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Penguin Solutions, Inc. (PENG) stock

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NASDAQ: PENG Nasdaq Semiconductors Next results ~January 5, 2027

C Fundamentals grade

Penguin Solutions is a technology company that supplies high-performance computing and artificial-intelligence systems, specialised memory, and lighting components. Its Advanced Computing line covers HPC and AI infrastructure sold with accompanying software and managed services; its Integrated Memory line produces flash and DRAM modules, including its CXL product family; and its Optimized LED line makes high- and mid-power lighting for general, display and horticultural uses.

The firm earns most of its money from hardware and product sales, supplemented by software and managed services within computing. Buyers include original-equipment manufacturers who order tailored memory for industrial, government, networking and storage markets, alongside enterprises and public bodies adopting AI across sectors such as finance, energy and education.

Operations are divided into these three reporting segments, and the group follows a 'Fab-Light' model that relies on outside manufacturers rather than its own fabrication plants. It runs facilities in Malaysia and sells internationally, with LED demand drawn from China and Europe. In June 2025 the parent company moved its domicile from the Cayman Islands to Delaware; it has also acquired Stratus Technologies and received a preferred-share investment from SK Telecom.

Based on Penguin Solutions, Inc.'s 10-K filed October 21, 2025.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$63

Valuation models combined (4)

Base case. Range ~$36–$110. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Penguin Solutions, 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 38 sales by directors and officers, last 12 monthsInsider trades
  • Funds220 adding, 123 cuttingOf 55 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Penguin Solutions files

10-K filed October 20: Penguin Solutions

Model value +349.6%

Revenue reached $1.73bn in the twelve months to August 2026, up 26.5% on a year earlier. That marks an acceleration from the 12.0% growth recorded a quarter earlier. Cash generation moved the other way: the free-cash-flow margin fell to -9.4%, down from 7.3% a year earlier. Across the same twelve months, the diluted share count rose 4.8%, which dilutes existing holders. Our model value now rises from $12.90 to $58.00 a share, set against the current share price of $56.32.

Source: 10-K filed October 20, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Penguin Solutions stands after its latest 10-Q

Revenue for the twelve months to May 2026 was $1.50bn, up 12.0% on a year earlier, faster than 2.3% a quarter earlier. Free-cash-flow margin fell to -4.6% from 11.6% a year earlier. Operating margin widened to 7.2% from 4.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $12.90 a share, against a share price of $56.56.

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 ~January 5, 2027 (estimated)

Penguin Solutions, Inc.'s trailing-twelve-month revenue grew 26.5% year on year, with a free-cash-flow margin of -9.4%. Where it stands out: change in growth rate of +14.5pp ranks 12 of 75 semiconductor companies we cover. Where it lags: days sales outstanding of 168 days ranks 60 of 62 semiconductor companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 72% year over year while revenue grew 26% — the balance sheet is expanding 45 points faster than the business it supports.

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 26.5% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
  • Growth speeding up. The growth rate is 14.5 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 34.2% over 90 days.

Things to watch

  • Burning cash. Free cash flow was -9.4% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 87% and a beta of 3.8 against the S&P 500.
  • Weak cash conversion. Free cash flow was -91% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 168 days ranks 60 of 62 semiconductor companies we cover (median 58 days).
  • Below peers: gross margin. Gross margin of 27.7% ranks 58 of 73 semiconductor companies we cover (median 48.3%).

Latest results: FY2026 Q4

Filed October 20, 2026
Earnings per share
$1.00 against an average estimate of $0.77: beat by 29.5%
Revenue
$567m, up 67.7% on a year earlier
Share reaction
+19.6% in the first session after the results on October 6, 2026, against +0.3% for the S&P 500
Guidance given
net sales $2.43bn (fiscal year 2027); net sales YoY Growth growth 40% (fiscal year 2027)
Next report
January 5, 2027; average EPS estimate $1.04

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

Price chart

  • 1 day-8.5%
  • 1 week-13.5%
  • 1 month-22.6%
  • This year+142.8%
  • 1 year+113.3%
  • 5 years+69.0%
  • 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)
$1.7B
Operating margin
4.0%
Net margin
10.4%
EPS (TTM, diluted)
$3.18

Growth

Revenue growth
+26.5%
Change in growth rate
+14.5 pts
Share count change
+4.8%

Cash

Free cash flow (TTM)
-$163M
FCF margin
-9.4%
Stock pay % of revenue
1.8%

Earnings

Last results
October 6, 2026
Next results (est.)
January 5, 2027

News & updates

Updated November 2, 2026

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

  1. Announcement
  2. Our research
  3. Partnership
  4. Announcement
  5. Leadership
  6. Results
  7. Results
  8. Guidance
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Agreement
  14. 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

Penguin Solutions, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Penguin Solutions, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 14%: the 10-year Treasury yield (4.9%) plus a beta of 2.03 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$36 ~$23–$47 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. ~$81 ~$75–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.5 ~$0.3–$0.8 Left out: out of range vs price (0.01x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$110–$310 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$77 ~$61–$96 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) 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. ~$63 ~$36–$110 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Penguin Solutions, Inc. with Semiconductors 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 2017201820192020202120222023202420252026
Share price$9.20$16.50$14.21$12.46$23.84$19.28$23.92$20.72$24.13$49.51
Market value$290m$763m$667m$598m$1.2bn$1.0bn$1.2bn$1.1bn$1.3bn$2.9bn
+ Net debt (− = net cash)$163m$188m−$98m$45m$143m$271m$425m$274m$8m$142m
Enterprise value$454m$950m$569m$642m$1.3bn$1.3bn$1.7bn$1.4bn$1.3bn$3.1bn
Multiples
Price / sales 0.4x0.6x0.6x0.5x1.1x0.8x0.9x0.9x1.0x1.7x
Price / earnings —6.4x13.0x—54.3x15.8x——51.7x16.1x
Price / free cash flow —18.1x4.9x10.9x8.5x12.4x18.9x18.8x13.1x—
EV / EBITDA 5.2x4.8x4.8x8.3x67.6x11.6x20.6x16.2x11.5x14.2x

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

43 /100

Weak moat

How hard Penguin Solutions'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 14 / 20

    Cash operating profit has been a median 11.1% of total assets over 8 years.

  • Pricing power 8 / 20

    Gross margin has been a median 25.1%, moving by 3.9 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.1%; its worst year was -1.5%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 8 of 10 years, at a median 4.9% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 16.6% over five years; stock-based pay has been a median 2.3% 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: January 5, 2027, after the close. Analysts expect revenue of $569m and EPS of $1.04 (range $0.91 to $1.13) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.56 +59% $2.5bn +42%
Next $5.26 +15% $2.8bn +12%

Next year's EPS estimate has moved +34.2% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +35.9% on 90 days ago. In the last 30 days, 6 analysts raised Penguin Solutions, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Penguin Solutions, Inc., last 90 days
$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.35 Current fiscal year, 60 days ago: $3.35 Current fiscal year, 30 days ago: $3.35 Current fiscal year, 7 days ago: $3.39 Current fiscal year, Now: $4.56 $4.56 Next fiscal year, 90 days ago: $3.92 Next fiscal year, 60 days ago: $3.92 Next fiscal year, 30 days ago: $3.92 Next fiscal year, 7 days ago: $3.96 Next fiscal year, Now: $5.26 $5.26

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.35$3.92
60 days ago $3.35$3.92
30 days ago $3.35$3.92
7 days ago $3.39$3.96
Now $4.56$5.26

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $0.77 $1.00 +29.5%
May 2026 $0.56 $0.84 +49.3%
Feb 2026 $0.42 $0.52 +23.1%
Nov 2025 $0.44 $0.49 +12.3%

