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

Pulmatrix (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 Financials

PULM

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Pulmatrix (PULM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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 2026-05-15

Pulmatrix’s recent improvement reflects cash-preservation mode, with development spending collapsing faster than the company built any revenue base.

The drop in net loss from $14.1M in FY2023 to $5.2M in FY2025 looks healthier at first glance. But R&D expense fell from $15.5M to $38K, indicating the better loss figure came mainly from shrinking development activity rather than a self-funding operating model.

In FY2025, operating cash outflow of $5.4M was close to the net loss of $5.2M. FY2024 showed the same pattern, with $10.7M of cash burn against a $9.6M loss, so the accounting losses translated into real cash use rather than being cushioned by large noncash charges.

The balance sheet is lightly levered — total liabilities were only $329K in FY2025 — so creditors are not the immediate pressure point, and the lofty current ratio mostly reflects tiny obligations. The more important signal is cash versus burn: year-end cash of $4.1M sat below that year’s operating outflow, so liquidity optics overstate operating flexibility.

Financial Health Signals

Financial Profile 33/100

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 Pulmatrix'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.

Leverage

100

Pulmatrix carries a low D/E ratio of 0.09, meaning only $0.09 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 12.55, Pulmatrix holds $12.55 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Pulmatrix generates a -135.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -106.8% the prior year.

Piotroski F-Score Weak

2/9

Pulmatrix passes 2 of 9 financial strength tests. No profitability signals pass, 2 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

1.05x

For every $1 of reported earnings, Pulmatrix generates $1.05 in operating cash flow (-$5.4M OCF vs -$5.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$5.2M

YoY+46.0%

Pulmatrix reported -$5.2M in net income in fiscal year 2025. This represents an increase of 46.0% from the prior year.

EPS (Diluted)

$-1.41

YoY+46.2%

Pulmatrix earned $-1.41 per diluted share (EPS) in fiscal year 2025. This represents an increase of 46.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$4.1M

YoY-57.1%

5Y CAGR-33.6%

10Y CAGR-14.2%

Pulmatrix held $4.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.0%

5Y CAGR+15.1%

Pulmatrix had 4M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-135.5%

YoY-28.6pp

5Y CAGR-52.0pp

10Y CAGR-55.2pp

Pulmatrix's ROE was -135.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 28.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$38K

YoY-99.5%

5Y CAGR-70.0%

10Y CAGR-40.8%

Pulmatrix invested $38K in research and development in fiscal year 2025. This represents a decrease of 99.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

PULM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$7.8M+7.0%	$7.3M+20.2%	$6.1M+17.5%	$5.2M-59.1%	$12.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$38K-99.5%	$7.2M-53.8%	$15.5M-14.9%	$18.2M+18.6%	$15.4M-1.5%	$15.6M
SG&A Expenses	$5.1M-34.1%	$7.8M+19.4%	$6.5M-3.8%	$6.8M+6.3%	$6.4M-7.4%	$6.9M
Operating Income	-$5.2M+47.1%	-$9.8M+33.8%	-$14.7M+22.2%	-$18.9M+6.0%	-$20.2M-104.5%	-$9.9M
Interest Expense	N/A	$467K-46.1%	$867K+180.6%	$309K+4314.3%	$7K-91.5%	$82K
Income Tax	$0	N/A	N/A	N/A	N/A	N/A
Net Income	-$5.2M+46.0%	-$9.6M+32.3%	-$14.1M+25.0%	-$18.8M+6.6%	-$20.2M-4.5%	-$19.3M
EPS (Diluted)	$-1.41+46.2%	$-2.62+32.3%	$-3.87+29.1%	$-5.46	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	$3K-99.2%	$366K-76.4%	$1.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$3K	N/A	$8K-42.9%	$14K-26.3%	$19K+216.7%	$6K-99.3%	$814K-71.3%	$2.8M
SG&A Expenses	$1.3M	N/A	$858K-44.1%	$1.5M-16.1%	$1.8M-6.2%	$1.9M-11.8%	$2.2M+10.4%	$2.0M
Operating Income	-$1.3M	N/A	-$866K+44.1%	-$1.5M+16.2%	-$1.8M+5.4%	-$2.0M+26.5%	-$2.7M+55.0%	-$5.9M
Interest Expense	N/A	N/A	N/A	N/A	$53K-27.4%	$73K-27.7%	$101K-24.1%	$133K
Income Tax	N/A	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$1.2M	N/A	-$877K+43.4%	-$1.5M+14.3%	-$1.8M+9.0%	-$2.0M+23.2%	-$2.6M+55.5%	-$5.8M
EPS (Diluted)	$-0.32	N/A	$-0.24+42.9%	$-0.42-184.0%	$0.50	N/A	$-0.71+55.3%	$-1.59

