Penumbra, Inc.

Penumbra, Inc.

PENยทNYSE

$319.37

+0.20%
HealthcareMedical - Devices

Penumbra, Inc. designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the Penumbra RED, JET, ACE, 3D Revascularization Device, and Penumbra ENGINE brands, as well as components and accessories; neurovascular embolization coiling systems to treat patients with various sizes of aneurysms and other neurovascular lesions under the Penumbra Coil 400, POD400, PAC400, and Penumbra SMART Coil brand names; and neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, BMX96, DDC, and PX SLIM brands. It also provides neurosurgical aspiration tools for the removal of tissue and fluids under the Artemis Neuro Evacuation Device brand; aspiration-based thrombectomy systems for vascular applications under the Indigo System brand; and detachable embolic coil systems for peripheral embolization under the Ruby Coil and Ruby LP brand names. In addition, the company offers microcatheter for the delivery of detachable coils and occlusion devices under the LANTERN brand; and detachable, microcatheter-deliverable occlusion devices designed primarily to occlude peripheral vessels under the POD (Penumbra Occlusion Device) brand, as well as immersive computer-based technologies and immersive therapeutics to promote health, motor function, and cognition under the Real Immersive System brand; and a complementary device for use with Ruby Coil and POD for vessel occlusion under the Packing Coil and Packing Coil LP brands. The company sells its products through direct sales organizations and distributors. Penumbra, Inc. was incorporated in 2004 and is headquartered in Alameda, California.

At a Glance

Live Snapshot
Market Cap$12.56B
EPS4.5700
P/E Ratio69.88
Earnings Date08/04/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal ยท Driver ยท Risk

Signal

High confidence

Valuation multiple is elevated (P/E 69.9).

Valuation inputs: P/E 69.9, earnings yield +1.4%, momentum +0.2%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is acceptable (ROE +12.4%, ROIC +9.9%).

Profitability stack: net margin +12.7%, ROE +12.4%, ROIC +9.9%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Downside profile looks controlled across current risk inputs.

Risk factors: liabilities/assets +21.8%, momentum +0.2%, net margin +12.7%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

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Penumbra, Inc. Market vs Earnings Trajectory

PEN ยท NYSE

Loading price and EPS data...

Penumbra, Inc.

Penumbra, Inc. Fair Value Envelope

PEN ยท NYSE

Our analysis suggests that PEN has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $319.37, this represents a potential HIDDEN relative to our calculated worth for Penumbra, Inc..

Intrinsic Value
Current Price: $319.37
3Y-8739.0%
5Y-946.0%
10Y+833.0%
3Y+66.0%
5Y+150.0%
10Y+433.0%
3Y-8975.0%
5Y-1232.0%
10Y+1099.0%
3Y-529.0%
5Y-818.0%
10Y-1964.0%
3Y-333.0%
5Y-402.0%
10Y-762.0%
3Y+33.0%
5Y+122.0%
10Y+493.0%
Penumbra, Inc.

Penumbra, Inc. Profit Bridge

PEN ยท NYSE
Revenue1.40B
Cost of Goods Sold (461.23M)
Gross Profit942.44M
Operating Expenses (753.19M)
Operating Income189.25M
Interest Expense (0.00)
Other Income/Expense15.88M
Pretax Income205.12M
Income Tax (27.44M)
Net Income177.69M
Net Income
177.69M

Profitability Analysis

Gross Margin

67.1%

Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.

Operating Margin

13.5%

Acceptable margins but limited operational leverage. Operating expense control is important.

Net Profit Margin

12.7%

Strong net margins indicate efficient operations and favorable tax/interest management.

Effective Tax Rate

13.4%

Below-average tax rate suggests effective tax planning, favorable jurisdictions, or tax credits.

Profitability Insight

High margin compression: Large gap between gross and net margins suggests operational inefficiencies or heavy debt burden. Focus on expense management and deleveraging.

