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Penumbra Inc (PEN) stock

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NYSE: PEN NYSE Health Care Equipment Next results ~November 4, 2026

B Fundamentals grade

Penumbra Inc is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$100–$170 across our lower- and higher-growth cases (11.6%–21.6% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 59% below it.

Price used: $321.34, November 2, 2026

Penumbra Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 32 sales by directors and officers, last 12 monthsInsider trades
  • Funds181 adding, 251 cuttingOf 68 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Penumbra files

10-Q filed October 29: Penumbra

Penumbra's revenue reached $1.56bn over the twelve months to September 2026, up 17.0% on a year earlier but a touch slower than the 17.6% pace recorded the previous quarter. Profitability improved, with the free-cash-flow margin climbing to 12.8% from 11.4% a year ago. That progress lifted the fundamentals grade from C+ to B. Despite this, our model value is barely changed at $137 a share, well below the current price of $320. We keep the rating at Sell. At today's price, the market appears to be pricing in cash-flow growth of about 34.0% a year for five years, a figure well ahead of the 15.9% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Penumbra stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.50bn, up 17.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 14.3% from 12.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $131 a share, against a share price of $324. At that price, our model says the market is pricing in about 35.2% a year of cash-flow growth for five years, faster than the 15.0% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Penumbra Inc's trailing-twelve-month revenue grew 17.0% year on year, with a free-cash-flow margin of 12.8%. Where it stands out: net margin of 10.1% ranks 25 of 133 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$100–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 31.2% while net income fell 4.3%: a 36pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 17.0% over the last 12 months, against a median of 9.1% for health care equipment companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.3bn.

Things to watch

  • Priced above our value. The share price of $321.34 is 59% above our value per share of $130.
  • High earnings multiple. The shares trade at 81 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 5 insiders sold $11M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Short interest rising. Shares sold short rose 25% in a month to 6.6% of tradable shares.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.20 against an average estimate of $1.21: missed by 0.3%
Revenue
$410m, up 15.6% on a year earlier
Share reaction
+0.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
November 4, 2026; average EPS estimate $1.48

Penumbra's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week-1.2%
  • 1 month+1.2%
  • This year+3.4%
  • 1 year+41.3%
  • 5 years+15.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.6B
Operating margin
12.1%
Net margin
10.1%
EPS (TTM, diluted)
$3.97

Growth

Revenue growth
+17.0%
Change in growth rate
−0.6 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
$200M
FCF margin
12.8%
Stock pay % of revenue
3.7%

Earnings

Last results
October 29, 2026
Next results (est.)
January 15, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Penumbra Inc valuation models and calculator

What the price is pricing in

The share price implies about 34.2% a year of cash-flow growth for five years.That is faster than the 15.9% a year revenue growth Penumbra has delivered.

  • Priced in34.2%
  • Last 12 months17.0%
  • 3 years a year16.2%
  • 5 years a year15.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($320.68, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$130
Price used
$320.68close November 3, 2026
Implied change
▼ 59%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Penumbra Inc's free cash flow after stock-based pay with after-tax interest added back ($127M, FY2026 Q3 TTM), growing 13.6% and 15.4% in the next two years (forecasts, guidance and its record), then back to 16.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$100–~$170 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Penumbra Inc's free cash flow after stock-based pay ( $127M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Penumbra Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.79 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$100–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$99 ~$88–$160 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$22 ~$13–$35 Left out: out of range vs price (0.07x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$13 ~$11–$16 Left out: out of range vs price (0.04x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$99–$130 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Penumbra Inc with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +28%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +11%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $63$80$102$131$169$217
8.5% $52$65$80$101$128$163
10% $46$55$67$83$104$130

