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Pulmatrix, Inc (PULM) fair value: what the stock is really worth

As of Oct 5, 2026: fair value of Pulmatrix, Inc $1.04, price $1.48, upside -29.7%, quality 49 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 US74584P3010

PI Pulmatrix, Inc logo Thin data Oct 3, 2026

Pulmatrix, Inc

PULM · US

Weak valuationQuality is weak on top of the rich price.

Low debt
Ranks above peers (5/7)
Quality 49/100
Fair value $1.04 · Overvalued (−29.7%)
Weak Growth (revenue 5y −0.3 %/yr in USD)
Negative free cash flow
Narrow moat 9/100
Thin data
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What runs behind every stock

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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$20.20 $1.19 Fair Value $1.04 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range $1.19 – $20.20 · fair‑value band $0.6900 – $1.30 · the $1.48 price screens above the $1.04 fair value. Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

Pulmatrix, Inc., a biopharmaceutical company, focused on development of novel inhaled therapeutic products to prevent and treat migraine and respiratory diseases with unmet medical needs in the United States.

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Pulmatrix, Inc., a biopharmaceutical company, focused on development of novel inhaled therapeutic products to prevent and treat migraine and respiratory diseases with unmet medical needs in the United States. The company offers iSPERSE, an engineered dry powder delivery platform, which enables delivery of small or large molecule drugs to the lungs by inhalation for local or systemic applications. It engages in developing PUR1800, a narrow spectrum kinase inhibitor completed Phase 1b clinical trials for the treatment of acute exacerbations in chronic obstructive pulmonary disease; PUR1900 for the treatment of allergic bronchopulmonary aspergillosis in patients with asthma and cystic fibrosis; and PUR3100, an iSPERSE formulation of dihydroergotamine which is in Phase 1 for the treatment of acute migraine. It has a license agreement with RespiVert Ltd. for access to a portfolio of kinase inhibitor compounds. The company was founded in 2003 and is headquartered in Framingham, Massachusetts.

Stock analysis

Pulmatrix, Inc (PULM) currently trades at $1.48, while our model-based Fair Value estimate is $1.04, 29.7% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the evidence level at low.

Scenario range: $0.6900 (bear) to $1.30 (bull), the price of $1.48 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 49/100 (below-average quality), in the Healthcare sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

Pulmatrix, Inc reported revenue of $0 in FY2025 versus $5.2M in FY2021. Reported net income was −$5.2M in FY2025.

Key figures

Market cap $5.4M · EPS (TTM) $−1.14 · Return on equity −98.4% · Return on assets (EBIT) −69.4% · Revenue (TTM) $3.0K · Free cash flow −$5.4M · Net cash $4.1M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 71% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −30%, PULM screens richer than that median.

Fair Value models

Bear $0.6900 Fair Value $1.04 Bull $1.30
Price $1.48 · Upside -29.7%
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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. 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) $0.5200 $0.7000 $1.04 54
All 1 models by family
Asset-Based
NCAV (Graham) $0.5200 $0.7000 $1.04 54

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Quality Score breakdown

Overall quality 49/100

Of which business quality 49 · Market factors (momentum, volatility) 14

Profitability 0
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 68
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 82
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. 1/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+7.0%
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.
+14.7%
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.
−0.3%
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.
+23.0%
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.
−261.6% (2019) → −125.1% (2024)
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

PULM screens overvalued: fair value 30% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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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.Biotechnology · 607 stocks

Beats the industry median on 4/5 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 49 · Above median
Fair Value upside −29.7% · Above median
Profitability
Return on assets −54.7% · Bottom 25%
Operating margin (TTM) 0.0% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 1.42× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · sector 22

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 Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $504.73 $555.20 +10%
Regeneron Pharmaceuticals, Inc REGN $735.20 $1,275 +73%
argenx SE ARGX $959.49 $918.60 −4%
CSL Limited CSL A$175.35 A$192.89 +10%
Samsung Biologics Co 207940 1,354,000 KRW 1,489,400 KRW +10%
BeOne Medicines AG ONC $360.85 $280.94 −22%
Alnylam Pharmaceuticals, Inc ALNY $255.96 $217.88 −15%
Royalty Pharma plc RPRX $58.21 $19.01 −67%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
WuXi Biologics (Cayman) Inc 2269 HK$53.00 HK$58.30 +10%

