PEN Healthcare

Penumbra, Inc.

$320.02-0.41%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 12.6B USD
Enterprise value: 12.2B USD
Full-time employees: 4,700

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity
About average: valuation

Ranks #238 of 1,157 healthcare companies (top 21%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $156M vs $100M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +3.4% from December 2022 to July 2026.
Over three fiscal years Penumbra recorded $156M of stock-based pay expense and spent $100M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Penumbra recorded $156M of stock-based pay expense and spent $100M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Operating margin at a 6-year high. 13% in 2025, the best of the last 6 years.
Penumbra kept 13% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +66%, operating profit +3012%.Since 2022: revenue +66%, operating profit +3012%.
Since 2022, Penumbra's revenue grew 66% while operating profit grew 3012%: each extra dollar of sales is adding more profit.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $560M in 2020 to $1.4B in 2025.
Penumbra's fiscal-year revenue rose in each of the five years to 2025, from $560M to $1.4B.

StockQuotient Score

65/ 100

Oct 5 65 → Nov 4 65

Valuation

Is the price right?

41/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Held back by:

▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.3%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.14Sector median: 0.0148 · MAD: 0.0148

EBITDA yield1.7%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.58Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield1.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield12.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

67/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 3.5%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth7.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.07Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth17.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.34Sector median: 0.0584 · MAD: 0.0840

Revenue growth17.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.18Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

75/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin12.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.44Sector median: 0.0706 · MAD: 0.1217

Return on assets8.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.21Sector median: 0.0166 · MAD: 0.0537

Return on invested capital11.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.64Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin67.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity10.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.70

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.22Sector median: 0.6250 · MAD: 0.3380

Current ratio5.75×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.28Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.14×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.40Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Penumbra

Is Penumbra getting weaker?: Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 65/100 since Oct 28, 2026.
How is Penumbra valued vs its peers?: Priced about in line with its peers. Valuation scores 41/100 against 1,393 healthcare peers. EBITDA yield 1.7% vs a peer median of 4.0% (weaker than 62% of peers).EBITDA yield 1.7% vs peers 4.0% (weaker than 62% of peers).
Is Penumbra growing?: Yes, faster than most of its peers. Growth scores 67/100 against 1,393 healthcare peers. 3-year revenue growth 17.1% vs a peer median of 5.8% (stronger than 77% of peers).3-year revenue growth 17.1% vs peers 5.8% (stronger than 77% of peers).
How profitable is Penumbra?: More profitable than most of its peers. Profitability scores 75/100 against 1,393 healthcare peers. Return on assets 8.1% vs a peer median of 1.7% (stronger than 86% of peers).Return on assets 8.1% vs peers 1.7% (stronger than 86% of peers).
How risky is Penumbra?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.75× vs a peer median of 2.59× (stronger than 78% of peers).Current ratio 5.75× vs peers 2.59× (stronger than 78% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.5B USD	1.5B USD	+3.5%
Net income (12 months)	171.0M USD	160.6M USD	−6.1%
Operating margin	12.9%	12.4%	−0.4 pts
Free cash flow (12 months)	212.7M USD	215.9M USD	+1.5%
Cash	241.3M USD	205.3M USD	−14.9%
Shares outstanding	39.3M	39.4M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	63.6%	63.2%	64.5%	63.2%	67.1%	▲ 3.9 pts
Operating margin	-1.0%	0.7%	6.9%	0.8%	13.5%	▲ 13 pts
Net margin	0.7%	-0.2%	8.6%	1.2%	12.7%	▲ 11 pts
Return on assets (ROA)	0.4%	-0.1%	5.8%	0.9%	9.7%	▲ 8.8 pts
Return on equity (ROE)	0.6%	-0.2%	7.7%	1.2%	12.4%	▲ 11 pts
Free cash flow margin	-1.6%	-8.8%	7.8%	12.3%	12.5%	▲ 0.1 pts
Current ratio	5.53×	5.21×	6.06×	6.01×	6.64×	▲ 11%
Quick ratio	3.39×	2.91×	3.49×	3.44×	4.29×	▲ 25%
Interest coverage	-3.88×	3.48×	42.29×	6.54×	144.35×	▲ >999%

PEN price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $156M vs $100M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +3.4% from December 2022 to July 2026.

Over three fiscal years Penumbra recorded $156M of stock-based pay expense and spent $100M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Penumbra recorded $156M of stock-based pay expense and spent $100M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Operating margin at a 6-year high. 13% in 2025, the best of the last 6 years.

Penumbra kept 13% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +66%, operating profit +3012%.Since 2022: revenue +66%, operating profit +3012%.

Since 2022, Penumbra's revenue grew 66% while operating profit grew 3012%: each extra dollar of sales is adding more profit.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $560M in 2020 to $1.4B in 2025.

Penumbra's fiscal-year revenue rose in each of the five years to 2025, from $560M to $1.4B.

Questions investors ask about Penumbra

Is Penumbra getting weaker?

Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 65/100 since Oct 28, 2026.

How is Penumbra valued vs its peers?

Priced about in line with its peers. Valuation scores 41/100 against 1,393 healthcare peers. EBITDA yield 1.7% vs a peer median of 4.0% (weaker than 62% of peers).EBITDA yield 1.7% vs peers 4.0% (weaker than 62% of peers).

Is Penumbra growing?

Yes, faster than most of its peers. Growth scores 67/100 against 1,393 healthcare peers. 3-year revenue growth 17.1% vs a peer median of 5.8% (stronger than 77% of peers).3-year revenue growth 17.1% vs peers 5.8% (stronger than 77% of peers).

How profitable is Penumbra?

More profitable than most of its peers. Profitability scores 75/100 against 1,393 healthcare peers. Return on assets 8.1% vs a peer median of 1.7% (stronger than 86% of peers).Return on assets 8.1% vs peers 1.7% (stronger than 86% of peers).

How risky is Penumbra?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.75× vs a peer median of 2.59× (stronger than 78% of peers).Current ratio 5.75× vs peers 2.59× (stronger than 78% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.5B USD

1.5B USD

+3.5%

Net income (12 months)

171.0M USD

160.6M USD

−6.1%

Operating margin

12.9%

12.4%

−0.4 pts

Free cash flow (12 months)

212.7M USD

215.9M USD

+1.5%

Cash

241.3M USD

205.3M USD

−14.9%

Shares outstanding

39.3M

39.4M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

63.6%

63.2%

64.5%

63.2%

67.1%

▲ 3.9 pts

Operating margin

-1.0%

0.7%

6.9%

0.8%

13.5%

▲ 13 pts

Net margin

0.7%

-0.2%

8.6%

1.2%

12.7%

▲ 11 pts

Return on assets (ROA)

0.4%

-0.1%

5.8%

0.9%

9.7%

▲ 8.8 pts

Return on equity (ROE)

0.6%

-0.2%

7.7%

1.2%

12.4%

▲ 11 pts

Free cash flow margin

-1.6%

-8.8%

7.8%

12.3%

12.5%

▲ 0.1 pts

Current ratio

5.53×

5.21×

6.06×

6.01×

6.64×

▲ 11%

Quick ratio

3.39×

2.91×

3.49×

3.44×

4.29×

▲ 25%

Interest coverage

-3.88×

3.48×

42.29×

6.54×

144.35×

▲ >999%