What is Pulmatrix, Inc.'s earnings per share (EPS)?

Pulmatrix, Inc. (PULM) reported diluted earnings per share of -$1.41 for fiscal year 2025. This represents a 46.2% 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.

Pulmatrix, Inc. (PULM) Financials

PULM

FY2025 annual

Revenue Not reported for FY2025

Net Income -$5.2M +46.0% YoY

EPS (Diluted) -$1.41 +46.2% YoY

Operating Cash Flow -$5.4M +49.3% YoY

Market Cap $5.7M as of Oct 3, 2026

Price / Sales n/m no revenue reported

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

Price / Book 2.2x on $2.6M 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 3, 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 Sep 17, 2026 Currency USD FYE December

Newest figures come from the S-4/A for Q2 FY2026, filed Sep 17, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PULM SEC filings page.

This page shows Pulmatrix, Inc. (PULM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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 PULM FY2025 2026-08-29

Cost contraction, not scale economics, is the dominant mechanic behind Pulmatrix’s narrowing operating losses

From FY2021 to FY2024, revenue rose while operating losses narrowed, but research and development also fell from $15.4M to $7.2M; the improvement therefore reflects a smaller spending base more clearly than operating leverage. In FY2025, reported operating cash outflow was $5.4M against a $4.1M asset base, showing that the reduced cost structure still consumed cash faster than the balance-sheet scale suggests.

Net loss and operating cash flow stayed relatively close in FY2024—-$9.6M versus -$10.7M—so reported earnings were broadly cash-backed rather than supported by large non-cash adjustments. That pattern makes the loss reduction a cash-spending change, not merely an accounting effect.

The balance sheet became smaller while liquidity ratios remained high: total assets declined from $9.9M in FY2024 to $4.1M in FY2025, while the current ratio moved from 10.7x to 12.6x. This combination indicates limited reported liabilities, but also a materially reduced operating resource base; reported liquidity equaled 9 months of the latest annual outflow.

Financial Health Signals

Financial health score not available

Pulmatrix, 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.

Piotroski F-Score Partial

2/6

Pulmatrix, Inc. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). No profitability signals pass, all 2 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

Pulmatrix, Inc. reported a net loss of $5.2M while operations used $5.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Net Income

-$1.0M

YoY+33.1%

QoQ+11.6%

Pulmatrix, Inc. reported -$1.0M in net income in Q2 2026. This represents an increase of 33.1% from the same quarter a year earlier. Against the prior quarter it is up 11.6%.

EPS (Diluted)

-$0.29

YoY+31.0%

QoQ+9.4%

Pulmatrix, Inc. earned -$0.29 per diluted share (EPS) in Q2 2026. This represents an increase of 31.0% from the same quarter a year earlier. Against the prior quarter it is up 9.4%.

Revenue

Not reported for Q2 2026.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$2.2M

YoY-62.8%

QoQ-34.8%

5Y CAGR-48.0%

10Y CAGR-14.8%

Pulmatrix, Inc. held $2.2M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

YoY0.0%

QoQ0.0%

5Y CAGR-42.1%

10Y CAGR-13.0%

Pulmatrix, Inc. had 4M shares outstanding in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-40.5%

YoY-12.9pp

QoQ-7.9pp

Pulmatrix, Inc.'s ROE was -40.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 12.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.9 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$2K

YoY-85.7%

QoQ-33.3%

Pulmatrix, Inc. invested $2K in research and development in Q2 2026. This represents a decrease of 85.7% from the same quarter a year earlier. Against the prior quarter it is down 33.3%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

PULM 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.

