Recent News
On July 7, 2026 Penumbra announced the first patient enrollment in the FORWARD study, a multi-center, real-world evaluation of mechanical thrombectomy and computer-assisted vacuum thrombectomy for distal acute ischemic stroke. On July 22, 2026 the company released THUNDER IDE study results, reporting that the THUNDERBOLT computer-assisted vacuum thrombectomy system achieved strong revascularization rates, short procedure times, and low complication rates; the data presented during a late-breaking session at the Society of NeuroInterventional Surgery reinforced the THUNDERBOLT safety and effectiveness profile.
Technical Analysis
Directional indicators show growing defensive pressure: DI− registers 22.36 and is increasing while DI+ sits at 13.91 and has peaked then reversed, a configuration that reads as bearish directional dominance; ADX at 20.91 indicates only an emerging trend, so directional pressure exists but lacks strong directional conviction.
MACD stands at −1.06 with a signal line of −0.69; the MACD recently dipped and reversed, which signals a nascent shift toward bullish momentum, but the MACD remains negative and below its signal line, capping near-term upside until a crossover occurs.
MRO at 18.78 sits on the positive side of zero, implying price currently trades above the model target and therefore carries potential downward pressure; the MRO’s decreasing path reduces near-term pressure magnitude but does not negate the current above-target state.
RSI at 48.38 and falling points to neutral-to-weak momentum beneath overbought levels; combined with price below several short-term averages (price close $318.78 vs. 12-day EMA $319.35 and 20-day avg $319.64) the immediate technical posture favors consolidation with a bias toward additional downside if DI− maintains dominance.
Bollinger bands compress around the low-$320s (upper ~$321.68, lower ~$317.60) and 20-day volatility remains low, suggesting limited near-term range until a clear directional trigger (MACD crossover or DI+ recovery) emerges; Ichimoku components cluster roughly at $320–$323, reinforcing a tight trading band around current price levels.
Fundamental Analysis
Revenue for the period totaled $390,046,000 with YoY revenue change listed at −13.67% and a reported revenue growth value of 4.08% (interpretations provided by the company’s reporting cadence). QoQ revenue movement shows a marked contraction per the QoQ figure of −247.90% (presented as provided). Gross profit reached $264,944,000 and gross margin measured 67.93%, an improvement of 2.93 percentage points year-over-year; gross margin strength supports operating leverage even as top-line dynamics shift.
Operating income totaled $41,039,000 with an operating margin of 10.52%, while EBIT of $46,498,000 produced an EBIT margin of 11.92%. That EBIT margin sits above the industry peer mean (10.86%) but below the industry peer median (19.38%) inside the industry peer range (low −7.93% to high 63.97%), indicating margin performance that outperforms the average peer but does not match the cohort’s median operator.
Net income totaled $34,811,000 and EPS came in at $1.01 versus an estimate of $1.18, yielding an EPS surprise ratio of −14.41%. Earnings growth metrics show steep declines on the provided YoY and QoQ earnings-growth figures (both listed at −100% on the provided labels), reflecting either a base-effect or discrete one-time comparisons in the reporting period; operating leverage and cash conversion remain relevant to near-term earnings resilience.
Balance-sheet liquidity stands out: cash of $205,271,000 and cash plus short-term investments of $658,795,000 produce a cash ratio of 2.82, current ratio of 5.75 and quick ratio of 3.86, signaling ample short-term liquidity. Total debt equals $212,710,000; debt-to-assets equals 10.77% and debt-to-equity 13.90%, leaving leverage modest relative to the balance sheet size and producing a high interest-coverage ratio of 149.51x.
Returns remain modest: return on equity 2.27%, return on assets 1.80%, and return on invested capital 2.29%, with YoY drops reported in return metrics. Cash flow produced free cash flow of $32,542,000 and a free cash flow yield near 0.26%; free cash flow growth shows volatility on the provided growth metrics. Asset efficiency shows an asset turnover ratio of 0.201, roughly in line with the industry peer mean of 0.182 but below the industry peer median of 0.162, indicating room to improve revenue per dollar of assets.
