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Picard Medical, Inc.
(PMI)
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Rating:49Neutral
Price Target:
$11.50
▲(197.93% Upside)
Action:Reiterated
Date:10/13/26
The score is held back primarily by ongoing heavy losses and substantial cash burn despite improving revenue and gross margin, which keeps funding and execution risk elevated. Technically, the stock shows strong momentum above key moving averages, but overbought readings increase pullback risk. Corporate developments are mildly supportive (listing compliance plan and governance changes), while valuation remains unattractive/unclear due to negative earnings and no dividend yield.
Positive Factors
Revenue and Gross Margin Improvement
Improving revenue and gross margin indicate stronger commercial traction and better unit economics than in the prior period. If maintained, this combination can expand the company’s contribution toward fixed costs, support investment in its medical-device platforms, and improve future operating leverage.
Negative Factors
Persistent Cash Burn
Sustained operating and free-cash-flow deficits show that the business is not yet self-funding. Continued cash burn can force reliance on external capital, constrain investment choices, and increase financing pressure if revenue growth does not translate into lower operating outflows over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Gross Margin Improvement
Improving revenue and gross margin indicate stronger commercial traction and better unit economics than in the prior period. If maintained, this combination can expand the company’s contribution toward fixed costs, support investment in its medical-device platforms, and improve future operating leverage.
Read all positive factors
Picard Medical, Inc. (PMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$35.85M
Dividend YieldN/A
Average Volume (3M)379.45K
Price to Earnings (P/E)―
Beta (1Y)-1.64
Revenue Growth41.00%
EPS Growth0.82%
CountryUS
Employees75
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-20.46
Shares Outstanding2,338,634
10 Day Avg. Volume481,113
30 Day Avg. Volume379,455
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)34.04
Price to Sales (P/S)26.11
P/FCF Ratio-8.23
Enterprise Value/Market Cap0.47
Enterprise Value/Revenue2.65
Enterprise Value/Gross Profit10.60
Enterprise Value/Ebitda-0.69
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-8.5
Revenue Forecast (FY)$5.50M
Picard Medical, Inc. Business Overview & Revenue Model
Company Description
Picard Medical, Inc., through its associated companies, is dedicated to the entire process of medical device commercialization, from initial design and manufacturing to production, distribution, marketing, and sales. A key product in its portfolio...
Picard Medical, Inc. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
44
Neutral
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.30M | 4.94M | 4.39M | 5.04M | 4.11M |
| Gross Profit | 1.58M | 200.00K | -112.00K | -2.31M | -4.99M |
| EBITDA | -24.05M | -26.49M | -17.46M | -14.85M | -10.61M |
| Net Income | -27.99M | -27.00M | -21.05M | -15.57M | -11.17M |
Balance Sheet | |||||
| Total Assets | 9.17M | 22.55M | 12.11M | 11.37M | 15.44M |
| Cash, Cash Equivalents and Short-Term Investments | 38.00K | 7.45M | 96.00K | 244.00K | 152.00K |
| Total Debt | 878.00K | 6.97M | 20.93M | 9.41M | 1.96M |
| Total Liabilities | 7.45M | 18.76M | 35.84M | 14.93M | 4.07M |
| Stockholders Equity | 1.72M | 3.79M | -23.74M | -3.55M | 11.37M |
Cash Flow | |||||
| Free Cash Flow | -16.07M | -15.67M | -11.87M | -10.64M | -10.75M |
| Operating Cash Flow | -16.04M | -15.67M | -11.87M | -10.63M | -10.72M |
| Investing Cash Flow | -26.00K | 0.00 | 0.00 | -9.00K | -37.00K |
| Financing Cash Flow | 15.69M | 27.08M | 11.74M | 10.84M | 5.52M |
Picard Medical, Inc. Technical Analysis
Positive
3.86
Price Trends
5.81
Positive
6.96
Positive
32.25
Negative
Market Momentum
1.87
Negative
68.71
Neutral
77.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PMI, the sentiment is Positive. The current price of 3.86 is below the 20-day moving average (MA) of 7.01, below the 50-day MA of 5.81, and below the 200-day MA of 32.25, indicating a neutral trend. The MACD of 1.87 indicates Negative momentum. The RSI at 68.71 is Neutral, neither overbought nor oversold. The STOCH value of 77.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PMI.
Picard Medical, Inc. Risk Analysis
Picard Medical, Inc. disclosed 56 risk factors in its most recent earnings report. Picard Medical, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
Picard Medical, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | $8.95M | -0.43 | -123.09% | ― | ― | 87.54% | |
49 Neutral | $35.85M | -0.62 | -931.09% | ― | 41.00% | 0.82% | |
47 Neutral | $14.97M | -0.94 | -816.25% | ― | -27.70% | 61.44% | |
40 Underperform | $5.90M | -0.06 | -267.73% | ― | ― | 64.78% |
* General Sector Average
PMI
Picard Medical, Inc.
12.68
-516.82
-97.61%
AEMD
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5.05
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HSCS
Heart Test Laboratories, Inc.
3.02
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AMIX
Autonomix Medical, Inc.
2.90
-20.83
-87.78%
Picard Medical, Inc. Corporate Events
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Picard Medical Lowers Shareholder Meeting Quorum Requirement
Positive
Oct 13, 2026
On October 7, 2026, Picard Medical Inc.’s Board of Directors approved an immediate amendment to the company’s Amended and Restated Bylaws, changing the quorum requirement for shareholder meetings. The threshold was reduced from a major...
Private Placements and Financing
Picard Medical Issues Convertible Notes and Equity Warrants
Neutral
Oct 6, 2026
On September 30, 2026, Picard Medical, Inc. issued three unsecured convertible notes totaling $1.0 million to accredited investors, bearing 3.0% annual interest and maturing on September 30, 2027. The notes are convertible into common stock at a p...
Business Operations and StrategyRegulatory Filings and Compliance
Picard Medical Issues Investor Presentation Under Regulation FD
Neutral
Aug 20, 2026
On August 19, 2026, Picard Medical, Inc. published an investor presentation intended for use in its investor relations efforts and other corporate communications. The material was explicitly designated as furnished rather than filed under U.S. sec...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Picard Medical’s NYSE compliance plan supports growth
Positive
Jul 27, 2026
On July 22, 2026, Picard Medical, Inc. received notice that NYSE American accepted its compliance plan to regain adherence to the exchange’s continued listing standards after reporting low stockholders’ equity, a stockholders’ de...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and ComplianceShareholder MeetingsStock Split
Picard Medical announces 1-for-50 reverse stock split
Neutral
Jul 22, 2026
On July 21, 2026, Picard Medical, Inc. filed an amendment to its charter in Delaware to implement a 1-for-50 reverse stock split of its common shares, effective at 5:00 p.m. Eastern Time on July 31, 2026. Every 50 issued and outstanding shares wil...
Business Operations and StrategyExecutive/Board ChangesShareholder MeetingsStock Split
Picard Medical shareholders approve governance and capital changes
Neutral
Jul 21, 2026
At its Annual Meeting of Stockholders held on July 17, 2026, Picard Medical, Inc. shareholders approved all proposals on the agenda, including the election of four directors to serve until the 2027 annual meeting and an advisory vote endorsing exe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.