Penumbra Inc. (PEN)
NYSE:PEN
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Penumbra
(NYSE:PEN)
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Rating:72Outperform
Price Target:
$358.00
▲(7.79% Upside)
Action:Upgraded
Date:05/09/26
Score is driven primarily by strong financial performance (profitability improvement, low leverage, and solid free cash flow). This is partially offset by weak near-term technicals (below key moving averages with negative MACD) and a very high P/E valuation, while the shareholder-approved merger provides a supportive positive catalyst.
Positive Factors
Cash generation
Sustained strong operating cash flow and substantial free cash flow provide durable internal funding for R&D, commercial expansion, and balance sheet optionality. High cash conversion (OCF > net income) supports investment without reliance on new debt or equity, improving resilience over months.
Negative Factors
Slowing revenue growth
A marked deceleration in top-line growth can cap operating leverage and future margin expansion. If revenue growth remains muted, reinvestment and return targets may be constrained, making it harder to sustain recent profit improvements without new market share gains or product expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained strong operating cash flow and substantial free cash flow provide durable internal funding for R&D, commercial expansion, and balance sheet optionality. High cash conversion (OCF > net income) supports investment without reliance on new debt or equity, improving resilience over months.
Read all positive factors
Penumbra (PEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.61B
Dividend YieldN/A
Average Volume (3M)437.30K
Price to Earnings (P/E)73.6
Beta (1Y)0.07
Revenue Growth17.27%
EPS Growth295.44%
CountryUS
Employees4,500
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)4.38
Shares Outstanding39,331,425
10 Day Avg. Volume442,070
30 Day Avg. Volume437,302
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 Cap0.99
Enterprise Value/Revenue8.59
Enterprise Value/Gross Profit12.75
Enterprise Value/Ebitda58.76
Forecast
1Y Price Target
$358.25Price Target Upside7.86% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)4.92
Revenue Forecast (FY)$1.59B
Penumbra Business Overview & Revenue Model
Company Description
Penumbra, Inc., founded in 2004 and headquartered in Alameda, California, is a global medical device company specializing in the design, development, manufacture, and sale of innovative healthcare products. The company offers a comprehensive portf...
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:Aug 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
88
Very Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.45B | 1.40B | 1.19B | 1.06B | 847.13M | 747.59M |
| Gross Profit | 979.97M | 942.44M | 755.00M | 682.64M | 535.21M | 475.38M |
| EBITDA | 212.61M | 222.60M | 45.99M | 108.65M | 29.96M | 7.84M |
| Net Income | 171.05M | 177.69M | 14.01M | 90.95M | -2.00M | 5.28M |
Balance Sheet | ||||||
| Total Assets | 1.90B | 1.83B | 1.53B | 1.56B | 1.37B | 1.24B |
| Cash, Cash Equivalents and Short-Term Investments | 241.29M | 186.90M | 340.13M | 289.19M | 188.03M | 254.88M |
| Total Debt | 216.18M | 219.70M | 223.39M | 234.34M | 235.77M | 173.55M |
| Total Liabilities | 424.63M | 398.92M | 382.25M | 377.36M | 372.03M | 290.32M |
| Stockholders Equity | 1.47B | 1.43B | 1.15B | 1.18B | 998.86M | 953.93M |
Cash Flow | ||||||
| Free Cash Flow | 212.73M | 174.93M | 147.30M | 82.12M | -74.96M | -11.68M |
| Operating Cash Flow | 276.66M | 238.66M | 168.48M | 97.33M | -55.66M | 9.50M |
| Investing Cash Flow | -434.72M | -404.59M | 77.62M | -16.08M | 54.79M | -21.73M |
| Financing Cash Flow | 21.92M | 26.53M | -87.01M | 16.20M | 11.62M | 836.00K |
Penumbra Technical Analysis
Neutral
332.13
Price Trends
326.65
Negative
334.45
Negative
305.04
Positive
Market Momentum
-2.09
Positive
40.29
Neutral
19.97
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PEN, the sentiment is Neutral. The current price of 332.13 is above the 20-day moving average (MA) of 322.78, above the 50-day MA of 326.65, and above the 200-day MA of 305.04, indicating a neutral trend. The MACD of -2.09 indicates Positive momentum. The RSI at 40.29 is Neutral, neither overbought nor oversold. The STOCH value of 19.97 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $10.85B | 18.46 | 13.04% | ― | 23.49% | 219.12% | |
72 Outperform | $12.61B | 73.60 | 12.32% | ― | 17.27% | 295.44% | |
72 Outperform | $3.97B | 36.94 | 9.13% | ― | 12.40% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $7.34B | -38.31 | -26.46% | ― | 36.30% | -42.48% | |
49 Neutral | $3.55B | -126.48 | -20.60% | ― | 27.36% | 72.52% | |
48 Neutral | $1.58B | -15.35 | -27.70% | ― | 29.26% | -7.59% |
* Healthcare Sector Average
PEN
Penumbra
320.07
63.58
24.79%
GMED
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IRTC
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107.23
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PRCT
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28.35
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Penumbra Corporate Events
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.