PULM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.1M-58.4%	$9.9M-70.7%	$34.0M-17.1%	$41.0M-30.4%	$58.8M+54.4%	$38.1M
Current Assets	$4.1M-58.4%	$9.9M-52.4%	$20.8M-45.4%	$38.1M-30.4%	$54.8M+68.7%	$32.5M
Cash & Equivalents	$4.1M-57.1%	$9.5M-50.3%	$19.2M-46.2%	$35.6M-33.8%	$53.8M+70.1%	$31.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	$928K-28.5%	$1.3M+1837.3%	$67K-20.2%	$84K
Goodwill	N/A	N/A	N/A	N/A	N/A	$3.6M
Total Liabilities	$329K-67.0%	$996K-93.8%	$16.0M+62.2%	$9.8M-13.4%	$11.4M-24.0%	$15.0M
Current Liabilities	$329K-64.6%	$929K-76.2%	$3.9M-22.2%	$5.0M+13.1%	$4.4M-45.7%	$8.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	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
Retained Earnings	-$302.3M-1.7%	-$297.2M-3.3%	-$287.6M-5.2%	-$273.5M-7.4%	-$254.6M-8.6%	-$234.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$4.5M+8.6%	$4.1M-16.9%	$5.0M-19.0%	$6.2M-23.6%	$8.1M-19.0%	$9.9M-13.6%	$11.5M-27.1%	$15.8M
Current Assets	$4.5M+8.7%	$4.1M-17.0%	$5.0M-19.0%	$6.1M-23.6%	$8.0M-18.9%	$9.9M-13.3%	$11.4M-26.8%	$15.6M
Cash & Equivalents	$3.3M-18.7%	$4.1M-14.7%	$4.8M-17.7%	$5.8M-24.4%	$7.7M-19.0%	$9.5M-11.7%	$10.8M-12.9%	$12.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	$16K	N/A	$23K-96.4%	$635K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$905K+175.1%	$329K+32.1%	$249K-54.6%	$548K-39.4%	$904K-9.2%	$996K+68.8%	$590K-76.1%	$2.5M
Current Liabilities	$905K+175.1%	$329K+32.1%	$249K-54.6%	$548K-39.3%	$903K-2.8%	$929K+57.5%	$590K-76.1%	$2.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.6M-5.7%	$3.8M-19.5%	$4.7M-15.5%	$5.6M-21.6%	$7.1M-20.1%	$8.9M-18.1%	$10.9M-18.0%	$13.3M
Retained Earnings	-$303.5M-0.4%	-$302.3M-0.3%	-$301.4M-0.3%	-$300.5M-0.5%	-$299.0M-0.6%	-$297.2M-0.7%	-$295.2M-0.9%	-$292.6M

PULM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$5.4M+49.3%	-$10.7M+33.0%	-$16.0M+17.4%	-$19.4M+1.9%	-$19.7M-58.0%	-$12.5M
Capital Expenditures	N/A	$398K-41.1%	$676K+686.0%	$86K-40.3%	$144K-48.8%	$281K
Free Cash Flow	N/A	-$11.1M+33.3%	-$16.7M+14.3%	-$19.4M+2.2%	-$19.9M-55.7%	-$12.8M
Investing Cash Flow	N/A	-$398K+41.1%	-$676K-686.0%	-$86K+40.3%	-$144K+48.8%	-$281K
Financing Cash Flow	N/A	N/A	$53K-95.7%	$1.2M-97.2%	$43.5M+107.2%	$21.0M
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$1.1M-51.1%	-$706K+31.5%	-$1.0M+45.2%	-$1.9M-3.9%	-$1.8M-43.8%	-$1.3M+58.8%	-$3.1M+16.8%	-$3.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$0	$0-100.0%	$244K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$1.3M+58.8%	-$3.1M+22.0%	-$3.9M
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	$0	$0+100.0%	-$244K
Financing Cash Flow	$1.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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

PULM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-125.1%+76.9pp	-202.0%+110.1pp	-312.1%+78.1pp	-390.1%-312.1pp	-78.1%
Net Margin	N/A	-122.5%+71.0pp	-193.5%+116.8pp	-310.3%+80.0pp	-390.2%-237.4pp	-152.8%
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%
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%
Current Ratio	12.55+1.9	10.68+5.3	5.33-2.3	7.60-4.7	12.33+8.4	3.97
Debt-to-Equity	0.09-0.0	0.11-0.8	0.89+0.6	0.32+0.1	0.24-0.4	0.65
FCF Margin	N/A	-142.4%+85.9pp	-228.3%+91.9pp	-320.2%+64.2pp	-384.4%-283.4pp	-101.0%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	-65066.7%-64340.7pp	-726.0%-345.7pp	-380.2%
Net Margin	N/A	N/A	N/A	N/A	N/A	-66200.0%-65493.2pp	-706.8%-332.4pp	-374.4%
Return on Equity	-32.6%	N/A	-18.5%+9.1pp	-27.6%-2.3pp	-25.3%-3.1pp	-22.2%+1.5pp	-23.7%+20.0pp	-43.7%
Return on Assets	-26.1%	N/A	-17.6%+7.6pp	-25.2%-2.7pp	-22.5%-2.5pp	-20.0%+2.5pp	-22.5%+14.4pp	-36.8%
Current Ratio	4.96-7.6	12.55-7.4	19.97+8.8	11.21+2.3	8.90-1.8	10.68-8.7	19.40+13.1	6.33
Debt-to-Equity	0.25+0.2	0.09+0.0	0.05-0.0	0.10-0.0	0.13+0.0	0.11+0.1	0.05-0.1	0.19
FCF Margin	N/A	N/A	N/A	N/A	N/A	-42033.3%-41197.5pp	-835.8%-583.1pp	-252.6%

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Frequently Asked Questions

Is Pulmatrix profitable?

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

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

Pulmatrix (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's operating cash flow?

Pulmatrix (PULM) generated -$5.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Pulmatrix's total assets?

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

How much does Pulmatrix spend on research and development?

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

How many shares does Pulmatrix have outstanding?

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

What is Pulmatrix's current ratio?

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

What is Pulmatrix's debt-to-equity ratio?

Pulmatrix (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's return on assets (ROA)?

Pulmatrix (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's cash runway?

Based on fiscal year 2025 data, Pulmatrix (PULM) had $4.1M in cash against an annual operating cash burn of $5.4M. This gives an estimated cash runway of approximately 9 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 Pulmatrix's Piotroski F-Score?

Pulmatrix (PULM) has a Piotroski F-Score of 2 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 Pulmatrix's earnings high quality?

Pulmatrix (PULM) has an earnings quality ratio of 1.05x, 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.

How financially healthy is Pulmatrix?

Pulmatrix (PULM) scores 33 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.