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Penumbra, Inc.

PEN Healthcare Medical Devices

Penumbra, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 17.5% from fiscal 2024.

Revenue
+15.6%
EPS
−8.29%
Free cash flow
−37.2%
Total debt
−10.3%

Quarter to September 2026, against a year earlier

320.20 0.91 −0.28%
Market cap
$12.7B
P/E
80.3×
Fwd P/E
68.7×
Dividend yield
—
F-score
8/9
Altman Z
20.17
Beneish M
−2.48
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Thrombectomy
  • Embolization and Other

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 5.73
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 2 — 1 1 — — — — — — —
Insider Ownership 2.85%

Capital & Financial Ratios $m

Size
Market Cap 12,660.00
Revenue ttm 1,560.33
Net income ttm 157.02
Free cash flow ttm 200.29
Net debt Q (654.58)
Valuation
P/E 80.35 (above 35: high)
Forward P/E 68.70 (above 35: high)
Price / sales 8.10
Forward P/S Powerpack
Price / FCF 63.11
Price / book 7.98 (above 6: high)
Financial health
Current ratio Q 5.89 (at or above 1.5: strong)
Debt / equity Q 0.01 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +15.64% (above 0%: growing)
Operating income growth Q +3.89% (above 0%: growing)
EPS, this year +21.28% (at or above 15%: strong)
EPS, next year A +27.60% (at or above 15%: strong)
Revenue, next year A +14.56% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +21.76% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.7×, against a ten-year median of 9.2×; over the ten years it ranged from 2.0× in 2016 to 18.5× in 2021.
P/E against its own 10 years 16.75%
10-year low 10-year high
P/S against its own 10 years 21.34%
10-year low 10-year high
P/B against its own 10 years 30.11%
10-year low 10-year high
EV/Sales against its own 10 years 20.02%
10-year low 10-year high
EV/FCF against its own 10 years 16.22%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 289 340 545 674
Receivables 202 168 190 195
Inventory 388 407 432 459
Other — — — —
915 951 1,217 1,377
2023 2024 2025 Q'26
Payables 27 31 35 42
ST’ Debt — — — —
Other — — — —
151 158 183 234

Compound Annual Growth %

10y 5y 3y
Sales 22.39% 20.16% 18.33%
Cash Flow 0.00% 0.00% 0.00%
Earnings 66.52% 0.00% 0.00%
Book Value 19.90% 17.49% 12.64%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.15 Actual 0.88

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.90 0.97 Beat by 0.07
Q4 FY25 1.12 1.18 Beat by 0.06
Q1 FY26 1.11 0.82 Miss by 0.29
Q2 FY26 1.15 0.88 Miss by 0.27

EPS $

Mar Jun Sep Dec Year
’26 0.82 0.88 1.07 — —
’25 1.00 1.15 1.17 1.20 4.52
’24 0.28 (1.55) 0.75 0.86 0.36
’23 0.22 0.48 0.23 1.38 2.32
’22 0.00 (0.10) (0.06) 0.10 (0.05)
’21 0.32 0.25 0.24 (0.66) 0.14
’20 0.04 (0.34) (0.24) 0.10 (0.44)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 375 390 410 — —
’25 324 339 355 385 1,404
’24 279 299 301 316 1,195
’23 241 261 271 285 1,059
’22 204 208 214 221 847
’21 169 184 190 204 748
’20 137 105 151 167 560
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 87 46 42 — —
’25 49 45 58 86 239
’24 38 23 56 51 168
’23 13 17 31 36 97
’22 (5) (40) (13) 1 (56)
’21 (14) (3) 36 (9) 10
’20 (6) (22) (4) (2) (33)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 73 33 26 — —
’25 36 29 42 68 175
’24 32 18 51 46 147
’23 9 13 26 33 81
’22 (9) (44) (19) (2) (75)
’21 (18) (7) 31 (17) (12)
’20 (16) (28) (8) (6) (58)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 25.0% a year for ten years.

Implied
25.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 263 334 445 547 560 748 847 1,059 1,195 1,404 1,560 +20.4% 1,608 1,805 2,049 +13.4%
Gross margin, % 64.88 65.06 65.75 67.95 60.34 63.59 63.18 64.49 63.20 67.14 67.98 +2.3 pt
EBT (1) 2 2 50 (38) (11) 4 80 21 205 208 n/m
EBT margin, % (0.33) 0.74 0.36 9.16 (6.78) (1.40) 0.46 7.52 1.75 14.61 13.32 +14.9 pt
Net income 15 5 3 47 (19) 3 (2) 91 14 178 157 +31.8%
Per share, $
Per share, $ Revenue 8.64 10.12 13.03 15.75 15.67 20.33 22.39 27.57 30.92 36.07 39.60 +17.2%
Earnings 0.49 0.14 0.19 1.39 (0.44) 0.14 (0.05) 2.37 0.36 4.57 3.99 +28.2%
Cash flow (0.42) 0.38 0.84 0.77 (0.93) 0.26 (1.47) 2.53 4.36 6.13 6.63 n/m
Capex (0.45) (0.46) (0.28) (0.64) (0.69) (0.58) (0.51) (0.42) (0.55) (1.64) (1.54) +15.5%
Free cash flow (0.87) (0.07) 0.56 0.13 (1.62) (0.32) (1.98) 2.11 3.81 4.49 5.08 n/m
Book value 8.75 12.14 12.37 13.97 17.83 25.95 26.40 30.70 29.79 36.68 40.19 +17.3%
Shares, m 30 33 34 35 36 37 38 38 39 39 39 +2.8%
Valuation, ×
Valuation, × P/E 132.03 710.86 643.16 117.34 0.00 1,915.47 0.00 104.16 641.84 68.03 80.35 433.3
P/S 7.41 8.93 9.38 10.43 11.17 14.13 9.88 8.88 7.68 8.62 8.10 9.7
P/B 7.32 7.44 9.88 11.76 9.81 11.07 8.38 7.97 7.97 8.48 7.98 9.0
EV/Sales 6.92 8.28 8.92 10.13 10.74 13.82 9.69 8.63 7.41 8.25 7.68 9.3
EV/FCF (68.93) 17,389.76 206.76 1,220.75 (103.82) (884.97) (109.49) 112.58 60.13 66.17 59.84 1,788.9
Cash, $m
Cash, $m Operating cash flow (13) 13 29 27 (33) 10 (56) 97 168 239 261 n/m
Capex (14) (15) (10) (22) (25) (21) (19) (16) (21) (64) (61) +18.7%
Free cash flow (26) (2) 19 5 (58) (12) (75) 81 147 175 200 n/m
Balance, $m
Balance, $m Working capital 228 331 345 372 512 558 611 764 793 1,034 1,143 +18.3%
Net debt (129) (215) (201) (163) (238) (228) (163) (266) (318) (524) (655) +16.9%
Shareholders’ equity 267 400 422 486 638 954 999 1,179 1,151 1,428 1,584 +20.5%
Returns, %
Returns, % ROA 5.18 1.19 1.33 8.21 (2.11) 0.51 (0.15) 6.21 0.91 10.58 8.33 +5.4 pt
ROIC (0.61) 0.39 (0.24) 9.19 (6.08) (0.65) 0.45 5.03 0.70 13.09 12.73 +13.7 pt
ROE 5.94 1.40 1.60 10.67 (2.80) 0.66 (0.21) 8.35 1.20 13.78 10.67 +7.8 pt
People
People Employees 1,500 1,700 2,200 2,700 3,300 3,800 3,900 4,200 4,500 4,700 — +13.5%
Revenue/emp, $m 0.18 0.20 0.20 0.20 0.17 0.20 0.22 0.25 0.27 0.30 — +6.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Penumbra develops, manufactures and sells medical devices used by specialist physicians and other healthcare providers to treat vascular conditions. Its products include systems for removing blood clots, devices for blocking vessels, and catheters that help physicians reach a treatment site inside a blood vessel.

The company’s main product area is thrombectomy, or clot removal. Its devices are used in procedures for conditions including ischemic stroke, pulmonary embolism, deep vein thrombosis and acute limb ischemia. Its portfolio includes computer assisted vacuum thrombectomy, which combines catheters, a pump and software to help remove clots by suction. The Indigo System addresses clots in peripheral and coronary vessels, while the Penumbra System is used to reopen blocked blood vessels in the brain.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Thrombectomy 948 67.53%
Embolization and Other 456 32.47%
Gross margin 67.14%
Operating margin 13.48%
Pre-tax margin 14.61%