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Pulmatrix, Inc · Fair Value
$1.04 −30%Fair Value
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Cite: Fair Value Calculator (2026). "Pulmatrix, Inc Fair Value". https://www.fairvalue-calculator.com/stock/PULM

Frequently asked questions

Is Pulmatrix, Inc (PULM) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of $1.04 versus a price of $1.48, about −30% upside (overvalued).
What is the fair value of PULM?
Our model-based fair value for Pulmatrix, Inc is $1.04 (as of Oct 3, 2026), built from audited fundamentals. The current price: $1.48.
What is the quality score of PULM?
Pulmatrix, Inc has a Quality Score of 49/100. 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 Pulmatrix, Inc (PULM)?
Our model-based price target is the fair value of $1.04 (as of Oct 3, 2026) from 1 valuation models. Cautious scenario $0.6900, optimistic scenario $1.30. It is a calculation from audited fundamentals, not an analyst target.
What is the Pulmatrix, Inc stock forecast for 2026?
Our models put fair value at $1.04, about −30% upside versus a price of $1.48 (overvalued). Cautious scenario $0.6900, optimistic scenario $1.30. The calculation is refreshed regularly with new filings.
What is the revenue of Pulmatrix, Inc (PULM)?
Pulmatrix, Inc reported trailing-twelve-month revenue of about $3.0K (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of Pulmatrix, Inc (PULM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pulmatrix, Inc it is $1.04 per share (as of Oct 3, 2026), against a price of $1.48. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Pulmatrix, Inc stock overvalued or undervalued in 2026?
As of Oct 3, 2026, PULM trades above its calculated fair value: price $1.48, fair value $1.04, a gap of about −30% (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 PULM?
No. The price is what the market pays today ($1.48); the fair value is what the company's own numbers justify ($1.04). For Pulmatrix, Inc the two are $0.4400 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pulmatrix, Inc worth?
The market values Pulmatrix, Inc at about $5.4M (market capitalisation, as of Oct 3, 2026). Per share that is $1.48; our models calculate a fair value of $1.04 per share.
What do the bullish and bearish scenarios say about PULM?
Our models span a range for Pulmatrix, Inc: cautious scenario $0.6900, base $1.04, optimistic $1.30 per share (as of Oct 3, 2026, price $1.48). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pulmatrix, Inc (PULM)?
Balance-sheet figures for Pulmatrix, Inc (as of Oct 3, 2026): return on equity −98.4%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is PULM from its 52-week high?
Pulmatrix, Inc trades at $1.48, about 71% below its 52-week high of $5.06 and 24% above the low of $1.19 (as of Oct 5, 2026). Distance from the high says nothing about value: that is what the fair value of $1.04 is for.
Which stocks are comparable to Pulmatrix, Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, CSL Limited, 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 Pulmatrix, Inc stock attractive at the current price?
The data as of Oct 3, 2026: price $1.48, calculated fair value $1.04 (−30%), Quality Score 49/100, 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 PULM calculated?
We run Pulmatrix, Inc 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 $1.04, 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 15.0 % above its aggregate fair value. Pulmatrix, Inc 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 Pulmatrix, Inc (PULM)?
The closing price on Oct 5, 2026 was $1.48. Our model-based fair value is $1.04, about −30% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pulmatrix, Inc right now?
The price sits above even our optimistic bull case ($1.30). The favourable scenario is already priced in. Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($0.6900 to $1.30) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Pulmatrix, Inc

How large is the market capitalisation of Pulmatrix, Inc (PULM)?
The market capitalisation of Pulmatrix, Inc is $5.4M. 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 are the earnings per share of Pulmatrix, Inc (PULM)?
Earnings per share at Pulmatrix, Inc are $−1.14. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Pulmatrix, Inc (PULM)?
The return on equity (ROE) of Pulmatrix, Inc is −98.4% (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 Pulmatrix, Inc (PULM)?
On an EBIT basis the return on assets of Pulmatrix, Inc is −69.4% (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.
How much free cash flow does Pulmatrix, Inc (PULM) generate?
The free cash flow of Pulmatrix, Inc is −$5.4M (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 Pulmatrix, Inc (PULM) hold?
Pulmatrix, Inc holds more cash than debt, $4.1M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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