Impinj Inc (PI) stock analysis

P/E against its history

Not enough price and earnings history to compare.

P/E against the industry

Needs positive earnings and enough profitable companies in the industry.

EV/EBITDA against its history

Needs positive EBITDA and price history.

P/B above the industry

Impinj's price-to-book of 17.82 is above the Electronic Components and Accessories median of 3.49.

Trading above fair value

The share price of $174.56 is above our fair value estimate of $6.62.

Margin of safety under 20%

The price is 2538% above fair value, so there is no margin of safety.

Revenue growing 10%+ a year

Revenue grew 11.9% a year over the last three fiscal years.

EPS growth over 3 years

Needs positive EPS three years ago and today.

Earnings acceleration

Needs positive net income now, a year ago and five years ago.

Growing slower than the industry

Revenue grew 7.7% over the last twelve months; the Electronic Components and Accessories median is 17.3%.

Guidance issued

The latest outlook (fourth quarter of 2026 Revenue, Oct 28, 2026) was issued for the first time, so it neither adds nor takes away points.

Gross margin improving

Gross margin was 53.5% over the last twelve months, against 52.2% a year earlier.

Return on equity under 15%

Return on equity was -3.8% over the last twelve months and averaged -263% over five years; we look for 15% on both.

Return on capital under 10%

Return on invested capital was -0.7%, below the 10% that usually covers the cost of capital.

Return on equity below the industry

Impinj's return on equity of -3.8% is below the Electronic Components and Accessories median of 4.8%.

Earnings over 5 years

Needs positive net income five years ago and in the latest year.

Net margin above its 5-year average

Net margin was -2.5% over the last twelve months, against a 5-year average of -8.5%.

Net margin below the industry

Impinj's net margin of -2.5% is below the Electronic Components and Accessories median of 2.9%.

High debt

Debt is 61.6% of shareholders' equity, above the 40% we consider low.

Debt rising against equity

Debt to equity rose from 50.0% five years ago to 61.6%.

Debt covered by cash flow

Operating cash flow over the last twelve months equals 41.0% of total debt.

Interest not well covered

Operating income covers interest expense -1.0 times; we look for at least 5.

Short-term assets cover short-term debts

Current assets are 9.42 times current liabilities.

Low bankruptcy risk

The Altman Z-score is 13.45; above 3 is the safe zone and below 1.8 the distress zone.

No dividend

Impinj has not paid a dividend in the last twelve months.

Yield against Treasuries

No dividend.

Yield against the market

No dividend.

Dividend stability

No dividend.

Earnings cover

No dividend.

Cash-flow cover

No dividend.