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Penumbra
(NYSE:PEN)
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Rating:69Neutral
Price Target:
$347.00
▲(4.48% Upside)
Action:Downgraded
Date:06/23/26
Score is driven primarily by strong financial performance (profitability improvement, conservative balance sheet, and solid free cash flow). Offsetting factors are weak technical momentum (below key moving averages with negative MACD) and a high P/E valuation. Corporate events provide support due to shareholder approval of the Boston Scientific merger.
Positive Factors
Strong cash generation
Sustained operating cash flow and robust free cash flow provide durable financial flexibility to fund R&D, commercial rollout of new devices, bolt-on M&A, and working capital needs without relying on debt. This underpins long-term investment in product development and go-to-market scale.
Negative Factors
Decelerating revenue growth
A meaningful slowdown in revenue growth can cap operating leverage and limit further margin expansion. If low single-digit growth persists, returns on invested capital and the ability to fund expansion from internal cash could be constrained relative to earlier high-growth periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained operating cash flow and robust free cash flow provide durable financial flexibility to fund R&D, commercial rollout of new devices, bolt-on M&A, and working capital needs without relying on debt. This underpins long-term investment in product development and go-to-market scale.
Read all positive factors
Penumbra (PEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.42B
Dividend YieldN/A
Average Volume (3M)430.34K
Price to Earnings (P/E)72.1
Beta (1Y)0.08
Revenue Growth17.27%
EPS Growth295.44%
CountryUS
Employees4,600
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)4.38
Shares Outstanding39,331,425
10 Day Avg. Volume409,008
30 Day Avg. Volume430,339
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/Revenue8.53
Enterprise Value/Gross Profit12.66
Enterprise Value/Ebitda56.16
Forecast
1Y Price Target
$361.40Price Target Upside8.81% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)4.93
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: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 | 220.96M | 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
Negative
332.13
Price Trends
322.37
Negative
329.36
Negative
308.78
Positive
Market Momentum
-1.93
Negative
37.38
Neutral
22.29
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 332.13 is above the 20-day moving average (MA) of 318.11, above the 50-day MA of 322.37, and above the 200-day MA of 308.78, indicating a neutral trend. The MACD of -1.93 indicates Negative momentum. The RSI at 37.38 is Neutral, neither overbought nor oversold. The STOCH value of 22.29 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $10.72B | 18.10 | 13.04% | ― | 23.49% | 219.12% | |
71 Outperform | $4.52B | 41.97 | 9.13% | ― | 12.40% | ― | |
69 Neutral | $12.42B | 72.10 | 12.32% | ― | 17.27% | 295.44% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $8.21B | -42.73 | -26.46% | ― | 36.30% | -42.48% | |
49 Neutral | $3.91B | -137.85 | -20.60% | ― | 27.36% | 72.52% | |
48 Neutral | $1.29B | -12.21 | -27.70% | ― | 29.26% | -7.59% |
* Healthcare Sector Average
PEN
Penumbra
316.43
66.69
26.70%
GMED
Globus Medical
75.96
15.39
25.41%
GKOS
Glaukos
137.57
33.94
32.75%
LIVN
LivaNova
82.48
36.40
78.99%
IRTC
Irhythm Technologies
124.53
-18.25
-12.78%
PRCT
PROCEPT BioRobotics
23.47
-34.71
-59.66%
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.