SequelSEC

Picard Medical, Inc. PMI

Surgical & Medical Instruments & Apparatus · CIK 0002030617 · Fiscal year ends 1231

Revenue
$4.94M
Fiscal year ended 2025-12-31
Operating income
-$13.26M
Fiscal year ended 2025-12-31
Free cash flow
Unavailable
Fiscal year ended 2025-12-31

Valuation, from the filing

Public float$130.82MMarket value of stock held by non-affiliates, as stated on the cover page for 2025-09-02
Float per share$1.42Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself.
Float / revenue26.5×A lower bound on the multiple, because affiliate holdings are excluded.
Float / equity34.5×A lower bound on the multiple, because affiliate holdings are excluded.

Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-09-02, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.

How this compares in its industry

Percentile among the Surgical & Medical Instruments & Apparatus filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.

MeasureReportedPercentile
Gross margin-4.1%4th
Net margin-546.6%13th
Current ratio1.11x16th
Operating margin-268.4%19th
R&D / revenue61.7%79th
SBC / revenue15.3%68th
Revenue YoY growth12.5%46th

Picard Medical, Inc. (PMI) reported revenue of $4.94M and net income of -$27.00M for the fiscal year ended 2025-12-31. This page shows 2 annual periods of income statement, balance sheet and cash flow figures normalized from Picard Medical, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Surgical & Medical Instruments & Apparatus.

Income

Picard Medical, Inc. income by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-31
Revenue$4.94M$4.39M
Cost of revenue$5.14M$4.50M
Gross profit-$204.00K-$112.00K
Operating income-$13.26M-$13.71M
Net income-$27.00M-$21.06M
Research & development$3.05M$3.38M
Weighted-average diluted sharesUnavailableUnavailable
Pretax income-$26.97M-$21.07M
Income tax expense$35.00K-$15.00K
Diluted EPSUnavailableUnavailable
Selling, general & administrative$10.00M$10.22M
General & administrativeUnavailableUnavailable
Selling & marketingUnavailableUnavailable

Balance

Picard Medical, Inc. balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-31
Cash & equivalents$7.45M$96.00K
Total assets$22.55M$12.11M
Current assets$20.73M$9.79M
Total liabilities$18.76M$35.84M
Current liabilities$18.70M$35.32M
Total equity incl. NCI$3.79M-$44.00M
Temporary (mezzanine) equity$0$20.26M
Inventory$7.30M$8.12M
Accounts receivableUnavailable$513.00K
Goodwill$615.00K$615.00K
Long-term debtUnavailableUnavailable
Accounts payable$2.08M$5.29M

Cash flow

Picard Medical, Inc. cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-31
Operating cash flow-$15.67M-$11.87M
Capital expendituresUnavailableUnavailable
Investing cash flowUnavailable$0
Financing cash flow$27.08M$11.74M
Net change in cash$11.36M-$148.00K
Stock-based compensation$754.00K$886.00K
Common dividends paidUnavailableUnavailable
Common share repurchasesUnavailableUnavailable
Depreciation & amortization$163.00K$226.00K

Derived

Picard Medical, Inc. derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-31
Free cash flowUnavailableUnavailable
Gross margin-4.1%-2.6%
Operating margin-268.4%-312.3%
FCF marginUnavailableUnavailable
SBC / revenue15.3%20.2%
Current ratio1.11x0.28x
Revenue YoY growth12.5%Unavailable
Net margin-546.6%-479.5%
R&D / revenue61.7%77.0%
CapEx / revenueUnavailableUnavailable
Long-term debt / equityUnavailableUnavailable
Effective tax rateUnavailableUnavailable

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open PMI in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-08-19View SEC filing
10-Q · Filed 2026-05-15View SEC filing
10-K · Filed 2026-03-30View SEC filing
10-Q · Filed 2025-11-14View SEC filing
10-Q · Filed 2025-09-12View SEC filing

Companies in the same industry

Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.