Company Analysis

Pulmonx Corporation (LUNG)

Nasdaq: LUNG · Surgical & Medical Instruments & Apparatus · Redwood City, CA · filing with the SEC since 2003
Grade5.6
◀ Past 7.0● Present 5.0▶ Future 4.9
1 est.

The grade of Pulmonx Corporation

Nine metrics read from its own filings, by tense
Headline grade
5.6/10
◀ Past7.030% of the headline
● Present5.040% of the headline
▶ Future4.930% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

7.0/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
8.3/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 33% of this tense · 83rd percentile among 121 sector filers · read for itself

From the record

Pulmonx Corporation's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
6.6/10

What has it actually done, year after year?

+24.1% a year over 8 filed years; profitable in 0 of 8.

weight 45% of this tense · 66th percentile among 105 sector filers · read for its customers

From the record

Pulmonx Corporation's 8 filed years say what it did: revenue went from $20 million in fiscal 2018 to $90 million in fiscal 2025, up 24.1% a year; it rose in 7 of 7 years; it never fell from a peak; net income was positive in 0 of 8 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span24.1%top 29% of its family
  • the share of years revenue rosetop 15% of its family
  • the share of filed years with a profitbottom 23% of its family
  • the deepest fall from a revenue peak0.0%top 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
6.1/10

How has it treated the people who own it?

SI estimate 6.1/10, confidence 35 of 100 (one part).

weight 22% of this tense · 61st percentile among 120 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the top 39% of 120 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 120 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Pulmonx Corporation's shareholder treatment is put at 6.1 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 39% of 120 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.0/1040% of the headline grade · 3 of 3 filed

Financial health

as filed
4.8/10

Is it financially healthy right now?

ROE -100%: lost 100¢ per shareholder dollar. Leverage 58%: owes 58¢ per asset dollar.

weight 45% of this tense · 48th percentile among 120 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Pulmonx Corporation lost about 100 cents for every dollar of shareholders' money, and gross profitability: its products earned about 52 cents per dollar of everything the company owns. Leverage: it owed about 58 cents per dollar of assets, and net share issuance: its share count grew 4.0% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 34% of its family
  • return on equitybottom 30% of its family
  • gross profit against assetstop 27% of its family
  • the share count against the year beforetop 44% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
4.8/10

How strong is its position in its industry?

bottom 48% of 109 in its family; net margin -59.7%.

weight 33% of this tense · 48th percentile among 109 sector filers · read for its customers

From the record

Pulmonx Corporation's standing among 109 graded names in its industry family: revenue of $90 million in fiscal 2025 ranks in the top 48% by size; a net margin of -59.7% ranks in the bottom 32%; revenue growth of 19% a year over the last 3 filed years ranks in the top 39% (its annual reports).

What it rests on

  • revenue against the family$90.5Mtop 48% of its family
  • net margin-59.7%bottom 32% of its family
  • three-year revenue growth19.0%top 39% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
5.5/10

What are the people in charge doing?

top 45% of 91 in its family for leadership; chief executive since 2025.

weight 22% of this tense · 55th percentile among 91 sector filers · read for its shareholders

From the record

Pulmonx Corporation's leadership, from its insiders' filings and its current reports: the chief executive on the record is French, Glendon E. III (President and CEO, as filed), filing under that title since 2025-12-03, 11 months (bottom 20% of its family); the 13 officers and directors filing in the last fifteen months have been on the record a median of 6.1 years (top 39%); 3 officer or director changes were reported on Form 8-K since 2023-11-13, against the 13 people in charge now (top 15%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge3 in three years among 13 peopletop 15% of its family
  • the median years the people in charge have filed6.1 yearstop 39% of its family
  • the chief executive's years on the record11 monthsbottom 20% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

4.9/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
6.0/10

How much room does it have to grow?

top 40% of 104 in its family for room to expand.

weight 45% of this tense · 60th percentile among 104 sector filers · read for itself

From the record

Pulmonx Corporation's room to grow, from the newest filed statements (fiscal 2025): cash of $70 million against debt of $37 million leaves 25.5% of its assets as net cash, top 32% of its family; cash from operations less capital spending is -36.3% of revenue (bottom 34%); a gross margin of 74.2% (top 25%); research spending of 21.5% of revenue (top 37%) (its annual report).

What it rests on

  • cash less debt against assets25.5%top 32% of its family
  • cash from operations less capital spending against revenue-36.3%bottom 34% of its family
  • gross margin74.2%top 25% of its family
  • research spending against revenue21.5%top 37% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
3.6/10

What could actually drive growth from here?

bottom 36% of 105 in its family for growth drivers.

weight 33% of this tense · 36th percentile among 105 sector filers · read for its customers

From the record

Pulmonx Corporation's growth drivers, from the filed years to fiscal 2025: revenue grew 19% a year over the last three filed years against 24.1% over all 8, slowing (bottom 36% of its family); the newest year grew 8% (bottom 35%); research spending grew 8.2% a year (top 45%); capital spending grew -30% a year (bottom 19%) (its annual reports). Pulmonx Corporation tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span-5.0 points a yearbottom 36% of its family
  • the newest year's revenue growth8.0%bottom 35% of its family
  • three-year growth of research spending8.2%top 45% of its family
  • three-year growth of capital spending-30.0%bottom 19% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
4.8/10

Did its newest year beat what its own record pointed to?

bottom 48% of 88 in its family for expectations against reality.

weight 22% of this tense · 48th percentile among 88 sector filers · read for its shareholders

From the record

Pulmonx Corporation's newest year against its own record: revenue of $90 million in fiscal 2025 came in 13.6% below the $105 million its prior three years' pace pointed to (bottom 28% of its family); net income of $54 million against a prior three-year average of $59 million (bottom 43%); a net margin of -59.7% against -88.6% before (top 28%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-13.6%bottom 28% of its family
  • net income against the prior three years' average+8%bottom 43% of its family
  • net margin against its prior average+28.9 pointstop 28% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton LUNG · research, not advice