PEN · NYSE · Healthcare
Penumbra, Inc. (PEN) — Rank #93 by gross profitability (GP/assets 0.48) · ROE 11.6% · Piotroski F-Score 6 / 9.
As-of 2026-10-30 · 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
- Website
- penumbrainc.com
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
4,700
Industry
Medical Devices
Exchange
NYSE
11/12
Flags passed
PEN passes 11/12 quality flags
1 caution to review
- CAUTIONDisclosure regression
A previously-disclosed line item is no longer reported — worth checking the filing for why
- PASSGross margin holding
- PASSDilution within 2%
- PASSFCF not negative from investment
- PASSRevenue not declining
- PASSOperating margin holding
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo valuation convergence
Strengths Revenue growth accelerating · Operating leverage expanding · Sequential beat (rev + EPS)
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
2/3 passGrowth
2/2 passOperating margin expansion and free cash flow are the primary reads at this stage.
Profitability
Does it make money well?
No warning flags · GP/assets 58th percentile of 20 SIC 3841 peers
Gross profitability (GP / assets)
0.48
Primary signal (Novy-Marx).
58th pctl of 20 SIC 3841 peers
Return on equity
11.6%
Gross margin
67.1%
58th pctl of 20 SIC 3841 peers
Revenue growth (YoY)
17.5%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| 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)
—
Cash Flow Health
Is the cash real?
No warning flags · FCF 2% below net income
Free cash flow
$174.93M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
-1.5%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
4.2%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
No warning flags · net cash $658.79M, F-Score 6/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.29
3rd of 19 SIC 3841 peers (best = lowest)
Current ratio
5.75×
95th pctl of 20 SIC 3841 peers
Quick ratio
3.63×
Net cash
$658.79M
Cash & equivalents minus total debt.
Piotroski F-Score
6 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
No warning flags
Capital allocation quality
Composite score
3.3 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports