Pulse Biosciences, Inc (PLSE) Financials

PLSE

FY2025 annual

Revenue $350K YoY not available

Net Income -$72.8M -35.8% YoY

Free Cash Flow -$54.4M -49.3% YoY

Operating Cash Flow -$54.1M -48.9% YoY

Market Cap $3.5B as of Oct 14, 2026

Price / Sales n/m outside the range published as a multiple, on $350K revenue, FY2025

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 34.8x on $99.5M equity, Q2 FY2026

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 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PLSE SEC filings page.

Pulse Biosciences, Inc (PLSE) reported $350K in revenue for fiscal year 2025. 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).

Rhea AI PLSE FY2025 2026-10-04

Pulse Biosciences remains a research-heavy operation whose commercial revenue is tiny beside recurring cash needs.

In FY2025, R&D spending of $44.7M was about 127.8x revenue of $350K, showing a development-stage cost structure. Operating cash outflow was $54.1M, so the operation is not yet sales-funded.

Accounting losses and cash use are directionally aligned: FY2025 net loss was $72.8M while operating cash outflow was $54.1M, a relatively narrow earnings-to-cash gap. Free-cash-flow outflow was $54.4M against only $315K of capital spending, indicating that cash consumption is driven mainly by operating programs rather than heavy equipment investment.

Near-term liquidity is substantial relative to obligations: FY2025 current assets of $83.4M versus current liabilities of $7.9M produced a 10.5x current ratio. Reported cash, equivalents, and investments equaled 17.9 months of the latest annual operating outflow, while equity moved from negative in FY2022 to positive in FY2025 despite continuing losses, indicating balance-sheet repair through financing and other capital changes rather than accumulated profits.

Financial Health Signals

Financial health score not available

Pulse Biosciences, 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.

Altman Z-Score Safe

141.04

Pulse Biosciences, Inc scores 141.04, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.5B) relative to total liabilities ($13.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/7

Pulse Biosciences, Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Pulse Biosciences, Inc reported a net loss of $72.8M while operations used $54.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$434K

QoQ+8.2%

Pulse Biosciences, Inc generated $434K in revenue in Q2 2026. Against the prior quarter it is up 8.2%.

EBITDA

-$25.0M

YoY-25.0%

QoQ-32.4%

Pulse Biosciences, Inc's EBITDA was -$25.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 25.0% from the same quarter a year earlier. Against the prior quarter it is down 32.4%.

Net Income

-$24.7M

YoY-28.6%

QoQ-32.7%

Pulse Biosciences, Inc reported -$24.7M in net income in Q2 2026. This represents a decrease of 28.6% from the same quarter a year earlier. Against the prior quarter it is down 32.7%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

-$18.8M

YoY-45.6%

QoQ-28.5%

Pulse Biosciences, Inc recorded an outflow of $18.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 45.6% from the same quarter a year earlier. Against the prior quarter it is down 28.5%.

Cash & Debt

$101.6M

YoY-4.4%

QoQ+48.7%

5Y CAGR+16.5%

10Y CAGR+17.5%

Pulse Biosciences, Inc held $101.6M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

71M

YoY+6.0%

QoQ+4.5%

5Y CAGR+19.2%

10Y CAGR+18.3%

Pulse Biosciences, Inc had 71M shares outstanding in Q2 2026. This represents an increase of 6.0% from the same quarter a year earlier. Against the prior quarter it is up 4.5%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

37.1%

QoQ+29.4pp

Pulse Biosciences, Inc's gross margin was 37.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. Against the prior quarter it is up 29.4 percentage points.

Return on Equity

-24.8%

YoY-6.4pp

QoQ+3.3pp

Pulse Biosciences, Inc's ROE was -24.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 6.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.3 percentage points.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

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

R&D Spending

$17.0M

YoY+40.4%

QoQ+34.8%

Pulse Biosciences, Inc invested $17.0M in research and development in Q2 2026. This represents an increase of 40.4% from the same quarter a year earlier. Against the prior quarter it is up 34.8%.

