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Penumbra

PEN NYSE Health Care Equipment Financials FY2016–FY2025

Penumbra's revenue rose 17.5% to $1.4 billion in fiscal 2025. Its operating margin was 13.5%, up from 0.8% a year earlier. Free cash flow was $175 million, up 18.8%.

Last close · Oct 23, 2026

$324.39

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$1.4B
17.5% vs prior year
Operating margin Operating income as a share of revenue.
13.5%
12.7 pts
Net income Profit after all expenses, interest and tax.
$178M
1,169.3%
Free cash flow Cash from operations minus capital spending.
$175M
18.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
18.8%
18.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$12.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
79.7x
On $4.07 EPS (TTM)

About these figures. Penumbra has no borrowings (its 10-K says it carries no debt), so debt is counted as zero.

What Penumbra does

No business description yet.

Legal name
Penumbra, Inc
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001321732-26-000007
0001321732

Revenue and margins

Penumbra had $1.4B of revenue in fiscal 2025, up 17.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 29.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $175M in fiscal 2025, 12.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Penumbra returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Penumbra yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $522M and divides by 39.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 79.7x · peers 33.6x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Penumbra can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $255M$188M$289M$340M$545M
Debt incl. finance leases $28.2M$26.8M$25.9M$24.1M$23.1M
Net debt / EBITDA −25.5x−5.3x−2.6x−9.6x−2.5x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage −3.9x3.5x42.3x6.5x144.4x
Current ratio 5.5x5.2x6.1x6.0x6.6x
Quick ratio 3.4x2.9x3.5x3.4x4.3x
Total assets $1.2B$1.4B$1.6B$1.5B$1.8B
Total liabilities $290M$372M$377M$382M$399M
Shareholders' equity $954M$999M$1.2B$1.2B$1.4B
Net debt (− = net cash) −$227M−$161M−$263M−$316M−$522M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$11.0M

5 insiders

Of sales under plans

100%

$11.0M

DateInsiderTradeSharesPriceValueFiling
Apr 2, 2026 Harpreet GrewalDirector Sold plan 100 $328.22 $0.0M Form 4
Mar 2, 2026 Maggie YuenChief Financial Officer Sold plan 2,432 $342.30 $0.8M Form 4
Jan 6, 2026 Harpreet GrewalDirector Sold plan 186 $312.64 $0.1M Form 4
Jan 2, 2026 Thomas WilderDirector Sold plan 186 $310.72 $0.1M Form 4
Dec 11, 2025 Arani BoseDirector Sold plan 15,000 $308.82 $4.6M Form 4
Dec 5, 2025 Johanna RobertsEVP, Gen. Counsel & Secretary Sold plan 300 $300.13 $0.1M Form 4
Dec 2, 2025 Harpreet GrewalDirector Sold plan 100 $292.98 $0.0M Form 4
Dec 1, 2025 Johanna RobertsEVP, Gen. Counsel & Secretary Sold plan 600 $294.94 $0.2M Form 4
Nov 25, 2025 Arani BoseDirector Sold plan 7,500 $300.19 $2.3M Form 4
Nov 25, 2025 Johanna RobertsEVP, Gen. Counsel & Secretary Sold plan 1,800 $300.06 $0.5M Form 4
Nov 21, 2025 Arani BoseDirector Sold plan 7,500 $290.56 $2.2M Form 4
Nov 10, 2025 Johanna RobertsEVP, Gen. Counsel & Secretary Sold plan 600 $266.98 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 93 / 97 / 9
Accruals ratio −0.4%−10.0%−3.6%
Altman Z'' 7.106.728.59

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Penumbra PEN $12.8B 17.5% 13.5% 12.5% 18.8% 79.7x 7
LivaNova LIVN $4.6B 10.7% 14.4% 12.5% 12.8% 23.9x 5 Compare →
CONMED CNMD $1.5B 5.2% 7.5% 11.0% 3.7% 32.6x 6 Compare →
Integra Lifesciences IART $936M 1.5% −30.2% −1.9% −22.0% 70.1x 5 Compare →
Integer ITGR $4.3B 8.0% 11.9% 5.7% 6.6% 34.7x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $263M $334M $445M $547M $560M $748M $847M $1.1B $1.2B $1.4B
Gross profit $171M $217M $293M $372M $338M $475M $535M $683M $755M $942M
Research and development $23.9M $31.7M $36.2M $51.7M $90.0M $105M $79.4M $84.4M $94.8M $89.8M
Operating income −$1.3M $1.2M −$0.9M $47.5M −$38.9M −$7.5M $6.1M $73.6M $9.3M $189M
Interest expense $0.0M — — — — $1.9M $1.7M $1.7M $1.4M $1.3M
Pretax income −$0.9M $2.5M $1.6M $50.1M −$38.0M −$10.5M $3.9M $79.6M $20.9M $205M
Income tax −$15.7M −$3.6M −$4.4M $3.1M −$18.8M −$13.1M $5.9M −$11.3M $6.9M $27.4M
Net income $14.8M $4.7M $6.6M $48.5M −$15.7M $5.3M −$2.0M $91.0M $14.0M $178M
Diluted EPS $0.44 $0.13 $0.18 $1.34 −$0.44 $0.14 −$0.05 $2.32 $0.36 $4.52
Diluted shares 0.03B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations −$12.8M $12.7M $28.8M $26.7M −$33.2M $9.5M −$55.7M $97.3M $169M $239M
Capital expenditure $13.6M $12.5M $9.6M $22.1M $24.8M $21.2M $19.3M $15.2M $21.2M $63.7M
Free cash flow −$26.4M $0.2M $19.2M $4.5M −$58.0M −$11.7M −$75.0M $82.1M $147M $175M
Depreciation and amortization $2.3M $3.8M $6.2M $8.1M $12.9M $16.4M $24.3M $27.3M $23.7M $17.5M
Stock-based compensation $14.6M $17.8M $18.4M $21.5M $25.5M $65.8M $37.4M $50.5M $46.2M $59.2M
Acquisitions $0.0M $9.3M $20.4M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $100M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $100M $0.0M
Balance sheet
Cash and short-term investments $13.2M $50.6M $67.8M $72.8M $265M $255M $188M $289M $340M $545M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $30.9M $28.4M $28.2M $26.8M $25.9M $24.1M $23.1M
Current assets $264M $382M $411M $463M $618M $682M $756M $915M $951M $1.2B
Current liabilities $35.8M $51.6M $66.1M $91.0M $106M $123M $145M $151M $158M $183M
Inventory $73.0M $94.9M $116M $153M $220M $264M $334M $388M $407M $432M
Property and equipment, net $21.5M $30.9M $35.4M $51.8M $48.2M $58.9M $65.0M $72.7M $62.6M $117M
Total assets $308M $477M $515M $666M $823M $1.2B $1.4B $1.6B $1.5B $1.8B
Total liabilities $41.7M $76.3M $92.6M $180M $185M $290M $372M $377M $382M $399M
Shareholders' equity $267M $400M $422M $486M $642M $954M $999M $1.2B $1.2B $1.4B
Margins
Gross margin 64.9% 65.1% 65.8% 68.0% 60.3% 63.6% 63.2% 64.5% 63.2% 67.1%
Operating margin −0.5% 0.4% −0.2% 8.7% −7.0% −1.0% 0.7% 7.0% 0.8% 13.5%
EBITDA margin 0.4% 1.5% 1.2% 10.2% −4.7% 1.2% 3.6% 9.5% 2.8% 14.7%
Net margin 5.6% 1.4% 1.5% 8.9% −2.8% 0.7% −0.2% 8.6% 1.2% 12.7%
FCF margin −10.0% 0.1% 4.3% 0.8% −10.4% −1.6% −8.9% 7.8% 12.3% 12.5%
Returns
Return on capital −0.5% 0.4% −0.2% 11.2% −7.3% −1.1% 0.4% 8.4% 0.7% 18.8%
Return on capital employed −0.5% 0.3% −0.2% 9.3% −6.0% −0.8% 0.5% 5.6% 0.7% 12.5%
Return on equity 5.9% 1.4% 1.6% 10.7% −2.8% 0.7% −0.2% 8.4% 1.2% 13.8%
Return on assets 5.2% 1.2% 1.3% 8.2% −2.1% 0.5% −0.2% 6.2% 0.9% 10.6%
Growth
Revenue growth 41.5% 26.8% 33.3% 23.0% 2.4% 33.4% 13.3% 25.0% 12.9% 17.5%
Net income growth 526.4% −68.6% 41.7% 634.1% −132.4% — −137.9% — −84.6% 1,168.1%
EPS growth 450.0% −70.5% 38.5% 644.4% −132.8% — −135.7% — −84.5% 1,155.6%
FCF growth — — 11,978.6% −76.3% −1,376.7% — — — 79.4% 18.8%
Share count change 135.4% 5.5% 2.2% 0.5% −1.4% 5.9% −0.1% 3.6% 0.1% 0.1%
Financial health
Net debt / EBITDA −14.0x −10.2x −12.8x −0.8x — −25.5x −5.3x −2.6x −9.6x −2.5x
Debt / equity 0.0x 0.0x 0.0x 0.1x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage — — — — — −3.9x 3.5x 42.3x 6.5x 144.4x
Current ratio 7.4x 7.4x 6.2x 5.1x 5.8x 5.5x 5.2x 6.1x 6.0x 6.6x
Quick ratio 5.3x 5.6x 4.5x 3.4x 3.8x 3.4x 2.9x 3.5x 3.4x 4.3x
Capital allocation
Capex / revenue 5.2% 3.8% 2.2% 4.0% 4.4% 2.8% 2.3% 1.4% 1.8% 4.5%
Stock comp / revenue 5.6% 5.3% 4.1% 3.9% 4.6% 8.8% 4.4% 4.8% 3.9% 4.2%
Payouts / FCF — 0.0% 0.0% 0.0% — — — 0.0% 68.2% 0.0%
Quality scores
Piotroski F-score 2.0 6.0 4.0 5.0 2.0 6.0 1.0 7.0 3.0 7.0
Altman Z'' 11.5 10.1 9.2 7.3 7.5 6.5 5.9 7.1 6.7 8.6
Accruals ratio 9.7% −2.1% −4.5% 3.7% 2.4% −0.4% 4.1% −0.4% −10.0% −3.6%

Source: SEC EDGAR XBRL filings (CIK 0001321732). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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