A Business at a Glance
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Penumbra Inc
PEN
$12.5B
Mkt Cap
$318.73
+0.26%
Penumbra Inc (PEN) has a current P/E ratio of 70.5, compared to its historical median P/E of 70.1. The stock is currently considered Expensive based on its historical valuation range.
Penumbra Inc (PEN) has a 5-year average return on invested capital (ROIC) of 5.4%. This is below average and may indicate limited pricing power.
Penumbra Inc (PEN) has a market capitalization of $12.6B. It is classified as a large-cap stock.
Penumbra Inc (PEN) does not currently pay a regular dividend.
Based on historical P/E analysis, Penumbra Inc (PEN) appears expensive. The current P/E of 70.5 is 1% above its historical median of 70.1. The estimated fair value CAGR (P/E method) is 26.2%.
Penumbra Inc (PEN) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
Penumbra Inc (PEN) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Penumbra is the world's leading thrombectomy company focused on developing innovative technologies for treating challenging vascular conditions including ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia through computer-assisted vacuum thrombectomy (CAVT) and related products that remove blood clots from head-to-toe. The company operates through two primary business segments: thrombectomy (including neurovascular and neurosurgical products) and embolization and access (including peripheral embolization and vascular access technologies), with a broad portfolio of proprietary aspiration catheters, coils, and mechanical devices developed since 2007. Penumbra distributes its products primarily through a direct sales organization in the United States, most of Europe, Canada, Australia, and Singapore, as well as through distributors in select international markets, serving specialist physicians and healthcare providers who value the cost-effectiveness and clinical benefits of its differentiated technologies. The company's competitive moat is built on its highly efficient product innovation process, deep understanding of target end markets, strong relationships with specialist physicians, and proprietary technologies such as its SENDit technology and Bolt platform that enable rapid clot extraction with speed, safety, and simplicity. Unit economics are characterized by improving gross margins through favorable product mix and manufacturing productivity, with the company targeting over 70% gross margin by end of 2026, while maintaining a capital-efficient model supported by a manufacturing facility expansion in Costa Rica to support future growth.
【Margin expansion and innovation momentum】 Management expects continued gross margin expansion toward over 70% by end of 2026 through favorable product mix, productivity improvements, and new product launches, with operating margin expansion anticipated to outpace gross margin expansion as the company prioritizes profitable growth. The company is well-positioned to capitalize on long-term growth drivers through targeted commercial team investments in both thrombectomy and embolization segments, with particular optimism around the anticipated introduction of next-generation products like Thunderbolt and Flash 3.0 that are expected to catalyze market adoption similar to historical innovation cycles. International markets are expected to return to growth as China headwinds ease, with strong momentum anticipated across peripheral and neuro business units supported by published clinical data from trials like STORM-PE that demonstrate CAVT's ease of use and safety profile. Management is executing at a high level across commercial and market access initiatives while continuing to invest in high-quality clinical studies to support regulatory submissions and demonstrate the value proposition of differentiated current and forthcoming products.
| Metric | Target | Period |
|---|---|---|
| Revenue | $1,375,000,000–$1,380,000,000 | FY2025 |
| Gross margin | over 70% | end of 2026 |
Revenue (FY2025): “we are raising our revenue guidance for the year to $1,375 ,000,000-$1,380 ,000,000”
Gross margin (end of 2026): “we remain on track and are well-positioned to achieve a gross margin profile of over 70% by the end of 2026”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call, Q3 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.4B | 1.2B | 1.1B | 847M | 748M |
