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Stock research / United States / PEN · Surgical & Medical Instruments & Apparatus · NYSE

Penumbra Inc. (PEN)

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Penumbra Inc. (PEN) reported revenue of $390 million for Q2 FY2026, the quarter ended 30 June 2026, up 14.9% on the same quarter a year earlier. Net income was $35 million, down 23.1% on the year, and diluted earnings per share $0.88. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$390 millionup 14.9%
Net income$35 milliondown 23.1%
Diluted EPS$0.88
QuarterQ2 FY2026ended 30 June 2026

Penumbra (PEN) in brief

Penumbra (PEN) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 17.5% on the year before.
Read moreNet income was $178 million and diluted earnings per share $4.52. Revenue was $1.2 billion in fiscal 2024, $1.1 billion in fiscal 2023, $847 million in fiscal 2022 and $748 million in fiscal 2021. Net income in the same years was $14 million, $91 million, a loss of $2 million and $5 million. Over the twelve months to 30 June 2026, Penumbra reported revenue of $1.5 billion and net income of $161 million. Revenue grew 20.2% a year, compounded, over the five years to fiscal 2025. Penumbra had 39 million shares outstanding at the latest filed count. At 30 June 2026 it carried $0 million of debt and $205 million of cash. At the close of 8 October 2026 the market cap of Penumbra was $12.5 billion, 78.0 times its earnings over the last twelve months.

Ratios

From the filings

ROE10.5%
ROCE12.2%
Operating margin12.4%
Net margin10.7%
FCF margin14.3%
Interest cover144.33
Debt to equity0.00
Cash conversion1.73
Share count, 1 year1.0%
Sales CAGR, 3 years18.3%
Profit CAGR, 3 yearsn/a
EPS, TTM$4.07

At the close of 8 October 2026

Price$317.52
Market cap$12.5 billion
Stock P/E78.01
Price to book8.17
EV / EBITDA60.16
Dividend yieldn/a
Market cap / sales8.31
52-week high$359.40
52-week low$225.54
Price, 1 year22.6%
Price CAGR, 3 years12.5%
Price CAGR, 5 years4.5%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Penumbra Inc.'s balance sheet shows no borrowings, so debt here is nil; lease liabilities are a separate line. Nothing here is a valuation or a view.
PENgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on PEN