PULM quarterly income statement

Metric	TTM	FY25DEFM14A	FY24S-4/A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1410-K
Revenue	N/A	N/A	$7.8M+7.0%	$7.3M+20.2%	$6.1M+17.5%	$5.2M-59.1%	$12.6M+59.7%	$7.9M+5069.9%	$153K-54.3%	$335K-59.9%	$835K-30.5%	$1.2M+241.2%	$352K	$0
R&D Expenses	N/A	$38K-99.5%	$7.2M-53.8%	$15.5M-14.9%	$18.2M+18.6%	$15.4M-1.5%	$15.6M+21.5%	$12.8M-0.9%	$13.0M+26.6%	$10.2M+0.9%	$10.2M+41.3%	$7.2M+9.1%	$6.6M	$1.4M
SG&A Expenses	N/A	$5.1M-34.1%	$7.8M+19.4%	$6.5M-3.8%	$6.8M+6.3%	$6.4M-7.4%	$6.9M-18.9%	$8.5M+12.9%	$7.5M-0.6%	$7.6M-5.6%	$8.0M-52.9%	$17.0M+276.0%	$4.5M	$1.7M
Operating Income	N/A	-$5.2M+47.1%	-$9.8M+33.8%	-$14.7M+22.2%	-$18.9M+6.0%	-$20.2M-104.5%	-$9.9M+52.3%	-$20.7M-1.4%	-$20.4M-16.7%	-$17.5M+29.7%	-$24.9M-8.0%	-$23.0M	N/A	-$3.1M
EBITDA	N/A	N/A	-$9.7M+33.9%	-$14.6M+22.2%	-$18.8M+6.1%	-$20.0M-107.3%	-$9.6M+53.0%	-$20.5M-1.7%	-$20.2M-17.1%	-$17.2M+30.0%	-$24.6M-8.0%	-$22.8M	N/A	-$3.1M
Interest Expense	N/A	N/A	$467K-46.1%	$867K+180.6%	$309K+4314.3%	$7K-91.5%	$82K	N/A	$186K-71.1%	$643K-27.0%	$881K-7.6%	$953K	N/A	N/A
Income Tax	N/A	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$3.0M	$0	$0	$0
Net Income	N/A	-$5.2M+46.0%	-$9.6M+32.3%	-$14.1M+25.0%	-$18.8M+6.6%	-$20.2M-4.5%	-$19.3M+6.3%	-$20.6M-0.2%	-$20.6M-13.9%	-$18.1M+35.2%	-$27.8M-6.4%	-$26.2M	N/A	-$3.1M
EPS (Basic)	N/A	-$1.41+46.2%	-$2.62+32.3%	-$3.87+29.1%	-$5.46+36.7%	-$8.63	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	-$1.10	-$1.41+46.2%	-$2.62+32.3%	-$3.87+29.1%	-$5.46	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	4M0.0%	4M0.0%	4M-99.9%	3.45B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26S-4/A	Q1'26S-4/A	Q4'25S-4/A	Q3'2510-Q	Q2'25S-4/A	Q1'25S-4/A	Q4'24S-4/A	Q3'2410-Q
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$3K-99.9%	$366K-79.1%
R&D Expenses	$2K-85.7%	$3K-84.2%	N/A	$8K-99.0%	$14K-99.5%	$19K-99.5%	$6K-99.8%	$814K-79.5%
SG&A Expenses	$1.0M-31.9%	$1.3M-29.5%	N/A	$858K-61.2%	$1.5M-23.3%	$1.8M+12.4%	$1.9M+113.9%	$2.2M+27.8%
Operating Income	-$1.0M+32.4%	-$1.3M+30.0%	N/A	-$866K+67.4%	-$1.5M+73.8%	-$1.8M-347.3%	-$2.0M+12.3%	-$2.7M+32.5%
EBITDA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$2.7M+32.0%
Interest Expense	N/A	N/A	N/A	N/A	N/A	$53K-66.9%	$73K-62.0%	$101K-53.5%
Income Tax	N/A	N/A	N/A	$0	$0	$0	N/A	$0
Net Income	-$1.0M+33.1%	-$1.2M+35.2%	N/A	-$877K+66.1%	-$1.5M+73.3%	-$1.8M-319.2%	-$2.0M+4.7%	-$2.6M+31.5%
EPS (Basic)	-$0.29+31.0%	-$0.32+36.0%	-$0.25+54.5%	-$0.24+66.2%	-$0.42+73.6%	-$0.50-317.4%	-$0.55+3.5%	-$0.71+31.1%
EPS (Diluted)	-$0.29+31.0%	-$0.32+36.0%	-$0.25+54.5%	-$0.24+66.2%	-$0.42+73.6%	-$0.50-317.4%	-$0.55+3.5%	-$0.71+31.1%
Diluted Shares (Avg)	4M0.0%	4M0.0%	N/A	4M0.0%	4M0.0%	4M0.0%	N/A	4M0.0%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.

