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Pulmonx Corp (LUNG) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Pulmonx Corp $0.63, price $2.00, upside -68.5%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · US · ISIN US7458481014

PC Pulmonx Corp logo Thin data Sep 23, 2026

Pulmonx Corp

LUNG · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $0.6300 · Strongly overvalued (−69%)
!Quality 44/100
!Mixed Growth (revenue 5y +22.6 %/yr)
!Loss-making · -60.1% net margin (TTM)
!Moderate debt · negative free cash flow
!Trails peers (2/10)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$45.47 $1.17 Fair Value $0.6300 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $1.17 – $45.47 · fair‑value band $0.4100 – $0.7800 · the $2.00 price screens above the $0.6300 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Pulmonx Corporation, a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease.

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Pulmonx Corporation, a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease. It offers Zephyr Endobronchial Valve; and Chartis Pulmonary Assessment System, a balloon catheter and console system with flow and pressure sensors that are used to assess the presence of collateral ventilation. The company also offers LungTraX Platform, a cloud-based quantitative computed tomography analysis service that provides physicians with multiple products, such as LungTraX Connect to improve workup efficiency; LungTraX Detect to enable patient identification; and StratX Lung report that is designed for solution that includes information on emphysema destruction, fissure completeness, and lobar volume to help identify target lobes for treatment with Zephyr Valves. It serves emphysema patients in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company was formerly known as Pulmonx and changed its name to Pulmonx Corporation in December 2013. Pulmonx Corporation was incorporated in 1995 and is headquartered in Redwood City, California.

Stock analysis

Pulmonx Corp (LUNG) currently trades at $2.00, while our model-based Fair Value estimate is $0.6300, implying the stock looks roughly 217.5% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: $0.4100 (bear) to $0.7800 (bull), the price of $2.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 44/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Pulmonx Corp reported revenue of $90.5M in FY2025 versus $48.4M in FY2021, a compound +16.9%/yr. Reported net income was −$54.0M in FY2025.

Key figures

Market cap $81.4M · P/S ratio 0.61 · EPS (TTM) $−1.30 · Net margin −59.7% · Return on equity −86.2% · Return on assets (EBIT) −32.4% · Operating margin −62.9% · Revenue (TTM) $88.5M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 23% below its 52-week high and 71% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 5% fair-value upside, at −69%, LUNG screens richer than that median.

Fair Value models

Bear $0.4100 Fair Value $0.6300 Bull $0.7800
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
NCAV (Graham) $0.6400 $0.8600 $1.28 54
All 1 models by family
Asset-Based
NCAV (Graham) $0.6400 $0.8600 $1.28 54

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Quality Score breakdown

Overall quality 44/100

Of which business quality 43 · Market factors (momentum, volatility) 66

Profitability 28
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 2
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 86
Price trend over the last 3–12 months (market factor)
52W Momentum 51
Distance to the 52-week high (market factor)
Net Issuance 45
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 35/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+8.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.6%
Start year 2020 (pandemic). Over 10 years: +132.7% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+74.3%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−98.8% (2020) → −59.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

LUNG screens 217% overvalued. Compare with Abbott Laboratories, →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Devices · 365 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 43 · Below median
Fair Value upside −69% · Bottom 25%
Profitability
Return on assets −24% · Bottom 25%
Net margin (TTM) −60% · Bottom 25%
Operating margin (TTM) −63% · Bottom 25%
Growth and dividend
Revenue growth −9% · Bottom 25%
Balance sheet
Debt / equity 0.68× · Highest 25%

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/B 1.50× · Cheaper than median
P/S (TTM) 0.92× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 10
FUTURE (revenue growth)0 · sector 31
PAST (return on equity)0 · sector 7
HEALTH (low debt)66 · sector 97
DIVIDEND (yield)0 · sector 40

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Devices stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $103.49 $74.79 −28%
Stryker Corporation SYK $273.40 $300.74 +10%
Medtronic plc MDT $89.30 $65.57 −27%
Boston Scientific Corporation BSX $44.62 $49.08 +10%
Edwards Lifesciences Corporation EW $86.82 $82.04 −6%
Siemens Healthineers AG SHL €37.21 €35.22 −5%
DexCom, Inc DXCM $87.73 $96.50 +10%
GE HealthCare Technologies Inc GEHC $66.27 $69.62 +5%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥156.68 ¥172.35 +10%
Koninklijke Philips N.V PHIA €21.85 €15.32 −30%

