Pulmonx Corporation — Earnings Quality Grade F
LUNG · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 49 days, change -8 days YoY
AR growth -8.0% vs revenue growth 8.0%
Revenue 8.0%, CFFO -2.7%. Cash follows revenue
Expense Quality
Inventory -6.3% vs COGS 7.2%. Normal
CapEx growth -68.8% vs revenue 8.0%. Normal
SG&A/Gross Profit = 150.9%, exceeds 70%
Gross margin 74.2%, change +0.2pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -16.7%. Low accruals
Cash $0.1B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 4% of equity. Manageable
Interest coverage = -17.0x (<2x). Financial stress
Other assets grew 78.4% vs revenue 8.0%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -3.03 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25