Recent News
Jan 11, 2026 — Impinj announced a licensing agreement to integrate its Gen2X technology with EM Microelectronic endpoint ICs. Feb 25, 2026 — Avery Dennison launched AD IdentiFresh™, citing RAIN RFID-enabled solutions in food retail that reference partner technologies. Impinj promoted presence at major retail events in January, including participation at the Needham conference and NRF 2026 engagements.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 31.42 signals a strong directional regime. DI+ shows a dip & reversal and DI- a peak & reversal; both labeled reversals imply bullish directional setup per indicator rules, indicating renewed upside momentum in the short run despite DI- current value exceeding DI+.
MACD: MACD reads -$11.98 with a dip & reversal trend, which indicates improving momentum; MACD remains slightly below the signal line (-$11.55), so bullish momentum appears nascent but not yet confirmed by a cross above the signal line.
MRO (Momentum/Regression Oscillator): MRO at -14.98 places price below the model target and therefore shows potential to rise toward target levels; the MRO trend shows a peak & reversal, indicating recent weakening in this metric even as upside potential persists.
RSI and short-term momentum: RSI at 40.48 with a dip & reversal indicates room for a bounce off oversold-to-neutral territory; combined with the MACD and MRO signals, the oscillator set favors an initial recovery attempt.
Price vs moving averages and bands: Close at $98.50 sits below the 20-day average ($106.23), 50-day average ($140.27), and 200-day average ($154.75); the 12-day EMA is decreasing. Bollinger 1‑σ lower band rests at $91.52 and 1‑σ upper at $120.93, placing current price nearer the lower band and within reach of a mean-reversion move toward the 20-day average if momentum confirms.
Volume and volatility: Daily volume (~467,971) runs below recent averages (10‑day average ~862,494), suggesting the most recent move lacks broad participation; 42‑day volatility at 6% versus 52‑week volatility at 5% and a 42‑day beta of 0.62 imply subdued short-term volatility even though longer-term beta (2.18) shows historically higher sensitivity.
Fundamental Analysis
Profitability and margins: Total revenue $92.85M. Gross margin at 51.76% remains strong. Operating margin stands at -2.91% and EBIT margin at -0.25%, both negative. EBIT margin compares unfavorably with the industry peer mean of 19.50% and median of 21.23%, and sits well above the industry low of -28.58%; the company therefore sits below the industry peer mean/median on operating profitability.
Growth: YoY revenue declined by 12.43%, while sequential revenue improved sharply QoQ by 77.65%, reflecting seasonal or inventory-clearing dynamics. Earnings growth shows a YoY decline of 3.45% and a QoQ contraction of 49.84% on the earnings metric provided.
Liquidity and capital structure: Cash and short-term investments total $175.34M, current ratio 2.68, quick ratio 2.01 and cash ratio 1.39—liquidity metrics indicate a comfortable near-term coverage profile. Total debt $304.20M with net debt $232.68M produces a debt-to-equity ratio of 1.45x; interest coverage is negative at -0.30x, reflecting operating losses versus interest expense. Net working capital and cash balances provide runway but leverage remains material.
Cash flow and returns: Free cash flow $13.62M and free cash flow yield ~0.27%; free cash growth shows contraction YoY. Return on equity -0.54% and return on assets -0.22% remain negative, underscoring continued loss-generation at the margin despite positive gross profitability.
