Quality Investor

Penumbra, Inc.

Rank #88Op. Leverage

PEN · NYSE · Healthcare

Penumbra, Inc. (PEN) — Rank #88 by gross profitability (GP/assets 0.48) · ROE 11.6% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · CIK 0001321732 · all metrics point-in-time as of the filing date.

About

Penumbra, Inc., together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally.

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It offers computer-assisted vacuum thrombectomy; peripheral thrombectomy products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX. It also provides access products, including guide catheters and the Penumbra distal delivery catheters under the Neuron, Neuron MAX, BENCHMARK, BMX, DDC, Access25; MIDWAY, and PX SLIM brands; Penumbra System, an integrated mechanical thrombectomy system comprising reperfusion catheters and separators, the 3D Revascularization device, aspiration tubing, aspiration pump, and other components and accessories under the Penumbra RED, SENDit, JET, ACE, BMX, Max, 3D Revascularization Device, and Penumbra ENGINE brands; and neuro embolization coiling systems that include the Penumbra Coil 400, for the treatment of aneurysms and other complex lesions, detachable coils of neurovascular lesions under the Penumbra SMART COIL, SwiftSET, and Penumbra SwiftPAC Coil brands; and POD400 and PAC400 brands. In addition, it provides peripheral embolization products, such as Ruby Embolization Platform, which consists of detachable coils for peripheral applications; Ruby LP and XL Embolization Platform; Penumbra LANTERN Delivery Microcatheter, a low-profile microcatheter with a high-flow lumen; POD (Penumbra Occlusion Device) System, a single device solution; Packing Coil LP; and Packing Coil, a complementary device for use in other peripheral embolization products. Further, it offers neurosurgical tools comprising the Artemis Neuro Evacuation Device for surgical removal of fluid and tissue from the ventricles and cerebrum. It sells its products through direct sales organizations and distributors.

The company was incorporated in 2004 and is based in Alameda, California.

Industry
Medical Devices
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

PEN+14.5% · +2.7% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$12.55B

P/E (annual)

70.5

P/S (annual)

8.9

P/B

8.2

P/OCF (annual)

52.6

Shareholder Yield

-0.1%

Employees

4,700

Industry

Medical Devices

Exchange

NYSE

Signal Flags

3 green1 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.48
Return on equity
11.6%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.29
Current ratio
5.75×
Net cash
$658.79M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
4.2%

Growth

2/2 pass
Revenue growth
17.5%
Piotroski F-Score
6 / 9
Share dilution
0.1%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

25.2%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 0.1% — per-share value needs a total required return of 25.2% once share-count change is priced in.

vs. own 6-year median revenue growth: 15.4%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

19.9%

r = 10% (base)

25.2%

r = 12%

29.8%

Net debt / market cap: -5.3%

Base FCF: $174.9M3Y mean FCF: $134.8M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

74.9xCheap
74.9xmed 543.3x1547.1x

P / S

Price / revenue per share

9.5xCheap
8.9xmed 11.5x18.7x

P / B

Price / book value per share

9.3xFair
8.6xmed 11.2x18.4x

P / GP

Price / gross profit per share

14.1xCheap
14.1xmed 17.7x29.7x

P / FCF

Price / free cash flow per share

76.1xCheap
72.3xmed 200.6x32598.0x

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.48

Primary signal (Novy-Marx).

7th of 17 SIC 3841 peers

Return on equity

11.6%

Gross margin

67.1%

9th of 17 SIC 3841 peers

Revenue growth (YoY)

17.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

18.3%

Revenue CAGR (5Y)

20.2%

Earnings CAGR (3Y)

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.29

3rd of 16 SIC 3841 peers (best = lowest)

Current ratio

5.75×

2nd of 17 SIC 3841 peers

Quick ratio

3.63×

Net cash

$658.79M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$174.93M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.02

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

4.2%

Stock-based comp intensity.

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Startup
Hypergrowth
Op. Leverage