| Net Income | 171M | 178M | 14M | 91M | -2.0M | 5.3M |
| EPS | $4.35 | $4.52 | $0.36 | $2.32 | $-0.05 | $0.14 |
| Free Cash Flow | 213M | 175M | 147M | 82M | -75M | -12M |
| ROIC | 17.9% | 16.9% | 0.7% | 8.4% | 0.5% | 0.6% |
| Gross Margin | 67.4% | 67.1% | 63.2% | 64.5% | 63.2% | 63.6% |
| Debt/Equity | 0.02 | 0.15 | 0.02 | 0.02 | 0.03 | 0.03 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 187M | 189M | 9.3M | 74M | 6.1M | -7.5M |
| Operating Margin | 12.9% | 13.5% | 0.8% | 6.9% | 0.7% | -1.0% |
| ROE | 11.6% | 13.8% | 1.2% | 8.4% | -0.2% | 0.7% |
| Shares Outstanding | 40M | 39M | 39M | 39M | 40M | 38M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 126M | 186M | 263M | 334M | 445M | 547M | 560M | 748M | 847M | 1.1B | 1.2B | 1.4B | 1.5B |
| Gross Margin | 66.0% | 66.7% | 64.9% | 65.1% | 65.7% | 68.0% | 60.3% | 63.6% | 63.2% | 64.5% | 63.2% | 67.1% | 67.4% |
| R&D | 16M | 18M | 24M | 32M | 36M | 52M | 90M | 105M | 79M | 84M | 95M | 90M | 90M |
| SG&A | 64M | 102M | 148M | 184M | 226M | 273M | 287M | 378M | 450M | 506M | 574M | 663M | 703M |
| EBIT | 3.0M | 4.2M | -1.4M | 1.2M | -852K | 48M | -39M | -7.5M | 6.1M | 74M | 9.3M | 189M | 187M |
| Op. Margin | 2.4% | 2.2% | -0.5% | 0.3% | -0.2% | 8.7% | -6.9% | -1.0% | 0.7% | 6.9% | 0.8% | 13.5% | 12.9% |
| Net Income | -833K | 1.1M | 15M | 4.7M | 6.6M | 48M | -16M | 5.3M | -2.0M | 91M | 14M | 178M | 171M |
| Net Margin | -0.7% | 0.6% | 5.6% | 1.4% | 1.5% | 8.9% | -2.8% | 0.7% | -0.2% | 8.6% | 1.2% | 12.7% | 11.8% |
| Non-Recurring | -21K | -43K | -143K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.0M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 3.5% | 0.7% | 5.9% | 1.4% | 1.6% | 14.8% | -2.7% | 0.6% | 0.5% | 8.4% | 0.7% | 16.9% | 17.9% |
| ROE | 8.2% | 1.0% | 5.9% | 1.4% | 1.6% | 10.7% | -2.8% | 0.7% | -0.2% | 8.4% | 1.2% | 13.8% | 11.6% |
| ROA | -1.4% | 0.6% | 5.2% | 1.2% | 1.3% | 8.2% | -2.1% | 0.5% | -0.2% | 6.2% | 0.9% | 10.6% | 9.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -6.4M | -21M | -13M | 13M | 29M | 27M | -33M | 9.5M | -56M | 97M | 168M | 239M | 277M |
| Free Cash Flow | -10M | -26M | -26M | 159K | 19M | 4.5M | -58M | -12M | -75M | 82M | 147M | 175M | 213M |
| Owner Earnings | -8.6M | -30M | -30M | -8.9M | 4.2M | -2.9M | -72M | -73M | -117M | 20M | 99M | 162M | 200M |
| CapEx | 3.9M | 5.5M | 14M | 13M | 9.6M | 22M | 25M | 21M | 19M | 15M | 21M | 64M | 64M |
| Maint. CapEx | 751K | 1.8M | 2.3M | 3.8M | 6.2M | 8.1M | 13M | 16M | 24M | 27M | 24M | 17M | 17M |
| Growth CapEx | 3.1M | 3.7M | 11M | 8.8M | 3.4M | 14M | 12M | 4.8M | 0 | 0 | 0 | 46M | 47M |
| D&A | 751K | 1.8M | 2.3M | 3.8M | 6.2M | 8.1M | 13M | 16M | 24M | 27M | 24M | 17M | 17M |
| CapEx/OCF | N/A | N/A | N/A | 98.7% | 33.3% | 83.0% | N/A | 222.9% | N/A | 15.6% | 12.6% | 26.7% | 23.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.1% | N/A | 0.0% |
| Stock-Based Comp | 1.4M | 7.3M | 15M | 18M | 18M | 21M | 26M | 66M | 37M | 51M | 46M | 59M | 60M |
| Debt Repayment | 6.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | -107M | -188M | -227M | -161M | -263M | -316M | -325M | -593M |
| Cash & Equiv. | 3.3M | 20M | 13M | 51M | 68M | 73M | 70M | 59M | 70M | 167M | 324M | 187M | 616M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | 27M | 27M | 27M | 25M | 24M | 22M | 21M | 20M |
| Debt/Equity | -1.80 | 0.13 | 0.16 | 0.19 | 0.22 | 0.17 | 0.12 | 0.03 | 0.03 | 0.02 | 0.02 | 0.15 | 0.02 |
| Interest Coverage | 18.8 | 4179.0 | N/A | N/A | N/A | 255.4 | -25.7 | -3.9 | 3.5 | 42.3 | 6.9 | 147.7 | 146.7 |
| Equity | -12M | 233M | 267M | 400M | 422M | 486M | 641M | 954M | 999M | 1.2B | 1.2B | 1.4B | 1.5B |
| Total Assets | 121M | 264M | 308M | 477M | 515M | 666M | 823M | 1.2B | 1.4B | 1.6B | 1.5B | 1.8B | 1.9B |
| Total Liabilities | 22M | 31M | 42M | 76M | 93M | 180M | 185M | 290M | 372M | 377M | 382M | 399M | 425M |
| Intangibles | N/A | N/A | 0 | 24M | 27M | 25M | 11M | 91M | 81M | 71M | 6.5M | 6.2M | 5.9M |
| Retained Earnings | -20M | -17M | -2.7M | 2.0M | 9.1M | 58M | 41M | 46M | 44M | 135M | 60M | 238M | 270M |
| Working Capital | 94M | 216M | 228M | 331M | 345M | 372M | 512M | 558M | 611M | 764M | 793M | 1.0B | 1.1B |
| Current Assets | 115M | 244M | 264M | 382M | 411M | 463M | 618M | 681M | 756M | 915M | 951M | 1.2B | 1.3B |
| Current Liabilities | 21M | 28M | 36M | 52M | 66M | 91M | 106M | 123M | 145M | 151M | 158M | 183M | 212M |
| Per Share Data | |||||||||||||
| EPS | -0.18 | 0.04 | 0.44 | 0.13 | 0.18 | 1.34 | -0.44 | 0.14 | -0.05 | 2.32 | 0.36 | 4.52 | 4.35 |
| Owner EPS | -1.85 | -0.99 | -0.88 | -0.25 | 0.12 | -0.08 | -2.01 | -1.93 | -2.93 | 0.50 | 2.53 | 4.12 | 5.05 |
| Book Value | -2.67 | 7.78 | 7.92 | 11.18 | 11.51 | 13.44 | 17.98 | 25.27 | 24.95 | 30.07 | 29.57 | 36.32 | 37.27 |
| Cash Flow/Share | -1.38 | -0.69 | -0.38 | 0.35 | 0.79 | 0.74 | -0.93 | 0.25 | -1.39 | 2.48 | 4.33 | 6.07 | 4.76 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 4.6M | 29.9M | 33.7M | 35.8M | 36.7M | 36.2M | 35.7M | 37.7M | 40.0M | 39.2M | 38.9M | 39.3M | 39.5M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 688.5 | 144.1 | 735.0 | 692.6 | 122.5 | N/A | N/A | N/A | 110.1 | 666.3 | 70.1 | 73.2 |
| P/FCF | N/A | N/A | N/A | N/A | 238.0 | N/A | N/A | N/A | N/A | 122.0 | 63.4 | 71.2 | 59.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 121.7 | N/A | N/A | N/A | 132.6 | 972.3 | 63.1 | 64.2 |
| Price/Book | N/A | 7.6 | 8.0 | 8.5 | 10.8 | 12.2 | 9.8 | 10.9 | 8.8 | 8.5 | 8.1 | 8.7 | 8.6 |
| Price/Sales | N/A | 7.6 | 7.6 | 9.3 | 10.7 | 9.9 | 12.3 | 13.4 | 8.8 | 9.8 | 7.0 | 7.5 | 8.7 |
| FCF Yield | N/A | -1.5% | -1.2% | 0.0% | 0.4% | 0.1% | -0.9% | -0.1% | -0.9% | 0.8% | 1.6% | 1.4% | 1.7% |
| Market Cap | N/A | 1.8B | 2.1B | 3.4B | 4.6B | 5.9B | 6.3B | 10.4B | 8.8B | 10.0B | 9.3B | 12.5B | 12.6B |
| Avg. Price | N/A | 44.28 | 59.14 | 86.23 | 129.92 | 150.07 | 193.10 | 264.47 | 185.32 | 264.67 | 215.45 | 266.91 | 318.73 |
| Year-End Price | N/A | 55.08 | 63.40 | 95.55 | 124.66 | 164.10 | 175.95 | 276.47 | 220.14 | 255.47 | 239.85 | 316.97 | 318.73 |
Penumbra Inc passes 5 of 9 quality checks, suggesting mixed fundamentals.
Penumbra Inc trades at 70.5x trailing earnings, compared to its 15-year median P/E of 70.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 71.6x vs a median of 67.3x. The company's 5-year average ROIC is 5.4% with a gross margin of 64.3%. At current prices, the estimated annualized return to fair value is +55.4%.
Penumbra Inc (PEN) has a net profit margin of 12.7%. This is a healthy margin.
Penumbra Inc (PEN) generated $175 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Penumbra Inc (PEN) has a debt-to-equity ratio of 0.15. This indicates a conservatively financed balance sheet.
Penumbra Inc (PEN) reported earnings per share (EPS) of $4.52 in its most recent fiscal year.
Penumbra Inc (PEN) has a return on equity (ROE) of 13.8%. This indicates moderate shareholder returns.
Penumbra Inc (PEN) has a 5-year average gross margin of 64.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 13 years of financial data for Penumbra Inc (PEN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Penumbra Inc (PEN) has a book value per share of $36.32, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued gross margin expansion toward over 70% by end of 2026 through favorable product mix, productivity improvements, and new product launches, with operating margin expansion anticipated to outpace gross margin expansion as the company prioritizes profitable growth. The company is well-positioned to capitalize on long-term growth drivers through targeted commercial team investments in both thrombectomy and embolization segments, with particular optimism around the anticipated introduction of next-generation products like Thunderbolt and Flash 3.0 that are expected to catalyze market adoption similar to historical innovation cycles. International markets are expected to return to growth as China headwinds ease, with strong momentum anticipated across peripheral and neuro business units supported by published clinical data from trials like STORM-PE that demonstrate CAVT's ease of use and safety profile. Management is executing at a high level across commercial and market access initiatives while continuing to invest in high-quality clinical studies to support regulatory submissions and demonstrate the value proposition of differentiated current and forthcoming products.
Based on recent SEC filings and earnings calls, Penumbra Inc (PEN) has provided the following forward guidance: Revenue: $1,375,000,000–$1,380,000,000 (FY2025); Gross margin: over 70% (end of 2026).