Pulse Biosciences, Inc.

PLSENASDAQHealthcare● Active

$25.45

+$0.12(+0.45%)

Market Cap$1.8B

P/E Ratio—

52W High$27.98

52W Low$12.56

Avg Volume301K

Open$25.59

Beta1.66

Free Cash Flow Financials Revenue

Pulse Biosciences, Inc. (PLSE) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

PLSE · free cash flow · updated Jun 8, 2026

Core FCF metrics

PLSE · FCF · TTM · margin & CAGR

Free cash flow was −$54.4M for FY2025 (fiscal year ending 2025-12-31), down 49.3% year-over-year

FY2025 Free Cash Flow−$54.4M▼ -49.3% YoY

Trailing 12M (TTM)−$55.5Mtrailing 4 quarters sum

FCF Margin< −999%−$54.4M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

PLSE · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$54.1M(0M)−$54.4M▼ 49.3%—

FY2024−$36.3M(0M)−$36.5M▼ 10.0%—

FY2023−$33.0M(0M)−$33.2M▲ +30.1%—

FY2022−$47.0M(0M)−$47.4M▲ +13.1%—

FY2021−$54.1M(0M)−$54.5M▼ 52.3%—

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

PLSE · P/FCF · FCF yield · FCF per share

Pulse Biosciences, Inc. (PLSE) reported negative free cash flow of −$0.05B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

PLSE · cash flow statement · operating / investing / financing

For FY2025, Pulse Biosciences, Inc. generated −$54.1M in operating cash flow and spent 0M in capital expenditures, yielding −$54.4M in free cash flow.

Operating Activities

−$54.1M

Cash from core business operations

2025-12-31

Investing Activities

−$0.3M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$17.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$54.1M) − |CapEx| (0M) = FCF (−$54.4M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

PLSE vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Pulse Biosciences, Inc.YOU

PLSE

−$54.4M-49.3%-15553.4%

Loss

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Pulse Biosciences, Inc. (PLSE) reported free cash flow of −$54.4M for FY2025 (fiscal year ending 2025-12-31), down 49.3% year-over-year.

Pulse Biosciences, Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 12 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

PLSE free cash flow · 8 questions

Pulse Biosciences, Inc. free cash flow was −$54.4M for FY2025, down 49.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$55.5M.

PLSE free cash flowPLSE FCFPLSE FCF 2025PLSE free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Pulse Biosciences, Inc. · Pulse Biosciences, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026