Pulmatrix, Inc.

PULM

HealthcareBiotechnologyNASDAQ

$1.30

Market Cap: $4.75M

Pulmatrix, Inc. (PULM) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.64 – $16.99	$1.51	+14.3%
▸ Trading Multiples
EV/Revenue	$3.42 – $41.46	$22.97	+1639.8%

Valuation History

DCF Analysis

Pulmatrix, Inc. (PULM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.51

Market Price

$1.30

Upside / Downside

+16.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -125.1% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, Pulmatrix, Inc. (PULM) has an intrinsic value of $1.51 per share (range: $0.64 – $16.99).

Key Assumptions

Current Operating Margin

-125.1%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.6%

Target CapEx/Rev

28.2%

D&A/Revenue

18.8%

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)
2025	7	-10.3%	-97.4%	-7	-7	1	(0)	0	-6	-6
2026	16	134.9%	-69.7%	-11	-11	3	(2)	-1	-9	-8
2027	28	67.3%	-42.0%	-12	-12	5	(3)	-1	-9	-7
2028	32	14.7%	-14.3%	-5	-5	6	(4)	-0	-3	-2
2029	36	14.7%	13.3%	5	4	7	(6)	-0	5	3
2030	41	12.8%	13.3%	5	4	8	(8)	-0	5	3
2031	45	10.8%	13.3%	6	5	9	(10)	-0	4	2
2032	49	8.9%	13.3%	7	5	9	(12)	-0	3	2
2033	53	6.9%	13.3%	7	6	10	(14)	-0	2	1
2034	55	5.0%	13.3%	7	6	10	(16)	-0	1	0

Enterprise Value Bridge

Sum of PV(FCFF)-11

Terminal Value (Gordon Growth at 3.0%)15

PV of Terminal Value7

Enterprise Value-4

(–) Net Debt-10

Equity Value6

(÷) Shares Outstanding4

Fair Value per Share$1.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$-3	$-2	$3	$10	$17
7.7%	$-3	$-2	$2	$7	$13
8.7%	$-3	$-2	$2	$6	$10
9.7%	$-3	$-2	$1	$5	$8
10.7%	$-3	$-2	$1	$4	$7

Current price: $1.30. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -8.6% 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

$22.97

Market Price

$1.30

Upside / Downside

+1666.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Pulmatrix, Inc. (PULM) has a fair value of $22.97 based on 2 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Pulmatrix, Inc.PULM	5	-0.6x	-0.7x
Longeveron Inc.LGVN	26	18.2x	29.1x
Curis, Inc.CRIS	7	0.4x	0.5x
Industry Median		9.3x	14.8x
(*) Revenue		8	7
= Enterprise Value		72	76
(-) Net Debt		-10	-10
Equity Value		82	86
(/) Outstanding shares		4	4
Fair Price		$22	$23

Selected Fair Value (avg of trailing + forward)

$22.97

+1666.6%

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

$0.64 – $16.99

$1.51

+14.3%

▸ Trading Multiples

EV/Revenue

$3.42 – $41.46

$22.97

+1639.8%

DCF Analysis

Pulmatrix, Inc. (PULM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.51

Market Price

$1.30

Upside / Downside

+16.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-125.1%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.6%

Target CapEx/Rev

28.2%

D&A/Revenue

18.8%

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)
2025	7	-10.3%	-97.4%	-7	-7	1	(0)	0	-6	-6
2026	16	134.9%	-69.7%	-11	-11	3	(2)	-1	-9	-8
2027	28	67.3%	-42.0%	-12	-12	5	(3)	-1	-9	-7
2028	32	14.7%	-14.3%	-5	-5	6	(4)	-0	-3	-2
2029	36	14.7%	13.3%	5	4	7	(6)	-0	5	3
2030	41	12.8%	13.3%	5	4	8	(8)	-0	5	3
2031	45	10.8%	13.3%	6	5	9	(10)	-0	4	2
2032	49	8.9%	13.3%	7	5	9	(12)	-0	3	2
2033	53	6.9%	13.3%	7	6	10	(14)	-0	2	1
2034	55	5.0%	13.3%	7	6	10	(16)	-0	1	0

Enterprise Value Bridge

Sum of PV(FCFF)-11

Terminal Value (Gordon Growth at 3.0%)15

PV of Terminal Value7

Enterprise Value-4

(–) Net Debt-10

Equity Value6

(÷) Shares Outstanding4

Fair Value per Share$1.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$-3	$-2	$3	$10	$17
7.7%	$-3	$-2	$2	$7	$13
8.7%	$-3	$-2	$2	$6	$10
9.7%	$-3	$-2	$1	$5	$8
10.7%	$-3	$-2	$1	$4	$7

Current price: $1.30. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -8.6% 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

$22.97

Market Price

$1.30

Upside / Downside

+1666.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Pulmatrix, Inc. (PULM) has a fair value of $22.97 based on 2 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Pulmatrix, Inc.PULM	5	-0.6x	-0.7x
Longeveron Inc.LGVN	26	18.2x	29.1x
Curis, Inc.CRIS	7	0.4x	0.5x
Industry Median		9.3x	14.8x
(*) Revenue		8	7
= Enterprise Value		72	76
(-) Net Debt		-10	-10
Equity Value		82	86
(/) Outstanding shares		4	4
Fair Price		$22	$23

Selected Fair Value (avg of trailing + forward)

$22.97

+1666.6%