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$53.81$63.80$94.10$122.20$164.27$175.00$287.32$222.46$251.54$237.48$310.91$321.34
Market value$765m$2.1bn$3.3bn$4.4bn$6.0bn$6.3bn$10.9bn$8.4bn$9.9bn$9.3bn$12.2bn$12.7bn
+ Net debt (− = net cash)−$20m−$13m−$51m−$68m−$73m−$70m−$59m−$70m−$167m−$324m−$187m−$254m
Enterprise value$746m$2.1bn$3.3bn$4.3bn$5.9bn$6.2bn$10.8bn$8.3bn$9.7bn$9.0bn$12.0bn$12.5bn
Multiples
Price / sales 4.1x8.1x10.0x9.9x10.9x11.2x14.6x9.9x9.3x7.8x8.7x8.1x
Price / earnings n/m144.2xn/mn/m122.9x—n/m—108.5xn/m68.8x80.9x
Price / free cash flow ——n/mn/mn/m———120.1x63.3x69.8x63.4x
EV / EBITDA 125.7xn/mn/mn/m105.8x—n/mn/m96.2xn/m58.2x59.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard Penumbra's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Cash operating profit has been a median 5.4% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 64.0%, moving by 2.0 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.2%; its worst year was -4.9%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 2.1% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 5.3% over five years; stock-based pay has been a median 4.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $424m and EPS of $1.48 (range $1.38 to $1.60) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.78 +25% $1.6bn +13%
Next $6.12 +28% $1.8bn +13%

Next year's EPS estimate has moved −2.0% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.0% on 90 days ago. In the last 30 days, 1 analyst raised Penumbra Inc's forecast and 5 cut it.

Consensus EPS forecast Penumbra Inc, last 90 days
$4.50 $5.00 $5.50 $6.00 $6.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.98 Current fiscal year, 60 days ago: $4.79 Current fiscal year, 30 days ago: $4.79 Current fiscal year, 7 days ago: $4.81 Current fiscal year, Now: $4.78 $4.78 Next fiscal year, 90 days ago: $6.25 Next fiscal year, 60 days ago: $6.13 Next fiscal year, 30 days ago: $6.13 Next fiscal year, 7 days ago: $6.13 Next fiscal year, Now: $6.12 $6.12

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.98$6.25
60 days ago $4.79$6.13
30 days ago $4.79$6.13
7 days ago $4.81$6.13
Now $4.78$6.12

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.21 $1.20 −0.3%
Jun 2026 $1.18 $1.01 −14.4%
Mar 2026 $1.06 $1.01 −4.6%
Dec 2025 $1.11 $1.18 +6.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026

No numeric guidance in Penumbra Inc's latest earnings release (filed July 30, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Penumbra Inc's revenue by +13.6% next year and +15.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.1%, weight 68%) and the company's own record (+16.6%, weight 32%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy318%
Hold1482%
Sell00%

Monthly trend

  1. Oct 202621417
  2. Sep 202621316
  3. Aug 202621316

Counts of recommendations published by analysts covering Penumbra Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.6%
of tradable shares
Days to cover
5.55
at average volume
Short interest, 1 month
+25%
to October 15, 2026
Held by institutions
88%
of shares
Held by insiders
2.9%
of shares
Employees
4,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +41.3%

$227.37 on October 31, 2025 to $321.34

ThenNowEffect
Revenue (last 12 months) $1.3bn $1.5bn +17.6%
Net margin 11.5% 10.7% −7.5%
P/E multiple 60.5x 79.0x +30.5%
Share count 39m 39m −0.4%

Biggest factor: p/e multiple.

Last 3 years +62.4%

$197.86 on November 3, 2023 to $321.34

ThenNowEffect
Revenue (last 12 months) $938m $1.5bn +60.5%
Net margin 3.1% 10.7% +243.6%
P/E multiple n/m 79.0x −70.0%
Share count 39m 39m −1.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PEN+64%−23%+13%−6%+31%+3%
Industry peers (median)−9%−37%−9%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PEN58%50%67%33%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PEN−24%−60%−47%−40%−26%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 63% from April 28, 2021 to June 16, 2022. Getting back needed a 168% gain, reached on May 9, 2023, 327 days after the low.

