Pulmonx Corporation

LUNG

HealthcareMedical - DevicesNASDAQ

$1.33

Market Cap: $56.18M

Pulmonx Corporation (LUNG) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$1.22 – $37.76	$8.76	+544.4%
▸ Trading Multiples
EV/Revenue	$1.25 – $4.41	$3.10	+127.8%

Valuation History

DCF Analysis

Pulmonx Corporation (LUNG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.76

Market Price

$1.33

Upside / Downside

+558.6%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -59.3% to a target of 13.3% over 5 years, discounted at a WACC of 7.7%, Pulmonx Corporation (LUNG) has an intrinsic value of $8.76 per share (range: $1.22 – $37.76).

Key Assumptions

Current Operating Margin

-59.3%

Target Operating Margin

13.3%

WACC

7.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.7%

Target CapEx/Rev

6.0%

D&A/Revenue

3.9%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	91	0.4%	-44.8%	-41	-41	4	(3)	10	-50	-48
2027	108	18.5%	-30.2%	-33	-33	4	(4)	6	-38	-34
2028	155	44.0%	-15.7%	-24	-24	6	(6)	18	-42	-35
2029	271	74.8%	-1.2%	-3	-3	10	(11)	43	-47	-36
2030	365	34.5%	13.3%	49	38	14	(16)	35	2	1
2031	418	14.6%	13.3%	56	44	16	(20)	20	21	14
2032	469	12.3%	13.3%	63	49	18	(23)	19	25	15
2033	516	10.0%	13.3%	69	54	20	(28)	17	29	17
2034	556	7.6%	13.3%	74	59	21	(31)	15	34	18
2035	585	5.3%	13.3%	78	62	23	(35)	11	38	19

Enterprise Value Bridge

Sum of PV(FCFF)-68

Terminal Value (Gordon Growth at 3.0%)833

PV of Terminal Value411

Enterprise Value343

(–) Net Debt-14

Equity Value357

(÷) Shares Outstanding41

Fair Value per Share$8.76

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
5.7%	$2	$11	$20	$29	$38
6.7%	$-0	$6	$13	$19	$25
7.7%	$-1	$4	$9	$14	$19
8.7%	$-2	$2	$6	$10	$14
9.7%	$-2	$1	$4	$8	$11

Current price: $1.33. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 37.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.10

Market Price

$1.33

Upside / Downside

+132.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Pulmonx Corporation (LUNG) has a fair value of $3.10 based on 6 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Pulmonx CorporationLUNG	54	0.4x	0.4x
Vaxart, Inc.VXRT	150	0.4x	4.9x
Edap Tms S.a.EDAP	130	1.8x	1.9x
Assertio Holdings, Inc.ASRT	124	1.3x	1.3x
Hyperfine, Inc.HYPR	93	4.3x	4.4x
TScan Therapeutics, Inc.TCRX	59	0.1x	0.1x
TELA Bio, Inc.TELA	28	0.4x	0.4x
Industry Median		0.9x	1.6x
(*) Revenue		90	91
= Enterprise Value		78	146
(-) Net Debt		-14	-14
Equity Value		92	160
(/) Outstanding shares		41	41
Fair Price		$2	$4

Selected Fair Value (avg of trailing + forward)

$3.10

+132.8%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$1.22 – $37.76

$8.76

+544.4%

▸ Trading Multiples

EV/Revenue

$1.25 – $4.41

$3.10

+127.8%

DCF Analysis

Pulmonx Corporation (LUNG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.76

Market Price

$1.33

Upside / Downside

+558.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-59.3%

Target Operating Margin

13.3%

WACC

7.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.7%

Target CapEx/Rev

6.0%

D&A/Revenue

3.9%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	91	0.4%	-44.8%	-41	-41	4	(3)	10	-50	-48
2027	108	18.5%	-30.2%	-33	-33	4	(4)	6	-38	-34
2028	155	44.0%	-15.7%	-24	-24	6	(6)	18	-42	-35
2029	271	74.8%	-1.2%	-3	-3	10	(11)	43	-47	-36
2030	365	34.5%	13.3%	49	38	14	(16)	35	2	1
2031	418	14.6%	13.3%	56	44	16	(20)	20	21	14
2032	469	12.3%	13.3%	63	49	18	(23)	19	25	15
2033	516	10.0%	13.3%	69	54	20	(28)	17	29	17
2034	556	7.6%	13.3%	74	59	21	(31)	15	34	18
2035	585	5.3%	13.3%	78	62	23	(35)	11	38	19

Enterprise Value Bridge

Sum of PV(FCFF)-68

Terminal Value (Gordon Growth at 3.0%)833

PV of Terminal Value411

Enterprise Value343

(–) Net Debt-14

Equity Value357

(÷) Shares Outstanding41

Fair Value per Share$8.76

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
5.7%	$2	$11	$20	$29	$38
6.7%	$-0	$6	$13	$19	$25
7.7%	$-1	$4	$9	$14	$19
8.7%	$-2	$2	$6	$10	$14
9.7%	$-2	$1	$4	$8	$11

Current price: $1.33. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 37.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.10

Market Price

$1.33

Upside / Downside

+132.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Pulmonx Corporation (LUNG) has a fair value of $3.10 based on 6 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Pulmonx CorporationLUNG	54	0.4x	0.4x
Vaxart, Inc.VXRT	150	0.4x	4.9x
Edap Tms S.a.EDAP	130	1.8x	1.9x
Assertio Holdings, Inc.ASRT	124	1.3x	1.3x
Hyperfine, Inc.HYPR	93	4.3x	4.4x
TScan Therapeutics, Inc.TCRX	59	0.1x	0.1x
TELA Bio, Inc.TELA	28	0.4x	0.4x
Industry Median		0.9x	1.6x
(*) Revenue		90	91
= Enterprise Value		78	146
(-) Net Debt		-14	-14
Equity Value		92	160
(/) Outstanding shares		41	41
Fair Price		$2	$4

Selected Fair Value (avg of trailing + forward)

$3.10

+132.8%