LivaNova vs Penumbra

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KIRA’s take AI analyst

I put LivaNova and Penumbra side by side, using each one’s latest annual report. Here is what stands out:

Penumbra is the larger business, with $1.4B of revenue in fiscal 2025 against $1.4B for LivaNova.
Penumbra grew revenue faster (17.5%, against 10.7%).
LivaNova kept more of each dollar of sales as operating profit (14.4% operating margin, against 13.5%).
Penumbra earned a higher return on the capital invested in it (18.8%, against 12.8%).
Investors pay more for each dollar of Penumbra’s earnings: a P/E of 79.7x against 23.9x for LivaNova.

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

LivaNova

LIVN

4/10

Gross marginOperating marginFCF marginShare count change

Penumbra

PEN

6/10

Revenue growth5-year growthNet marginReturn on capitalReturn on equityPiotroski F-score

Side by side

Best in the row

Latest fiscal year	LIVN FY25	PEN FY25
Size
Market cap	$4.6B	$12.8B
Revenue	$1.4B	$1.4B
Free cash flow	$173M	$175M
Net income	−$243M	$178M
Growth
Revenue growth	10.7%	17.5%
5-year growth	8.2%	20.2%
Share count change	−0.1%	0.1%
Profitability
Gross margin	67.7%	67.1%
Operating margin	14.4%	13.5%
Net margin	−17.5%	12.7%
FCF margin	12.5%	12.5%
Return on capital	12.8%	18.8%
Return on equity	−19.2%	13.8%
Balance sheet
Net debt	−$260M	−$522M
Net debt / EBITDA	—	−2.5x
Dividends and buybacks	$0.0M	$0.0M
Valuation & quality
P/E	23.9x	79.7x
Piotroski F-score	5	7

Ten years

Revenue

FY16

LIVN $965M

PEN $263M

FY17

LIVN $1.0B

PEN $334M

FY18

LIVN $1.1B

PEN $445M

FY19

LIVN $1.1B

PEN $547M

FY20

LIVN $934M

PEN $560M

FY21

LIVN $1.0B

PEN $748M

FY22

LIVN $1.0B

PEN $847M

FY23

LIVN $1.2B

PEN $1.1B

FY24

LIVN $1.3B

PEN $1.2B

FY25

LIVN $1.4B

PEN $1.4B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LIVN PEN

Operating margin

FY16

LIVN 3.5%

PEN −0.5%

FY17

LIVN 9.5%

PEN 0.4%

FY18

LIVN −22.4%

PEN −0.2%

FY19

LIVN −15.8%

PEN 8.7%

FY20

LIVN −29.3%

PEN −7.0%

FY21

LIVN −0.1%

PEN −1.0%

FY22

LIVN −7.5%

PEN 0.7%

FY23

LIVN −5.9%

PEN 7.0%

FY24

LIVN 10.3%

PEN 0.8%

FY25

LIVN 14.4%

PEN 13.5%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LIVN PEN

Free cash flow

FY16

LIVN $51.8M

PEN −$26.4M

FY17

LIVN $58.4M

PEN $0.2M

FY18

LIVN $83.3M

PEN $19.2M

FY19

LIVN −$116M

PEN $4.5M

FY20

LIVN −$114M

PEN −$58.0M

FY21

LIVN $77.1M

PEN −$11.7M

FY22

LIVN $43.4M

PEN −$75.0M

FY23

LIVN $39.9M

PEN $82.1M

FY24

LIVN $136M

PEN $147M

FY25

LIVN $173M

PEN $175M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LIVN PEN

Return on capital

FY16

LIVN 2.7%

PEN −0.5%

FY17

LIVN —

PEN 0.4%

FY18

LIVN —

PEN −0.2%

FY19

LIVN −8.3%

PEN 11.2%

FY20

LIVN −13.7%

PEN −7.3%

FY21

LIVN −0.0%

PEN −1.1%

FY22

LIVN −4.3%

PEN 0.4%

FY23

LIVN −3.5%

PEN 8.4%

FY24

LIVN 5.9%

PEN 0.7%

FY25

LIVN 12.8%

PEN 18.8%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LIVN PEN

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.