Recent News
On March 16, 2026 Impinj announced completion of privately negotiated repurchases of roughly $40.2M aggregate principal of its 1.125% convertible notes due 2027, for total consideration near $47.2M, reducing outstanding convertible debt.
On May 26, 2026 the company confirmed CFO participation in a fireside chat at the Evercore Global TMT Conference (session held June 2, 2026), indicating continued investor outreach.
Technical Analysis
ADX at 21.89 indicates an emerging trend strength rather than a strong directional move; this supports a market environment prone to short-term swings rather than a sustained breakout, consistent with a valuation judged over-valued.
DI+ at 21.28 is decreasing while DI‑ at 27.11 is increasing, a directional configuration that reads as bearish pressure on price momentum.
MACD equals -1.03, the MACD trend is decreasing and the MACD sits below its signal line (signal = 2.25), indicating continuing bearish momentum and absence of a bullish MACD cross.
MRO stands at 19.4 and is decreasing; the positive MRO signals price sits above the model target and implies downside potential as that momentum eases.
RSI at 52.62 with a decreasing trend shows neutral-to-fading momentum rather than oversold or overbought conditions, leaving room for a move lower without immediate technical overshoot.
Price dynamics vs averages: the close at $130.08 sits below the 20-day average ($140.21) and both 12- and 26-day EMAs (12-day EMA $133.87 decreasing; 26-day EMA $136.03), while near the 50-day average ($130.20); these relationships favor additional downside or consolidation beneath shorter-term averages.
Bollinger bands place the 1x lower band at $125.20; the current price remains above that lower band with volume (237,700) well below 10- and 50-day averages, suggesting any near-term declines may unfold on light conviction unless volume expands.
Fundamental Analysis
Revenue trends: total revenue equals $92,849,000 with YoY revenue growth of -12.434% and QoQ revenue growth of +77.648%, reflecting a sequential recovery from a weaker prior quarter but lower year-over-year sales.
Profitability: gross margin at 51.756% sits above the industry peer mean of 37.426%, showing strong unit economics on product sales. By contrast, EBIT margin at -0.248% compares unfavorably to the industry peer mean of 17.552%; EBIT margin fell roughly 98.051% QoQ and about 88.168% YoY, pointing to significant sequential and annual compression at the operating-profit level.
Operating margin equals -2.906%, and operating margin QoQ shows a large negative change; operating losses alongside positive gross margin indicate costs and operating leverage depress near-term profits despite healthy product-level margins.
Cash and liquidity: cash and short-term investments total $175,336,000 with a current ratio of 2.68 and quick ratio of 2.01, providing ample short-term liquidity. The cash ratio of 1.39 and operating cash flow of $15,136,000 support runway even with modest negative net income of $-1,139,000.
Leverage and returns: total debt equals $304,198,000 with debt-to-equity of 1.454 and debt-to-EBITDA about 81.60, signaling leverage that dwarfs near-term earnings capacity; return on equity stands negative at -0.544% and return on assets at -0.215%.
Market multiples show elevated investor expectations: P/E at 338.43 and price-to-sales at 55.08; price-target mean equals $147.01 while the 52-week range spans $87.36–$247.06. WMDST previously determined the current valuation as over-valued, a view supported by these stretched multiples versus operating performance.
EPS metrics: reported EPS $0.14 matched the $0.14 estimate (EPS surprise ratio near -1.96%), indicating near-term earnings in line with consensus despite operating compression.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-04-29 |
| NEXT REPORT DATE: | 2026-07-29 |
| CASH FLOW | Begin Period Cash Flow | $ 51.7 M |
| Operating Cash Flow | $ 15.1 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 | $ -437.00 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 | $ 0.14 | |
| EPS Actual | $ 0.14 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | -1.96 % | |
| Forward EPS | $ 0.71 | |
| 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: 77.366 mean: 76.637 low: -120.086 |
|
| 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 | high: 0.918 PI: 0.558 mean: 0.287 median: 0.27 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: 1.927 PI: 1.454 median: 0.752 mean: 0.683 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: 12.718 mean: 6.988 median: 5.432 low: -3.4 |
|
| Price To Earnings (P/E) | 338.434 | |
| Price To Earnings QoQ | 6.588 % | |
| Price To Earnings YoY | 4.407 % | |
| Price To Earnings IPRWA | high: 368.159 PI: 338.434 median: 129.313 mean: 108.313 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 | high: 58.848 PI: 55.08 mean: 18.621 median: 17.83 low: -16.685 |
|
| 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: 0.196 median: 0.184 PI: 0.175 low: -0.269 |
|
| Receivables Turnover | 1.407 | |
| Receivables Turnover Ratio QoQ | -14.803 % | |
| Receivables Turnover Ratio YoY | -6.898 % | |
| Receivables Turnover Ratio IPRWA | high: 2.691 mean: 1.521 median: 1.44 PI: 1.407 low: 0.105 |
|
| Inventory Turnover | 0.504 | |
| Inventory Turnover Ratio QoQ | -0.2 % | |
| Inventory Turnover Ratio YoY | 4.4 % | |
| Inventory Turnover Ratio IPRWA | high: 2.907 median: 1.116 mean: 1.049 PI: 0.504 low: 0.111 |
|
| 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: 327.684 PI: 206.155 mean: 97.993 median: 84.663 low: -50.528 |
|
| 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: 12.052 PI: 2.681 mean: 2.226 median: 2.065 low: 0.51 |
|
| Quick Ratio | 2.01 | |
| Quick Ratio QoQ | 2.2 % | |
| Quick Ratio YoY | 193.108 % | |
| Quick Ratio IPRWA | high: 10.338 PI: 2.01 mean: 1.697 median: 1.305 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: 90.3 median: 13.712 mean: 13.412 PI: -0.304 low: -64.179 |
|
| 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: 58.79 % mean: 7.134 % median: 3.949 % PI: -3.338 % low: -45.22 % |
|
| Earnings Growth | -13.793 % | |
| Earnings Growth QoQ | -49.844 % | |
| Earnings Growth YoY | -3.451 % | |
| Earnings Growth IPRWA | high: 266.667 % median: 7.071 % mean: 5.617 % 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: 99.615 % PI: 51.756 % mean: 37.426 % median: 37.246 % low: -6.824 % |
|
| EBIT Margin | -0.248 % | |
| EBIT Margin QoQ | -98.051 % | |
| EBIT Margin YoY | -88.168 % | |
| EBIT Margin IPRWA | high: 41.05 % median: 18.292 % mean: 17.552 % PI: -0.248 % low: -165.118 % |
|
| 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: 16.973 % median: 15.943 % PI: -2.906 % low: -165.118 % |
|
| 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: 9.974 % median: 0.861 % mean: 0.815 % PI: 0.266 % low: -11.909 % |
|
| Free Cash Growth | -24.146 % | |
| Free Cash Growth QoQ | -29.575 % | |
| Free Cash Growth YoY | -129.337 % | |
| Free Cash Growth IPRWA | high: 433.621 % median: 21.004 % mean: -17.239 % 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: 13.842 % mean: 2.539 % median: 2.123 % PI: -0.215 % low: -23.911 % |
|
| 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: 0.198 mean: 0.059 median: 0.058 PI: -0.005 low: -0.349 |
|
| 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 % median: 3.298 % mean: 3.179 % PI: -0.037 % low: -21.492 % |
|