Picard Medical (PMI) 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 29, 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 19, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PMI SEC filings page.
This page shows Picard Medical, Inc. (PMI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 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).
Picard Medical’s reported losses coexist with newly positive equity, while liabilities still dominate assets and operating detail remains unavailable.
The balance sheet moved from-$44.0M of equity in FY2024 to$3.8M in FY2025, so the improved capital position should not be confused with operating profitability. FY2025 still recorded a net loss of$27.0M , while liabilities represented83.2% of assets, linking the equity improvement to balance-sheet structure rather than demonstrated earnings strength.
FY2025 current assets of
The reported return measures show the loss is large relative to the small equity and asset base: return on equity was
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
We are recalculating Picard Medical, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The metrics below are current.
Key Financial Metrics
Earnings & Revenue
Picard Medical, Inc. generated $3.0M in revenue in Q2 2026. This represents an increase of 38.6% from the same quarter a year earlier.
Picard Medical, Inc. reported a net loss of $5.7M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Picard Medical, Inc. held $38K in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Picard Medical, Inc.'s gross margin was 20.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 26.8 percentage points from the same quarter a year earlier.
Picard Medical, Inc.'s quarterly ROE was -329.8% in Q2 2026: one quarter's net income over shareholder equity, not annualized.
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
Picard Medical, Inc. invested $1.4M in research and development in Q2 2026. This represents an increase of 84.9% from the same quarter a year earlier.
Not reported for Q2 2026.
Not reported for Q2 2026.
PMI 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 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M+38.6% | N/A | N/A | $1.2M+34.7% | $2.1M+207.1% | N/A | N/A | $881K |
| Cost of Revenue | $2.3M+3.5% | N/A | N/A | $1.3M-15.3% | $2.3M+109.9% | N/A | N/A | $1.6M |
| Gross Profit | $616Kn/m | N/A | N/A | -$130Kn/m | -$127Kn/m | N/A | N/A | -$673K |
| R&D Expenses | $1.4M+84.9% | N/A | N/A | $951K-1.0% | $743K-21.0% | N/A | N/A | $961K |
| SG&A Expenses | $3.9M+46.0% | N/A | N/A | $2.4M-14.4% | $2.7M+6.0% | N/A | N/A | $2.8M |
| Operating Income | -$4.6Mn/m | N/A | N/A | -$3.5Mn/m | -$3.5Mn/m | N/A | N/A | -$4.4M |
| EBITDA | N/A | N/A | N/A | -$3.4Mn/m | -$3.5M | N/A | N/A | -$4.4M |
| Interest Expense | $89K-96.3% | N/A | N/A | $2.4M+74.0% | $2.4M+1311.0% | N/A | N/A | $1.4M |
| Income Tax | $7Kn/m | N/A | N/A | $0n/m | $0 | N/A | N/A | $0 |
| Net Income | -$5.7Mn/m | -$7.6Mn/m | N/A | -$10.4Mn/m | -$6.7Mn/m | -$5.6Mn/m | N/A | -$6.2M |
| EPS (Basic) | -$3.05 | N/A | N/A | -$0.19n/m | -$42.39 | N/A | N/A | -$0.87 |
Not reported in any period shown, so not listed: EPS (Diluted), Diluted Shares (Avg).
