Penumbra Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Penumbra Inc has an operating margin of 0.8%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 4/100, suggesting thin profitability after operating expenses. This is down from 7.0% the prior year.
Penumbra Inc's revenue grew 12.9% year-over-year to $1.2B, a solid pace of expansion. This earns a growth score of 65/100.
Penumbra Inc carries a low D/E ratio of 0.33, meaning only $0.33 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 6.01, Penumbra Inc holds $6.01 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Penumbra Inc has a free cash flow margin of 12.3%, earning a moderate score of 62/100. The company generates positive cash flow after capital investments, but with room for improvement.
Penumbra Inc generates a 1.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 5/100. This is down from 7.7% the prior year.
Penumbra Inc scores 22.37, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($13.3B) relative to total liabilities ($382.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Penumbra Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Penumbra Inc generates $12.02 in operating cash flow ($168.5M OCF vs $14.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Penumbra Inc earns $6.5 in operating income for every $1 of interest expense ($9.3M vs $1.4M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Penumbra Inc (PEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Penumbra Inc generated $1.2B in revenue in fiscal year 2024. This represents an increase of 12.9% from the prior year.
Penumbra Inc's EBITDA was $33.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 67.3% from the prior year.
Penumbra Inc generated $147.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 79.4% from the prior year.
Penumbra Inc reported $14.0M in net income in fiscal year 2024. This represents a decrease of 84.6% from the prior year.
Penumbra Inc earned $0.36 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 84.5% from the prior year.
Penumbra Inc held $324.4M in cash against $0 in long-term debt as of fiscal year 2024.
Penumbra Inc had 39M shares outstanding in fiscal year 2024. This represents a decrease of 0.5% from the prior year.
Penumbra Inc's gross margin was 63.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.3 percentage points from the prior year.
Penumbra Inc's operating margin was 0.8% in fiscal year 2024, reflecting core business profitability. This is down 6.2 percentage points from the prior year.
Penumbra Inc's net profit margin was 1.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 7.4 percentage points from the prior year.
Penumbra Inc's ROE was 1.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 6.5 percentage points from the prior year.
Penumbra Inc invested $94.8M in research and development in fiscal year 2024. This represents an increase of 12.3% from the prior year.
Penumbra Inc spent $100.4M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
Penumbra Inc invested $21.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 39.2% from the prior year.
PEN Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $354.7M+4.5% | $339.5M+4.7% | $324.1M+2.7% | $315.5M+5.4% | $299.4M+7.4% | $278.7M-2.1% | $284.7M+5.1% | $270.9M |
| Cost of Revenue | $114.3M-1.0% | $115.4M+6.6% | $108.3M+3.3% | $104.8M-23.3% | $136.6M+40.1% | $97.5M-0.2% | $97.7M+4.8% | $93.2M |
| Gross Profit | $240.4M+7.3% | $224.0M+3.8% | $215.9M+2.4% | $210.7M+29.4% | $162.8M-10.1% | $181.1M-3.1% | $187.0M+5.2% | $177.7M |
| R&D Expenses | $22.7M-2.3% | $23.2M+5.2% | $22.1M+10.3% | $20.0M-19.8% | $24.9M+1.3% | $24.6M+12.2% | $21.9M+4.7% | $21.0M |