Price behaviour

52-week range
$225.54 – $359.40
From 52-week high
−10.6%
vs 50-day average
+0.3%
vs 200-day average
−1.8%
Volatility (1 year)
27%
Beta vs S&P 500
0.06

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
10 up, 2 down
typical move ±6.4%
After a week
7 up, 4 down
typical move ±6.1%
After a month
7 up, 4 down
typical move ±9.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +0.2% −2.1% — —
July 30, 2026 +0.3% +2.4% +1.5% +0.5%
May 6, 2026 +0.2% +1.1% −0.4% −1.0%
February 25, 2026 +0.7% +0.3% 0.0% −0.9%
January 15, 2026 +11.9% +0.2% +14.6% +8.8%
November 5, 2025 +12.6% −0.7% +19.2% +27.9%
July 29, 2025 +10.4% −0.4% +4.3% +16.0%
April 23, 2025 +7.6% +3.7% +5.6% −3.8%
February 18, 2025 +13.1% +0.5% +4.8% +4.0%
October 30, 2024 +9.2% −2.3% +11.5% +16.5%
July 30, 2024 −6.3% +1.1% −3.9% +12.4%
May 7, 2024 −4.0% +0.1% −1.4% −7.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Penumbra Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Penumbra Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Penumbra Inc
$1B $1.2B $1.4B $1.6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q1: $1.2B Revenue (TTM), FY25 Q2: $1.3B Revenue (TTM), FY25 Q3: $1.3B Revenue (TTM), FY25 Q4: $1.4B Revenue (TTM), FY26 Q1: $1.5B Revenue (TTM), FY26 Q2: $1.5B Revenue (TTM), FY26 Q3: $1.6B $1.6B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.1B
FY24 Q1 $1.1B
FY24 Q2 $1.1B
FY24 Q3 $1.2B
FY24 Q4 $1.2B
FY25 Q1 $1.2B
FY25 Q2 $1.3B
FY25 Q3 $1.3B
FY25 Q4 $1.4B
FY26 Q1 $1.5B
FY26 Q2 $1.5B
FY26 Q3 $1.6B
Revenue growth, TTM YoY Penumbra Inc
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 25.0% Revenue growth, TTM YoY, FY24 Q1: 23.9% Revenue growth, TTM YoY, FY24 Q2: 20.9% Revenue growth, TTM YoY, FY24 Q3: 17.0% Revenue growth, TTM YoY, FY24 Q4: 12.9% Revenue growth, TTM YoY, FY25 Q1: 13.2% Revenue growth, TTM YoY, FY25 Q2: 12.9% Revenue growth, TTM YoY, FY25 Q3: 14.6% Revenue growth, TTM YoY, FY25 Q4: 17.5% Revenue growth, TTM YoY, FY26 Q1: 17.3% Revenue growth, TTM YoY, FY26 Q2: 17.6% Revenue growth, TTM YoY, FY26 Q3: 17.0% 17.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 25.0%
FY24 Q1 23.9%
FY24 Q2 20.9%
FY24 Q3 17.0%
FY24 Q4 12.9%
FY25 Q1 13.2%
FY25 Q2 12.9%
FY25 Q3 14.6%
FY25 Q4 17.5%
FY26 Q1 17.3%
FY26 Q2 17.6%
FY26 Q3 17.0%
Operating margin (TTM) Penumbra Inc
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 6.9% Operating margin (TTM), FY24 Q1: 7.1% Operating margin (TTM), FY24 Q2: -1.9% Operating margin (TTM), FY24 Q3: 0.1% Operating margin (TTM), FY24 Q4: 0.8% Operating margin (TTM), FY25 Q1: 3.0% Operating margin (TTM), FY25 Q2: 12.4% Operating margin (TTM), FY25 Q3: 13.0% Operating margin (TTM), FY25 Q4: 13.5% Operating margin (TTM), FY26 Q1: 12.9% Operating margin (TTM), FY26 Q2: 12.4% Operating margin (TTM), FY26 Q3: 12.1% 12.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 6.9%
FY24 Q1 7.1%
FY24 Q2 -1.9%
FY24 Q3 0.1%
FY24 Q4 0.8%
FY25 Q1 3.0%
FY25 Q2 12.4%
FY25 Q3 13.0%
FY25 Q4 13.5%
FY26 Q1 12.9%
FY26 Q2 12.4%
FY26 Q3 12.1%
FCF margin (TTM) Penumbra Inc
6% 8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 7.8% FCF margin (TTM), FY24 Q1: 9.6% FCF margin (TTM), FY24 Q2: 9.8% FCF margin (TTM), FY24 Q3: 11.5% FCF margin (TTM), FY24 Q4: 12.3% FCF margin (TTM), FY25 Q1: 12.1% FCF margin (TTM), FY25 Q2: 12.6% FCF margin (TTM), FY25 Q3: 11.4% FCF margin (TTM), FY25 Q4: 12.5% FCF margin (TTM), FY26 Q1: 14.6% FCF margin (TTM), FY26 Q2: 14.3% FCF margin (TTM), FY26 Q3: 12.8% 12.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 7.8%
FY24 Q1 9.6%
FY24 Q2 9.8%
FY24 Q3 11.5%
FY24 Q4 12.3%
FY25 Q1 12.1%
FY25 Q2 12.6%
FY25 Q3 11.4%
FY25 Q4 12.5%
FY26 Q1 14.6%
FY26 Q2 14.3%
FY26 Q3 12.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Penumbra took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.4B
  2. Other income $15.9M · 1.1%
  3. Cost of revenue $461M · 32.9%
  4. Gross profit $942M · 67.1%
  5. Research and development $89.8M · 6.4%
  6. Selling, general and admin $663M · 47.3%
  7. Operating income $189M · 13.5%
  8. Income tax $27.4M · 2.0%
  9. Net income $178M · 12.7%