Capital Expenditures

$90K

YoY-12.6%

QoQ+172.7%

5Y CAGR-1.1%

Pulse Biosciences, Inc invested $90K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 12.6% from the same quarter a year earlier. Against the prior quarter it is up 172.7%.

Share Buybacks

Not reported for Q2 2026.

PLSE 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.

PLSE quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Revenue	N/A	$350K	$0	$0-100.0%	$700K-50.6%	$1.4M	$0	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	$539K	$0	$0-100.0%	$11.9M+1890.7%	$600K+20.0%	$500K-16.7%	$600K0.0%	$600K-25.0%	$800K+60.0%	$500K	N/A
Gross Profit	N/A	-$189K	$0	$0+100.0%	-$11.2M-1474.6%	$818K+263.6%	-$500K	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$44.7M+38.3%	$32.3M+16.3%	$27.8M+33.4%	$20.8M-27.2%	$28.6M+8.3%	$26.4M+5.9%	$25.0M+44.7%	$17.3M+78.9%	$9.6M+75.2%	$5.5M+152.5%	$2.2M
SG&A Expenses	N/A	$32.0M+33.9%	$23.9M+51.6%	$15.8M+13.1%	$14.0M-26.8%	$19.1M+17.3%	$16.3M-5.1%	$17.1M-14.5%	$20.0M+29.3%	$15.5M+354.0%	$3.4M+110.7%	$1.6M
Operating Income	N/A	-$76.9M-36.8%	-$56.3M-29.1%	-$43.6M+24.9%	-$58.1M+7.9%	-$63.0M-26.1%	-$50.0M-4.2%	-$48.0M-27.7%	-$37.5M-46.8%	-$25.6M-168.6%	-$9.5M-113.0%	-$4.5M
EBITDA	N/A	-$75.9M-37.7%	-$55.1M-30.0%	-$42.4M+25.3%	-$56.7M+8.4%	-$61.9M-26.6%	-$48.9M-4.4%	-$46.8M-29.1%	-$36.2M-47.5%	-$24.6M-180.5%	-$8.8M-133.5%	-$3.8M
Interest Expense	N/A	N/A	N/A	N/A	$448K-30.7%	$646K+466.7%	$114K-88.4%	$983K+135.2%	$418K+69.2%	$247K+263.2%	$68K	N/A
Income Tax	N/A	$0	$0	$0	$0	$0	$0	N/A	N/A	N/A	N/A	-$1.7M
Net Income	N/A	-$72.8M-35.8%	-$53.6M-26.9%	-$42.2M+27.9%	-$58.5M+8.1%	-$63.7M-27.7%	-$49.9M-6.1%	-$47.0M-25.1%	-$37.5M-46.8%	-$25.6M-168.6%	-$9.5M-238.6%	-$2.8M
EPS (Basic)	N/A	-$1.08-17.4%	-$0.92-8.2%	-$0.85+50.6%	-$1.72+24.6%	-$2.28-6.5%	-$2.14	N/A	N/A	N/A	N/A	N/A

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	$434K	$401K	N/A	$86K	$0	$0	N/A	$0
Cost of Revenue	$273K	$370K	N/A	$279K	$0	$0	N/A	$0
Gross Profit	$161K	$31K	N/A	-$193K	$0	$0	N/A	$0
R&D Expenses	$17.0M+40.4%	$12.6M+22.1%	N/A	$11.4M+47.9%	$12.1M+67.2%	$10.3M+53.0%	N/A	$7.7M+3.1%
SG&A Expenses	$8.5M+3.3%	$6.6M-14.7%	N/A	$8.8M+47.5%	$8.2M+82.1%	$7.7M+99.6%	N/A	$6.0M+57.5%
Operating Income	-$25.3M-24.6%	-$19.1M-6.1%	N/A	-$20.4M-49.2%	-$20.3M-72.9%	-$18.0M-70.0%	N/A	-$13.7M-21.4%
EBITDA	-$25.0M-25.0%	-$18.9M-6.4%	N/A	-$20.1M-50.1%	-$20.0M-74.6%	-$17.8M-72.2%	N/A	-$13.4M-21.9%
Income Tax	N/A	N/A	N/A	N/A	$0	$0	N/A	$0
Net Income	-$24.7M-28.6%	-$18.6M-10.6%	N/A	-$19.4M-52.9%	-$19.2M-68.4%	-$16.8M-65.7%	N/A	-$12.7M-20.0%
EPS (Basic)	-$0.36-28.6%	-$0.27-8.0%	-$0.26+18.8%	-$0.29-38.1%	-$0.28-40.0%	-$0.25-38.9%	-$0.32-45.5%	-$0.21-10.5%

Not reported in any period shown, so not listed: Interest Expense, EPS (Diluted), Diluted Shares (Avg).

PLSE Balance Sheet

PLSE quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Total Assets	$94.5M-28.6%	$132.5M+123.9%	$59.2M-24.0%	$77.9M+31.7%	$59.2M+43.3%	$41.3M-1.5%	$41.9M-40.7%	$70.6M+41.8%	$49.8M+89.3%	$26.3M+83.7%	$14.3M
Current Assets	$83.4M-30.2%	$119.4M+163.5%	$45.3M-27.1%	$62.1M+37.1%	$45.3M+102.9%	$22.3M-15.4%	$26.4M-56.3%	$60.4M+56.9%	$38.5M+130.9%	$16.7M+316.9%	$4.0M
Cash & Equivalents	$80.7M-31.6%	$118.0M+166.1%	$44.4M-27.4%	$61.1M+37.8%	$44.4M+256.0%	$12.5M+80.6%	$6.9M-86.5%	$51.1M+1409.2%	$3.4M+62.1%	$2.1M-42.1%	$3.6M
Short-Term Investments	$0	$0	$0	$0	$0-100.0%	$8.0M-56.7%	$18.5M+118.1%	$8.5M-75.5%	$34.7M+142.4%	$14.3M	$0
Inventory	$136K	$0	N/A	$0-100.0%	$5.8M	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$274K	$0	N/A	$0-100.0%	$61K	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M
Total Liabilities	$13.9M-21.1%	$17.6M+19.0%	$14.8M-81.5%	$80.1M+441.6%	$14.8M-19.6%	$18.4M+64.6%	$11.2M+159.6%	$4.3M+12.5%	$3.8M+276.6%	$1.0M+53.9%	$660K
Current Liabilities	$7.9M-21.2%	$10.1M+49.9%	$6.7M+12.2%	$6.0M-10.8%	$6.7M-11.6%	$7.6M+70.1%	$4.5M+43.5%	$3.1M+40.4%	$2.2M+117.8%	$1.0M+53.9%	$660K
Non-Current Liabilities	$6.0M-21.0%	$7.5M-6.7%	$8.1M-89.1%	$74.1M+816.9%	$8.1M-25.2%	$10.8M+60.9%	$6.7M+460.9%	$1.2M-25.7%	$1.6M	$0	$0
Total Equity	$80.7M-29.8%	$114.9M+158.9%	$44.4M+2073.3%	-$2.2M-105.1%	$44.4M+93.8%	$22.9M-25.5%	$30.7M-53.7%	$66.3M+44.2%	$46.0M+81.8%	$25.3M+85.1%	$13.7M
Retained Earnings	-$463.3M-18.6%	-$390.5M-15.9%	-$336.9M-14.3%	-$294.7M+12.5%	-$336.9M-95.3%	-$172.5M-40.6%	-$122.7M-62.0%	-$75.7M-98.4%	-$38.2M-202.8%	-$12.6M-308.2%	-$3.1M