| SG&A Expenses | $168.9M+5.6% | $160.0M+4.2% | $153.5M+3.7% | $147.9M+4.3% | $141.9M-1.7% | $144.4M+11.1% | $130.0M+3.3% | $125.9M |
| Operating Income | $48.8M+19.6% | $40.8M+1.2% | $40.4M-5.7% | $42.8M+152.8% | -$81.0M-769.0% | $12.1M-65.5% | $35.0M+177.5% | $12.6M |
| Interest Expense | $338K+6.0% | $319K-0.9% | $322K-4.2% | $336K-2.3% | $344K-14.4% | $402K-8.0% | $437K-1.1% | $442K |
| Income Tax | $6.5M+16085.0% | $40K-99.1% | $4.6M-56.5% | $10.7M+160.3% | -$17.7M-587.7% | $3.6M+122.6% | -$16.1M-492.7% | $4.1M |
| Net Income | $45.9M+1.3% | $45.3M+15.4% | $39.2M+16.4% | $33.7M+156.0% | -$60.2M-647.2% | $11.0M-79.7% | $54.2M+488.4% | $9.2M |
| EPS (Diluted) | $1.17+1.7% | $1.15+15.0% | $1.00+13.6% | $0.88+156.8% | $-1.55-653.6% | $0.28-79.7% | $1.38+500.0% | $0.23 |
PEN Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.7B+4.2% | $1.7B+5.1% | $1.6B+3.9% | $1.5B-0.1% | $1.5B-2.9% | $1.6B+1.5% | $1.6B+6.0% | $1.5B |
| Current Assets | $1.1B+7.1% | $1.1B+6.6% | $999.7M+5.1% | $951.1M+0.8% | $943.8M+0.9% | $935.0M+2.1% | $915.4M+5.4% | $868.5M |
| Cash & Equivalents | $321.0M-23.9% | $421.8M+12.2% | $376.1M+15.9% | $324.4M+12.5% | $288.3M+29.2% | $223.1M+33.2% | $167.5M+66.2% | $100.8M |
| Inventory | $432.4M+1.1% | $427.6M+2.8% | $415.9M+2.2% | $406.7M+8.8% | $373.8M-6.2% | $398.4M+2.7% | $388.0M+3.7% | $374.2M |
| Accounts Receivable | $183.4M+4.5% | $175.5M+4.5% | $168.0M+0.2% | $167.7M-16.5% | $200.8M+4.6% | $192.0M-4.8% | $201.8M-2.3% | $206.6M |
| Goodwill | $166.7M0.0% | $166.8M+0.4% | $166.1M+0.2% | $165.8M-0.1% | $166.1M0.0% | $166.1M-0.1% | $166.3M+0.2% | $166.0M |
| Total Liabilities | $385.7M+1.3% | $380.9M+0.1% | $380.4M-0.5% | $382.3M+2.4% | $373.3M-0.8% | $376.3M-0.3% | $377.4M+3.6% | $364.2M |
| Current Liabilities | $169.6M+7.5% | $157.8M-0.5% | $158.6M+0.2% | $158.3M+4.9% | $151.0M-1.2% | $152.8M+1.1% | $151.1M+4.2% | $145.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.4B+5.0% | $1.3B+6.7% | $1.2B+5.4% | $1.2B-0.9% | $1.2B-3.5% | $1.2B+2.1% | $1.2B+6.8% | $1.1B |
| Retained Earnings | $190.3M+31.7% | $144.5M+45.6% | $99.2M+65.4% | $60.0M-30.0% | $85.7M-41.3% | $145.9M+8.2% | $134.9M+67.2% | $80.6M |
PEN Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $58.3M+29.6% | $44.9M-8.2% | $49.0M-4.2% | $51.1M+126.0% | $22.6M-41.0% | $38.3M+5.6% | $36.3M+17.6% | $30.8M |
| Capital Expenditures | $16.2M+4.3% | $15.6M+15.7% | $13.5M+150.7% | $5.4M+18.4% | $4.5M-22.1% | $5.8M+59.8% | $3.6M+9.4% | $3.3M |
| Free Cash Flow | $42.0M+43.1% | $29.4M-17.3% | $35.5M-22.4% | $45.7M+153.0% | $18.1M-44.3% | $32.5M-0.4% | $32.6M+18.6% | $27.5M |
| Investing Cash Flow | -$162.9M-945.3% | -$15.6M-3003.6% | -$502K+95.4% | -$11.0M-131.8% | $34.5M+87.5% | $18.4M-24.3% | $24.3M+154.7% | -$44.4M |
| Financing Cash Flow | $4.0M-73.3% | $14.8M+447.2% | $2.7M-55.4% | $6.1M-26.7% | $8.3M+1142.1% | -$794K-113.4% | $5.9M+2692.9% | $212K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | -$1K | N/A | N/A | $0 | N/A |
PEN Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.8%+1.8pp | 66.0%-0.6pp | 66.6%-0.2pp | 66.8%+12.4pp | 54.4%-10.6pp | 65.0%-0.7pp | 65.7%+0.1pp | 65.6% |
| Operating Margin | 13.8%+1.7pp | 12.0%-0.4pp | 12.4%-1.1pp | 13.6%+40.6pp | -27.0%-31.4pp | 4.3%-8.0pp | 12.3%+7.6pp | 4.7% |
| Net Margin | 12.9%-0.4pp | 13.3%+1.2pp | 12.1%+1.4pp | 10.7%+30.8pp | -20.1%-24.1pp | 4.0%-15.1pp | 19.1%+15.7pp | 3.4% |
| Return on Equity | 3.4%-0.1pp | 3.5%+0.3pp | 3.2%+0.3pp | 2.9% | N/A | 0.9%-3.7pp | 4.6%+3.8pp | 0.8% |
| Return on Assets | 2.6%-0.1pp | 2.7%+0.2pp | 2.5%+0.3pp | 2.2%+6.1pp | -3.9%-4.6pp | 0.7%-2.8pp | 3.5%+2.8pp | 0.6% |