67.14%
Gross Profit Margin
6%
3Y+6.0%
5Y+11.0%
10Y+3.0%
13.48%
Operating Profit Margin
1636%
3Y+1778.0%
5Y-294.0%
10Y-2730.0%
12.66%
Net Profit Margin
979%
3Y-5457.0%
5Y-552.0%
10Y+125.0%
12.45%
Return on Equity
922%
3Y-6311.0%
5Y-608.0%
10Y+124.0%
9.73%
Return on Assets
964%
3Y-6763.0%
5Y-610.0%
10Y+102.0%
9.88%
Return on Invested Capital
2103%
3Y-4009.0%
5Y-462.0%
10Y+17.0%
PEN

Penumbra, Inc. Cash Conversion Engine

PEN ยท NYSE
Net Income177.69M
Depreciation & Amortization17.47M
Stock-Based Compensation59.21M
Change in Working Capital-42.72M
Others5.97M
Capital Expenditures-63.73M
Free Cash Flow174.93M

Cash Flow Quality Analysis

FCF Conversion Rate

98.5%

Strong cash conversion. Most reported earnings translate into actual cash flow, suggesting solid fundamentals.

CapEx Intensity

26.7%

Moderate capital requirements typical of many stable businesses. Healthy balance between reinvestment and cash generation.

FCF Growth Trend

+18.8%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

-$42.72M

Moderate working capital outflow. Typical for growing businesses, but ensure it's supporting revenue growth, not inefficiency.

Cash Flow Quality Insight

Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.

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Penumbra, Inc. Funding & Solvency Profile

PEN ยท NYSE
Cash & Cash Equivalents241.29M
Net Receivables183.29M
Inventory438.54M
Other Current Assets412.28M
Total Current Assets1 B
Property, Plant & Equipment329.54M
Goodwill & Intangible Assets172.53M
Long-Term Investments0.00
Other Non-Current Assets120.96M
Total Non-Current Assets450 M
Total Assets
1.90B

Financial Health Analysis

Current Ratio

6.02x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

0.29x

Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.

Working Capital

1 B

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

67% Current

Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.

Financial Health Insight

Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.

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Penumbra, Inc. Street Expectations Map

PEN ยท NYSE

Wall Street analysts project that PEN stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 369.83, with estimates ranging from a low of 335.00 to a high of 388.00.

Lowest Target
335.00
4.89%
Consensus Target
369.83
15.80%
Highest Target
388.00
21.49%

The consensus 1-year price target stands at 369.83, with estimates ranging from a low of 335.00 to a high of 388.00.

Analyst Consensus Analysis

Upside Potential

+15.8%

Strong upside potential. Consensus indicates attractive return opportunity with favorable risk-reward profile.

Analyst Agreement

14.3% spread

High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.

Analyst Conviction

Very High

Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.

Market Sentiment Insight

Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.

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Penumbra, Inc. Insider Positioning

PEN ยท NYSE

During the last 12 months, insiders have sold $9.61M worth of PEN shares, with no buying activity reported.

3 Months

Bought

0

0.00

Sold

100

32.82K

Net Activity

-33K

-$33K

3-6 Months

Bought

0

0.00

Sold

4.8K

1.57M

Net Activity

-1.6M

-$1.57M

6-9 Months

Bought

0

0.00

Sold

17.6K

5.19M

Net Activity

-5.2M

-$5.19M

9-12 Months

Bought

0

0.00

Sold

11.4K

2.82M

Net Activity

-2.8M

-$2.82M

Top Buyers

No buying activity

Top Sellers

1
BA

Bose Arani

Director

19.8K sharesโ€ข4 transactions

$5.73M

2
EA

Elsesser Adam

Director, Officer: Ceo

5.8K sharesโ€ข7 transactions

$1.41M

3
YM

Yuen Maggie

Officer: Chief Financial Officer

4.4K sharesโ€ข2 transactions

$1.33M

4
RJ

Roberts Johanna

Officer: Evp, Gen. Counsel & Secretary

2.4K sharesโ€ข8 transactions

$701K

5
GH

Grewal Harpreet

Director

844 sharesโ€ข5 transactions

$230K

Insider Activity Analysis

Net Insider Sentiment

Bearish

Strong bearish signal with $9.61M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.

Buy/Sell Ratio

0.00:1

Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.

Recent Trend (3 Months)

$33K

Heavy recent selling activity. Recent insider sales notably exceed purchasesโ€”may warrant investigation into company developments.

Insider Participation

High Selling

5 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.

Insider Activity Insight

Multiple red flags: Heavy selling, numerous sellers, and continued recent selling create a concerning pattern. Investigate fundamental drivers and consider whether company guidance or industry conditions have deteriorated.

No Dividend Yield Data

PEN has not reported any dividend yield values in the available annual periods.

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pen Dividend History

PEN
10Y CAGR +0%
Latest $0
Annual $0
Stable dividend payments
Last Period: +0%