Shares of revenue. Source: Penumbra's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 89 126 186 263 334 445 547 560 748 847 1,059 1,195 1,404 1,560
Gross profit 58 83 124 171 217 293 372 338 475 535 683 755 942 1,061
EBITDA −0 4 6 1 5 5 56 −26 9 30 101 33 207 209
Operating income −1 3 4 −1 1 −1 48 −39 −8 6 74 9 189 189
Net income 4 2 2 15 5 7 48 −16 5 −2 91 14 178 157
Diluted EPS $0.05 −$0.06 $0.08 $0.44 $0.13 $0.18 $1.34 −$0.44 $0.14 −$0.05 $2.32 $0.36 $4.52 $3.97
Growth (year on year)
Revenue — +41.3% +48.3% +41.5% +26.8% +33.3% +23.0% +2.4% +33.4% +13.3% +25.0% +12.9% +17.5% +17.0%
EBITDA — — +57.7% −84.0% — — — −146.8% — — +231.6% −67.3% +526.8% +10.1%
Operating income — — +38.9% −132.3% — — — −182.0% — — — −87.4% — +9.5%
Net income — −45.2% — — −68.6% — — −132.4% — — — −84.6% — −4.3%
Diluted EPS — −228.6% — — −70.5% — — −132.8% — — — −84.5% — −4.7%
Margins
Gross margin 65.1% 66.0% 66.7% 64.9% 65.1% 65.7% 68.0% 60.3% 63.6% 63.2% 64.5% 63.2% 67.1% 68.0%
EBITDA margin −0.5% 3.0% 3.2% 0.4% 1.5% 1.2% 10.2% −4.6% 1.2% 3.6% 9.5% 2.8% 14.7% 13.4%
Operating margin −1.3% 2.4% 2.2% −0.5% 0.3% −0.2% 8.7% −6.9% −1.0% 0.7% 6.9% 0.8% 13.5% 12.1%
Net margin 4.6% 1.8% 1.3% 5.6% 1.4% 1.5% 8.9% −2.8% 0.7% −0.2% 8.6% 1.2% 12.7% 10.1%
Free-cash-flow margin −4.7% −8.2% −14.1% −10.0% 0.0% 4.3% 0.8% −10.3% −1.6% −8.8% 7.8% 12.3% 12.5% 12.8%
Cash flow
Cash from operations −3 −6 −21 −13 13 29 27 −33 10 −56 97 168 239 261
Capital spending 1 4 5 14 13 10 22 25 21 19 15 21 64 61
Free cash flow −4 −10 −26 −26 0 19 5 −58 −12 −75 82 147 175 200
Stock-based pay 1 1 7 15 18 18 21 26 66 37 51 46 59 58
Free cash flow after stock pay −5 −12 −33 −41 −18 1 −17 −84 −77 −112 32 101 116 142
Balance sheet
Cash 4 3 20 13 51 68 73 70 59 70 167 324 187 254
Total debt 0 0 0 0 0 — 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −4 −3 −20 −13 −51 −68 −73 −70 −59 −70 −167 −324 −187 −254
Diluted shares 20m 14m 14m 33m 35m 36m 36m 36m 38m 38m 39m 39m 39m 40m
Returned to shareholders
Buybacks — — — — — — — — — 0 0 100 0 —
Total returned — — — — — — — — — 0 0 100 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · September 30, 2026
What it owns · $2.0bn
Short-term assets $1.4bnLonger-term assets $648m
What it owes, and who funded it · $2.0bn
Short-term liabilities $234mLonger-term liabilities $208mShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $234m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.4bn short-term assets against $208m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $189m against $1m of interest.