| Current Ratio | 6.73-0.0 | 6.75+0.5 | 6.30+0.3 | 6.01-0.2 | 6.25+0.1 | 6.12+0.1 | 6.06+0.1 | 5.99 |
| Debt-to-Equity | 0.28-0.0 | 0.29-0.0 | 0.31-0.0 | 0.33+0.0 | 0.320.0 | 0.310.0 | 0.320.0 | 0.33 |
| FCF Margin | 11.8%+3.2pp | 8.6%-2.3pp | 10.9%-3.5pp | 14.5%+8.5pp | 6.0%-5.6pp | 11.7%+0.2pp | 11.5%+1.3pp | 10.2% |
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Frequently Asked Questions
What is Penumbra Inc's annual revenue?
Penumbra Inc (PEN) reported $1.2B in total revenue for fiscal year 2024. This represents a 12.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Penumbra Inc's revenue growing?
Penumbra Inc (PEN) revenue grew by 12.9% year-over-year, from $1.1B to $1.2B in fiscal year 2024.
Is Penumbra Inc profitable?
Yes, Penumbra Inc (PEN) reported a net income of $14.0M in fiscal year 2024, with a net profit margin of 1.2%.
What is Penumbra Inc's earnings per share (EPS)?
Penumbra Inc (PEN) reported diluted earnings per share of $0.36 for fiscal year 2024. This represents a -84.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Penumbra Inc's EBITDA?
Penumbra Inc (PEN) had EBITDA of $33.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Penumbra Inc's gross margin?
Penumbra Inc (PEN) had a gross margin of 63.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Penumbra Inc's operating margin?
Penumbra Inc (PEN) had an operating margin of 0.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Penumbra Inc's net profit margin?
Penumbra Inc (PEN) had a net profit margin of 1.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Penumbra Inc's return on equity (ROE)?
Penumbra Inc (PEN) has a return on equity of 1.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Penumbra Inc's free cash flow?
Penumbra Inc (PEN) generated $147.3M in free cash flow during fiscal year 2024. This represents a 79.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Penumbra Inc's operating cash flow?
Penumbra Inc (PEN) generated $168.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Penumbra Inc's total assets?
Penumbra Inc (PEN) had $1.5B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Penumbra Inc's capital expenditures?
Penumbra Inc (PEN) invested $21.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Penumbra Inc spend on research and development?
Penumbra Inc (PEN) invested $94.8M in research and development during fiscal year 2024.
Does Penumbra Inc buy back shares?
Yes, Penumbra Inc (PEN) spent $100.4M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Penumbra Inc have outstanding?
Penumbra Inc (PEN) had 39M shares outstanding as of fiscal year 2024.
What is Penumbra Inc's current ratio?
Penumbra Inc (PEN) had a current ratio of 6.01 as of fiscal year 2024, which is generally considered healthy.
What is Penumbra Inc's debt-to-equity ratio?
Penumbra Inc (PEN) had a debt-to-equity ratio of 0.33 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Penumbra Inc's return on assets (ROA)?
Penumbra Inc (PEN) had a return on assets of 0.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Penumbra Inc's Altman Z-Score?
Penumbra Inc (PEN) has an Altman Z-Score of 22.37, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Penumbra Inc's Piotroski F-Score?
Penumbra Inc (PEN) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Penumbra Inc's earnings high quality?
Penumbra Inc (PEN) has an earnings quality ratio of 12.02x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Penumbra Inc cover its interest payments?
Penumbra Inc (PEN) has an interest coverage ratio of 6.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Penumbra Inc?
Penumbra Inc (PEN) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.