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Pulmonx Corp · Fair Value
$0.6300 −217%Fair Value
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Cite: Fair Value Calculator (2026). "Pulmonx Corp Fair Value". https://www.fairvalue-calculator.com/stock/LUNG

Frequently asked questions

Is Pulmonx Corp (LUNG) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $0.6300 versus a price of $2.00, about −69% upside (overvalued).
What is the fair value of LUNG?
Our model-based fair value for Pulmonx Corp is $0.6300 (as of Sep 23, 2026), built from audited fundamentals. The current price: $2.00.
What is the quality score of LUNG?
Pulmonx Corp has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Pulmonx Corp (LUNG)?
Our model-based price target is the fair value of $0.6300 (as of Sep 23, 2026) from 1 valuation models. Cautious scenario $0.4100, optimistic scenario $0.7800. It is a calculation from audited fundamentals, not an analyst target.
What is the Pulmonx Corp stock forecast for 2026?
Our models put fair value at $0.6300, about −69% upside versus a price of $2.00 (overvalued). Cautious scenario $0.4100, optimistic scenario $0.7800. The calculation is refreshed regularly with new filings.
What is the revenue of Pulmonx Corp (LUNG)?
Pulmonx Corp reported trailing-twelve-month revenue of about $88.5M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Pulmonx Corp (LUNG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pulmonx Corp it is $0.6300 per share (as of Sep 23, 2026), against a price of $2.00. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Pulmonx Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, LUNG trades above its calculated fair value: price $2.00, fair value $0.6300, a gap of about −69% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of LUNG?
No. The price is what the market pays today ($2.00); the fair value is what the company's own numbers justify ($0.6300). For Pulmonx Corp the two are $1.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pulmonx Corp worth?
The market values Pulmonx Corp at about $81.4M (market capitalisation, as of Sep 23, 2026). Per share that is $2.00; our models calculate a fair value of $0.6300 per share.
What do the bullish and bearish scenarios say about LUNG?
Our models span a range for Pulmonx Corp: cautious scenario $0.4100, base $0.6300, optimistic $0.7800 per share (as of Sep 23, 2026, price $2.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pulmonx Corp (LUNG)?
Balance-sheet figures for Pulmonx Corp (as of Sep 23, 2026): return on equity −86.2%, debt of 0.68 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is LUNG from its 52-week high?
Pulmonx Corp trades at $2.00, about 23% below its 52-week high of $2.60 and 71% above the low of $1.17 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $0.6300 is for.
Which stocks are comparable to Pulmonx Corp?
From the same area (Healthcare) we also value Abbott Laboratories,, Stryker Corporation, Medtronic plc, Boston Scientific Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Pulmonx Corp stock attractive at the current price?
The data as of Sep 23, 2026: price $2.00, calculated fair value $0.6300 (−69%), Quality Score 44/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of LUNG calculated?
We run Pulmonx Corp through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.6300, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Pulmonx Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Pulmonx Corp (LUNG)?
The closing price on Sep 23, 2026 was $2.00. Our model-based fair value is $0.6300, about −69% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pulmonx Corp right now?
The price sits above even our optimistic bull case ($0.7800). The favourable scenario is already priced in. Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($0.4100 to $0.7800) leaves room in how you read the outcome.

Key figures of Pulmonx Corp

How large is the market capitalisation of Pulmonx Corp (LUNG)?
The market capitalisation of Pulmonx Corp is $81.4M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Pulmonx Corp (LUNG)?
The price-to-sales ratio of Pulmonx Corp is 0.61 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pulmonx Corp (LUNG)?
Earnings per share at Pulmonx Corp are $−1.30. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pulmonx Corp (LUNG)?
The net margin of Pulmonx Corp is −59.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Pulmonx Corp (LUNG)?
The return on equity (ROE) of Pulmonx Corp is −86.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Pulmonx Corp (LUNG)?
On an EBIT basis the return on assets of Pulmonx Corp is −32.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Pulmonx Corp (LUNG)?
The operating margin of Pulmonx Corp is −62.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pulmonx Corp (LUNG)?
Revenue at Pulmonx Corp is growing −8.7% versus a year earlier (3y avg +19.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Pulmonx Corp (LUNG) generate?
The free cash flow of Pulmonx Corp is −$32.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Pulmonx Corp (LUNG) hold?
Pulmonx Corp holds more cash than debt, $13.6M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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