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Impinj, Inc.

Rank #163StartupWatchlistCompare with other stocks

PI · Nasdaq · Technology

Impinj, Inc. (PI) — Rank #163 by gross profitability (GP/assets 0.35) · ROE -4.7% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · 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.

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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

Company Snapshot

P/S is the primary valuation lens for pre-profit companies.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

457

Industry

Semiconductors

Exchange

Nasdaq

11/12

Flags passed

PI fails 1 critical flag

Passes 11 of 12 quality flags

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths 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 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
-1.4%
Piotroski F-Score
6 / 9
Share dilution
-0.6%

Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 72nd percentile of 47 SIC 36 peers

Gross profitability (GP / assets)

0.35

Primary signal (Novy-Marx).

72nd pctl of 47 SIC 36 peers

Return on equity

-4.7%

Gross margin

52.5%

67th pctl of 47 SIC 36 peers

Revenue growth (YoY)

-1.4%

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)

11.9%

Revenue CAGR (5Y)

21.0%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 523% above net income

Free cash flow

$45.88M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

523.0%

(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).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

15.3%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $21.80M, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.31

16th pctl of 45 SIC 36 peers (best = lowest)

Current ratio

3.28×

65th pctl of 47 SIC 36 peers

Quick ratio

2.20×

Net cash

$21.80M

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

3.7 / 5

Good
Share count trend(net buybacks)
-0.6%3/5 Good
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
59.4%5/5 Strong

Lifecycle Phase History

20202025
Decline
Hypergrowth
Startup
Op. Leverage

Price History

PI+242.8% · +27.9% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports