Pavmed Financials
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).
External financing, not commercial revenue, still carries the business as cash burn closely matches funding raised.
The clearest quality signal is the gap between FY2024 net income of$32.0M and operating cash flow of-$33.6M . When FY2025 returned to a-$3.8M loss but cash burn shrank to-$5.2M , it reinforced that the prior year’s profit was not the point at which operations began funding themselves.
FY2025 revenue was only
Free cash flow was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Pavmed's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Pavmed has an operating margin of -30712.7%, meaning the company retains $-30713 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1482.9% the prior year.
Pavmed's revenue declined 97.6% year-over-year, from $3.0M to $71K. This contraction results in a growth score of 0/100.
Pavmed carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
While Pavmed generated -$5.2M in operating cash flow, capex of $31K consumed most of it, leaving -$5.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Pavmed generates a -11.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Pavmed passes 1 of 9 financial strength tests. No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Pavmed generates $1.38 in operating cash flow (-$5.2M OCF vs -$3.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
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
Earnings & Revenue
Pavmed generated $71K in revenue in fiscal year 2025. This represents a decrease of 97.6% from the prior year.
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.
Pavmed reported -$3.8M in net income in fiscal year 2025. This represents a decrease of 111.8% from the prior year.
Pavmed earned $-5.63 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 137.8% from the prior year.
Cash & Balance Sheet
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.
Pavmed held $1.5M in cash against $0 in long-term debt as of fiscal year 2025.
Pavmed had 927,934 shares outstanding in fiscal year 2025. This represents a decrease of 91.9% from the prior year.
Margins & Returns
Pavmed's gross margin was -207.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 145.7 percentage points from the prior year.
Pavmed's operating margin was -30712.7% in fiscal year 2025, reflecting core business profitability. This is down 29229.8 percentage points from the prior year.
Pavmed's net profit margin was -5315.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6381.0 percentage points from the prior year.
Pavmed's ROE was -11.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Pavmed invested $4.5M in research and development in fiscal year 2025. This represents a decrease of 24.3% from the prior year.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $22K-57.7% | $52K+940.0% | $5K-16.7% | $6K-25.0% | $8K | $0-100.0% | $1.0M0.0% | $1.0M |
| Cost of Revenue | $97K+12.8% | $86K+56.4% | $55K+34.1% | $41K+13.9% | $36K-26.5% | $49K-96.5% | $1.4M-17.1% | $1.7M |
| Gross Profit | -$75K-120.6% | -$34K+32.0% | -$50K-42.9% | -$35K-25.0% | -$28K+42.9% | -$49K+87.1% | -$381K+42.8% | -$666K |
| R&D Expenses | $1.4M-24.0% | $1.8M+67.9% | $1.1M+37.7% | $790K+0.4% | $787K-2.6% | $808K-47.6% | $1.5M-6.0% | $1.6M |
| SG&A Expenses | $6.4M+35.5% | $4.7M+33.8% | $3.5M-4.5% | $3.7M-16.3% | $4.4M+4.7% | $4.2M-37.0% | $6.6M-5.1% | $7.0M |
| Operating Income | -$8.0M-18.1% | -$6.8M-40.4% | -$4.8M-2.7% | -$4.7M+13.4% | -$5.4M-5.0% | -$5.2M+55.2% | -$11.6M+15.4% | -$13.7M |
| Interest Expense | $3K+107.7% | -$39K-587.5% | $8K-69.2% | $26K0.0% | $26K+333.3% | $6K-50.0% | $12K+9.1% | $11K |
| Income Tax | $0 | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Net Income | -$60K+98.9% | -$5.4M-1.0% | -$5.4M+54.8% | -$11.9M-162.8% | $19.0M+396.7% | -$6.4M-109.9% | $64.4M+694.8% | -$10.8M |
| EPS (Diluted) | $-4.42 | N/A | $-0.29+60.8% | $-0.74-107.3% | $10.10 | N/A | $1.44+221.0% | $-1.19 |
PAVM Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $45.4M+17.0% | $38.8M+2.0% | $38.1M-13.3% | $43.9M-16.9% | $52.8M+72.3% | $30.7M+0.4% | $30.6M-22.5% | $39.4M |
| Current Assets | $7.4M+189.9% | $2.6M-39.0% | $4.2M-23.6% | $5.5M+50.9% | $3.6M+68.1% | $2.2M+1.6% | $2.1M-92.9% | $30.2M |