Valuation multiples sit well above typical peer central tendencies: P/E at 317.42 and forward P/E at 209.58, P/B at 8.25 (above the industry peer mean of 4.78 and median of 2.29), and PS at 32.38. Enterprise value stands at $12,182,116,426 with an enterprise multiple of 233.76. The current valuation as determined by WMDST: over-valued relative to fundamental cash-flow and return metrics, despite clear clinical and product progress that supports long-term franchise value.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-30 |
| NEXT REPORT DATE: | 2026-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 241.3 M |
| Operating Cash Flow | $ 46.1 M | |
| Capital Expenditures | $ -13.54 M | |
| Change In Working Capital | $ -8.27 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -36.02 M | |
| End Period Cash Flow | $ 205.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 390.0 M | |
| Forward Revenue | $ 169.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 125.1 M | |
| Depreciation | $ 5.6 M | |
| Depreciation and Amortization | $ 5.6 M | |
| Research and Development | $ 25.4 M | |
| Total Operating Expenses | $ 349.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 264.9 M | |
| EBITDA | $ 52.1 M | |
| EBIT | $ 46.5 M | |
| Operating Income | $ 41.0 M | |
| Interest Income | $ 5.9 M | |
| Interest Expense | $ 311.0 K | |
| Net Interest Income | $ 5.6 M | |
| Income Before Tax | $ 46.2 M | |
| Tax Provision | $ 11.4 M | |
| Tax Rate | 24.6 % | |
| Net Income | $ 34.8 M | |
| Net Income From Continuing Operations | $ 34.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.18 | |
| EPS Actual | $ 1.01 | |
| EPS Difference | $ -0.17 | |
| EPS Surprise | -14.407 % | |
| Forward EPS | $ 1.53 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.0 B | |
| Intangible Assets | $ 172.3 M | |
| Net Tangible Assets | $ 1.4 B | |
| Total Current Assets | $ 1.3 B | |
| Cash and Short-Term Investments | $ 658.8 M | |
| Cash | $ 205.3 M | |
| Net Receivables | $ 190.4 M | |
| Inventory | $ 442.6 M | |
| Long-Term Investments | $ 40.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 44.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 233.8 M | |
| Net Debt | — | |
| Total Debt | $ 212.7 M | |
| Total Liabilities | $ 444.0 M | |
| EQUITY | ||
| Total Equity | $ 1.5 B | |
| Retained Earnings | $ 305.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 38.86 | |
| Shares Outstanding | 39.389 M | |
| Revenue Per-Share | $ 9.90 | |
| VALUATION | Market Capitalization | $ 12.6 B |
| Enterprise Value | $ 12.2 B | |
| Enterprise Multiple | 233.763 | |
| Enterprise Multiple QoQ | -13.346 % | |
| Enterprise Multiple YoY | 24.039 % | |
| Enterprise Multiple IPRWA | high: 296.418 PEN: 233.763 mean: 57.009 median: 47.056 low: -183.285 |
|
| EV/R | 31.233 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.29 | |
| Asset To Liability | 4.448 | |
| Debt To Capital | 0.122 | |
| Debt To Assets | 0.108 | |
| Debt To Assets QoQ | -5.401 % | |
| Debt To Assets YoY | -18.189 % | |
| Debt To Assets IPRWA | high: 1.375 median: 0.28 mean: 0.275 PEN: 0.108 low: 0.003 |
|
| Debt To Equity | 0.139 | |
| Debt To Equity QoQ | -5.263 % | |
| Debt To Equity YoY | -18.465 % | |
| Debt To Equity IPRWA | high: 2.28 median: 0.462 mean: 0.442 PEN: 0.139 low: -1.742 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 8.25 | |
| Price To Book QoQ | -6.222 % | |
| Price To Book YoY | 8.47 % | |
| Price To Book IPRWA | high: 19.444 PEN: 8.25 mean: 4.784 median: 2.286 low: -4.924 |
|
| Price To Earnings (P/E) | 317.425 | |
| Price To Earnings QoQ | -21.05 % | |
| Price To Earnings YoY | 44.01 % | |
| Price To Earnings IPRWA | PEN: 317.425 high: 285.652 mean: 76.434 median: 64.354 low: -262.561 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 32.376 | |
| Price To Sales QoQ | -6.415 % | |
| Price To Sales YoY | 11.677 % | |
| Price To Sales IPRWA | high: 102.682 PEN: 32.376 mean: 20.999 median: 14.212 low: 0.201 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 209.583 | |
| Forward PE/G | — | |
| Forward P/S | 74.287 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.622 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.201 | |
| Asset Turnover Ratio QoQ | 0.099 % | |
| Asset Turnover Ratio YoY | -3.047 % | |
| Asset Turnover Ratio IPRWA | high: 0.581 PEN: 0.201 mean: 0.182 median: 0.162 low: 0.0 |
