Latest Ratios: P/E Ratio -1.2x · EV/EBITDA N/A · ROE -80.9%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6M | $8M | $25M | $7M | $13M | $24M | $34M | $14M | $10M | $27M | $9M |
| Enterprise Value | $2M | $4M | $16M | $-3624446 | $-21393920 | $-27825032 | $4M | $-8373846 | $7M | $27M | $10M |
| P/E Ratio → | -1.23 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | 3.27 | 0.93 | 2.20 | 4.59 | 2.71 | 1.82 | 64.73 | 81.53 | 10.47 |
| P/B Ratio | 1.66 | 2.14 | 2.85 | 0.38 | 0.43 | 0.50 | 1.48 | 1.31 | 0.84 | 2.69 | 1.00 |
| P/FCF | — | — | — | — | — | — | — | 4.54 | — | — | — |
| P/OCF | — | — | — | — | — | — | — | 4.46 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | 2.05 | -0.50 | -3.52 | -5.38 | 0.34 | -1.06 | 47.98 | 80.55 | 12.41 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | -2.64 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | 8.2% | -112.6% | -200.4% | -197.6% | 100.0% | -62.4% | -8374.5% | -2957.6% | -1115.8% |
| Operating Margin | — | — | -125.1% | -202.0% | -312.1% | -390.2% | -78.1% | -261.6% | -13333.3% | -5216.4% | -2978.0% |
| Net Profit Margin | — | — | -122.5% | -193.5% | -310.3% | -390.2% | -152.8% | -260.4% | -13439.9% | -5389.9% | -3334.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -80.9% | -80.9% | -71.0% | -57.5% | -48.0% | -57.2% | -113.1% | -180.2% | -187.1% | -191.1% | -134.6% |
| ROA | -73.3% | -73.3% | -43.5% | -37.7% | -37.8% | -41.6% | -52.0% | -81.1% | -134.0% | -110.6% | -90.5% |
| ROIC | — | — | -209.1% | -564.6% | — | — | — | — | -160.3% | -129.8% | -121.1% |
| ROCE | -80.6% | -80.6% | -50.0% | -44.7% | -42.0% | -47.9% | -40.4% | -134.6% | -185.6% | -157.8% | -93.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.49 | 0.03 | 0.05 | 0.08 | 0.06 | — | 0.32 | 0.66 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.07 | -1.06 | -0.58 | -1.12 | -1.09 | -1.29 | -2.07 | -0.22 | -0.03 | 0.19 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | -7.18 | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -109.31 | -27.18 | -19.67 |
Net cash position: cash ($4M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.55 | 12.55 | 10.68 | 5.33 | 7.60 | 12.33 | 3.94 | 1.83 | 1.14 | 0.73 | 1.02 |
| Quick Ratio | 12.55 | 12.55 | 10.68 | 5.33 | 7.57 | 12.33 | 3.86 | 1.83 | 1.14 | 0.73 | 1.02 |
| Cash Ratio | 12.43 | 12.43 | 10.25 | 4.90 | 7.09 | 12.12 | 3.84 | 1.36 | 0.89 | 0.61 | 0.90 |
| Asset Turnover | — | — | 0.79 | 0.21 | 0.15 | 0.09 | 0.33 | 0.22 | 0.01 | 0.02 | 0.05 |
| Inventory Turnover | — | — | — | — | 119.22 | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | 46.41 | 78.04 | 4.73 | 2.43 | 332.24 | — | 1.09 | 90.05 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 13.5% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | 22.0% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 13.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $4M | $4M | $4M | $3M | $3M | $1M | $836695 | $206319 | $96858 | $74076 |
Imminent liquidity exhaustion
As reported in recent financial filings, Pulmatrix trades at a price-to-book ratio of 1.57, a valuation level that appears to discount the company's intellectual property heavily while reflecting the market's skepticism regarding the firm's ability to successfully commercialize its iSPERSE platform without significant further dilution.
The negative P/E ratio of -1.16 is a direct consequence of the company's lack of earnings, rendering traditional valuation multiples largely irrelevant for assessing intrinsic value. Investors should monitor the P/B ratio as a proxy for the liquidation value of the firm's intangible assets, which currently appears to be the primary floor for the stock price.
Based on the provided financial data, Pulmatrix exhibits a negative profitability profile, with gross margins that have fluctuated significantly and recently hit -100%, underscoring the company's total reliance on external capital to fund its ongoing research and development activities rather than generating any sustainable operational income.
The absence of positive operating margins suggests that the company's cost structure is entirely disconnected from revenue generation. This trend warrants further investigation into whether the firm can achieve any meaningful scale, as current figures indicate that every dollar spent on R&D is currently failing to translate into commercial value.
According to recent SEC filings, the company's current ratio has compressed from 19.97 in 2025Q3 to 4.96 in 2026Q1, a rapid decline that highlights the accelerating depletion of cash reserves and the increasing urgency for the firm to secure additional funding to maintain its clinical operations.
While a current ratio of 4.96 might appear healthy in a traditional industrial context, it is misleading for a pre-revenue biotech firm with high monthly burn rates. The rapid contraction of this ratio suggests that the company's ability to meet short-term obligations is becoming increasingly dependent on the timing of capital raises.
As indicated by the historical balance sheet data, the current ratio is the most commonly misapplied metric for Pulmatrix, as it obscures the reality that the company's assets are primarily cash and lack the operational turnover necessary to sustain the business without constant external equity injections.
Investors should instead focus on the 'cash runway' metric, which measures the number of months the company can survive at current burn rates. Relying on the current ratio provides a false sense of security, as it fails to account for the fact that the company's assets are not generating cash, but rather are being consumed to fund clinical trials.
Includes 30+ ratios · 14 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PULM stock.
Pulmatrix, Inc.'s current P/E ratio is -1.2x. This places it at the 50th percentile of its historical range.
Pulmatrix, Inc.'s return on equity (ROE) is -80.9%. The historical average is -130.0%.
Based on historical data, Pulmatrix, Inc. is trading at a P/E of -1.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.