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	$115.6M-3.9%	$81.6M-38.8%	$94.5M-28.6%	$108.8M+16.9%	$120.3M+197.4%	$133.4M+171.3%	$132.5M+123.9%	$93.0M+41.1%
Current Assets	$105.7M-2.3%	$71.1M-41.2%	$83.4M-30.2%	$97.2M+20.8%	$108.2M+297.1%	$120.9M+237.3%	$119.4M+163.5%	$80.4M+55.8%
Cash & Equivalents	$101.6M-4.4%	$68.3M-42.7%	$80.7M-31.6%	$95.2M+20.5%	$106.3M+306.0%	$119.3M+241.9%	$118.0M+166.1%	$79.0M+56.9%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$236K+362.7%	$206K+586.7%	$136K	$57K	$51K	$30K	$0	N/A
Accounts Receivable	$122K	$157K	$274K	$15K	N/A	N/A	$0	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%
Total Liabilities	$16.1M+1.9%	$15.3M+2.6%	$13.9M-21.1%	$16.1M+15.5%	$15.8M+17.1%	$14.9M+16.0%	$17.6M+19.0%	$13.9M+0.8%
Current Liabilities	$11.0M+22.3%	$9.8M+26.2%	$7.9M-21.2%	$9.7M+43.9%	$9.0M+50.6%	$7.8M+52.7%	$10.1M+49.9%	$6.7M+24.1%
Non-Current Liabilities	$5.1M-25.1%	$5.5M-22.9%	$6.0M-21.0%	$6.4M-11.2%	$6.8M-9.5%	$7.2M-8.0%	$7.5M-6.7%	$7.2M-14.3%
Total Equity	$99.5M-4.8%	$66.3M-44.0%	$80.7M-29.8%	$92.7M+17.1%	$104.5M+287.4%	$118.5M+226.4%	$114.9M+158.9%	$79.1M+51.8%
Retained Earnings	-$506.5M-18.8%	-$481.9M-18.3%	-$463.3M-18.6%	-$445.8M-20.1%	-$426.5M-19.0%	-$407.3M-17.4%	-$390.5M-15.9%	-$371.1M-14.2%

Not reported in any period shown, so not listed: Long-Term Debt.

PLSE Cash Flow Statement

PLSE quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Operating Cash Flow	-$61.1M	-$54.1M-48.9%	-$36.3M-10.0%	-$33.0M+29.7%	-$47.0M+13.1%	-$54.1M-53.0%	-$35.4M-3.5%	-$34.2M-43.1%	-$23.9M-115.5%	-$11.1M-37.7%	-$8.1M-142.7%	-$3.3M
Depreciation & Amortization	N/A	$1.1M-9.1%	$1.2M-2.4%	$1.2M-10.9%	$1.4M+18.2%	$1.1M+4.7%	$1.1M-5.6%	$1.2M-11.5%	$1.3M+30.9%	$1.0M+31.9%	$759K+5.9%	$717K
Stock-Based Compensation	N/A	$21.5M+57.9%	$13.6M+89.2%	$7.2M+38.3%	$5.2M-64.4%	$14.6M+44.9%	$10.1M-10.7%	$11.3M-8.5%	$12.3M+12.9%	$10.9M+1155.9%	$870K+116.4%	$402K
Capital Expenditures	$290K	$315K+152.0%	$125K+3.3%	$121K-69.8%	$401K-8.2%	$437K-0.9%	$441K-27.5%	$608K+120.3%	$276K-89.2%	$2.6M+3885.9%	$64K-25.6%	$86K
Free Cash Flow	-$61.4M	-$54.4M-49.3%	-$36.5M-10.0%	-$33.2M+30.1%	-$47.4M+13.1%	-$54.5M-52.3%	-$35.8M-2.9%	-$34.8M-43.9%	-$24.2M-77.2%	-$13.6M-68.1%	-$8.1M-138.5%	-$3.4M
Investing Cash Flow	-$290K	-$335K-168.0%	-$125K-3.3%	-$121K+69.8%	-$401K-105.3%	$7.6M-24.7%	$10.0M+199.4%	-$10.1M-138.7%	$26.1M+213.6%	-$23.0M-59.9%	-$14.4M-16622.1%	-$86K
Financing Cash Flow	$56.7M	$17.2M-84.4%	$110.1M+572.1%	$16.4M-79.5%	$79.9M+27.5%	$62.7M+103.0%	$30.9M+37564.6%	$82K-99.8%	$45.5M+28.6%	$35.4M+69.2%	$20.9M	N/A