Filings15 in twelve months: 7 current reports (8-K), about 5 results of operations; 2 shareholder vote; 1 material agreement; 1 regulation fd disclosure
Planned insider sales8 Form 144 notices in twelve months, $10.1 million; latest 2 April 2026
Options tapeput/call 2.29 by open interest at the 8 October 2026 close; the straddle prices a 2.1% move to 16 October 2026
13F holders9 of the followed funds hold it; largest Millennium Management; 5 Schedule 13D or 13G filings in twelve months
Insider trading32 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest1.8 million shares short, 7.18 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue271285279299301316324339355385375390
Cost of revenue93.297.797.5137101105108115114123121125
Gross profit178187181163200211216224240262253265
Gross margin66%66%65%54%67%67%67%66%68%68%68%68%
R&D21.021.924.624.925.220.022.123.222.721.822.425.4
SG&A126130144142140148153160169181193199
Operating income12.635.012.1-81.035.442.840.440.848.859.238.241.0
Operating margin5%12%4%-27%12%14%12%12%14%15%10%11%
Interest expense0.40.40.40.30.30.30.30.30.30.30.30.3
Pre-tax income13.338.214.6-77.939.844.343.945.352.363.641.746.2
Tax rate31%-42%25%n/a26%24%11%0%12%26%22%25%
Net income9.254.211.0-60.229.533.739.245.345.947.332.634.8
Net margin3%19%4%-20%10%11%12%13%13%12%9%9%
Diluted EPS$0.23$1.38$0.28-$1.55$0.75$0.86$1.00$1.15$1.17$1.20$0.82$0.88
Operating cash flow30.836.338.322.656.551.149.044.958.386.587.046.1
Capital expenditure3.33.65.84.55.55.413.515.616.218.413.713.5
Free cash flow27.532.632.518.151.045.735.529.442.068.073.332.5
Shares outstanding39m39m39m39m38m38m39m39m39m39m39m39m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014FY2015 †FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue1261862633344455475607488471,0591,1951,4041,505
Cost of revenue42.762.092.5117152175222272312376440461484
Gross profit82.81241712172933723384755356837559421,021
Gross margin66.0%66.7%64.9%65.1%65.7%68.0%60.3%63.6%63.2%64.5%63.2%67.1%67.8%
Research and development15.618.023.931.736.251.790.010579.484.494.889.892.2
Selling, general and administrative64.3102148184226273287378450506574663741
Operating income3.04.2-1.41.2-0.947.5-38.9-7.56.173.69.3189187
Operating margin2.4%2.2%-0.5%0.3%-0.2%8.7%-6.9%-1.0%0.7%6.9%0.8%13.5%12.4%
Interest expensen/an/an/an/an/an/an/a1.91.71.71.41.31.3
Pre-tax income3.14.0-0.92.51.650.1-38.0-10.53.979.720.9205204
Income tax0.91.7-15.7-3.6-4.43.1-18.8-13.15.9-11.36.927.443.2
Effective tax rate28.5%41.2%n/a-145.8%-273.8%6.2%n/an/a151.4%-14.2%32.9%13.4%21.2%
Net income2.22.414.84.76.648.5-15.75.3-2.091.014.0178161
Net margin1.8%1.3%5.6%1.4%1.5%8.9%-2.8%0.7%-0.2%8.6%1.2%12.7%10.7%
Diluted EPS-$0.18$0.08$0.44$0.13$0.18$1.34-$0.44$0.14-$0.05$2.32$0.36$4.52$4.07
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Thrombectomy67781594867.5%
Embolization and Other38137945632.5%
ThrombectomyEmbolization and Other
1,059FY20231,195FY20241,404FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States7579021,09277.8%
International30129331222.2%
United StatesInternational
1,059FY20231,195FY20241,404FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014FY2015 †FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow-6.4-20.7-12.812.728.826.7-33.29.5-55.797.3168239278
Capital expenditure3.95.513.612.59.622.124.821.219.315.221.263.761.9
Free cash flow-10.3-26.2-26.40.219.24.5-58.0-11.7-75.082.1147175216
Free cash flow margin-8.2%-14.1%-10.0%0.0%4.3%0.8%-10.3%-1.6%-8.8%7.8%12.3%12.5%14.3%
Cash from investing-37.0-85.80.7-77.7-0.4-12.7-104-21.754.8-16.177.6-405-510
Cash from financing42.91237.1104-9.8-9.01350.811.616.2-87.026.516.1
Depreciation and amortisation0.81.82.33.86.28.112.916.424.327.323.717.517.1
Share-based compensation1.47.314.617.818.421.525.565.837.450.546.259.259.5
Buybacksn/an/an/an/an/an/an/an/a0.00.01000.0n/a
Diluted shares, weighted5m14m33m35m36m36m36m38m38m39m39m39m40m
Shares outstanding at period end5m30m31m34m34m35m36m38m38m39m38m39m39m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015 †FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity-12.42332674004224866419549991,1791,1511,4281,531
Non-controlling interestn/an/an/a0.00.2-0.3-3.70.0n/an/an/an/an/a
Redeemable equity1110.0n/an/an/an/an/an/an/an/an/an/an/a
Debtn/an/an/an/an/an/an/an/a0.00.00.00.00.0
Operating lease liabilitiesn/an/an/an/a0.047.244.2137199197187183176
Finance lease liabilitiesn/an/an/an/an/a26.727.126.524.923.721.720.719.6
Other liabilities22.331.341.776.392.6106114127148156173195248
Total liabilities and equity1212643084775156668231,2441,3711,5561,5331,8271,975
Owned
Fixed assets5.29.021.530.935.451.848.258.965.072.762.6117147
Goodwilln/an/a0.08.27.87.78.4166166166166167167
Intangible assetsn/an/a0.023.827.225.410.690.681.271.16.56.25.7
Investments48.312911616813311719519511812215.7358454
Cash and equivalents3.319.513.250.667.872.869.759.469.9167324187205
Receivables18.929.443.358.081.9106115134203202168190190
Inventory33.556.873.094.9116153220264334388407432443
Other assets12.319.941.742.446.0133157276333367384370364
Total assets1212643084775156668231,2441,3711,5561,5331,8271,975
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded22.4%20.2%18.3%17.6%
Profit growth, compounded54.0%n/an/a8.7%
Return on equity, average3.8%4.3%7.1%12.4%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Medical Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Stryker Corp. SYK$106.2 billion28.7015.5%21.4%8.5%0.621.3%
3M Co. MMM$84.4 billion29.06101.5%18.4%2.3%3.691.8%
Boston Scientific Corp. BSX$60.9 billion17.0214.7%19.8%13.5%0.44n/a
Becton Dickinson & Co. BDX$49.8 billion55.053.9%9.6%-2.6%0.552.3%
Resmed Inc. RMD$32.7 billion21.7423.1%33.4%9.9%0.101.1%
Dexcom Inc. DXCM$31.9 billion33.3638.1%22.9%15.5%0.47n/a
West Pharmaceutical Services Inc. WST$25.6 billion46.5118.9%20.5%12.4%0.070.2%
Solventum Corp. SOLV$14.6 billion10.5029.9%25.0%-0.9%1.06n/a
Penumbra Inc. PEN$12.5 billion78.0110.5%12.4%17.6%0.00n/a
Baxter International Inc. BAX$12.4 billionn/a-17.1%-2.4%5.4%1.522.2%
Globus Medical Inc. GMED$9.8 billion18.7511.2%20.3%19.7%0.00n/a
Insulet Corp. PODD$9.3 billion25.1326.4%16.9%29.4%0.65n/a
All 27 in Medical Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Intuitive Surgical Inc. ISRG$147.0 billion47.5817.3%31.3%20.7%0.00n/a
Medtronic plc MDT$112.3 billion21.6110.4%18.1%9.8%0.513.2%
Stryker Corp. SYK$106.2 billion28.7015.5%21.4%8.5%0.621.3%
3M Co. MMM$84.4 billion29.06101.5%18.4%2.3%3.691.8%
Boston Scientific Corp. BSX$60.9 billion17.0214.7%19.8%13.5%0.44n/a
Becton Dickinson & Co. BDX$49.8 billion55.053.9%9.6%-2.6%0.552.3%
Edwards Lifesciences Corp. EW$48.6 billion48.419.5%22.3%14.6%0.06n/a
Resmed Inc. RMD$32.7 billion21.7423.1%33.4%9.9%0.101.1%
Dexcom Inc. DXCM$31.9 billion33.3638.1%22.9%15.5%0.47n/a
GE HealthCare Technologies Inc. GEHC$29.2 billion14.7318.1%12.9%6.5%0.920.2%
West Pharmaceutical Services Inc. WST$25.6 billion46.5118.9%20.5%12.4%0.070.2%
Koninklijke Philips N.V. PHG *$23.4 billion23.218.2%8.0%-1.0%0.741.6%
Steris plc STE$20.5 billion25.7711.2%18.9%8.4%0.261.2%
Zimmer Biomet Holdings, Inc. ZBH$17.0 billion21.576.4%14.2%8.6%0.501.1%
Solventum Corp. SOLV$14.6 billion10.5029.9%25.0%-0.9%1.06n/a
Penumbra Inc. PEN$12.5 billion78.0110.5%12.4%17.6%0.00n/a
Baxter International Inc. BAX$12.4 billionn/a-17.1%-2.4%5.4%1.522.2%
Smith & Nephew plc SNN *$11.8 billion18.8311.8%12.9%6.1%0.592.8%
Cooper Companies, Inc. COO$10.3 billion18.536.8%12.8%4.7%0.310.0%
Align Technology Inc. ALGN$10.0 billion24.539.8%13.2%4.4%0.00n/a
Globus Medical Inc. GMED$9.8 billion18.7511.2%20.3%19.7%0.00n/a
Insulet Corp. PODD$9.3 billion25.1326.4%16.9%29.4%0.65n/a
MSA Safety Inc. MSA$6.9 billion22.1522.4%21.2%6.5%0.431.2%
Haemonetics Corp. HAE$5.4 billion58.5611.5%11.9%0.4%1.42n/a
LivaNova plc LIVN$4.2 billion22.4614.2%12.7%12.4%0.22n/a
Envista Holdings Corp. NVST$3.6 billion39.173.1%9.6%11.9%0.47n/a
Dentsply Sirona Inc. XRAY$1.7 billionn/a-40.4%-8.5%-0.8%1.487.4%
12 companies share its SEC industry code (Surgical & Medical Instruments & Apparatus); the rest are the names nearest in size in its wider industry, Medical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 20255 November 2025EDGAR
10-Q30 June 202529 July 2025EDGAR
10-Q31 March 202523 April 2025EDGAR
10-K31 December 202418 February 2025EDGAR
10-Q30 September 202430 October 2024EDGAR
10-Q30 June 202430 July 2024EDGAR
10-Q31 March 20247 May 2024EDGAR

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