PULM Balance Sheet

PULM quarterly balance sheet

Metric	FY25DEFM14A	FY24S-4/A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1410-K
Total Assets	$4.1M-58.4%	$9.9M-70.7%	$34.0M-17.1%	$41.0M-30.4%	$58.8M+54.4%	$38.1M+5.5%	$36.1M+145.2%	$14.7M-7.9%	$16.0M-4.1%	$16.7M-62.9%	$44.9M+2793.2%	$1.6M	$15.6M
Current Assets	$4.1M-58.4%	$9.9M-52.4%	$20.8M-45.4%	$38.1M-30.4%	$54.8M+68.7%	$32.5M+3.3%	$31.4M+857.8%	$3.3M-22.8%	$4.2M-10.8%	$4.8M-76.7%	$20.5M+2362.3%	$831K	$15.6M
Cash & Equivalents	$4.1M-57.1%	$9.5M-50.3%	$19.2M-46.2%	$35.6M-33.8%	$53.8M+70.1%	$31.7M+35.1%	$23.4M+814.6%	$2.6M-27.8%	$3.5M-15.1%	$4.2M-77.9%	$18.9M+4091.1%	$451K	$15.6M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	N/A	N/A	$928K-28.5%	$1.3M+1837.3%	$67K-20.2%	$84K-98.8%	$7.2M	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	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	$3.6M0.0%	$3.6M-67.0%	$10.8M-0.6%	$10.9M0.0%	$10.9M-31.5%	$15.9M	N/A	N/A
Total Liabilities	$329K-67.0%	$996K-93.8%	$16.0M+62.2%	$9.8M-13.4%	$11.4M-24.0%	$15.0M-40.4%	$25.1M+771.1%	$2.9M-50.7%	$5.8M-26.1%	$7.9M-35.6%	$12.3M-84.7%	$80.3M	$947K
Current Liabilities	$329K-64.6%	$929K-76.2%	$3.9M-22.2%	$5.0M+13.1%	$4.4M-45.7%	$8.2M-52.4%	$17.2M+497.4%	$2.9M-50.7%	$5.8M+25.6%	$4.7M+29.0%	$3.6M-91.7%	$43.5M	$947K
Non-Current Liabilities	$0-100.0%	$67K-99.4%	$12.1M+150.0%	$4.8M-30.4%	$6.9M+2.2%	$6.8M-14.0%	$7.9M	$0-100.0%	$1K-100.0%	$3.3M-62.5%	$8.7M-76.5%	$36.9M	$0
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$3.2M-43.5%	$5.7M-85.7%	$39.7M	N/A
Total Equity	$3.8M-57.4%	$8.9M-50.3%	$18.0M-42.2%	$31.1M-34.4%	$47.4M+105.1%	$23.1M+110.0%	$11.0M-7.0%	$11.8M+16.8%	$10.1M+15.7%	$8.8M-73.1%	$32.6M+141.4%	-$78.8M	$14.6M
Retained Earnings	-$302.3M-1.7%	-$297.2M-3.3%	-$287.6M-5.2%	-$273.5M-7.4%	-$254.6M-8.6%	-$234.5M-9.0%	-$215.2M-10.6%	-$194.6M-11.8%	-$174.0M-11.6%	-$155.9M-21.7%	-$128.1M-25.7%	-$101.9M	-$3.7M