| Cash & Equivalents | $6.5M+320.0% | $1.5M-50.4% | $3.1M-22.5% | $4.0M+48.3% | $2.7M+127.8% | $1.2M+54.9% | $765K-97.0% | $25.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | $6K-99.1% | $687K |
| Accounts Receivable | N/A | N/A | $3K0.0% | $3K-66.7% | $9K-50.0% | $18K+12.5% | $16K-92.7% | $219K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $5.9M+21.7% | $4.8M-60.6% | $12.3M-1.5% | $12.5M+4.9% | $11.9M-68.5% | $37.7M-5.6% | $39.9M-64.8% | $113.4M |
| Current Liabilities | $3.7M | N/A | $10.5M-0.4% | $10.5M+7.4% | $9.8M-72.4% | $35.4M-5.6% | $37.6M-29.7% | $53.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $39.5M+16.4% | $34.0M+4.4% | $32.5M-13.3% | $37.5M-16.6% | $45.0M+1903.4% | -$2.5M+48.8% | -$4.9M+93.4% | -$73.9M |
| Retained Earnings | -$259.0M-0.1% | -$258.7M-0.7% | -$256.9M-2.5% | -$250.6M-5.6% | -$237.3M+6.9% | -$255.0M+0.5% | -$256.3M+20.1% | -$320.6M |
PAVM Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.6M-68.9% | -$1.6M-73.1% | -$896K+23.9% | -$1.2M+25.5% | -$1.6M-1781.9% | $94K+101.1% | -$8.9M+23.8% | -$11.7M |
| Capital Expenditures | $22K+57.1% | $14K+366.7% | $3K-62.5% | $8K+33.3% | $6K+50.0% | $4K-33.3% | $6K+100.0% | $3K |
| Free Cash Flow | -$2.6M-68.8% | -$1.6M-74.1% | -$899K+24.2% | -$1.2M+25.3% | -$1.6M-1863.3% | $90K+101.0% | -$8.9M+23.8% | -$11.7M |
| Investing Cash Flow | -$22K-57.1% | -$14K-366.7% | -$3K+62.5% | -$8K-33.3% | -$6K-50.0% | -$4K+100.0% | -$16.1M-537733.3% | -$3K |
| Financing Cash Flow | $7.6M | $0+100.0% | -$2K-100.1% | $2.5M-19.7% | $3.1M+840.0% | $330K+16.2% | $284K-97.6% | $11.6M |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -340.9%-275.5pp | -65.4%+934.6pp | -1000.0%-416.7pp | -583.3%-233.3pp | -350.0% | N/A | -38.1%+28.5pp | -66.6% |
| Operating Margin | -36522.7%-23443.9pp | -13078.9%+83801.1pp | -96880.0%-18296.7pp | -78583.3%-10508.3pp | -68075.0% | N/A | -1157.8%+210.6pp | -1368.4% |
| Net Margin | -272.7%+10185.0pp | -10457.7%+97202.3pp | -107660.0%+91023.3pp | -198683.3%-435783.3pp | 237100.0% | N/A | 6439.9%+7522.6pp | -1082.7% |
| Return on Equity | -0.1%+15.9pp | -16.0%+0.5pp | -16.6%+15.2pp | -31.8%-73.9pp | 42.2% | N/A | N/A | N/A |
| Return on Assets | -0.1%+13.9pp | -14.0%+0.1pp | -14.1%+13.0pp | -27.2%-63.1pp | 35.9%+56.8pp | -20.8%-231.7pp | 210.8%+238.3pp | -27.5% |
| Current Ratio | 2.02 | N/A | 0.40-0.1 | 0.52+0.2 | 0.37+0.3 | 0.060.0 | 0.06-0.5 | 0.57 |
| Debt-to-Equity | 0.150.0 | 0.14-0.2 | 0.38+0.0 | 0.33+0.1 | 0.26+15.4 | -15.11-6.9 | -8.20-6.7 | -1.53 |
| FCF Margin | -12009.1%-8999.5pp | -3009.6%+14970.4pp | -17980.0%+1786.7pp | -19766.7%+70.8pp | -19837.5% | N/A | -888.9%+277.0pp | -1165.9% |
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Frequently Asked Questions
What is Pavmed's annual revenue?
Pavmed (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's revenue growing?
Pavmed (PAVM) revenue declined by 97.6% year-over-year, from $3.0M to $71K in fiscal year 2025.
Is Pavmed profitable?
No, Pavmed (PAVM) reported a net income of -$3.8M in fiscal year 2025, with a net profit margin of -5315.5%.
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 -207.0% 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 -30712.7% 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 -5315.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Pavmed's return on equity (ROE)?
Pavmed (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'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 total assets?
Pavmed (PAVM) had $38.8M in total assets as of fiscal year 2025, including both current and long-term assets.
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.
What is Pavmed's debt-to-equity ratio?
Pavmed (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's return on assets (ROA)?
Pavmed (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's cash runway?
Based on fiscal year 2025 data, Pavmed (PAVM) had $1.5M in cash against an annual operating cash burn of $5.2M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Pavmed's Piotroski F-Score?
Pavmed (PAVM) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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's earnings high quality?
Pavmed (PAVM) has an earnings quality ratio of 1.38x, 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.
How financially healthy is Pavmed?
Pavmed (PAVM) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.