PLSE Healthcare

Pulse Biosciences, Inc.

$52.20-1.32%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Medical Instruments & Supplies
Country: United States
Market cap: 3.7B USD
Enterprise value: 3.6B USD
Full-time employees: 116

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.63 vs a peer median of 0.63)bigger price swings (beta 1.63 vs peers 0.63)

Ranks #1,063 of 1,157 healthcare companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 92% from December 2022 to July 2026.
Pulse Biosciences had 92% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Pulse Biosciences had 92% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 6131% of revenue in 2025.
Pulse Biosciences paid employees $21M in stock in 2025, 6131% of its $0M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 90% of revenue, up from 57% in 2022.
Pulse Biosciences is spending 90% of revenue on facilities and equipment, up from 57% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Pulse Biosciences looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

24/ 100

Oct 5 24 → Nov 4 24

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 3.1% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-2.3%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-1.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield2.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

9/100

Weak

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

12-month revenue up 57.8%

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-20.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score -3.15Sector median: 0.0584 · MAD: 0.0840

Revenue growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

1/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-7007.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -71.87Sector median: 0.0706 · MAD: 0.1217

Return on assets-69.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -11.22Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-1017.0%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsOutlier capped at sector 5th/95th percentile33% base weight · Z-score -16.87Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin0.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-80.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.63

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.96Sector median: 0.6250 · MAD: 0.3380

Current ratio9.63×

SEC filings · latest balance sheetReported value33% base weight · Z-score 5.08Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.07×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.75Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Pulse Biosciences

Is Pulse Biosciences getting weaker?: Its latest SEC filing (Aug 6, 2026) got weaker in some ways: share count up 3.1%. Its overall score is unchanged at 24/100 since Oct 28, 2026.
How is Pulse Biosciences valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -2.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2.2% vs peers 1.5% (weaker than 100% of peers).
Is Pulse Biosciences growing?: More slowly than most of its peers. Growth scores 9/100 against 1,393 healthcare peers. 3-year revenue growth -20.6% vs a peer median of 5.8% (weaker than 94% of peers).3-year revenue growth -20.6% vs peers 5.8% (weaker than 94% of peers).
How profitable is Pulse Biosciences?: Less profitable than most of its peers. Profitability scores 1/100 against 1,393 healthcare peers. Operating margin -7007.8% vs a peer median of 7.1% (weaker than 100% of peers).Operating margin -7007.8% vs peers 7.1% (weaker than 100% of peers).
How risky is Pulse Biosciences?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 9.63× vs a peer median of 2.59× (stronger than 87% of peers).Current ratio 9.63× vs peers 2.59× (stronger than 87% of peers). Beta 1.63 vs a peer median of 0.63 (weaker than 89% of peers).Beta 1.63 vs peers 0.63 (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Share count up 3.1% (existing holders diluted)

Worth watching: Pulse Biosciences is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	751,000 USD	1.2M USD	+57.8%
Net income (12 months)	−74.6M USD	−80.1M USD	+7.4%
Operating margin	-10392.1%	-7007.8%	+3384.4 pts
Free cash flow (12 months)	−55.5M USD	−61.4M USD	+10.6%
Cash	68.3M USD	101.6M USD	+48.7%
Shares outstanding	69.2M	71.3M	+3.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Instruments & Supplies · 25 companies

Valuations in Medical Instruments & Supplies are near the bottom of their range since Jul 2018.

18% of months since Jul 2018 were valued lower than now.
0% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +17% vs the whole market, against a usual +86%.

Jul 2018Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	-38.8%	-1606.3%	—	—	-54.0%	—
Operating margin	-4443.9%	-8293.9%	—	—	-21982.6%	—
Net margin	-4489.4%	-8357.9%	—	—	-20794.6%	—
Return on assets (ROA)	-117.3%	-75.1%	-71.4%	-40.5%	-77.0%	▼ 37 pts
Return on equity (ROE)	-178.4%	—	-95.2%	-46.7%	-90.2%	▼ 44 pts
Free cash flow margin	-3845.8%	-6773.4%	—	—	-15553.4%	—
Current ratio	4.30×	10.39×	6.76×	11.88×	10.53×	▼ 11%
Quick ratio	3.62×	10.39×	—	11.88×	10.51×	▼ 12%
Debt to equity	0.01×	—	0.00×	—	—	—

PLSE price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.63 vs a peer median of 0.63)bigger price swings (beta 1.63 vs peers 0.63)

Ranks #1,063 of 1,157 healthcare companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 92% from December 2022 to July 2026.

Pulse Biosciences had 92% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Pulse Biosciences had 92% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 6131% of revenue in 2025.

Pulse Biosciences paid employees $21M in stock in 2025, 6131% of its $0M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 90% of revenue, up from 57% in 2022.

Pulse Biosciences is spending 90% of revenue on facilities and equipment, up from 57% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Pulse Biosciences looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Pulse Biosciences

Is Pulse Biosciences getting weaker?

Its latest SEC filing (Aug 6, 2026) got weaker in some ways: share count up 3.1%. Its overall score is unchanged at 24/100 since Oct 28, 2026.

How is Pulse Biosciences valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -2.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2.2% vs peers 1.5% (weaker than 100% of peers).

Is Pulse Biosciences growing?

More slowly than most of its peers. Growth scores 9/100 against 1,393 healthcare peers. 3-year revenue growth -20.6% vs a peer median of 5.8% (weaker than 94% of peers).3-year revenue growth -20.6% vs peers 5.8% (weaker than 94% of peers).

How profitable is Pulse Biosciences?

Less profitable than most of its peers. Profitability scores 1/100 against 1,393 healthcare peers. Operating margin -7007.8% vs a peer median of 7.1% (weaker than 100% of peers).Operating margin -7007.8% vs peers 7.1% (weaker than 100% of peers).

How risky is Pulse Biosciences?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 9.63× vs a peer median of 2.59× (stronger than 87% of peers).Current ratio 9.63× vs peers 2.59× (stronger than 87% of peers). Beta 1.63 vs a peer median of 0.63 (weaker than 89% of peers).Beta 1.63 vs peers 0.63 (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

751,000 USD

1.2M USD

+57.8%

Net income (12 months)

−74.6M USD

−80.1M USD

+7.4%

Operating margin

-10392.1%

-7007.8%

+3384.4 pts

Free cash flow (12 months)

−55.5M USD

−61.4M USD

+10.6%

Cash

68.3M USD

101.6M USD

+48.7%

Shares outstanding

69.2M

71.3M

+3.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

-38.8%

-1606.3%

—

-54.0%

—

Operating margin

-4443.9%

-8293.9%

—

-21982.6%

—

Net margin

-4489.4%

-8357.9%

—

-20794.6%

—

Return on assets (ROA)

-117.3%

-75.1%

-71.4%

-40.5%

-77.0%

▼ 37 pts

Return on equity (ROE)

-178.4%

—

-95.2%

-46.7%

-90.2%

▼ 44 pts

Free cash flow margin

-3845.8%

-6773.4%

—

-15553.4%

—

Current ratio

4.30×

10.39×

6.76×

11.88×

10.53×

▼ 11%

Quick ratio

3.62×

10.39×

—

11.88×

10.51×

▼ 12%

Debt to equity

0.01×

—

0.00×

—