Metric	Q2'26S-4/A	Q1'26S-4/A	Q4'25S-4/A	Q3'2510-Q	Q2'25S-4/A	Q1'25S-4/A	Q4'24S-4/A	Q3'2410-Q
Total Assets	$3.2M-47.2%	$4.5M-44.2%	$4.1M-58.4%	$5.0M-56.7%	$6.2M-61.0%	$8.1M-73.5%	$9.9M-70.7%	$11.5M-68.7%
Current Assets	$3.2M-47.3%	$4.5M-44.2%	$4.1M-58.4%	$5.0M-56.6%	$6.1M-60.7%	$8.0M-54.3%	$9.9M-52.4%	$11.4M-50.7%
Cash & Equivalents	$2.2M-62.8%	$3.3M-56.9%	$4.1M-57.1%	$4.8M-55.5%	$5.8M-52.9%	$7.7M-52.7%	$9.5M-50.3%	$10.8M-49.5%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	$16K-97.2%	N/A	$23K-97.3%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$689K+25.7%	$905K+0.1%	$329K-67.0%	$249K-57.8%	$548K-77.8%	$904K-92.1%	$996K-93.8%	$590K-96.5%
Current Liabilities	$689K+25.7%	$905K+0.2%	$329K-64.6%	$249K-57.8%	$548K-77.8%	$903K-71.3%	$929K-76.2%	$590K-86.7%
Non-Current Liabilities	$0	$0-100.0%	$0-100.0%	$0	$0	$1K-100.0%	$67K-99.4%	$0-100.0%
Total Equity	$2.6M-54.4%	$3.6M-49.8%	$3.8M-57.4%	$4.7M-56.7%	$5.6M-57.9%	$7.1M-62.4%	$8.9M-50.3%	$10.9M-45.1%
Retained Earnings	-$304.5M-1.3%	-$303.5M-1.5%	-$302.3M-1.7%	-$301.4M-2.1%	-$300.5M-2.7%	-$299.0M-4.3%	-$297.2M-3.3%	-$295.2M-3.4%

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

PULM Cash Flow Statement

PULM quarterly cash flow statement

Metric	TTM	FY25DEFM14A	FY24S-4/A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1410-K
Operating Cash Flow	-$3.9M	-$5.4M+49.3%	-$10.7M+33.0%	-$16.0M+17.4%	-$19.4M+1.9%	-$19.7M-58.0%	-$12.5M-486.5%	$3.2M+119.3%	-$16.8M-15.8%	-$14.5M-9.3%	-$13.2M-6.2%	-$12.5M	N/A	-$3.0M
Depreciation & Amortization	N/A	N/A	$106K-20.9%	$134K-17.3%	$162K-4.1%	$169K-21.4%	$215K+18.1%	$182K-21.2%	$231K-6.1%	$246K-1.6%	$250K+7.8%	$232K-32.2%	$342K	$2K
Stock-Based Compensation	N/A	$25K-95.1%	$511K-46.4%	$954K-14.4%	$1.1M-3.8%	$1.2M0.0%	$1.2M-43.9%	$2.1M-30.5%	$3.0M+5.5%	$2.8M-29.5%	$4.0M-27.4%	$5.5M+2195.0%	$240K	$0
Capital Expenditures	N/A	N/A	$398K-41.1%	$676K+686.0%	$86K-40.3%	$144K-48.8%	$281K+384.5%	$58K+205.3%	$19K-74.3%	$74K-83.7%	$455K+71.1%	$266K-6.7%	$285K	$0
Free Cash Flow	N/A	N/A	-$11.1M+33.3%	-$16.7M+14.3%	-$19.4M+2.2%	-$19.9M-55.7%	-$12.8M-502.4%	$3.2M+118.9%	-$16.8M-15.3%	-$14.6M-6.2%	-$13.7M-7.5%	-$12.7M	N/A	-$3.0M
Investing Cash Flow	N/A	N/A	-$398K+41.1%	-$676K-686.0%	-$86K+40.3%	-$144K+48.8%	-$281K-384.5%	-$58K-205.3%	-$19K+74.3%	-$74K	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	$53K-95.7%	$1.2M-97.2%	$43.5M+107.2%	$21.0M+18.5%	$17.7M+12.1%	$15.8M+13.5%	$13.9M	N/A	N/A	N/A	N/A

