What is Pavmed's earnings per share (EPS)?

Pavmed (PAVM) reported diluted earnings per share of $-5.63 for fiscal year 2025. This represents a -1226.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Pavmed Financials

PAVM

Source SEC Filings (10-K/10-Q) Updated Mar 27, 2026 Currency USD FYE March

This page shows Pavmed (PAVM) financial statements, including the 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).

Financial Health Signals

Earnings Quality Low Quality

-12.98x

For every $1 of reported earnings, Pavmed generates $-12.98 in operating cash flow (-$5.2M OCF vs $401K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-1038.4x

Pavmed earns $-1038.4 in operating income for every $1 of interest expense (-$21.8M vs $21K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$4.7M

YoY+56.9%

Pavmed generated $4.7M in revenue in fiscal year 2025. This represents an increase of 56.9% from the prior year.

EBITDA

-$21.7M

YoY+49.9%

Pavmed's EBITDA was -$21.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 49.9% from the prior year.

Net Income

$401K

YoY-99.0%

Pavmed reported $401K in net income in fiscal year 2025. This represents a decrease of 99.0% from the prior year.

EPS (Diluted)

$-5.63

YoY-1226.0%

Pavmed earned $-5.63 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1226.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$5.2M

YoY+84.4%

Pavmed generated -$5.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 84.4% from the prior year.

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

YoY-44.6%

Pavmed had 6M shares outstanding in fiscal year 2025. This represents a decrease of 44.6% from the prior year.

Margins & Returns

Gross Margin

95.4%

YoY+156.7pp

Pavmed's gross margin was 95.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 156.7 percentage points from the prior year.

Operating Margin

-463.4%

YoY+1019.5pp

Pavmed's operating margin was -463.4% in fiscal year 2025, reflecting core business profitability. This is up 1019.5 percentage points from the prior year.

Net Margin

8.5%

YoY-1317.8pp

Pavmed's net profit margin was 8.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1317.8 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$4.5M

YoY-24.3%

5Y CAGR-16.3%

10Y CAGR+24.8%

Pavmed invested $4.5M in research and development in fiscal year 2025. This represents a decrease of 24.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$31K

YoY-43.6%

5Y CAGR-10.8%

Pavmed invested $31K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 43.6% from the prior year.

PAVM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.7M+56.9%	$3.0M+20.0%	$2.5M+563.1%	$377K-24.6%	$500K	N/A
Cost of Revenue	$218K-95.5%	$4.8M-24.6%	$6.4M+77.6%	$3.6M+517.8%	$585K	N/A
Gross Profit	$4.5M+343.9%	-$1.8M+53.1%	-$3.9M-21.1%	-$3.2M-3708.2%	-$85K	N/A
R&D Expenses	$4.5M-24.3%	$5.9M-58.4%	$14.3M-43.7%	$25.3M+27.7%	$19.8M+81.0%	$11.0M
SG&A Expenses	$16.3M-33.7%	$24.5M-20.8%	$30.9M-25.3%	$41.4M+62.9%	$25.4M+164.8%	$9.6M
Operating Income	-$21.8M+51.0%	-$44.5M+35.3%	-$68.8M+24.5%	-$91.1M-67.5%	-$54.4M-132.9%	-$23.4M
Interest Expense	$21K-53.3%	$45K-92.4%	$589K-54.0%	$1.3M	N/A	$53K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$401K-99.0%	$39.8M+162.0%	-$64.2M+27.9%	-$89.0M-76.7%	-$50.3M-46.9%	-$34.3M
EPS (Diluted)	$-5.63-1226.0%	$0.50+105.5%	$-9.16+39.1%	$-15.03	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$5K-16.7%	$6K-25.0%	$8K	$0-100.0%	$1.0M0.0%	$1.0M0.0%	$1.0M-8.8%	$1.1M
Cost of Revenue	$55K+34.1%	$41K+13.9%	$36K-26.5%	$49K-96.5%	$1.4M-17.1%	$1.7M-4.5%	$1.7M+8.3%	$1.6M
Gross Profit	-$50K-42.9%	-$35K-25.0%	-$28K+42.9%	-$49K+87.1%	-$381K+42.8%	-$666K+10.5%	-$744K-45.0%	-$513K
R&D Expenses	$1.1M+37.7%	$790K+0.4%	$787K-2.6%	$808K-47.6%	$1.5M-6.0%	$1.6M-15.5%	$1.9M-46.0%	$3.6M
SG&A Expenses	$3.5M-4.5%	$3.7M-16.3%	$4.4M+4.7%	$4.2M-37.0%	$6.6M-5.1%	$7.0M+5.0%	$6.7M-5.0%	$7.0M
Operating Income	-$4.8M-2.7%	-$4.7M+13.4%	-$5.4M-5.0%	-$5.2M+55.2%	-$11.6M+15.4%	-$13.7M+2.5%	-$14.0M+14.3%	-$16.4M
Interest Expense	$8K-69.2%	$26K0.0%	$26K+333.3%	$6K-50.0%	$12K+9.1%	$11K-31.3%	$16K-15.8%	$19K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$5.4M+54.8%	-$11.9M-162.8%	$19.0M+1225.5%	$1.4M-97.8%	$64.4M+694.8%	-$10.8M+28.8%	-$15.2M-8.4%	-$14.0M
EPS (Diluted)	$-0.29+60.8%	$-0.74-317.6%	$0.34	N/A	$1.44+221.0%	$-1.19+54.6%	$-2.62	N/A