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

Management guidance

Earnings release, October 6, 2026
  • net sales fiscal year 2027 about $2.43bn Raised
    “Penguin Solutions now expects fiscal 2027 net sales of approximately $2.43 billion at the midpoint, representing growth of approximately 40%, plus or minus 10 percentage points.” source
  • Net sales YoY Growth fiscal year 2027 about 40% growth Raised
    “Net sales 40% YoY Growth +/-10% - 40% YoY Growth +/-10%” source
  • Diluted earnings per share fiscal year 2027 about $3.50 GAAP Raised
    “Diluted earnings per share $3.50 +/- $0.70 $0.95 (A)(B)(C)(D)(E) $4.45 +/- $0.70” source
  • Non-GAAP diluted earnings per share fiscal year 2027 about $4.45 Non-GAAP Raised
    “Diluted earnings per share $3.50 +/- $0.70 $0.95 (A)(B)(C)(D)(E) $4.45 +/- $0.70” source
  • Gross margin fiscal year 2027 about 27% GAAP Raised
    “Gross margin 27% +/- 2% 1% (A) 28% +/- 2%” source
  • Gross margin fiscal year 2027 about 28% Non-GAAP Raised
    “Gross margin 27% +/- 2% 1% (A) 28% +/- 2%” source
Show 5 more items
  • Operating expenses fiscal year 2027 about $329m GAAP Raised
    “Operating expenses $329 million +/- $10 million ($54) million (B)(C) $275 million +/- $10 million” source
  • Operating expenses fiscal year 2027 about $275m Non-GAAP Raised
    “Operating expenses $329 million +/- $10 million ($54) million (B)(C) $275 million +/- $10 million” source
  • Diluted shares fiscal year 2027 about 63m Raised
    “Diluted shares 63 million - 63 million” source
  • Diluted EPS growth (GAAP) fiscal year 2027 about 35% growth GAAP Raised
    “The Company also expects diluted EPS of $3.50 and non-GAAP diluted EPS of $4.45, representing year-over-year growth of approximately 35% and 55%, respectively.” source
  • Non-GAAP diluted EPS growth fiscal year 2027 about 55% growth Non-GAAP Raised
    “The Company also expects diluted EPS of $3.50 and non-GAAP diluted EPS of $4.45, representing year-over-year growth of approximately 35% and 55%, respectively.” source

How earlier guidance turned out

  • Diluted earnings per share, fiscal year 2026 guided about $1.97 Above range: $2.60
  • Gross margin, fiscal year 2026 guided about 26.5% Above range: 27.660055%

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

8 analysts, Nov 2026
Buy788%
Hold00%
Sell113%

Monthly trend

  1. Nov 20262518

Counts of recommendations published by analysts covering Penguin Solutions, 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
18.5%
of tradable shares
Days to cover
1.61
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
100%
of shares
Held by insiders
3.0%
of shares
Employees
2,800
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 +113.3%

$22.27 on October 31, 2025 to $47.50

ThenNowEffect
Revenue (last 12 months) $1.4bn $1.7bn +26.5%
Net margin 1.9% 10.4% +462.3%
P/E multiple 47.5x 14.9x −68.6%
Share count 54m 57m −4.6%

Biggest factor: net margin.

Last 3 years +224.5%

$14.64 on November 3, 2023 to $47.50

ThenNowEffect
Revenue (last 12 months) $1.4bn $1.7bn +20.1%
P/S multiple 0.5x 1.6x +202.4%
Share count 51m 57m −10.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

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
PENG+89%−58%+27%+1%+2%+143%
Industry peers (median)+35%−34%+15%−15%+19%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PENG67%25%50%75%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PENG−27%−65%−55%−49%−40%−46%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since May 24, 2017: 69% from March 27, 2018 to May 31, 2019. Getting back needed a 220% gain, reached on April 7, 2021, 677 days after the low.

Price behaviour

52-week range
$16.24 – $81.39
From 52-week high
−41.6%
vs 50-day average
−15.3%
vs 200-day average
+7.6%
Volatility (1 year)
87%
Beta vs S&P 500
3.80

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
7 up, 5 down
typical move ±16.1%
After a week
7 up, 5 down
typical move ±17.0%
After a month
5 up, 6 down
typical move ±21.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 6, 2026 +19.6% +0.3% +28.8% —
July 7, 2026 +15.9% −0.8% +14.9% −17.7%
April 1, 2026 +17.6% +0.8% +29.8% +77.5%
January 6, 2026 −11.8% +0.3% −4.4% −17.2%
October 7, 2025 −22.6% +0.2% −23.0% −24.2%
July 8, 2025 +11.9% +0.5% +18.6% +9.4%
April 2, 2025 −6.3% −4.3% −0.5% +1.0%
January 8, 2025 +4.1% −1.4% +1.4% +7.0%
October 15, 2024 −25.1% −0.3% −25.2% −17.9%
July 9, 2024 +22.4% +1.1% +14.6% −22.0%
April 9, 2024 −23.9% −0.9% −24.7% −26.1%
January 9, 2024 +11.7% +0.4% +18.4% +20.6%

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.