Valuation: Trailing P/E ~338.4x, P/S ~55.08x, P/B ~24.44x, and an enterprise multiple of ~1,406x reflect highly elevated market multiples relative to fundamentals. Forward P/E ~245.4x and forward metrics remain stretched. The current valuation as determined by WMDST classifies the stock as over‑valued given the combination of negative operating margins, elevated leverage, and high multiples relative to cash flow generation and profitability measures.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-05 |
| NEXT REPORT DATE: | 2026-05-07 |
| CASH FLOW | Begin Period Cash Flow | $ 51.7 M |
| Operating Cash Flow | $ -1.66 M | |
| Capital Expenditures | $ -1.52 M | |
| Change In Working Capital | $ -2.79 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -3.52 M | |
| End Period Cash Flow | $ 48.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 92.8 M | |
| Forward Revenue | $ -468.22 M | |
| COSTS | ||
| Cost Of Revenue | $ 44.8 M | |
| Depreciation | $ 3.4 M | |
| Depreciation and Amortization | $ 4.0 M | |
| Research and Development | $ 26.9 M | |
| Total Operating Expenses | $ 95.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 48.1 M | |
| EBITDA | $ 3.7 M | |
| EBIT | $ -230.00 K | |
| Operating Income | $ -2.70 M | |
| Interest Income | $ -41.00 K | |
| Interest Expense | $ 757.0 K | |
| Net Interest Income | $ -798.00 K | |
| Income Before Tax | $ -987.00 K | |
| Tax Provision | $ 152.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -1.14 M | |
| Net Income From Continuing Operations | $ -1.14 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.51 | |
| EPS Actual | $ 0.50 | |
| EPS Difference | $ -0.01 | |
| EPS Surprise | -1.961 % | |
| Forward EPS | $ 0.76 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 545.2 M | |
| Intangible Assets | $ 30.2 M | |
| Net Tangible Assets | $ 179.0 M | |
| Total Current Assets | $ 339.2 M | |
| Cash and Short-Term Investments | $ 175.3 M | |
| Cash | $ 48.2 M | |
| Net Receivables | $ 70.8 M | |
| Inventory | $ 85.0 M | |
| Long-Term Investments | $ 795.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 13.6 M | |
| Short-Term Debt | $ 96.7 M | |
| Total Current Liabilities | $ 126.5 M | |
| Net Debt | $ 232.7 M | |
| Total Debt | $ 304.2 M | |
| Total Liabilities | $ 336.0 M | |
| EQUITY | ||
| Total Equity | $ 209.2 M | |
| Retained Earnings | $ -400.16 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.92 | |
| Shares Outstanding | 30.222 M | |
| Revenue Per-Share | $ 3.07 | |
| VALUATION | Market Capitalization | $ 5.1 B |
| Enterprise Value | $ 5.2 B | |
| Enterprise Multiple | 1406.368 | |
| Enterprise Multiple QoQ | -308.6 % | |
| Enterprise Multiple YoY | -53.242 % | |
| Enterprise Multiple IPRWA | PI: 1406.368 high: 264.455 median: 78.533 mean: 77.347 low: -70.939 |
|
| EV/R | 56.467 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.606 | |
| Asset To Liability | 1.623 | |
| Debt To Capital | 0.592 | |
| Debt To Assets | 0.558 | |
| Debt To Assets QoQ | 0.221 % | |
| Debt To Assets YoY | -3.74 % | |
| Debt To Assets IPRWA | PI: 0.558 high: 0.48 mean: 0.273 median: 0.268 low: 0.001 |
|
| Debt To Equity | 1.454 | |
| Debt To Equity QoQ | -1.418 % | |
| Debt To Equity YoY | -23.143 % | |
| Debt To Equity IPRWA | high: 1.592 PI: 1.454 mean: 0.668 median: 0.604 low: -0.744 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 24.442 | |
| Price To Book QoQ | -14.059 % | |
| Price To Book YoY | -17.407 % | |
| Price To Book IPRWA | PI: 24.442 high: 10.035 median: 5.196 mean: 4.876 low: -0.559 |
|
| Price To Earnings (P/E) | 338.434 | |
| Price To Earnings QoQ | 6.588 % | |
| Price To Earnings YoY | 4.407 % | |
| Price To Earnings IPRWA | PI: 338.434 high: 319.297 mean: 108.934 median: 106.869 low: -239.759 |
|
| PE/G Ratio | -24.537 | |
| Price To Sales (P/S) | 55.08 | |
| Price To Sales QoQ | -4.585 % | |
| Price To Sales YoY | 13.722 % | |
| Price To Sales IPRWA | PI: 55.08 high: 33.138 mean: 18.498 median: 17.83 low: 0.32 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 245.391 | |
| Forward PE/G | -17.791 | |
| Forward P/S | -10.922 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 29.397 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.175 | |
| Asset Turnover Ratio QoQ | -6.645 % | |
| Asset Turnover Ratio YoY | -7.782 % | |
| Asset Turnover Ratio IPRWA | high: 0.529 mean: 0.194 median: 0.184 PI: 0.175 low: 0.002 |
|
| Receivables Turnover | 1.407 | |