PAVM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	N/A	$30.7M-7.4%	$33.1M-38.6%	$54.0M-37.9%	$87.0M+339.8%	$19.8M
Current Assets	N/A	$2.2M-91.2%	$24.5M-44.2%	$43.9M-46.8%	$82.6M+336.3%	$18.9M
Cash & Equivalents	N/A	$1.2M-94.0%	$19.6M-50.6%	$39.7M-48.6%	$77.3M+347.7%	$17.3M
Inventory	N/A	N/A	$278K+150.5%	$111K	N/A	N/A
Accounts Receivable	N/A	$18K-70.5%	$61K+258.8%	$17K-91.5%	$200K	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	N/A	$37.7M-56.6%	$87.0M+36.6%	$63.7M+151.5%	$25.3M+25.0%	$20.3M
Current Liabilities	N/A	$35.4M-34.6%	$54.2M+31.5%	$41.2M+445.1%	$7.6M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	N/A	-$2.5M+95.4%	-$53.8M-456.0%	-$9.7M-115.7%	$61.7M+3152.4%	$1.9M
Retained Earnings	N/A	-$255.0M+13.4%	-$294.4M-29.0%	-$228.2M-64.3%	-$138.9M-57.4%	-$88.3M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$38.1M-13.3%	$43.9M-16.9%	$52.8M+72.3%	$30.7M+0.4%	$30.6M-22.5%	$39.4M+5.8%	$37.3M+12.5%	$33.1M
Current Assets	$4.2M-23.6%	$5.5M+50.9%	$3.6M+68.1%	$2.2M+1.6%	$2.1M-92.9%	$30.2M+2.1%	$29.6M+20.7%	$24.5M
Cash & Equivalents	$3.1M-22.5%	$4.0M+48.3%	$2.7M+127.8%	$1.2M+54.9%	$765K-97.0%	$25.5M-0.1%	$25.5M+30.0%	$19.6M
Inventory	N/A	N/A	N/A	N/A	$6K-99.1%	$687K+67.6%	$410K+47.5%	$278K
Accounts Receivable	$3K0.0%	$3K-66.7%	$9K-50.0%	$18K+12.5%	$16K-92.7%	$219K+226.9%	$67K+9.8%	$61K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$12.3M-1.5%	$12.5M+4.9%	$11.9M-68.5%	$37.7M-5.6%	$39.9M-64.8%	$113.4M+6.9%	$106.0M+21.9%	$87.0M
Current Liabilities	$10.5M-0.4%	$10.5M+7.4%	$9.8M-72.4%	$35.4M-5.6%	$37.6M-29.7%	$53.4M-3.0%	$55.0M+1.5%	$54.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$32.5M-13.3%	$37.5M-16.6%	$45.0M+1903.4%	-$2.5M+48.8%	-$4.9M+93.4%	-$73.9M-7.5%	-$68.8M-27.8%	-$53.8M
Retained Earnings	-$256.9M-2.5%	-$250.6M-5.6%	-$237.3M+6.9%	-$255.0M+0.5%	-$256.3M+20.1%	-$320.6M-3.5%	-$309.7M-5.2%	-$294.4M