Metric	Q2'26S-4/A	Q1'26S-4/A	Q4'25S-4/A	Q3'2510-Q	Q2'25S-4/A	Q1'25S-4/A	Q4'24S-4/A	Q3'2410-Q
Operating Cash Flow	-$1.1M+41.3%	-$1.1M+41.1%	-$706K+44.0%	-$1.0M+66.3%	-$1.9M+48.8%	-$1.8M+33.3%	-$1.3M+37.3%	-$3.1M+26.1%
Depreciation & Amortization	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$0-100.0%
Stock-Based Compensation	$2K-66.7%	$3K-62.5%	N/A	$6K-97.0%	$6K-94.2%	$8K-96.0%	N/A	$197K-4.4%
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$0-100.0%
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	-$1.3M+45.6%	-$3.1M+31.3%
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	$0+100.0%	$0+100.0%
Financing Cash Flow	-$50K	$1.0M	N/A	N/A	N/A	N/A	N/A	N/A

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

PULM 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.

PULM quarterly financial ratios

Metric	FY25DEFM14A	FY24S-4/A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1410-K
Operating Margin	N/A	-125.1%	-202.0%	-312.1%	-390.1%	-78.1%	-261.6%	-13333.3%	-5216.4%	-2978.0%	-1916.6%	N/A	N/A
Net Margin	N/A	-122.5%	-193.5%	-310.3%	-390.2%	-152.8%	-260.4%	-13439.9%	-5389.8%	-3334.5%	-2178.8%	N/A	N/A
Return on Equity	-135.5%-28.6pp	-106.8%-28.4pp	-78.5%-17.9pp	-60.6%-18.0pp	-42.5%+40.9pp	-83.4%+103.5pp	-186.9%-13.3pp	-173.6%+4.5pp	-178.1%+139.7pp	-317.8%-237.6pp	-80.3%	N/A	-21.3%
Return on Assets	-124.7%-28.6pp	-96.1%-54.6pp	-41.6%+4.4pp	-46.0%-11.7pp	-34.3%+16.4pp	-50.7%+6.4pp	-57.1%+82.6pp	-139.7%-26.7pp	-113.0%+54.1pp	-167.1%-108.8pp	-58.3%	N/A	-20.0%
Current Ratio	12.55+1.9x	10.68+5.3x	5.33-2.3x	7.60-4.7x	12.33+8.4x	3.97+2.1x	1.83+0.7x	1.14+0.4x	0.73-0.3x	1.02-4.7x	5.68+5.7x	0.02	16.45
Debt-to-Equity	0.090.0x	0.11-0.8x	0.89+0.6x	0.32+0.1x	0.24-0.4x	0.65-1.6x	2.28+2.0x	0.24-0.3x	0.58+0.2x	0.37+0.2x	0.17	N/A	0.06
Asset Turnover	N/A	0.79+0.6x	0.21+0.1x	0.15+0.1x	0.09-0.2x	0.33+0.1x	0.22+0.2x	0.010.0x	0.020.0x	0.050.0x	0.03-0.2x	0.23	0.00
FCF Margin	N/A	-142.4%	-228.3%	-320.2%	-384.4%	-101.0%	40.1%	-10967.3%	-4343.6%	-1640.5%	-1060.6%	N/A	N/A