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	-$18.7M-46.1%	-$14.6M-7.9%	-$14.8M-61.4%	-$13.0M-44.5%	-$12.8M-52.6%	-$13.5M-38.3%	-$9.1M-34.8%	-$9.0M+14.0%
Depreciation & Amortization	$254K-4.9%	$255K-9.9%	$259K-9.8%	$266K-0.4%	$267K+0.4%	$283K-5.4%	$287K-5.6%	$267K+0.4%
Stock-Based Compensation	$5.0M-4.2%	$1.9M-66.3%	N/A	$5.6M+88.4%	$5.2M+152.9%	$5.7M+223.0%	N/A	$3.0M+65.9%
Capital Expenditures	$90K-12.6%	$33K-26.7%	$105K+98.1%	$62K+63.2%	$103K+255.2%	$45K+800.0%	$53K+23.3%	$38K+65.2%
Free Cash Flow	-$18.8M-45.6%	-$14.6M-7.8%	-$14.9M-61.6%	-$13.1M-44.6%	-$12.9M-53.3%	-$13.6M-38.6%	-$9.2M-34.8%	-$9.1M+13.8%
Investing Cash Flow	-$90K+26.8%	-$33K+26.7%	-$105K-98.1%	-$62K-63.2%	-$123K-324.1%	-$45K-800.0%	-$53K-23.3%	-$38K-65.2%
Financing Cash Flow	$52.1M	$2.2M-85.1%	$381K-99.2%	$2.0M-96.8%	$0+100.0%	$14.8M+4754.8%	$48.2M+5895.3%	$61.9M+2780.4%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

PLSE 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.

PLSE quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Gross Margin	-54.0%	N/A	N/A	-1606.3%	57.7%	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-21982.6%	N/A	N/A	-8293.9%	-4443.9%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-20794.6%	N/A	N/A	-8357.9%	-4489.4%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-90.2%-43.6pp	-46.7%+48.5pp	-95.2%	N/A	-143.5%+74.2pp	-217.8%-64.9pp	-152.8%-96.2pp	-56.6%-1.0pp	-55.6%-18.0pp	-37.6%-17.0pp	-20.6%
Return on Assets	-77.0%-36.5pp	-40.5%+30.9pp	-71.4%+3.8pp	-75.1%+32.5pp	-107.6%+13.1pp	-120.7%-8.7pp	-112.1%-58.9pp	-53.1%-1.8pp	-51.3%-15.1pp	-36.2%-16.6pp	-19.6%
Current Ratio	10.53-1.4x	11.88+5.1x	6.76-3.6x	10.39+3.6x	6.76+3.8x	2.95-3.0x	5.92-13.5x	19.42+2.0x	17.39+1.0x	16.40+10.3x	6.06
Debt-to-Equity	0.170.0x	0.15-0.2x	0.33	N/A	0.33-0.5x	0.80+0.4x	0.36+0.3x	0.060.0x	0.080.0x	0.040.0x	0.05
Asset Turnover	0.000.0x	0.000.0x	0.000.0x	0.010.0x	0.020.0x	0.00	N/A	N/A	N/A	N/A	N/A
FCF Margin	-15553.4%	N/A	N/A	-6773.4%	-3845.8%	N/A	N/A	N/A	N/A	N/A	N/A

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	37.1%	7.7%	N/A	-224.4%	N/A	N/A	N/A	N/A
Operating Margin	-5823.0%	-4775.6%	N/A	-23682.6%	N/A	N/A	N/A	N/A
Net Margin	-5681.3%	-4633.7%	N/A	-22540.7%	N/A	N/A	N/A	N/A
Return on Equity	-24.8%-6.4pp	-28.0%-13.8pp	N/A	-20.9%-4.9pp	-18.3%+23.9pp	-14.2%+13.8pp	N/A	-16.0%+4.2pp
Return on Assets	-21.3%-5.4pp	-22.8%-10.2pp	N/A	-17.8%-4.2pp	-15.9%+12.2pp	-12.6%+8.0pp	N/A	-13.6%+2.4pp
Current Ratio	9.63-2.4x	7.26-8.3x	10.53-1.4x	10.02-1.9x	12.05+7.5x	15.58+8.5x	11.88+5.1x	11.93+2.4x
Debt-to-Equity	0.160.0x	0.23+0.1x	0.170.0x	0.170.0x	0.15-0.3x	0.13-0.2x	0.15-0.2x	0.18-0.1x
Asset Turnover	0.000.0x	0.000.0x	N/A	0.000.0x	0.000.0x	0.000.0x	N/A	0.000.0x
FCF Margin	-4331.6%	-3647.9%	N/A	-15233.7%	N/A	N/A	N/A	N/A