PMI 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 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.2M-21.7% | N/A | $22.5M+86.3% | $13.5M | $11.7M | N/A | $12.1M | N/A |
| Current Assets | $7.6M-21.3% | N/A | $20.7M+111.7% | $11.6M | $9.6M | N/A | $9.8M | N/A |
| Cash & Equivalents | $38K-90.7% | N/A | $7.5M+7661.5% | $2.8M | $410K+425.6% | N/A | $96K | N/A |
| Short-Term Investments | $0n/m | N/A | $0 | $0 | $0n/m | N/A | N/A | N/A |
| Inventory | $6.0M-14.7% | N/A | $7.3M-10.0% | $6.6M | $7.0M | N/A | $8.1M | N/A |
| Accounts Receivable | N/A | N/A | $623K+21.4% | N/A | $1.3M | N/A | $513K | N/A |
| Long-Term Investments | $0n/m | N/A | $0 | $0 | $0n/m | N/A | N/A | N/A |
| Goodwill | $615K0.0% | N/A | $615K0.0% | $615K | $615K | N/A | $615K | N/A |
| Total Liabilities | $7.5M-88.7% | N/A | $18.8M-66.6% | $5.6M | $66.2M | N/A | $56.1M | N/A |
| Current Liabilities | $7.5M-83.7% | N/A | $18.7M-47.1% | $5.4M | $45.6M | N/A | $35.3M | N/A |
| Non-Current Liabilities | $0-100.0% | N/A | $64K-99.7% | $180K | $20.6M | N/A | $20.8M | N/A |
| Long-Term Debt | N/A | N/A | N/A | $0 | $14.8M | N/A | N/A | N/A |
| Total Equity | $1.7Mn/m | -$1.4Mn/m | $3.8Mn/m | $8.0Mn/m | -$54.5Mn/m | -$48.9Mn/m | -$44.0M | -$35.4M |
| Retained Earnings | -$90.1Mn/m | N/A | -$76.8Mn/m | -$72.6M | -$62.1M | N/A | -$49.8M | N/A |
PMI 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 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.8%+26.8pp | N/A | N/A | -10.9%+65.4pp | -6.0%+49.1pp | N/A | N/A | -76.4% |
| Operating Margin | -156.7% | N/A | N/A | -293.8% | -165.2% | N/A | N/A | -504.4% |
| Net Margin | -191.6% | N/A | N/A | -878.3% | -315.5% | N/A | N/A | -704.4% |
| Return on Equity | -329.8% | N/A | N/A | -130.8% | N/A | N/A | N/A | N/A |
| Return on Assets | -61.7%-4.3pp | N/A | N/A | -77.1% | -57.5% | N/A | N/A | N/A |
| Current Ratio | 1.02+0.8x | N/A | 1.11+0.8x | 2.16 | 0.21 | N/A | 0.28 | N/A |
| Debt-to-Equity | N/A | N/A | N/A | 0.00 | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 4.34 | N/A | 4.95 | 0.70 | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.32+0.1x | N/A | N/A | 0.09 | 0.18 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: FCF Margin.
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: Operating Margin, Net 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 |
|---|---|---|---|---|---|---|
| Picard Medical, Inc. PMI | FY2025 | N/A | -$27.0M | N/A | $19.0M | — |
| Cytek Biosciences, Inc. CTKB | FY2025 | $201.5M | -$66.5M | -33.0% | $818.9M | 45/100 |
| OrthoPediatrics Corp. KIDS | FY2025 | $236.3M | -$39.6M | -16.8% | $823.0M | 57/100 |
| Standard BioTools Inc. LAB | FY2025 | $85.3M | -$74.9M | -87.8% | $243.5M | 45/100 |
Where Picard Medical, Inc. Ranks
Frequently Asked Questions
Is Picard Medical, Inc. profitable?
No, Picard Medical, Inc. (PMI) reported a net loss of $27.0M in fiscal year 2025.
What is Picard Medical, Inc.'s return on equity (ROE)?
Picard Medical, Inc. (PMI) has a return on equity of -712.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What are Picard Medical, Inc.'s total assets?
Picard Medical, Inc. (PMI) had $22.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Picard Medical, Inc.'s current ratio?
Picard Medical, Inc. (PMI) had a current ratio of 1.11 as of fiscal year 2025, which is considered adequate.
What is Picard Medical, Inc.'s liabilities-to-equity ratio?
Picard Medical, Inc. (PMI) had a liabilities-to-equity ratio of 4.95 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Picard Medical, Inc.'s return on assets (ROA)?
Picard Medical, Inc. (PMI) had a return on assets of -119.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Picard Medical, Inc.'s P/E ratio?
Picard Medical, Inc. (PMI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $19.0M as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Picard Medical, Inc.'s price-to-sales ratio?
Picard Medical, Inc. (PMI) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $19.0M as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.