| Receivables Turnover Ratio QoQ | -14.803 % | |
| Receivables Turnover Ratio YoY | -6.898 % | |
| Receivables Turnover Ratio IPRWA | high: 2.671 mean: 1.497 median: 1.44 PI: 1.407 low: 0.381 |
|
| Inventory Turnover | 0.504 | |
| Inventory Turnover Ratio QoQ | -0.2 % | |
| Inventory Turnover Ratio YoY | 4.4 % | |
| Inventory Turnover Ratio IPRWA | high: 2.498 median: 1.116 mean: 1.055 PI: 0.504 low: 0.172 |
|
| Days Sales Outstanding (DSO) | 64.853 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 206.155 | |
| Cash Conversion Cycle Days QoQ | -11.464 % | |
| Cash Conversion Cycle Days YoY | 1.049 % | |
| Cash Conversion Cycle Days IPRWA | high: 299.512 PI: 206.155 mean: 99.578 median: 84.663 low: 20.876 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.437 | |
| CapEx To Revenue | -0.016 | |
| CapEx To Depreciation | -0.443 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 393.4 M | |
| Net Invested Capital | $ 490.1 M | |
| Invested Capital | $ 490.1 M | |
| Net Tangible Assets | $ 179.0 M | |
| Net Working Capital | $ 212.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.386 | |
| Current Ratio | 2.681 | |
| Current Ratio QoQ | 0.444 % | |
| Current Ratio YoY | 172.026 % | |
| Current Ratio IPRWA | high: 6.082 PI: 2.681 median: 2.252 mean: 2.217 low: 0.51 |
|
| Quick Ratio | 2.01 | |
| Quick Ratio QoQ | 2.2 % | |
| Quick Ratio YoY | 193.108 % | |
| Quick Ratio IPRWA | high: 4.743 PI: 2.01 mean: 1.693 median: 1.478 low: 0.423 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 81.598 | |
| Cost Of Debt | 0.232 % | |
| Interest Coverage Ratio | -0.304 | |
| Interest Coverage Ratio QoQ | -98.314 % | |
| Interest Coverage Ratio YoY | -87.207 % | |
| Interest Coverage Ratio IPRWA | high: 48.5 median: 13.712 mean: 13.515 PI: -0.304 low: -31.892 |
|
| Operating Cash Flow Ratio | -0.013 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 28.475 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.562 % | |
| Revenue Growth | -3.338 % | |
| Revenue Growth QoQ | 77.648 % | |
| Revenue Growth YoY | -12.434 % | |
| Revenue Growth IPRWA | high: 24.001 % mean: 4.625 % median: 3.949 % PI: -3.338 % low: -8.868 % |
|
| Earnings Growth | -13.793 % | |
| Earnings Growth QoQ | -49.844 % | |
| Earnings Growth YoY | -3.451 % | |
| Earnings Growth IPRWA | high: 157.143 % median: 5.584 % mean: 2.864 % PI: -13.793 % low: -153.846 % |
|
| MARGINS | ||
| Gross Margin | 51.756 % | |
| Gross Margin QoQ | 2.868 % | |
| Gross Margin YoY | 2.532 % | |
| Gross Margin IPRWA | high: 87.538 % PI: 51.756 % mean: 38.665 % median: 37.246 % low: -3.321 % |
|
| EBIT Margin | -0.248 % | |
| EBIT Margin QoQ | -98.051 % | |
| EBIT Margin YoY | -88.168 % | |
| EBIT Margin IPRWA | high: 41.05 % median: 21.225 % mean: 19.504 % PI: -0.248 % low: -28.584 % |
|
| Return On Sales (ROS) | -2.906 % | |
| Return On Sales QoQ | -525.476 % | |
| Return On Sales YoY | 38.645 % | |
| Return On Sales IPRWA | high: 41.836 % mean: 18.738 % median: 16.215 % PI: -2.906 % low: -29.815 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 13.6 M | |
| Free Cash Flow Yield | 0.266 % | |
| Free Cash Flow Yield QoQ | -17.901 % | |
| Free Cash Flow Yield YoY | 39.267 % | |
| Free Cash Flow Yield IPRWA | high: 4.766 % median: 0.861 % mean: 0.848 % PI: 0.266 % low: -4.141 % |
|
| Free Cash Growth | -24.146 % | |
| Free Cash Growth QoQ | -29.575 % | |
| Free Cash Growth YoY | -129.337 % | |
| Free Cash Growth IPRWA | high: 99.057 % median: 21.004 % mean: -6.005 % PI: -24.146 % low: -395.065 % |
|
| Free Cash To Net Income | -11.956 | |
| Cash Flow Margin | -1.782 % | |
| Cash Flow To Earnings | 1.453 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.215 % | |
| Return On Assets QoQ | -91.397 % | |
| Return On Assets YoY | -61.4 % | |
| Return On Assets IPRWA | high: 6.221 % median: 2.962 % mean: 2.493 % PI: -0.215 % low: -5.986 % |
|
| Return On Capital Employed (ROCE) | -0.055 % | |
| Return On Equity (ROE) | -0.005 | |
| Return On Equity QoQ | -91.72 % | |
| Return On Equity YoY | -69.694 % | |
| Return On Equity IPRWA | high: 0.151 mean: 0.058 median: 0.058 PI: -0.005 low: -0.121 |
|
| DuPont ROE | -0.564 % | |
| Return On Invested Capital (ROIC) | -0.037 % | |
| Return On Invested Capital QoQ | -98.551 % | |
| Return On Invested Capital YoY | -97.679 % | |
| Return On Invested Capital IPRWA | high: 9.312 % mean: 3.448 % median: 3.298 % PI: -0.037 % low: -4.754 % |
|