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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

319.20 1.91 −0.59%
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
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Penumbra, Inc. (PEN) valuation and DCF model

What the price implies · reverse DCF

At $319.20 the price implies free cash flow after share-based pay growing 24.9% a year for ten years.

The industry’s median company is priced for 12.5%.

In December 2018 the price assumed 28.5% a year; Penumbra, Inc. went on to grow free cash flow after share-based pay 104.2% a year to FY2025.

Price implies
24.9%
Industry median implies
12.5%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
24.9% a year for ten years
$319.20
today’s price
Its base case
5.0% a year for five years, then 3.0%
$80.65
74.7% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Penumbra, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to September 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 24.9% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Penumbra, Inc.’s own cost of capital: risk-free 4.3% + beta 0.69 × equity premium 4.5% = 7.4% cost of equity; weighted, 7.4%.

Use 7.4%
Equity value $3.19b ▼ below market cap $12.61b
Base case value per share $80.65 equity value ÷ 39.51m shares
Current price $319.20 market price per share
Below today’s price 74.7% downside at the base case’s assumptions

How we got there$1.13b 10 years of cash to equity+$1.40b terminal value+$654.58m net cash=$3.19b equity value÷39.51m shares=$80.65 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Medical Devices).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 80.35× 561.97× 490.36× 84% below 25.58× 214% above
P/FCF 63.11× 313.39× 2,931.94× 98% below 28.81× 119% above
P/B 7.98× 8.16× 9.07× 12% below 2.48× 221% above
EV/EBITDA 57.25× 148.47× 424.58× 87% below 11.51× 397% above
EV/Sales 7.68× 8.33× 9.36× 18% below 2.72× 183% above
P/E P/FCF P/B EV/EBITDA EV/Sales
186.23×481.11×775.98×1,070.86×10Y avg 424.58×2016201720182019202120222023202420252026

PEN trades at 57.25× EV/EBITDA, against a 10-year average of 424.58× (range 56.00×–1,160.29×). That is cheaper than 89% of the last 9 year-end readings; re-rating to the average implies $2,260.90 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.