Revenue by segment since 2013

Penumbra, Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SNN Smith & Nephew SNATS, Inc. $13.4B 38.9× 18.9× +7.99% (above 0%: growing) −14.23% (below 0%: shrinking) +293.94% (above 0%: growing) 69.42% 0.00% Compare
GKOS Glaukos Corporation $13.0B — (loss-making) — (loss-making) +58.03% (above 0%: growing) n/m +411.22% (above 0%: growing) 85.23% 0.39% Compare
PEN Penumbra, Inc. $12.7B 80.3× 68.7× +15.64% (above 0%: growing) −8.29% (below 0%: shrinking) −37.16% (below 0%: shrinking) 68.34% 12.37%
GMED Globus Medical, Inc. $10.9B 19.5× 18.8× −0.69% (below 0%: shrinking) +19.32% (above 0%: growing) +10.10% (above 0%: growing) 69.50% 23.25% Compare
PODD Insulet Corporation $10.8B 25.2× 24.4× +19.21% (above 0%: growing) +64.06% (above 0%: growing) −29.81% (below 0%: shrinking) 75.07% 22.54% Compare
BIO.B Bio-Rad Laboratories, Inc. $10.3B 9.9× — +0.52% (above 0%: growing) n/m +8.07% (above 0%: growing) 50.06% (7.57%) Compare
BIO Bio-Rad Laboratories, Inc. $9.9B 9.7× 44.7× +0.52% (above 0%: growing) n/m +8.07% (above 0%: growing) 50.06% (7.57%) Compare
BRKR Bruker Corporation $8.9B — (loss-making) — (loss-making) +1.57% (above 0%: growing) n/m +278.74% (above 0%: growing) 49.12% (10.41%) Compare
TXG 10x Genomics $7.6B — (loss-making) — (loss-making) −12.65% (below 0%: shrinking) n/m −4.61% (below 0%: shrinking) 74.48% (12.95%) Compare
Median of peers $10.6B 19.5× 21.7× +1.05% +19.32% +9.09% 69.46% (3.78%)

All 149 Medical Devices stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.65%
Held by the ten largest 42.67%
Holder Shares Stake Change
BlackRock 4.30m 10.91% −32.90k
Vanguard 3.69m 9.38% +34.41k
HBK INVESTMENTS L P 1.84m 4.67% +204.25k
State Street 1.24m 3.16% +57.45k
ExodusPoint Capital Management, LP 1.09m 2.77% +625.22k
Balyasny Asset Management L.P. 1.09m 2.77% +328.07k
JPMorgan Chase 1.07m 2.72% +668.84k
Goldman Sachs 847.10k 2.15% +126.53k
Arrowstreet Capital 834.90k 2.12% +434.74k
UBS 801.51k 2.03% +144.46k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 29 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 851.62k 851.62k 177.66
2024 630.47k 630.47k 135.70
2023 601.62k 601.62k 143.74
2022 601.62k 601.62k 127.12
2021 497.79k 497.79k 164.18

Ownership

Directors and executive officers, together 2.90%
BlackRock, Inc. 10.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Penumbra, Inc. (PEN) Latest News

29 Oct

Impact 4 · · PR Newswire
Impact 4 · · Zacks
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool
Impact 3 · · Associated Press

20 Oct

Impact 4 · · PR Newswire

8 Oct

Impact 5 · · medtechdive.com
Impact 3 · · Simply Wall St.

6 Oct

Impact 4 · · PR Newswire

29 Sep

Impact 3 · · Zacks

30 Jul

Impact 3 ·

26 Jul

Impact 4 ·

25 Jul

Impact 4 ·

22 Jul

Impact 4 ·

7 Jul

Impact 3 ·

18 Jun

Impact 4 ·
Impact 3 · · medtechdive.com

16 Jun

Impact 4 · · medicaldevice-network.com

15 Jun

Impact 4 ·

13 Jun

Impact 4 ·

12 Jun

Impact 4 · · medicaldevice-network.com
Impact 4 · · medtechdive.com
Impact 3 ·

11 Jun

Impact 4 ·

5 Jun

Impact 3 · · Insider Monkey

6 May

Impact 4 · · PR Newswire
Impact 3 · · Zacks

15 Apr

Impact 5 · · Simply Wall St.

13 Apr

Impact 4 · · PR Newswire

9 Apr

Impact 5 · · Simply Wall St.

PEN metrics, ten years each

stockrow.com/PEN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com