PI Technology

Impinj, Inc.

$184.46-0.87%

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

Basics

Sector: Technology
Industry: Semiconductors
Country: United States
Market cap: 5.6B USD
Enterprise value: 5.5B USD
Full-time employees: 457

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.94 vs a peer median of 0.87) and more debt relative to equity (1.04× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.94 vs peers 0.87) and more debt vs equity (1.04× vs peers 0.25×)

Ranks #1,522 of 1,612 technology companies (bottom 6%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 17% from December 2022 to July 2026.
Impinj had 17% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Impinj had 17% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Earnings slid into a loss. Loss per share this year after a profit last year.
Impinj made a loss per share in its latest year after a profit the year before.
Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.
Impinj paid employees $55M in stock in 2025, 15% of its $361M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -0.2% in 2025, the smallest loss relative to revenue of the last 6 years.
Impinj still lost money on operations in 2025 (margin -0.2%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

StockQuotient Score

20/ 100

Oct 5 20 → Nov 4 20

Valuation

Is the price right?

17/100

Weak

3/3 inputs reported · High confidence

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

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

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

Earnings yield-0.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield0.2%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -1.13Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield1.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.59Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield4.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

26/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.9%

Why

Weaker than most peers on:

▼ EPS growth
▼ 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 growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -1.83Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth5.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.08Sector median: 0.0483 · MAD: 0.0793

Revenue growth3.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.49Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

19/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

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

Operating margin-1.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.14Sector median: 0.0631 · MAD: 0.0710

Return on assets-5.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.20Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-1.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.93Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin52.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-11.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ 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.

Beta1.94

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.90Sector median: 0.8710 · MAD: 0.3700

Current ratio3.28×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.11Sector median: 1.8295 · MAD: 0.6848

Debt / equity1.04×

SEC filings · latest balance sheetReported value33% base weight · Z-score -3.50Sector median: 0.2495 · MAD: 0.2270

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 Impinj

Is Impinj getting weaker?: Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 20/100 since Oct 28, 2026.
How is Impinj valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 17/100 against 1,711 technology peers. Earnings yield -0.5% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -0.5% vs peers 2.2% (weaker than 100% of peers).
Is Impinj growing?: More slowly than most of its peers. Growth scores 26/100 against 1,711 technology peers. Revenue growth 3.5% vs a peer median of 8.5% (weaker than 64% of peers).Revenue growth 3.5% vs peers 8.5% (weaker than 64% of peers).
How profitable is Impinj?: Less profitable than most of its peers. Profitability scores 19/100 against 1,711 technology peers. Return on assets -5.0% vs a peer median of 2.9% (weaker than 90% of peers).Return on assets -5.0% vs peers 2.9% (weaker than 90% of peers).
How risky is Impinj?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 3.28× vs a peer median of 1.83× (stronger than 79% of peers).Current ratio 3.28× vs peers 1.83× (stronger than 79% of peers). Beta 1.94 vs a peer median of 0.87 (weaker than 93% of peers).Beta 1.94 vs peers 0.87 (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Impinj is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	361.0M USD	371.5M USD	+2.9%
Net income (12 months)	−27.6M USD	−26.9M USD	−2.4%
Operating margin	-1.8%	-1.8%	−0.1 pts
Free cash flow (12 months)	61.1M USD	63.0M USD	+3.1%
Debt	241.5M USD	241.9M USD	+0.2%
Cash	32.3M USD	38.6M USD	+19.4%
Shares outstanding	30.5M	30.6M	+0.3%

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

Industry valuation context

Industry: Semiconductors · 41 companies

Valuations in Semiconductors are near the top of their range since 2016.

94% of months since 2016 were valued lower than now.
73% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +53% and earnings −2% (medians): prices rose faster than earnings.
Median price-to-sales is +324% vs the whole market, against a usual +98%.

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	52.0%	53.5%	49.4%	51.6%	52.5%	▲ 0.9 pts
Operating margin	-19.6%	-7.6%	-14.1%	-1.9%	-0.2%	▲ 1.7 pts
Net margin	-26.9%	-9.4%	-14.1%	11.2%	-3.0%	▼ 14 pts
Return on assets (ROA)	-16.2%	-6.9%	-12.1%	8.3%	-2.0%	▼ 10 pts
Return on equity (ROE)	—	-155.9%	-127.1%	27.3%	-5.2%	▼ 32 pts
Free cash flow margin	-5.1%	-4.4%	-22.1%	30.4%	12.7%	▼ 18 pts
Current ratio	7.21×	6.49×	8.73×	0.99×	2.68×	▲ 172%
Quick ratio	6.59×	5.40×	5.59×	0.69×	2.01×	▲ 193%
Debt to equity	—	17.97×	8.26×	1.89×	1.34×	▼ 29%
Interest coverage	-14.61×	-3.96×	-8.97×	-1.45×	-0.17×	▲ 88%

PI 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…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.94 vs a peer median of 0.87) and more debt relative to equity (1.04× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.94 vs peers 0.87) and more debt vs equity (1.04× vs peers 0.25×)

Ranks #1,522 of 1,612 technology companies (bottom 6%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 17% from December 2022 to July 2026.

Impinj had 17% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Impinj had 17% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Earnings slid into a loss. Loss per share this year after a profit last year.

Impinj made a loss per share in its latest year after a profit the year before.

Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.

Impinj paid employees $55M in stock in 2025, 15% of its $361M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -0.2% in 2025, the smallest loss relative to revenue of the last 6 years.

Impinj still lost money on operations in 2025 (margin -0.2%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Questions investors ask about Impinj

Is Impinj getting weaker?

Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 20/100 since Oct 28, 2026.

How is Impinj valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 17/100 against 1,711 technology peers. Earnings yield -0.5% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -0.5% vs peers 2.2% (weaker than 100% of peers).

Is Impinj growing?

More slowly than most of its peers. Growth scores 26/100 against 1,711 technology peers. Revenue growth 3.5% vs a peer median of 8.5% (weaker than 64% of peers).Revenue growth 3.5% vs peers 8.5% (weaker than 64% of peers).

How profitable is Impinj?

Less profitable than most of its peers. Profitability scores 19/100 against 1,711 technology peers. Return on assets -5.0% vs a peer median of 2.9% (weaker than 90% of peers).Return on assets -5.0% vs peers 2.9% (weaker than 90% of peers).

How risky is Impinj?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 3.28× vs a peer median of 1.83× (stronger than 79% of peers).Current ratio 3.28× vs peers 1.83× (stronger than 79% of peers). Beta 1.94 vs a peer median of 0.87 (weaker than 93% of peers).Beta 1.94 vs peers 0.87 (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

361.0M USD

371.5M USD

+2.9%

Net income (12 months)

−27.6M USD

−26.9M USD

−2.4%

Operating margin

-1.8%

-1.8%

−0.1 pts

Free cash flow (12 months)

61.1M USD

63.0M USD

+3.1%

Debt

241.5M USD

241.9M USD

+0.2%

Cash

32.3M USD

38.6M USD

+19.4%

Shares outstanding

30.5M

30.6M

+0.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

52.0%

53.5%

49.4%

51.6%

52.5%

▲ 0.9 pts

Operating margin

-19.6%

-7.6%

-14.1%

-1.9%

-0.2%

▲ 1.7 pts

Net margin

-26.9%

-9.4%

-14.1%

11.2%

-3.0%

▼ 14 pts

Return on assets (ROA)

-16.2%

-6.9%

-12.1%

8.3%

-2.0%

▼ 10 pts

Return on equity (ROE)

—

-155.9%

-127.1%

27.3%

-5.2%

▼ 32 pts

Free cash flow margin

-5.1%

-4.4%

-22.1%

30.4%

12.7%

▼ 18 pts

Current ratio

7.21×

6.49×

8.73×

0.99×

2.68×

▲ 172%

Quick ratio

6.59×

5.40×

5.59×

0.69×

2.01×

▲ 193%

Debt to equity

—

17.97×

8.26×

1.89×

1.34×

▼ 29%

Interest coverage

-14.61×

-3.96×

-8.97×

-1.45×

-0.17×

▲ 88%