Metric	Q2'26S-4/A	Q1'26S-4/A	Q4'25S-4/A	Q3'2510-Q	Q2'25S-4/A	Q1'25S-4/A	Q4'24S-4/A	Q3'2410-Q
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	-65066.7%	-726.0%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	-66200.0%	-706.8%
Return on Equity	-40.5%-12.9pp	-32.6%-7.3pp	N/A	-18.5%+5.2pp	-27.6%+16.0pp	-25.3%-29.6pp	-22.2%-10.6pp	-23.7%-4.7pp
Return on Assets	-31.9%-6.7pp	-26.1%-3.6pp	N/A	-17.6%+4.9pp	-25.2%+11.6pp	-22.5%-25.2pp	-20.0%-13.8pp	-22.5%-12.2pp
Current Ratio	4.70-6.5x	4.96-3.9x	12.55+1.9x	19.97+0.6x	11.21+4.9x	8.90+3.3x	10.68+5.3x	19.40+14.2x
Debt-to-Equity	0.27+0.2x	0.25+0.1x	0.090.0x	0.050.0x	0.10-0.1x	0.13-0.5x	0.11-0.8x	0.05-0.8x
Asset Turnover	N/A	N/A	N/A	N/A	N/A	N/A	0.00-0.1x	0.030.0x
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-42033.3%	-835.8%

Not reported in any period shown, so not listed: Gross 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, 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
Pulmatrix, Inc. PULM	FY2025	N/A	-$5.2M	N/A	$5.7M	—
Evaxion A/S EVAX	FY2025	$7.5M	-$7.7M	N/A	$28.7M	30/100
Lisata Therapeutics, Inc. LSTA	FY2025	$170K	-$16.6M	N/A	$16.1M	—
SYNLOGIC INC SYBX	FY2025	$0	-$1.0M	N/A	$6.6M	—
MetaVia Inc. MTVA	FY2025	N/A	-$13.0M	N/A	$10.1M	—
Lipocine Inc. LPCN	FY2025	$2.0M	-$9.6M	N/A	$17.1M	53/100

Where Pulmatrix, Inc. Ranks

Frequently Asked Questions

Is Pulmatrix, Inc. profitable?

No, Pulmatrix, Inc. (PULM) reported a net income of -$5.2M in fiscal year 2025.

What is Pulmatrix, Inc.'s return on equity (ROE)?

Pulmatrix, Inc. (PULM) has a return on equity of -135.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pulmatrix, Inc.'s operating cash flow?

Pulmatrix, Inc. (PULM) recorded an outflow of $5.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Pulmatrix, Inc.'s total assets?

Pulmatrix, Inc. (PULM) had $4.1M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Pulmatrix, Inc. spend on research and development?

Pulmatrix, Inc. (PULM) invested $38K in research and development during fiscal year 2025.

How many shares does Pulmatrix, Inc. have outstanding?

Pulmatrix, Inc. (PULM) had 4M shares outstanding as of fiscal year 2025.

What is Pulmatrix, Inc.'s current ratio?

Pulmatrix, Inc. (PULM) had a current ratio of 12.55 as of fiscal year 2025, which is generally considered healthy.

What is Pulmatrix, Inc.'s debt-to-equity ratio?

Pulmatrix, Inc. (PULM) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pulmatrix, Inc.'s return on assets (ROA)?

Pulmatrix, Inc. (PULM) had a return on assets of -124.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Pulmatrix, Inc.'s P/E ratio?

Pulmatrix, Inc. (PULM) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $5.7M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Pulmatrix, Inc.'s price-to-sales ratio?

Pulmatrix, Inc. (PULM) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $5.7M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Pulmatrix, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Pulmatrix, Inc. (PULM) held $4.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.4M over that year. Dividing the one by the other, the reported balance equals about 9 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 Pulmatrix, Inc.'s Piotroski F-Score?

Pulmatrix, Inc. (PULM) has a Piotroski F-Score of 2 out of 6 computable signals; 3 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 Pulmatrix, Inc.'s earnings high quality?

Pulmatrix, Inc. (PULM) reported a net loss of $5.2M while operations used $5.4M 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.