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. In the quarter to June 2026, revenue grew 14.9%, EPS fell 24.8%, free cash flow grew 10.8% and total debt fell 9.90%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three.
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Penumbra, Inc. (PEN) Altman Z-score
Penumbra, Inc.'s Altman Z-score for fiscal 2025 is 20.17, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 20.17 | 4.30 |
| FY2024 | 15.88 | (1.03) |
| FY2023 | 16.90 | 2.12 |
| FY2022 | 14.79 | (8.21) |
| FY2021 | 23.00 | 1.38 |
| FY2020 | 21.62 | 0.77 |
| FY2019 | 20.85 | (7.87) |
| FY2018 | 28.72 | 2.76 |
| FY2017 | 25.96 | (3.71) |
| FY2016 | 29.68 | 15.67 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.57 | — | 0.68 | |
| Retained earnings / total assets | 0.13 | — | 0.18 | |
| EBIT / total assets | 0.10 | — | 0.34 | |
| Market value of equity / total liabilities | 30.33 | — | 18.20 | |
| Sales / total assets | 0.77 | — | 0.77 | |
| Altman Z-score | Safe zone | 20.17 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.59 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PEN Penumbra, Inc. | 20.2× |
| GKOS Glaukos Corporation compare | 15.2× |
| GMED Globus Medical, Inc. compare | 11.3× |
| PODD Insulet Corporation compare | 9.1× |
| SNN Smith & Nephew SNATS, Inc. compare | 3.5× |
| BIO.B Bio-Rad Laboratories, Inc. compare | 3.2× |
| BIO Bio-Rad Laboratories, Inc. compare | 3.2× |
| BRKR Bruker Corporation compare | 2.4× |
| ZBH Zimmer Biomet Holdings, Inc. compare | 2.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets