PENNYSESurgical & Medical Instruments & ApparatusFiscal year ends December 31
Penumbra Inc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$322.41+1.55 (+0.48%)
Close on Oct 19, 2026
- Market cap
- $12.76B
- P/E (TTM)
- 79.2
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
67.1%+6.8 pts over 5 years
Operating margin
13.5%+20.4 pts over 5 years
Net margin
12.7%+15.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +17.5% | +18.3% | +20.2% | +22.4% | |
| Gross profit | +24.8% | +20.8% | +22.8% | +22.5% | |
| Operating income | +1939.5% | +214.5% | – | +46.4% | |
| Net income | +1168.1% | – | – | +54.0% | |
| EPS, diluted | +1155.6% | – | – | +49.7% | |
| Free cash flow | +18.8% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 5.9% | -2.8% | 13.8% | |
| Return on assets | 5.2% | -2.1% | 10.6% | |
| Current ratio | 7.37 | 5.83 | 6.64 | |
| Interest coverage | – | – | 144.4× | |
| Inventory turnover | 1.4× | 1.2× | 1.1× | |
| Capex to revenue | 5.2% | 4.4% | 4.5% | |
| Diluted shares | 33M | 36M | 39M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Penumbra generated $569.64M from operations and spent $240.99M on capital expenditure, dividends and share buybacks. 58% of that went back into the business.
Generated
$569.64M
Used
$240.99M
Capital expenditure$140.60M58%Dividends$00%Share buybacks$100.39M42%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.7%
×Asset turnover0.84×
×Equity multiplier1.30×
=Return on equity, FY202513.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.7% | 0.84× | 1.30× | 13.8% |
| FY2024 | 1.2% | 0.77× | 1.33× | 1.2% |
| FY2023 | 8.6% | 0.72× | 1.34× | 8.4% |
| FY2022 | -0.2% | 0.65× | 1.34× | -0.2% |
| FY2021 | 0.7% | 0.72× | 1.30× | 0.7% |
| FY2020 | -2.8% | 0.75× | 1.32× | -2.8% |
| FY2019 | 8.9% | 0.93× | 1.30× | 10.7% |
| FY2018 | 1.5% | 0.90× | 1.21× | 1.6% |
| FY2017 | 1.4% | 0.85× | 1.18× | 1.4% |
| FY2016 | 5.6% | 0.92× | 1.15× | 5.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$177.69M
- Cash generatingOperating cash flow above zero$238.66M
- Return on assets improvedROA up on the prior year0.9% → 11.6%
- Earnings backed by cashOperating cash flow above net income$238.66M vs $177.69M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose6.01 → 6.64
- No dilutionShare count did not rise39M → 39M
- Gross margin improvedGross margin up on the prior year63.20% → 67.14%
- More efficientAsset turnover rose0.77 → 0.92