Pulse Biosciences Valuation

Q: What is the Fair Price of PLSE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

PLSE ($25.89) is trading above our estimate of [[future cash flow value]] ($2.97)

Is PLSE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Below Future Cash Flow Value
Significantly Below Future Cash Flow Value
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of PLSE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

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Below Future Cash Flow Value: PLSE ($25.89) is trading above our estimate of future cash flow value ($2.97)

Significantly Below Future Cash Flow Value: PLSE is trading above our estimate of future cash flow value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PLSE?

Key metric: As PLSE barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for PLSE. This is calculated by dividing PLSE's market cap by their current book value.
What is PLSE's PB Ratio?
PB Ratio	27x
Book	US$66.30m
Market Cap	US$1.79b

PLSE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2304.5x
Enterprise Value/EBITDA	-22.7x
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does PLSE's PB Ratio compare to its peers?

The above table shows the PB ratio for PLSE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	7.1x
SSII SS Innovations International	14.3x	n/a	US$777.8m
KMTS Kestra Medical Technologies	4.4x	18.18%	US$1.3b
PRCT PROCEPT BioRobotics	4.7x	52.83%	US$1.7b
TMDX TransMedics Group	4.8x	11.01%	US$2.4b
PLSE Pulse Biosciences	27x	21.70%	US$1.8b

Price-To-Book vs Peers: PLSE is expensive based on its Price-To-Book Ratio (27x) compared to the peer average (7.1x).

Historical Price to Book Ratio

Historical Price to Book Ratio compares a stock's price to the book value of it's equity over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Book Ratio vs Industry

How does PLSE's PB Ratio compare vs other companies in the US Medical Equipment Industry?

26 Companies	Price / Book	Estimated Growth	Market Cap
QDEL QuidelOrtho	0.4x	103.00%	US$808.75m
STSS Sharps Technology	0.4x	n/a	US$69.98m
RVP Retractable Technologies	0.3x	n/a	US$21.35m
HLTH Cue Health	0.06x	51.01%	US$14.72m

26 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: PLSE is expensive based on its Price-To-Book Ratio (27x) compared to the US Medical Equipment industry average (2.4x).

Price to Book Ratio vs Fair Ratio

What is PLSE's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PLSE PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	27x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate PLSE's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

AnalystPriceTarget

Community Contributor

US$30

Fair Value

13.7% undervalued

Number of Analysts

Analyst Forecast: Insufficient data to show price forecast.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/05/25 11:12
End of Day Share Price	2026/05/22 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Pulse Biosciences, Inc. is covered by 3 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Anthony Petrone	Mizuho Securities USA LLC
Suraj Kalia	Oppenheimer & Co. Inc.
Christopher Cooley	Stephens, Inc.