Penumbra Inc. (PEN)
NYSE:PEN
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Penumbra
(NYSE:PEN)
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Rating:68Neutral
Price Target:
$367.00
▲(11.29% Upside)
Action:DowngradedDate:03/27/26
The score is driven primarily by strong financial performance (growth, margin expansion, improving cash flow, and low leverage). Offsetting factors are a soft technical setup and an expensive valuation (high P/E with no dividend support), while the announced acquisition and strong preliminary results provide a constructive near-term catalyst subject to approval/closing risk.
Positive Factors
Revenue Growth
Penumbra has delivered sustained top-line expansion to roughly $1.40B in 2025, reflecting durable adoption of its neurovascular and peripheral devices. That multi-year growth supports ongoing scale benefits, deeper hospital relationships, and recurring consumable demand tied to procedure volumes.
Negative Factors
Profitability Volatility
Earnings and margin swings (negative in 2022, near breakeven in 2024, sharp inflection in 2025) highlight execution and cost-sensitivity risks. This volatility implies future profits could reverse with mix shifts, pricing pressure, or cost shocks, raising predictability concerns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Penumbra has delivered sustained top-line expansion to roughly $1.40B in 2025, reflecting durable adoption of its neurovascular and peripheral devices. That multi-year growth supports ongoing scale benefits, deeper hospital relationships, and recurring consumable demand tied to procedure volumes.
Read all positive factors
Penumbra (PEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.96B
Dividend YieldN/A
Average Volume (3M)619.63K
Price to Earnings (P/E)68.1
Beta (1Y)0.16
Revenue Growth14.61%
EPS Growth369.96%
CountryUS
Employees4,500
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.18
Shares Outstanding39,324,085
10 Day Avg. Volume631,119
30 Day Avg. Volume619,632
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)8.48
Price to Sales (P/S)8.62
P/FCF Ratio69.17
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue9.24
Enterprise Value/Gross Profit13.77
Enterprise Value/Ebitda58.03
Forecast
1Y Price Target
$371.10Price Target Upside12.53% Upside
Rating ConsensusHold
Number of Analyst Covering14
EPS Forecast (FY)5.01
Revenue Forecast (FY)$1.59B
Penumbra Business Overview & Revenue Model
Company Description
Penumbra, Inc. designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical...
How the Company Makes Money
Penumbra primarily makes money by selling medical devices and associated disposables used in interventional procedures, with revenue recognized from product sales to hospitals and other healthcare providers through direct sales and distribution ch...
Penumbra Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The earnings call reflected a strong performance with significant revenue growth, particularly in the VTE and embolization segments, and positive developments in clinical trials, offset by some challenges in international markets and increased operational costs.Positive Updates
Strong Revenue Growth
Total revenue reached $354.7 million, showing a year-over-year growth of 17.8% on a reported basis and 16.9% in constant currency. U.S. revenue grew by 21.5% to $275 million.
Negative Updates
China Growth Headwinds
Continued growth headwinds in China, though international revenue still increased by 6.6% year-over-year.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Revenue Growth
Total revenue reached $354.7 million, showing a year-over-year growth of 17.8% on a reported basis and 16.9% in constant currency. U.S. revenue grew by 21.5% to $275 million.
