Picard Medical Inc. Common Stock (PMI)

FairStock Score: 39/100 — MIXED

Key Financials

AI Analysis

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

As a Buffett/Graham investor, I start with the business and the numbers. Picard Medical sells SynCardia TAH, an artificial heart. But the financial record is that of a very small, cash-hungry enterprise. In fiscal 2025, the year ended 2025-12-31, revenue was $4.9M and net loss was $27.0M, after fiscal 2024, the year ended 2024-12-31, revenue of $4.4M and net loss of $21.1M. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $3.0M and net loss was $5.7M, a -191.6% margin. FairStock data show trailing free cash flow of -$16.1M and an FCF yield of -44.8% against the $35.9M market cap. That is not self-funding. On quality and moat, I see little evidence of durable pricing power or consistent profits. The product may have barriers, but 75 employees and $4.9M of fiscal 2025 revenue do not yet demonstrate a moat. Financial health is weak: debt-to-equity is 0.92, ROCE is -93.61%, and the Altman Z-score is -12.20, a distress signal. The Piotroski F-score is 5/9, middling, and the FairStock Score is 39/100. There is no Lynch category because only two years of filed results are available; I need more history. Valuation at the 2026-10-13 close of $15.33 is not Graham-like. The P/E is -2.21, P/B is 18.47, and EPS is -$6.93. Revenue growth of 38.62% is encouraging, but it is coming with large losses and negative cash flow. I would require a much lower price or a clear path to positive cash earnings before calling this a bargain.

In plain English: Picard Medical makes an artificial heart called SynCardia TAH. The business is small and unprofitable: in fiscal 2025, the year ended 2025-12-31, it reported $4.9 million of revenue and a $27.0 million net loss, and it is using cash. At the 2026-10-13 close of $15.33, the price looks expensive compared with its sales and assets and its lack of profits.

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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)

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