Impinj, Inc.

Rank #170Hypergrowth

PI · Nasdaq · Technology

Impinj, Inc. (PI) — Rank #170 by gross profitability (GP/assets 0.35) · ROE -4.7% · Piotroski F-Score 4 / 9.

As-of 2026-09-15 · CIK 0001114995 · all metrics point-in-time as of the filing date.

About

Impinj, Inc. operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item. Its platform also consists of systems products that consists of reader ICs, readers, and gateways to wirelessly provide power to and communicate bidirectionally with endpoint ICs on host items, as well as to read, write, authenticate, and engage the endpoint ICs on those items; and software that enable its partners to solve enterprise business problems, such as package sortation, dock door ingress/egress and retail self-checkout and loss prevention. The company primarily serves retail, supply chain and logistics, automotive, aviation, banking, datacenters, food, healthcare, industrial and manufacturing, linen and uniform tracking, sports, and travel industries through original equipment and device manufacturers, tag service bureaus, systems integrators, value-added resellers, independent software vendors, and other solution partners. Impinj, Inc.

was incorporated in 2000 and is headquartered in Seattle, Washington.

Industry: Semiconductors
Sector: Technology
State: DE
Filer Category: Large accelerated filer
Fiscal Year End: December 31
Website: impinj.com

Price History

PI+203.8% · +24.9% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$5.21B

P/E (annual)

—

P/S (annual)

14.4

P/B

22.5

P/OCF (annual)

88.6

Shareholder Yield

-39.6%

Employees

457

Industry

Semiconductors

Exchange

Nasdaq

Signal Flags

3 green2 yellow1 red

Revenue growth acceleratingGrowth rate increasing year over year

Deferred revenue growingRevenue and deferred revenue both growing — retention signal

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Balance sheet deterioratingNet cash collapsed with receivables or inventory outpacing revenue

Quality Profile

Profitability

1/1 pass

GP / assets

0.35

Return on equity

-4.7%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

1.31

Current ratio

3.28×

Net cash

$21.80M

Cash Flow

3/3 pass

Positive FCF

PASS

Cash-backed earnings

PASS

Accruals healthy

PASS

SBC / revenue

15.3%

Growth

1/2 pass

Revenue growth

188.2%

Piotroski F-Score

4 / 9

Share dilution

39.6%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

31.1%

stretched

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

Dilution drag: 39.6% — per-share value needs a total required return of 70.7% once share-count change is priced in.

vs. own 6-year median revenue growth: 4.4%

priced above its own history

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

r = 8%

25.5%

r = 10% (base)

31.1%

r = 12%

36.0%

Net debt / market cap: -0.4%

Base FCF: $45.9M3Y mean FCF: -$18.1M

Valuation History

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

P / S

Price / revenue per share

12.6xExpensive

2.8xmed 4.1x12.6x

P / B

Price / book value per share

209.0xExpensive

2.7xmed 4.4x209.0x

P / GP

Price / gross profit per share

23.6xExpensive

5.4xmed 8.5x25.8x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

Gross margin53.5% now vs 46.9%–53.5% 10yr range

1.7σ above average

Operating margin-7.6% now vs -33.9%–-7.6% 10yr range

1.6σ above average

Net margin-9.4% now vs -37.4%–-9.4% 10yr range

1.6σ above average

Revenue growth105.7% now vs -2.1%–105.7% 10yr range

2.0σ above average

Disclosure regression check

A previously-disclosed line item is no longer reported. Worth checking the filing for why.

Accrued liabilitiesBalance sheet detail

last seen FY2018

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.35

Primary signal (Novy-Marx).

71st pctl of 43 SIC 36 peers

Return on equity

-4.7%

Gross margin

52.5%

71st pctl of 43 SIC 36 peers

Revenue growth (YoY)

188.2%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2018	2020	2021	2022
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

11.9%

Revenue CAGR (5Y)

21.0%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.31

15th pctl of 41 SIC 36 peers (best = lowest)

Current ratio

3.28×

64th pctl of 43 SIC 36 peers

Quick ratio

2.20×

Net cash

$21.80M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$45.88M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

5.23

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

15.3%

Stock-based comp intensity.

Piotroski F-Score

F-Score

4 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

2016-2020

2021-2022

20162022

Startup

Hypergrowth

View full financial statements →