|
| Receivables Turnover | 2.087 | |
| Receivables Turnover Ratio QoQ | 3.972 % | |
| Receivables Turnover Ratio YoY | 5.622 % | |
| Receivables Turnover Ratio IPRWA | high: 4.716 PEN: 2.087 mean: 1.566 median: 1.509 low: 0.254 |
|
| Inventory Turnover | 0.284 | |
| Inventory Turnover Ratio QoQ | 1.796 % | |
| Inventory Turnover Ratio YoY | 3.73 % | |
| Inventory Turnover Ratio IPRWA | high: 3.983 mean: 1.055 median: 0.768 PEN: 0.284 low: 0.016 |
|
| Days Sales Outstanding (DSO) | 43.713 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 341.798 | |
| Cash Conversion Cycle Days QoQ | 0.973 % | |
| Cash Conversion Cycle Days YoY | -9.26 % | |
| Cash Conversion Cycle Days IPRWA | high: 495.615 PEN: 341.798 mean: 132.215 median: 132.02 low: -294.725 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.351 | |
| CapEx To Revenue | -0.035 | |
| CapEx To Depreciation | -2.412 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.5 B | |
| Net Invested Capital | $ 1.5 B | |
| Invested Capital | $ 1.5 B | |
| Net Tangible Assets | $ 1.4 B | |
| Net Working Capital | $ 1.1 B | |
| LIQUIDITY | ||
| Cash Ratio | 2.818 | |
| Current Ratio | 5.75 | |
| Current Ratio QoQ | -4.55 % | |
| Current Ratio YoY | -14.868 % | |
| Current Ratio IPRWA | high: 12.91 PEN: 5.75 mean: 2.436 median: 2.126 low: 0.303 |
|
| Quick Ratio | 3.856 | |
| Quick Ratio QoQ | -2.438 % | |
| Quick Ratio YoY | -4.626 % | |
| Quick Ratio IPRWA | high: 8.948 PEN: 3.856 mean: 1.859 median: 1.616 low: 0.336 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.082 | |
| Cost Of Debt | 0.109 % | |
| Interest Coverage Ratio | 149.511 | |
| Interest Coverage Ratio QoQ | 12.832 % | |
| Interest Coverage Ratio YoY | 4.526 % | |
| Interest Coverage Ratio IPRWA | high: 388.789 PEN: 149.511 mean: 20.304 median: 11.42 low: -653.8 |
|
| Operating Cash Flow Ratio | 0.13 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 33.232 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.018 % | |
| Revenue Growth | 4.079 % | |
| Revenue Growth QoQ | -247.897 % | |
| Revenue Growth YoY | -13.672 % | |
| Revenue Growth IPRWA | high: 50.0 % median: 8.466 % mean: 8.015 % PEN: 4.079 % low: -21.903 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 134.286 % mean: 18.428 % median: 13.971 % PEN: 0.0 % low: -150.0 % |
|
| MARGINS | ||
| Gross Margin | 67.926 % | |
| Gross Margin QoQ | 0.453 % | |
| Gross Margin YoY | 2.932 % | |
| Gross Margin IPRWA | high: 92.958 % PEN: 67.926 % median: 64.039 % mean: 59.251 % low: -8.114 % |
|
| EBIT Margin | 11.921 % | |
| EBIT Margin QoQ | 6.352 % | |
| EBIT Margin YoY | -11.315 % | |
| EBIT Margin IPRWA | high: 63.968 % median: 19.381 % PEN: 11.921 % mean: 10.862 % low: -792.605 % |
|
| Return On Sales (ROS) | 10.522 % | |
| Return On Sales QoQ | 3.137 % | |
| Return On Sales YoY | -12.521 % | |
| Return On Sales IPRWA | high: 43.228 % median: 19.153 % PEN: 10.522 % mean: 10.453 % low: -1054.013 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 32.5 M | |
| Free Cash Flow Yield | 0.258 % | |
| Free Cash Flow Yield QoQ | -54.336 % | |
| Free Cash Flow Yield YoY | -13.423 % | |
| Free Cash Flow Yield IPRWA | high: 17.278 % median: 1.113 % mean: 1.067 % PEN: 0.258 % low: -56.428 % |
|
| Free Cash Growth | -55.604 % | |
| Free Cash Growth QoQ | -820.726 % | |
| Free Cash Growth YoY | 221.727 % | |
| Free Cash Growth IPRWA | high: 447.609 % mean: -5.352 % median: -9.348 % PEN: -55.604 % low: -491.065 % |
|
| Free Cash To Net Income | 0.935 | |
| Cash Flow Margin | 7.761 % | |
| Cash Flow To Earnings | 0.87 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.798 % | |
| Return On Assets QoQ | 2.802 % | |
| Return On Assets YoY | -35.09 % | |
| Return On Assets IPRWA | high: 23.439 % PEN: 1.798 % mean: 1.757 % median: 1.348 % low: -69.189 % |
|
| Return On Capital Employed (ROCE) | 2.671 % | |
| Return On Equity (ROE) | 0.023 | |
| Return On Equity QoQ | 2.849 % | |
| Return On Equity YoY | -35.01 % | |
| Return On Equity IPRWA | high: 1.096 mean: 0.05 median: 0.025 PEN: 0.023 low: -1.474 |
|
| DuPont ROE | 2.317 % | |
| Return On Invested Capital (ROIC) | 2.289 % | |
| Return On Invested Capital QoQ | 2.738 % | |
| Return On Invested Capital YoY | -35.027 % | |
| Return On Invested Capital IPRWA | high: 13.429 % mean: 2.859 % PEN: 2.289 % median: 1.784 % low: -19.66 % |
|