Read all positive updates
Company Guidance
During Penumbra's third-quarter 2025 conference call, the company reported total revenue of $354.7 million, marking a 17.8% year-over-year growth on a reported basis and 16.9% in constant currency. U.S. revenue reached $275 million, a 21.5% increase compared to the previous year. Specifically, U.S. thrombectomy sales rose by 18.5% to $192 million, while the VTE franchise led corporate growth with a 34% rise. Meanwhile, U.S. embolization and access revenue soared by 29.2% to $83 million. International revenue was $79.7 million, reflecting a 6.6% year-over-year increase. The company's gross margin expanded by 130 basis points to 67.8%, and operating income stood at $48.8 million, or 13.8% of revenue. Penumbra's guidance for the year was raised to $1.375 billion to $1.380 billion in revenue, with anticipated U.S. thrombectomy growth of 20% to 21% for 2025. The company remains focused on expanding its market presence, particularly through innovative products like the Lightning Bolt 16 and Lightning Flash 3.0, which have received FDA clearance.Penumbra Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.40B | 1.19B | 1.06B | 847.13M | 747.59M |
| Gross Profit | 942.44M | 755.00M | 682.64M | 535.21M | 475.38M |
| EBITDA | 222.60M | 45.99M | 108.65M | 29.96M | 7.84M |
| Net Income | 177.69M | 14.01M | 90.95M | -2.00M | 5.28M |
Balance Sheet | |||||
| Total Assets | 1.83B | 1.53B | 1.56B | 1.37B | 1.24B |
| Cash, Cash Equivalents and Short-Term Investments | 186.90M | 340.13M | 289.19M | 188.03M | 254.88M |
| Total Debt | 219.70M | 223.39M | 234.34M | 235.77M | 173.55M |
| Total Liabilities | 398.92M | 382.25M | 377.36M | 372.03M | 290.32M |
| Stockholders Equity | 1.43B | 1.15B | 1.18B | 998.86M | 953.93M |
Cash Flow | |||||
| Free Cash Flow | 174.93M | 147.30M | 82.12M | -74.96M | -11.68M |
| Operating Cash Flow | 238.66M | 168.48M | 97.33M | -55.66M | 9.50M |
| Investing Cash Flow | -404.59M | 77.62M | -16.08M | 54.79M | -21.73M |
| Financing Cash Flow | 26.53M | -87.01M | 16.20M | 11.62M | 836.00K |
Penumbra Technical Analysis
Negative
329.77
Price Trends
338.52
Negative
325.75
Positive
289.02
Positive
Market Momentum
-2.33
Positive
38.53
Neutral
41.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PEN, the sentiment is Negative. The current price of 329.77 is below the 20-day moving average (MA) of 333.27, below the 50-day MA of 338.52, and above the 200-day MA of 289.02, indicating a neutral trend. The MACD of -2.33 indicates Positive momentum. The RSI at 38.53 is Neutral, neither overbought nor oversold. The STOCH value of 41.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PEN.
Penumbra Risk Analysis
Penumbra disclosed 64 risk factors in its most recent earnings report. Penumbra reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Penumbra Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $12.21B | 21.94 | 12.40% | ― | 11.75% | 364.73% | |
68 Neutral | $12.96B | 68.10 | 13.43% | ― | 14.61% | 369.96% | |
68 Neutral | $3.47B | 27.15 | -21.49% | ― | 8.97% | -1024.86% | |
59 Neutral | $6.76B | -34.40 | -25.41% | ― | 30.38% | 47.64% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $3.72B | -127.47 | -38.33% | ― | 25.45% | 66.62% | |
47 Neutral | $1.31B | ― | -25.13% | ― | 50.07% | 21.22% |
* Healthcare Sector Average
PEN
Penumbra
329.77
57.45
21.10%
GMED
Globus Medical
90.42
17.83
24.56%
GKOS
Glaukos
116.40
26.33
29.23%
LIVN
LivaNova
62.78
28.82
84.86%
IRTC
Irhythm Technologies
115.24
13.15
12.88%
PRCT
PROCEPT BioRobotics
23.20
-28.87
-55.44%
Penumbra Corporate Events
Delistings and Listing ChangesFinancial DisclosuresM&A Transactions
Penumbra Announces Strong Preliminary Revenue Growth for 2025
Positive
Jan 15, 2026
On January 14, 2026, Penumbra, Inc. entered into a definitive merger agreement under which Boston Scientific will acquire Penumbra through a merger of a Boston Scientific subsidiary into Penumbra, leaving Penumbra as a wholly owned subsidiary of B...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.