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Penumbra
(NYSE:PEN)
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Rating:70Outperform
Price Target:
$352.00
▲(10.44% Upside)
Action:Upgraded
Date:07/31/26
The score is driven primarily by strong financial performance (growth, improved margins, solid recent cash generation, and low leverage). Offsetting factors include a high valuation (P/E 73.06) and only mixed technical signals based on available moving averages. Corporate events are supportive due to shareholder approval of the Boston Scientific merger, but closing conditions remain.
Positive Factors
Strong cash generation
Recent operating and free cash flow strength provides durable financial flexibility to fund R&D, commercial expansion, and working capital. Sustained positive cash conversion versus prior years supports reinvestment and reduces reliance on external financing across the 2–6 month horizon.
Negative Factors
Earnings volatility history
Past loss-making periods and sharp profitability swings highlight operational and demand sensitivity. Even with a recent rebound, volatility complicates multi‑period planning, capital allocation and investor confidence, and could re-emerge under adverse conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Recent operating and free cash flow strength provides durable financial flexibility to fund R&D, commercial expansion, and working capital. Sustained positive cash conversion versus prior years supports reinvestment and reduces reliance on external financing across the 2–6 month horizon.
Read all positive factors
Penumbra (PEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.85B
Dividend YieldN/A
Average Volume (3M)392.06K
Price to Earnings (P/E)79.8
Beta (1Y)0.04
Revenue Growth17.55%
EPS Growth7.09%
CountryUS
Employees4,700
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)4.09
Shares Outstanding39,389,423
10 Day Avg. Volume485,539
30 Day Avg. Volume392,065
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$358.40Price Target Upside12.45% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)4.75
Revenue Forecast (FY)$1.59B
Penumbra Business Overview & Revenue Model
Company Description
Penumbra, Inc., together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. It offers computer-assisted vacuum thrombectomy; peripheral thrombectomy products, including the...
How the Company Makes Money
Penumbra primarily makes money by selling medical devices used in interventional procedures, with revenue largely driven by per-procedure disposable products (e.g., aspiration/thrombectomy catheters and related single-use components) that hospital...
Penumbra Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Nov 04, 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
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.50B | 1.40B | 1.19B | 1.06B | 847.13M | 747.59M |
| Gross Profit | 1.02B | 942.44M | 755.00M | 682.64M | 535.21M | 475.38M |
| EBITDA | 222.27M | 223.91M | 45.99M | 108.65M | 29.96M | 7.84M |
| Net Income | 160.59M | 177.69M | 14.01M | 90.95M | -2.00M | 5.28M |
Balance Sheet | ||||||
| Total Assets | 1.97B | 1.83B | 1.53B | 1.56B | 1.37B | 1.24B |
| Cash, Cash Equivalents and Short-Term Investments | 658.79M | 544.82M | 340.13M | 289.19M | 188.03M | 254.88M |
| Total Debt | 212.71M | 219.70M | 223.39M | 234.34M | 235.77M | 173.55M |
| Total Liabilities | 443.96M | 398.92M | 382.25M | 377.36M | 372.03M | 290.32M |
| Stockholders Equity | 1.53B | 1.43B | 1.15B | 1.18B | 998.86M | 953.93M |
Cash Flow | ||||||
| Free Cash Flow | 215.91M | 174.93M | 147.30M | 82.12M | -74.96M | -11.68M |
| Operating Cash Flow | 277.80M | 238.66M | 168.48M | 97.33M | -55.66M | 9.50M |
| Investing Cash Flow | -510.23M | -404.59M | 77.62M | -16.08M | 54.79M | -21.73M |
| Financing Cash Flow | 16.13M | 26.53M | -87.01M | 16.20M | 11.62M | 836.00K |
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 | $11.43B | 21.58 | 11.59% | ― | 19.74% | 51.10% | |
70 Outperform | $12.85B | 79.85 | 11.09% | ― | 17.55% | 7.09% | |
69 Neutral | $4.33B | 23.41 | 15.41% | ― | 12.39% | ― | |
62 Neutral | $4.02B | -291.51 | -8.97% | ― | 25.58% | 85.38% | |
61 Neutral | $10.74B | -57.42 | -27.07% | ― | 41.55% | -96.75% | |
54 Neutral | $1.31B | -10.95 | -30.62% | ― | 22.69% | -25.05% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
PEN
Penumbra
326.58
73.37
28.98%
GMED
Globus Medical
85.67
25.65
42.74%
GKOS
Glaukos
186.63
95.55
104.91%
LIVN
LivaNova
80.78
26.65
49.23%
IRTC
Irhythm Technologies
125.35
-36.75
-22.67%
PRCT
PROCEPT BioRobotics
21.25
-18.87
-47.03%
Penumbra Corporate Events
Executive/Board ChangesShareholder Meetings
Penumbra Shareholders Back Directors, Auditor and Pay Policies
Positive
Jun 22, 2026
Penumbra, Inc. held its Annual Meeting of Stockholders on June 18, 2026, with 29,260,683 of 39,331,425 eligible shares represented in person or by proxy. Stockholders elected Arani Bose, M.D., Bridget O’Rourke and Surbhi Sarna as Class II di...
M&A TransactionsShareholder Meetings
Penumbra Shareholders Approve Merger with Boston Scientific
Positive
May 7, 2026
On May 6, 2026, Penumbra stockholders held a special meeting at which a quorum of 28,665,933 shares was present out of 39,324,084 shares outstanding and entitled to vote. Shareholders voted on three proposals related to the company’s planned...
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.