is PAVmed Inc.'s free cash flow?
PAVmed Inc. (PAVM) recorded an outflow of $5.2M in free cash flow during fiscal year 2025. This represents a 84.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is PAVmed Inc.'s operating cash flow?
PAVmed Inc. (PAVM) recorded an outflow of $5.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are PAVmed Inc.'s total assets?
PAVmed Inc. (PAVM) had $38.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are PAVmed Inc.'s capital expenditures?
PAVmed Inc. (PAVM) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does PAVmed Inc. spend on research and development?
PAVmed Inc. (PAVM) invested $4.5M in research and development during fiscal year 2025.
What is PAVmed Inc.'s debt-to-equity ratio?
PAVmed Inc. (PAVM) had a debt-to-equity ratio of 0.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is PAVmed Inc.'s return on assets (ROA)?
PAVmed Inc. (PAVM) had a return on assets of -9.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is PAVmed Inc.'s P/E ratio?
PAVmed Inc. (PAVM) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $22.3M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is PAVmed Inc.'s price-to-sales ratio?
PAVmed Inc. (PAVM) trades at 199x sales, its market capitalization divided by revenue of $112K revenue, trailing 12 months to June 30, 2026. The market capitalization is $22.3M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does PAVmed Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, PAVmed Inc. (PAVM) held $1.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.2M over that year. Dividing the one by the other, the reported balance equals about 4 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is PAVmed Inc.'s Piotroski F-Score?
PAVmed Inc. (PAVM) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are PAVmed Inc.'s earnings high quality?
PAVmed Inc. (PAVM) reported a net loss of $3.8M while operations used $5.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can PAVmed Inc. cover its interest payments?
PAVmed Inc. (PAVM) reported an operating loss of $21.8M against $21K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.