IMPINJ (PI) AI Stock Analysis

• Market Cap: $4.71B
• Dividend Yield: N/A
• Average Volume (3M): 572.76K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.24
• Revenue Growth: 4.24%
• EPS Growth: -141.83%
• Country: US
• Employees: 451
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): 0.58
• Shares Outstanding: 30,109,133
• 10 Day Avg. Volume: 542,467
• 30 Day Avg. Volume: 572,758
• PEG Ratio: -0.52
• Price to Book (P/B): 27.09
• Price to Sales (P/S): 11.09
• P/FCF Ratio: 36.52
• Enterprise Value/Market Cap: 1.15
• Enterprise Value/Revenue: 15.01
• Enterprise Value/Gross Profit: 28.75
• Enterprise Value/Ebitda: 3.78K
• 1Y Price Target: $237.89
• Price Target Upside: 55.93% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): 2.08
• Revenue Forecast (FY): $360.09M

• Rating: 56 Neutral
• Price Target: $178.00 ▲(16.68% Upside)

IMPINJ's overall stock score is primarily influenced by its strong revenue growth and cash flow generation. However, challenges such as high leverage, profitability issues, and a cautious outlook weigh on the score. The recent convertible notes offering provides some financial flexibility, but technical indicators suggest a bearish trend.

Positive Factors

Revenue Growth

IMPINJ's robust revenue growth indicates strong market demand and effective sales strategies, supporting long-term business expansion.

Innovative Product Adoption

The adoption of innovative products like Gen2X and M800 enhances IMPINJ's competitive edge and strengthens its market position.

Cash Flow Generation

Improved cash generation capabilities provide IMPINJ with the financial flexibility to invest in growth opportunities and manage debt.

Negative Factors

High Leverage

Significant leverage could pose financial risks, limiting IMPINJ's ability to invest in growth and weather economic downturns.

Profitability Challenges

Ongoing profitability challenges suggest difficulties in cost management, potentially impacting long-term financial health.

Year-Over-Year Revenue Decline

A decline in year-over-year revenue growth may indicate market saturation or increased competition, affecting future growth prospects.

IMPINJ Business Overview & Revenue Model

Company Description

IMPINJ (PI) is a leading provider of RAIN RFID solutions, enabling businesses to identify, locate, and authenticate items in real-time. The company operates primarily in the Internet of Things (IoT) sector and offers a comprehensive suite of products including RFID tag chips, reader systems, and software solutions that facilitate seamless item visibility across various industries such as retail, logistics, and healthcare.

How the Company Makes Money

IMPINJ generates revenue primarily through the sale of its RAIN RFID products, which include integrated circuits (ICs), RFID readers, and software solutions. The company has established key revenue streams from direct sales to manufacturers, distributors, and end-users in multiple sectors. Additionally, IMPINJ benefits from recurring revenue through subscription-based software services and maintenance contracts. Significant partnerships with global companies in retail and logistics contribute to its earnings, as they leverage IMPINJ's technology to enhance operational efficiency and inventory management.

IMPINJ Financial Statement Overview

Summary

IMPINJ demonstrates strong revenue growth and cash flow generation, which are positive indicators for future expansion. However, profitability challenges and high leverage pose risks to financial stability. Continued focus on cost control and debt management is crucial.

Income Statement

IMPINJ shows a strong revenue growth rate of 23.9% in the TTM, indicating robust demand for its products. The gross profit margin remains healthy at 52.1%, reflecting efficient cost management. However, the company struggles with profitability, as evidenced by a negative net profit margin and EBIT margin, suggesting challenges in controlling operating expenses.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 1.56, indicating significant leverage, which could pose risks if not managed carefully. The return on equity is low at 0.4%, suggesting limited returns for shareholders. However, the equity ratio of 37.8% shows a reasonable level of equity financing relative to total assets.

Cash Flow

IMPINJ's cash flow statement highlights a strong free cash flow growth rate of 48.4%, demonstrating improved cash generation capabilities. The operating cash flow to net income ratio of 1.51 indicates efficient conversion of earnings into cash. However, the free cash flow to net income ratio of 0.60 suggests room for improvement in cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	359.80M	366.09M	307.54M	257.80M	190.28M	138.92M
Gross Profit	187.84M	188.85M	151.98M	137.88M	98.95M	65.14M
EBITDA	1.43M	10.32M	-26.59M	-13.54M	-30.93M	-37.21M
Net Income	-12.40M	40.84M	-43.37M	-24.30M	-51.26M	-51.92M
Balance Sheet
Total Assets	516.46M	489.08M	359.41M	349.74M	315.54M	207.62M
Cash, Cash Equivalents and Short-Term Investments	190.08M	164.71M	113.23M	173.75M	193.35M	106.09M
Total Debt	287.53M	292.80M	294.59M	294.43M	308.51M	73.46M
Total Liabilities	321.50M	339.22M	325.28M	334.15M	326.61M	98.50M
Stockholders Equity	194.96M	149.86M	34.13M	15.59M	-11.08M	109.12M
Cash Flow
Free Cash Flow	40.76M	111.20M	-68.22M	-11.44M	-9.77M	-19.95M
Operating Cash Flow	56.23M	128.31M	-49.38M	641.00K	6.46M	-16.88M
Investing Cash Flow	-73.08M	-192.57M	115.81M	-102.80M	-18.64M	-36.29M
Financing Cash Flow	-5.29M	15.68M	8.74M	-2.15M	112.44M	9.90M

IMPINJ Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 152.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PI, the sentiment is Negative. The current price of 152.56 is below the 20-day moving average (MA) of 156.31, below the 50-day MA of 180.74, and above the 200-day MA of 137.99, indicating a neutral trend. The MACD of -5.69 indicates Negative momentum. The RSI at 39.64 is Neutral, neither overbought nor oversold. The STOCH value of 7.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PI.

IMPINJ Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DGII	77 Outperform	$1.72B	43.37	6.71%	―	1.46%	78.77%
VIAV	71 Outperform	$4.23B	292.24	2.13%	―	15.60%	―
BDC	70 Outperform	$4.86B	21.99	18.41%	0.16%	13.42%	31.28%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
COMM	60 Neutral	$4.42B	―	―	―	9.86%	99.11%
EXTR	59 Neutral	$2.41B	286.61	17.08%	―	14.31%	―
PI	56 Neutral	$4.71B	―	-7.49%	―	4.24%	-141.83%

IMPINJ Corporate Events

Impinj Appoints Arthur Valdez Jr. to Board

On October 20, 2025, Impinj, Inc. announced the appointment of Arthur L. Valdez Jr. to its Board of Directors, expanding the board to seven members. Mr. Valdez’s term will last until the company’s next annual stockholders’ meeting, and he will participate in the company’s outside director compensation policy. There are no existing relationships or transactions between Mr. Valdez and the company that require disclosure.

Impinj Announces $190M Convertible Notes Offering

On September 3, 2025, Impinj, Inc. announced the pricing of its private offering of $170 million in 0% Convertible Senior Notes due 2029, later increased to $190 million after the initial purchasers exercised their option. The proceeds, approximately $183.6 million, were used to exchange $190 million of its 2027 Notes for cash and shares, and to fund capped call transactions aimed at reducing potential dilution of its common stock. The notes, convertible under specific conditions, are senior unsecured obligations and will mature on September 15, 2029. This strategic financial move is expected to enhance Impinj’s financial flexibility and market positioning.