Penumbra, Inc.
Rank #88Op. LeveragePEN · 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
- Website
- penumbrainc.com
Price History
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
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
2/3 passGrowth
2/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
25.2%
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 historyCost-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%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Disclosure regression check
A previously-disclosed line item is no longer reported. Worth checking the filing for why.
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.
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)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
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
FCF / net income
-0.02
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
4.2%
Stock-based comp intensity.
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).