From Penumbra Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$100M
Diluted share count
+0.5%
year over year
R&D spending
6.1%
of revenue
Sales & admin spending
49.8%
of revenue
Days sales outstanding
46 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated PEN MMSI IART HAE STVN ITGR Median
Revenue, last 12 months $1.6bn $1.6bn $1.7bn $1.4bn $1.3bn $1.8bn $99m
Revenue growth, last 12 months 17.0% 9.1% 0.8% 0.4% 12.3% −0.3% 9.2%
Revenue growth, 3-year average 16.2% 9.5% 2.4% 3.5% — 6.7% 13.5%
Revenue growth, latest quarter 15.6% 8.4% 2.3% 5.6% — −3.9% 10.2%
Gross margin 68.0% 49.4% 52.4% 59.0% 29.0% 24.6% 61.2%
Operating margin 12.1% 13.5% 4.4% 11.9% 16.8% 8.2% −8.5%
Operating margin, 3-year average 8.4% 12.1% −7.7% 13.6% — 10.7% −17.9%
Net margin 10.1% 9.9% 0.8% 7.1% 11.8% 5.7% −12.0%
Cash from operations / revenue 16.7% 17.0% 8.5% 24.3% 24.1% 9.7% −1.9%
Free-cash-flow margin 12.8% 12.4% 5.2% 21.5% 1.9% 4.5% −3.9%
Free-cash-flow margin, 3-year average 11.9% 13.1% 2.4% 14.3% — 5.2% −7.0%
Stock pay / revenue 3.7% 2.8% 1.2% 2.5% — 1.3% 6.1%
Change in share count 0.5% −0.8% 1.3% −6.5% 0.7% −0.8% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 17.0% 9.1% 41 of 129
Change in growth rate Growth -0.6pp -0.6pp 63 of 129
Gross margin Profitability 68.0% 61.9% 47 of 123
Operating margin Profitability 12.1% -8.3% 27 of 132
Net margin Profitability 10.1% -12.0% 25 of 133
Free-cash-flow margin Cash generation 12.8% -3.4% 25 of 128
Stock pay as % of revenue Cash generation 3.7% 6.1% 49 of 123
Change in share count Balance sheet 0.5% 3.3% 38 of 115
Days sales outstanding Balance sheet 46 days 57 days 30 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Thrombectomy $948M 67.5% ▲ 16.2%
Embolization $456M 32.5% ▲ 20.2%
Geography
Region Revenue Share YoY
United States $1.1B 77.8% ▲ 21.0%
Outside the US $312M 22.2% ▲ 6.6%

From Penumbra Inc's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$10.8B
Institutions reporting
448
Shares held vs prior quarter
▲ 0.9%
Positions opened / closed
35 / 69

Top buyers and sellers, Q2 2026: 181 institutions bought and 251 sold ; the biggest buyer was Jpmorgan Chase & Co (+669K shares) and the biggest seller Baillie Gifford & Co (−840K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.4B 4.3M 12.6% ▼ 0.8%
HBK Investments L P $581M 1.8M 5.4% ▲ 12.5%
Vanguard Capital Management LLC $540M 1.7M 5.0% ▲ 0.9%
Vanguard Portfolio Management LLC $526M 1.7M 4.9% ▲ 0.8%
State Street Corp $393M 1.2M 3.6% ▲ 4.8%
Exoduspoint Capital Management, LP $344M 1.1M 3.2% ▲ 134.4%
Balyasny Asset Management L.P. $344M 1.1M 3.2% ▲ 43.0%
Jpmorgan Chase & Co $339M 1.1M 3.1% ▲ 166.1%
Goldman Sachs Group Inc $267M 847K 2.5% ▲ 17.6%
Arrowstreet Capital, Limited Partnership $264M 835K 2.4% ▲ 108.6%
Geode Capital Management, LLC $252M 796K 2.3% ▲ 0.1%
Norges Bank $238M 752K 2.2% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Penumbra Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $11.1M 32 trades by 5 insiders · 100% under pre-set plans
Net ▼ $11.1M net selling
Insider Date Trade Shares Price Value
Grewal Harpreet Director April 2, 2026 Sell pre-set plan 100 $328.22 $32,822
Yuen Maggie Chief Financial Officer March 2, 2026 Sell pre-set plan 2,432 $342.30 $832,474
Grewal Harpreet Director January 6, 2026 Sell pre-set plan 186 $312.64 $58,151
Wilder Thomas Director January 2, 2026 Sell pre-set plan 186 $310.72 $57,794
Bose Arani Director December 11, 2025 Sell pre-set plan 4 $308.00 $1,232
Bose Arani Director December 11, 2025 Sell pre-set plan 3,523 $311.47 $1.1M
Bose Arani Director December 11, 2025 Sell pre-set plan 2,082 $310.50 $646,461
Bose Arani Director December 11, 2025 Sell pre-set plan 1,895 $312.20 $591,619
Bose Arani Director December 11, 2025 Sell pre-set plan 520 $307.10 $159,692
Bose Arani Director December 11, 2025 Sell pre-set plan 4,946 $306.60 $1.5M
Bose Arani Director December 11, 2025 Sell pre-set plan 2,030 $305.19 $619,536
Roberts Johanna EVP, Gen. Counsel & Secretary December 5, 2025 Sell pre-set plan 300 $300.13 $90,039

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Penumbra Inc disclosed in the last 12 months; 1 earlier trade on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 10, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 15, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • May 6, 2026
  • February 25, 2026
  • January 15, 2026
  • November 5, 2025

Recent SEC filings

Data status

When each part of this page on Penumbra Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Penumbra Inc in brief

What does Penumbra Inc do?
Penumbra Inc is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Penumbra Inc's stock ticker?
Penumbra Inc trades under the ticker PEN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Penumbra Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Penumbra Inc reported revenue of $1.6B, 17.0% higher than a year earlier, according to its SEC filings.
What is Penumbra Inc's free cash flow?
Penumbra Inc's free-cash-flow margin is 12.8% of revenue over the trailing twelve months, ranking 25 of the 128 health care equipment companies we cover.
What is Penumbra Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Penumbra Inc's free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$100–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Penumbra Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., HBK Investments L P and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Penumbra Inc's market cap?
On November 2, 2026, Penumbra Inc's market capitalisation was about $12.7B, with a price-to-earnings ratio of 80.9 and net debt of -$254M. Market figures come from third-party market data and may be delayed.
Who are Penumbra Inc's competitors?
In our Health Care Equipment peer group, the companies closest to Penumbra Inc are Merit Medical Systems Inc, Integra Lifesciences Holdings Corp, Haemonetics Corp, Stevanato Group S.p.a. and Integer Holdings Corp. The side-by-side comparison below sets their revenue, margins and growth against Penumbra Inc's.
Are insiders buying or selling Penumbra Inc stock?
Over the last 12 months, Penumbra Inc's directors and officers reported 0 open-market purchases and 32 sales on Form 4. The insider trading page charts every trade.
When is Penumbra Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Penumbra Inc announces its own schedule.