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
Pulse Biosciences, Inc PLSE	FY2025	$350K	-$72.8M	N/A	$3.5B	—
Kestra Medical Technologies, Ltd. KMTS	FY2026	$95.1M	-$131.6M	N/A	$1.6B	50/100
Embecta Corp. EMBC	FY2025	$1.1B	$95.4M	8.8%	$351.3M	57/100
Staar Surgical Co STAA	FY2025	$239.4M	-$80.4M	-33.6%	$1.1B	33/100
BioLife Solutions Inc. BLFS	FY2025	$96.2M	-$4.6M	-4.8%	$1.9B	69/100
Azenta, Inc. AZTA	FY2025	$593.8M	-$55.8M	-9.4%	$1.7B	49/100

Where Pulse Biosciences, Inc Ranks

Frequently Asked Questions

What is Pulse Biosciences, Inc's annual revenue?

Pulse Biosciences, Inc (PLSE) reported $350K in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Pulse Biosciences, Inc profitable?

No, Pulse Biosciences, Inc (PLSE) reported a net income of -$72.8M in fiscal year 2025.

What is Pulse Biosciences, Inc's EBITDA?

Pulse Biosciences, Inc (PLSE) had EBITDA of -$75.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Pulse Biosciences, Inc's gross margin?

Pulse Biosciences, Inc (PLSE) had a gross margin of -54.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pulse Biosciences, Inc's return on equity (ROE)?

Pulse Biosciences, Inc (PLSE) has a return on equity of -90.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pulse Biosciences, Inc's free cash flow?

Pulse Biosciences, Inc (PLSE) recorded an outflow of $54.4M in free cash flow during fiscal year 2025. This represents a -49.3% 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 Pulse Biosciences, Inc's operating cash flow?

Pulse Biosciences, Inc (PLSE) recorded an outflow of $54.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Pulse Biosciences, Inc's total assets?

Pulse Biosciences, Inc (PLSE) had $94.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Pulse Biosciences, Inc's capital expenditures?

Pulse Biosciences, Inc (PLSE) invested $315K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Pulse Biosciences, Inc spend on research and development?

Pulse Biosciences, Inc (PLSE) invested $44.7M in research and development during fiscal year 2025.

How many shares does Pulse Biosciences, Inc have outstanding?

Pulse Biosciences, Inc (PLSE) had 68M shares outstanding as of fiscal year 2025.

What is Pulse Biosciences, Inc's current ratio?

Pulse Biosciences, Inc (PLSE) had a current ratio of 10.53 as of fiscal year 2025, which is generally considered healthy.

What is Pulse Biosciences, Inc's debt-to-equity ratio?

Pulse Biosciences, Inc (PLSE) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pulse Biosciences, Inc's return on assets (ROA)?

Pulse Biosciences, Inc (PLSE) had a return on assets of -77.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Pulse Biosciences, Inc's P/E ratio?

Pulse Biosciences, Inc (PLSE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $3.5B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Pulse Biosciences, Inc's price-to-sales ratio?

Pulse Biosciences, Inc (PLSE) has no price-to-sales ratio at the moment: outside the range published as a multiple (on $350K revenue, FY2025). The market capitalization is $3.5B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Pulse Biosciences, Inc's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Pulse Biosciences, Inc (PLSE) held $80.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $54.1M over that year. Dividing the one by the other, the reported balance equals about 18 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 Pulse Biosciences, Inc's Altman Z-Score?

Pulse Biosciences, Inc (PLSE) has an Altman Z-Score of 141.04, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Pulse Biosciences, Inc's Piotroski F-Score?

Pulse Biosciences, Inc (PLSE) has a Piotroski F-Score of 2 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 Pulse Biosciences, Inc's earnings high quality?

Pulse Biosciences, Inc (PLSE) reported a net loss of $72.8M while operations used $54.1M 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.