Pulmonx Corporation Common Stock (LUNG)

FairStock Score: 50/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for a durable franchise purchased at a sensible price. Pulmonx has an interesting device franchise: the Zephyr Endobronchial Valve and related Chartis and LungTraX tools address severe emphysema, a serious unmet need. But the financial record is that of a commercial-stage company still searching for profit. In fiscal FY2025, the year ended 2025-12-31, revenue was $90.5M and net income was -$54.0M. In fiscal FY2024, revenue was $83.8M and net income was -$56.4M. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $22.8M and net income was -$10.1M, compared with revenue of $23.9M and net income of -$15.2M in fiscal Q2 2025. The loss narrowed, but revenue slipped year over year. Trailing free cash flow was -$30.7M, and FairStock's FCF yield is -40.6%. FairStock calculations at the 2026-10-13 close of $1.76 show a $75.6M market cap, P/B of 1.93, negative P/E, ROE of -88.87%, ROCE of -22.10%, D/E of 1.43, Piotroski 4/9, and Altman Z-Score of -5.41. That is not the balance sheet of a bargain unless the cash burn is about to end. The Lynch screen finds no category because the company lost money in each of the last four years. The technology may have a moat if adoption and reimbursement deepen, but the numbers show no margin of safety. I would need evidence of durable revenue growth and self-funding operations before calling this anything more than a speculative option.

In plain English: Pulmonx makes a less invasive valve treatment for people with severe emphysema, a serious lung disease. The business is not yet profitable and has lost money in each of the last four years while using cash. Its share price is low, but because it loses money and carries debt, it does not look clearly cheap based on the numbers.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer