Lung ultrasound imaging is challenging due to multiple scattering (MS) from alveoli. Conventional B-mode does not provide lung microstructure images. However, MS signals can provide valuable information about structure and alveolar distribution and investigating conditions such as pulmonary edema. Lung edema results in fluid buildup in interstitial spaces and alveoli, affecting density of alveoli. Previously, we demonstrated that changes in the distribution of scatterers due to edema result in changes in the wave diffusion regime and the scattering mean free path was sensitive to lung injury due to induced edema in rodents. In the present study, we introduce a novel way of quantifying MS in lungs by isolating the single scattering (SS) and MS contributions and processing them separately. After inducing different severity of edema using ischemia reperfusion injury in 18 rats, full synthetic aperture transmit sequences were used to acquire backscattered signals. The SS/MS contributions were separated using singular value decomposition. The separated SS/MS intensities were calculated and a new parameter defined as the rate of decay in intensity with depth. To assess edema severity and method validation, ex vivo CT lung images were assigned scores compared with this novel biomarker (R = 0.47, p = 0.021). Lung wet/dry ratio was also compared (R = 0.52, p = 0.009).