Impinj, Inc.
Impinj, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $361.1 million, down 1.37% from fiscal 2024. In the quarter to June 2026, revenue grew 10.7%, EPS was flat, free cash flow grew 6.83% and total debt fell 14.9%, each against the same quarter a year earlier.
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Impinj, Inc. (PI) Altman Z-score
Impinj, Inc.'s Altman Z-score for fiscal 2025 is 9.20, 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 | 9.20 | 2.44 |
| FY2024 | 6.76 | 2.74 |
| FY2023 | 4.02 | (0.79) |
| FY2022 | 4.81 | 1.43 |
| FY2021 | 3.38 | (1.07) |
| FY2020 | 4.45 | 1.13 |
| FY2019 | 3.32 | 0.82 |
| FY2018 | 2.50 | (5.39) |
| FY2017 | 7.89 | 2.65 |
| FY2016 | 5.23 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.39 | — | 0.47 | |
| Retained earnings / total assets | (0.73) | — | −1.03 | |
| EBIT / total assets | 0.00 | — | −0.00 | |
| Market value of equity / total liabilities | 15.17 | — | 9.10 | |
| Sales / total assets | 0.66 | — | 0.66 | |
| Altman Z-score | Safe zone | 9.20 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.81 | ||
Z and Z″ put Impinj, Inc. in different zones: safe zone by Z, distress zone by Z″.
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 |
|---|---|
| SLAB Silicon Laboratories, Inc. compare | 16.6× |
| CRUS Cirrus Logic, Inc. compare | 14.4× |
| PI Impinj, Inc. | 9.2× |
| ALGM Allegro MicroSystems, Inc. compare | 8.5× |
| SIMO Silicon Motion Technology Corporation compare | 6.9× |
| DIOD Diodes Incorporated compare | 4.8× |
| SYNA Synaptics Incorporated compare | 3.5× |
| VSH Vishay Intertechnology, Inc. compare | 1.9× |
| MXL MaxLinear, Inc compare | 1.9× |
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