Penguin Solutions, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

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) Penguin Solutions, Inc.
$1B $1.2B $1.4B $1.6B $1.8B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $1.3B Revenue (TTM), FY24 Q2: $1.2B 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: $1.4B Revenue (TTM), FY26 Q2: $1.3B Revenue (TTM), FY26 Q3: $1.5B Revenue (TTM), FY26 Q4: $1.7B $1.7B

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $1.3B
FY24 Q2 $1.2B
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 $1.4B
FY26 Q2 $1.3B
FY26 Q3 $1.5B
FY26 Q4 $1.7B
Revenue growth, TTM YoY Penguin Solutions, Inc.
-40% -20% 0% 20% 40% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: -7.5% Revenue growth, TTM YoY, FY24 Q2: -18.2% Revenue growth, TTM YoY, FY24 Q3: -20.9% Revenue growth, TTM YoY, FY24 Q4: -18.8% Revenue growth, TTM YoY, FY25 Q1: -6.5% Revenue growth, TTM YoY, FY25 Q2: 8.0% Revenue growth, TTM YoY, FY25 Q3: 14.1% Revenue growth, TTM YoY, FY25 Q4: 16.9% Revenue growth, TTM YoY, FY26 Q1: 10.8% Revenue growth, TTM YoY, FY26 Q2: 2.3% Revenue growth, TTM YoY, FY26 Q3: 12.0% Revenue growth, TTM YoY, FY26 Q4: 26.5% 26.5%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 -7.5%
FY24 Q2 -18.2%
FY24 Q3 -20.9%
FY24 Q4 -18.8%
FY25 Q1 -6.5%
FY25 Q2 8.0%
FY25 Q3 14.1%
FY25 Q4 16.9%
FY26 Q1 10.8%
FY26 Q2 2.3%
FY26 Q3 12.0%
FY26 Q4 26.5%
Operating margin (TTM) Penguin Solutions, Inc.
-2% 0% 2% 4% 6% 8% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: -0.4% Operating margin (TTM), FY24 Q2: -0.5% Operating margin (TTM), FY24 Q3: 0.7% Operating margin (TTM), FY24 Q4: 1.6% Operating margin (TTM), FY25 Q1: 2.8% Operating margin (TTM), FY25 Q2: 4.3% Operating margin (TTM), FY25 Q3: 4.1% Operating margin (TTM), FY25 Q4: 4.2% Operating margin (TTM), FY26 Q1: 4.4% Operating margin (TTM), FY26 Q2: 5.0% Operating margin (TTM), FY26 Q3: 7.2% Operating margin (TTM), FY26 Q4: 4.0% 4.0%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 -0.4%
FY24 Q2 -0.5%
FY24 Q3 0.7%
FY24 Q4 1.6%
FY25 Q1 2.8%
FY25 Q2 4.3%
FY25 Q3 4.1%
FY25 Q4 4.2%
FY26 Q1 4.4%
FY26 Q2 5.0%
FY26 Q3 7.2%
FY26 Q4 4.0%
FCF margin (TTM) Penguin Solutions, Inc.
-10% 0% 10% 20% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: 13.1% FCF margin (TTM), FY24 Q2: 4.7% FCF margin (TTM), FY24 Q3: 8.9% FCF margin (TTM), FY24 Q4: 4.9% FCF margin (TTM), FY25 Q1: 3.5% FCF margin (TTM), FY25 Q2: 10.7% FCF margin (TTM), FY25 Q3: 11.6% FCF margin (TTM), FY25 Q4: 7.3% FCF margin (TTM), FY26 Q1: 8.5% FCF margin (TTM), FY26 Q2: 7.4% FCF margin (TTM), FY26 Q3: -4.6% FCF margin (TTM), FY26 Q4: -9.4% -9.4%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 13.1%
FY24 Q2 4.7%
FY24 Q3 8.9%
FY24 Q4 4.9%
FY25 Q1 3.5%
FY25 Q2 10.7%
FY25 Q3 11.6%
FY25 Q4 7.3%
FY26 Q1 8.5%
FY26 Q2 7.4%
FY26 Q3 -4.6%
FY26 Q4 -9.4%

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

FY2026, from the 10-K

Each dollar Penguin Solutions took in during FY2026, 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 $1.7B
  2. Other income $15M · 0.9%
  3. Cost of revenue $1.3B · 72.3%
  4. Gross profit $479M · 27.7%
  5. Research and development $81.7M · 4.7%
  6. Selling, general and admin $220M · 12.7%
  7. Other operating costs $11.2M · 0.6%
  8. Operating income $166M · 9.6%
  9. Net income $181M · 10.4%

Shares of revenue. Source: Penguin Solutions's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. 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 2015 Aug 2015 2016 Aug 2016 2017 Aug 2017 2018 Aug 2018 2019 Aug 2019 2020 Aug 2020 2021 Aug 2021 2022 Aug 2022 2023 Aug 2023 2024 Aug 2024 2025 Aug 2025 2026 Aug 2026
Income
Revenue 643 534 761 1,289 1,212 1,122 1,056 1,396 1,441 1,171 1,369 1,731
Gross profit 131 107 162 292 238 216 238 391 415 341 394 479
EBITDA 43 24 87 196 118 78 19 114 80 84 114 216
Operating income −7 6 54 170 89 41 −16 67 9 18 58 166
Net income −46 −20 −8 119 51 −1 21 67 −188 −52 25 181
Diluted EPS −$1.68 −$0.72 −$0.24 $2.58 $1.09 −$0.02 $0.44 $1.22 −$3.65 −$1.00 $0.28 $2.60
Growth (year on year)
Revenue — −16.9% +42.5% +69.3% −6.0% −7.4% −6.0% +32.2% +3.3% −18.8% +16.9% +26.5%
EBITDA — −44.1% +258.7% +125.5% −39.8% −34.3% −75.3% — −29.4% +4.5% +36.1% +88.7%
Operating income — — — +216.0% −47.7% −53.6% −138.0% — −87.0% — — +184.8%
Net income — — — — −57.0% −102.2% — +212.3% −381.8% — — —
Diluted EPS — — — — −57.6% −101.8% — +177.3% −399.2% — — —
Margins
Gross margin 20.4% 20.0% 21.3% 22.6% 19.6% 19.3% 22.5% 28.0% 28.8% 29.1% 28.8% 27.7%
EBITDA margin 6.8% 4.5% 11.4% 15.2% 9.8% 6.9% 1.8% 8.2% 5.6% 7.2% 8.4% 12.5%
Operating margin −1.0% 1.2% 7.1% 13.2% 7.3% 3.7% −1.5% 4.8% 0.6% 1.6% 4.2% 9.6%
Net margin −7.2% −3.7% −1.0% 9.3% 4.2% −0.1% 2.0% 4.8% −13.0% −4.5% 1.9% 10.4%
Free-cash-flow margin 1.4% 0.2% −2.6% 3.3% 11.2% 4.9% 12.9% 6.1% 4.5% 4.9% 7.3% −9.4%
Cash flow
Cash from operations 41 15 −1 68 170 87 153 105 104 77 109 −152
Capital spending 32 14 19 26 33 32 17 20 39 19 9 12
Free cash flow 9 1 −20 42 136 55 137 85 65 58 100 −163
Stock-based pay 6 4 5 11 18 19 31 37 39 43 41 32
Free cash flow after stock pay 3 −3 −25 32 118 36 106 47 26 15 59 −195
Balance sheet
Cash 68 59 22 31 98 151 223 313 366 383 454 647
Total debt 0 243 186 219 — 196 366 584 790 657 462 789
Net debt (negative = net cash) −68 184 163 188 −98 45 143 271 425 274 8 142
Diluted shares 28m 28m 32m 46m 47m 48m 49m 54m 51m 52m 54m 59m
Returned to shareholders
Buybacks — 0 — — 1 1 49 57 25 21 52 74
Total returned — 0 — — 1 1 49 57 25 21 52 74

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

2 of 6 checks passed · August 28, 2026
What it owns · $2.8bn
Short-term assets $2.2bnLonger-term assets $530m
What it owes, and who funded it · $2.6bn
Short-term liabilities $1.2bnLonger-term liabilities $842mShareholders' equity $521m
  • Short-term assets cover short-term liabilities $2.2bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.2bn short-term assets against $842m of longer-dated liabilities.
  • More cash than debt $647m of cash against $789m of debt.
  • Debt below 40% of shareholders' equity Debt is 152% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 139% to 152% over five years.
  • A year's operating cash flow covers at least 20% of debt −$152m of operating cash flow against $789m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Penguin Solutions, 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

FY2026 Q4 TTM
Buybacks (TTM)
$74.4M
Returned to shareholders
-46%
of free cash flow
Buybacks, last 3 fiscal years
$148M
Diluted share count
+4.8%
year over year
Total shareholder yield
2.6%
dividends 0.0% + buybacks 2.6% of market value
R&D spending
4.7%
of revenue
Sales & admin spending
12.7%
of revenue
Days sales outstanding
168 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated PENG DIOD CRDO TSEM VIAV MBLY Median
Revenue, last 12 months $1.7bn $1.6bn $1.6bn $1.6bn $1.5bn $2.0bn $1.1bn
Revenue growth, last 12 months 26.5% 17.8% 165.1% 9.1% 40.0% 3.4% 13.7%
Revenue growth, 3-year average 6.3% −5.7% 109.6% 45.8% 11.1% −0.0% 3.9%
Revenue growth, latest quarter 67.7% 21.7% 114.7% — 52.5% −2.4% 20.1%
Gross margin 27.7% 31.7% 67.1% 23.2% 57.7% 48.6% 48.3%
Operating margin 4.0% 4.8% 31.7% 12.4% 6.9% −207.0% 4.8%
Operating margin, 3-year average 3.3% 4.9% 11.1% 13.1% 4.8% −132.4% 4.8%
Net margin 10.4% 5.3% 33.8% 14.1% −2.0% −201.2% 5.3%
Cash from operations / revenue −8.8% 15.3% 31.4% 25.3% 7.5% 20.8% 17.4%
Free-cash-flow margin −9.4% 8.7% 27.6% −3.1% 5.5% 15.8% 9.6%
Free-cash-flow margin, 3-year average 0.9% 6.0% 12.0% 5.3% 7.0% 20.0% 8.5%
Stock pay / revenue 1.8% 2.0% 14.8% 2.4% 3.6% 17.1% 5.8%
Change in share count 4.8% −0.2% 2.5% 1.1% 1.7% 0.7% 0.9%

Median of all 75 companies we cover in semiconductors. 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

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 26.5% 13.7% 23 of 75
Change in growth rate Growth +14.5pp +3.7pp 12 of 75
Gross margin Profitability 27.7% 48.3% 58 of 73
Operating margin Profitability 4.0% 4.8% 41 of 75
Net margin Profitability 10.4% 5.3% 28 of 75
Free-cash-flow margin Cash generation -9.4% 9.6% 60 of 75
Stock pay as % of revenue Cash generation 1.8% 6.4% 16 of 74
Long-term debt as % of assets Balance sheet 26.5% 14.0% 36 of 47
Change in share count Balance sheet 4.8% 0.9% 56 of 72
Days sales outstanding Balance sheet 168 days 58 days 60 of 62

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

Where the revenue comes from

Fiscal year to August 28, 2026
Products and services
Line of business Revenue Share YoY
Products $1.5B 85.5% ▲ 34.1%
Services $251M 14.5% ▼ 5.2%
Geography
Region Revenue Share YoY
United States $759M 43.9% ▼ 2.2%
Other Country $303M 17.5% ▲ 88.0%
China $302M 17.4% ▲ 61.4%
Mexico $265M 15.3% ▲ 79.9%
Europe $102M 5.9% ▲ 5.7%

From Penguin Solutions, Inc.'s 10-K filed October 20, 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
$4.3B
Institutions reporting
349
Shares held vs prior quarter
▼ 0.8%
Positions opened / closed
143 / 22

Top buyers and sellers, Q2 2026: 220 institutions bought and 123 sold ; the biggest buyer was FMR LLC (+1.6M shares) and the biggest seller Ophir Asset Management Pty Ltd (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $582M 7.7M 13.4% ▼ 0.9%
FMR LLC $469M 6.2M 10.8% ▲ 33.7%
Invesco Ltd. $346M 4.6M 8.0% ▲ 14.2%
State Street Corp $238M 3.1M 5.5% ▼ 2.9%
Vanguard Portfolio Management LLC $227M 3.0M 5.2% ▼ 17.2%
Dimensional Fund Advisors LP $182M 2.4M 4.2% 0.0%
Vanguard Capital Management LLC $160M 2.1M 3.7% ▼ 2.5%
Barrow Hanley Mewhinney & Strauss LLC $150M 2.0M 3.5% ▲ 10.4%
American Century Companies Inc $149M 2.0M 3.4% ▲ 277.2%
Boston Partners $128M 1.7M 2.9% ▲ 5.1%
Geode Capital Management, LLC $95.1M 1.3M 2.2% ▼ 0.4%
T. Rowe Price Investment Management, Inc. $93.5M 1.2M 2.2% New

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 Penguin Solutions, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $4.7M 38 trades by 5 insiders · 67% under pre-set plans
Net ▼ $4.7M net selling
Insider Date Trade Shares Price Value
Frey Anthony George SVP and Chief Revenue Officer October 29, 2026 Sell pre-set plan 1,500 $59.48 $89,222
Frey Anthony George SVP and Chief Revenue Officer October 29, 2026 Sell pre-set plan 3,131 $58.64 $183,590
Clark Joseph Gates SVP and Pres, Optimized LED October 23, 2026 Sell pre-set plan 869 $51.52 $44,771
Kuykendall Anne SVP and Chief Legal Officer October 22, 2026 Sell pre-set plan 738 $55.08 $40,649
Kuykendall Anne SVP and Chief Legal Officer August 24, 2026 Sell pre-set plan 100 $51.34 $5,134
Kuykendall Anne SVP and Chief Legal Officer August 24, 2026 Sell pre-set plan 3,300 $50.73 $167,393
Kuykendall Anne SVP and Chief Legal Officer August 24, 2026 Sell pre-set plan 600 $49.62 $29,774
Clark Joseph Gates SVP and Pres, Optimized LED July 23, 2026 Sell pre-set plan 1,327 $57.47 $76,263
Kuykendall Anne SVP and Chief Legal Officer July 22, 2026 Sell pre-set plan 739 $56.12 $41,473
Kuykendall Anne SVP and Chief Legal Officer June 15, 2026 Sell pre-set plan 100 $65.63 $6,563
Kuykendall Anne SVP and Chief Legal Officer June 15, 2026 Sell pre-set plan 1,596 $64.82 $103,451
Kuykendall Anne SVP and Chief Legal Officer June 15, 2026 Sell pre-set plan 2,104 $64.16 $134,985

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.

Earnings dates and SEC filings

Results announcements

Next expected around January 5, 2027 estimated from the company's past filing pattern, not announced

  • October 6, 2026
  • July 7, 2026
  • April 1, 2026
  • January 6, 2026
  • October 7, 2025
  • July 8, 2025

Recent SEC filings

Data status

When each part of this page on Penguin Solutions, 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.

Penguin Solutions, Inc. in brief

What does Penguin Solutions, Inc. do?
Penguin Solutions, Inc. is a US-listed company in the semiconductors industry. Its financial year ends in August.
What is Penguin Solutions, Inc.'s stock ticker?
Penguin Solutions, Inc. trades under the ticker PENG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Penguin Solutions, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Penguin Solutions, Inc. reported revenue of $1.7B, 26.5% higher than a year earlier, according to its SEC filings.
What is Penguin Solutions, Inc.'s free cash flow?
Penguin Solutions, Inc.'s free-cash-flow margin is -9.4% of revenue over the trailing twelve months, ranking 60 of the 75 semiconductor companies we cover.
Who are Penguin Solutions, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Invesco Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Penguin Solutions, Inc. buying back stock, and does it pay a dividend?
Penguin Solutions, Inc. spent $74.4M on share repurchases over the trailing twelve months, and its diluted share count still rose 4.8% over the year.
What is Penguin Solutions, Inc.'s market cap?
On August 28, 2026, Penguin Solutions, Inc.'s market capitalisation was about $2.9B, with a price-to-earnings ratio of 16.1 and net debt of $142M. Market figures come from third-party market data and may be delayed.
How much debt does Penguin Solutions, Inc. have?
Penguin Solutions, Inc.'s debt-to-equity ratio is 151.5%, from its latest balance sheet (138.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Penguin Solutions, Inc.'s competitors?
In our Semiconductors peer group, the companies closest to Penguin Solutions, Inc. are Diodes Inc, Credo Technology Group Holding Ltd, Tower Semiconductor LTD, Viavi Solutions Inc. and Mobileye Global Inc. The side-by-side comparison below sets their revenue, margins and growth against Penguin Solutions, Inc.'s.
Are insiders buying or selling Penguin Solutions, Inc. stock?
Over the last 12 months, Penguin Solutions, Inc.'s directors and officers reported 0 open-market purchases and 38 sales on Form 4. The insider trading page charts every trade.
When is Penguin Solutions, Inc.'s next earnings date?
Around January 5, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Penguin Solutions, Inc. announces its own schedule.