PAVM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$5.2M+84.5%	-$33.6M+35.5%	-$52.0M+26.7%	-$71.0M-74.9%	-$40.6M-85.2%	-$21.9M
Capital Expenditures	$31K-43.6%	$55K-77.3%	$242K-84.3%	$1.5M+4.8%	$1.5M+2570.9%	$55K
Free Cash Flow	-$5.2M+84.4%	-$33.6M+35.7%	-$52.3M+27.9%	-$72.5M-72.4%	-$42.1M-91.5%	-$22.0M
Investing Cash Flow	-$31K+99.8%	-$16.2M-2235.1%	$758K+116.0%	-$4.7M-27.6%	-$3.7M-6656.4%	-$55K
Financing Cash Flow	$5.6M-82.1%	$31.3M+0.4%	$31.2M-18.4%	$38.2M-63.4%	$104.3M+216.0%	$33.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$896K+23.9%	-$1.2M+25.5%	-$1.6M-1781.9%	$94K+101.1%	-$8.9M+23.8%	-$11.7M+11.1%	-$13.1M-10.4%	-$11.9M
Capital Expenditures	$3K-62.5%	$8K+33.3%	$6K+50.0%	$4K-33.3%	$6K+100.0%	$3K-92.9%	$42K-77.0%	$183K
Free Cash Flow	-$899K+24.2%	-$1.2M+25.3%	-$1.6M-1863.3%	$90K+101.0%	-$8.9M+23.8%	-$11.7M+11.3%	-$13.2M-9.1%	-$12.1M
Investing Cash Flow	-$3K+62.5%	-$8K-33.3%	-$6K-50.0%	-$4K+100.0%	-$16.1M-537733.3%	-$3K+92.9%	-$42K+77.0%	-$183K
Financing Cash Flow	-$2K-100.1%	$2.5M-19.7%	$3.1M+840.0%	$330K+16.2%	$284K-97.6%	$11.6M-39.0%	$19.0M+260.2%	$5.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PAVM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	95.4%+156.7pp	-61.3%+95.5pp	-156.8%+701.8pp	-858.6%-841.6pp	-17.0%	N/A
Operating Margin	-463.4%+1019.5pp	-1482.9%+1268.9pp	-2751.8%+21409.2pp	-24161.0%-13282.4pp	-10878.6%	N/A
Net Margin	8.5%-1317.8pp	1326.4%+3893.4pp	-2567.0%+21035.9pp	-23602.9%-13533.5pp	-10069.4%	N/A
Return on Equity	N/A	N/A	N/A	N/A	-81.6%+1726.2pp	-1807.8%
Return on Assets	N/A	129.8%+323.6pp	-193.8%-28.9pp	-164.8%-107.0pp	-57.9%+115.4pp	-173.3%
Current Ratio	N/A	0.06-0.4	0.45-0.6	1.07-9.9	10.93	N/A
Debt-to-Equity	N/A	-15.11-13.5	-1.62+5.0	-6.58-7.0	0.41-10.3	10.68
FCF Margin	-111.3%+1009.0pp	-1120.3%+970.8pp	-2091.1%+17146.3pp	-19237.4%-10825.4pp	-8412.0%	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	-1000.0%-416.7pp	-583.3%-233.3pp	-350.0%	N/A	-38.1%+28.5pp	-66.6%+7.8pp	-74.4%-27.6pp	-46.8%
Operating Margin	-96880.0%-18296.7pp	-78583.3%-10508.3pp	-68075.0%	N/A	-1157.8%+210.6pp	-1368.4%+35.2pp	-1403.6%+89.8pp	-1493.4%
Net Margin	-107660.0%+91023.3pp	-198683.3%-435783.3pp	237100.0%	N/A	6439.9%+7522.6pp	-1082.7%+438.5pp	-1521.2%-241.7pp	-1279.5%
Return on Equity	-16.6%+15.2pp	-31.8%-73.9pp	42.2%	N/A	N/A	N/A	N/A	N/A
Return on Assets	-14.1%+13.0pp	-27.2%-63.1pp	35.9%+31.2pp	4.7%-206.1pp	210.8%+238.3pp	-27.5%+13.4pp	-40.8%+1.6pp	-42.4%
Current Ratio	0.40-0.1	0.52+0.2	0.37+0.3	0.060.0	0.06-0.5	0.57+0.0	0.54+0.1	0.45
Debt-to-Equity	0.38+0.0	0.33+0.1	0.26+15.4	-15.11-6.9	-8.20-6.7	-1.530.0	-1.54+0.1	-1.62
FCF Margin	-17980.0%+1786.7pp	-19766.7%+70.8pp	-19837.5%	N/A	-888.9%+277.0pp	-1165.9%+149.2pp	-1315.1%-216.0pp	-1099.1%

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Frequently Asked Questions

What is Pavmed's annual revenue?

Pavmed (PAVM) reported $4.7M in total revenue for fiscal year 2025. This represents a 56.9% 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's revenue growing?

Pavmed (PAVM) revenue grew by 56.9% year-over-year, from $3.0M to $4.7M in fiscal year 2025.

Is Pavmed profitable?

Yes, Pavmed (PAVM) reported a net income of $401K in fiscal year 2025, with a net profit margin of 8.5%.

What is Pavmed's EBITDA?

Pavmed (PAVM) had EBITDA of -$21.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Pavmed's gross margin?

Pavmed (PAVM) had a gross margin of 95.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pavmed's operating margin?

Pavmed (PAVM) had an operating margin of -463.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Pavmed's net profit margin?

Pavmed (PAVM) had a net profit margin of 8.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Pavmed's free cash flow?

Pavmed (PAVM) generated -$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's operating cash flow?

Pavmed (PAVM) generated -$5.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Pavmed's capital expenditures?

Pavmed (PAVM) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Pavmed spend on research and development?

Pavmed (PAVM) invested $4.5M in research and development during fiscal year 2025.

How many shares does Pavmed have outstanding?

Pavmed (PAVM) had 6M shares outstanding as of fiscal year 2025.

Are Pavmed's earnings high quality?

Pavmed (PAVM) has an earnings quality ratio of -12.98x, considered low quality (accrual-driven). 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 cover its interest payments?

Pavmed (PAVM) has an interest coverage ratio of -1038.4x, meaning it can struggle to cover its interest obligations. 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.