IMPINJ Inc (PI)
NASDAQ:PI
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IMPINJ
(NASDAQ:PI)
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Rating:52Neutral
Price Target:
$99.00
▼(-2.43% Downside)
Action:ReiteratedDate:03/17/26
The score is mainly supported by improving operating fundamentals and cash generation, but it is weighed down by a pronounced bearish technical setup and limited valuation support due to losses. Earnings call commentary reinforces that near-term demand and margin headwinds are likely, partially offset by strong cash and strategic/product momentum; debt-reduction actions are a modest positive.
Positive Factors
Strong cash generation
Consistent positive operating cash flow and recurring free cash flow across 2024–2025 provide a durable liquidity buffer, funding R&D, product launches and debt reduction without relying on equity raises. This cash profile improves strategic optionality through cycles and supports multi‑year product investment and customer programs.
Negative Factors
Elevated leverage
A debt‑heavy capital structure (debt-to-equity ~1.45) raises financial risk if cyclical revenue softness persists, limiting flexibility for opportunistic investments or larger buybacks. Higher leverage increases interest exposure and makes recovery more sensitive to cash‑flow volatility over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent positive operating cash flow and recurring free cash flow across 2024–2025 provide a durable liquidity buffer, funding R&D, product launches and debt reduction without relying on equity raises. This cash profile improves strategic optionality through cycles and supports multi‑year product investment and customer programs.
Read all positive factors
IMPINJ (PI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.07B
Dividend YieldN/A
Average Volume (3M)573.33K
Price to Earnings (P/E)―
Beta (1Y)2.20
Revenue Growth4.24%
EPS Growth-141.83%
CountryUS
Employees451
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)0.50
Shares Outstanding30,231,686
10 Day Avg. Volume336,696
30 Day Avg. Volume573,326
Financial Highlights & Ratios
PEG Ratio3.75
Price to Book (P/B)24.35
Price to Sales (P/S)14.11
P/FCF Ratio111.05
Enterprise Value/Market Cap1.13
Enterprise Value/Revenue9.61
Enterprise Value/Gross Profit18.35
Enterprise Value/Ebitda792.96
Forecast
1Y Price Target
$172.63Price Target Upside70.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)1.69
Revenue Forecast (FY)$364.30M
IMPINJ Business Overview & Revenue Model
Company Description
Impinj, Inc. operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform, which comprises multiple product families, wirelessly connects individual items and delivers data about the c...
How the Company Makes Money
Impinj primarily makes money by selling RAIN RFID semiconductors and related products to business customers across the RFID ecosystem. The largest revenue stream is typically product revenue from endpoint ICs (chips that go into RFID tags/labels a...
IMPINJ Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call balanced meaningful strategic and financial positives against short-term operational headwinds. Highlights include record adjusted EBITDA and margins, a strong cash position, 9% endpoint IC unit volume growth, Gen2X product momentum, a custom ASIC in production for a large logistics customer, and a growing solutions focus that management expects will drive share and software revenue over time. Lowlights are near-term: Q1 guidance implies a high‑teens sequential decline in endpoint IC revenue and modest adjusted EBITDA, channel inventory builds in logistics masking retail weakness (with an estimated ~$5M revenue impact per week of burn-down), expected Q1 margin pressure from lower revenue and price reductions, and FY GAAP loss. Because the positives reflect durable operational and strategic gains (record margins, cash, product launches and a clear solutions strategy) while the negatives are largely near-term and tied to inventory timing and seasonal/project timing, the overall tone is cautiously optimistic with confidence in improvement through 2026.Positive Updates
Record Adjusted EBITDA and Margin
Fiscal 2025 adjusted EBITDA of $69.6M (record), up from $65.9M in 2024; adjusted EBITDA margin a record 19.3%, in line with long-term model. Q4 adjusted EBITDA $16.4M (17.7% margin).
Negative Updates
Near-Term Revenue Weakness and Guidance Shortfall
Q1 2026 revenue guidance $71M–$74M (midpoint a 2% year-over-year decline versus Q1 2025) with management noting Q1 endpoint IC revenue expected to decline sequentially at a high-teens percentage rate driven by supply-chain/logistics channel inventory reductions, retail weakness and product transitions.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Adjusted EBITDA and Margin
Fiscal 2025 adjusted EBITDA of $69.6M (record), up from $65.9M in 2024; adjusted EBITDA margin a record 19.3%, in line with long-term model. Q4 adjusted EBITDA $16.4M (17.7% margin).
Read all positive updates
Company Guidance
Impinj guided Q1 2026 revenue of $71–74 million (vs. $74.3M in Q1 2025; ~2% year‑over‑year decrease at the midpoint), driven by an expected high‑teens percentage sequential decline in endpoint IC revenue (Q4 endpoint IC revenue was $75.2M) largely from supply‑chain/logistics channel inventory burn‑down, retail weakness and modest annual price reductions, while systems revenue is expected to decline more than seasonally; adjusted EBITDA is forecast at $1.2–$2.7M and non‑GAAP net income at $2.5–$4.0M (non‑GAAP diluted EPS $0.08–$0.13). Management said endpoint IC bookings are nearly 100% to the midpoint of the guide, warned gross margin should decline sequentially (Q4 gross margin 54.5%; FY2025 55.3%) due to lower revenue on fixed costs and price reductions, and noted Q4 systems revenue was $17.7M. Balance‑sheet and cash metrics highlighted Q4 cash, cash equivalents and investments of $279.1M, inventory of $85.0M (down $7.7M sequentially), Q4 capex $1.5M, Q4 free cash flow $13.6M and FY2025 free cash flow $45.9M, with management expecting Gen2X and custom IC/solutions initiatives to help restore endpoint IC volumes and share through 2026.IMPINJ Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
44
Neutral
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 361.07M | 366.09M | 307.54M | 257.80M | 190.28M |
| Gross Profit | 187.60M | 188.85M | 151.98M | 137.88M | 98.95M |
| EBITDA | 8.49M | 10.32M | -26.59M | -13.54M | -30.93M |
| Net Income | -10.85M | 40.84M | -43.37M | -24.30M | -51.26M |
Balance Sheet | |||||
| Total Assets | 545.19M | 489.08M | 359.41M | 349.74M | 315.54M |
| Cash, Cash Equivalents and Short-Term Investments | 175.34M | 164.71M | 113.23M | 173.75M | 193.35M |
| Total Debt | 326.73M | 298.52M | 294.59M | 294.43M | 308.51M |
| Total Liabilities | 335.95M | 339.22M | 325.28M | 334.15M | 326.61M |
| Stockholders Equity | 209.23M | 149.86M | 34.13M | 15.59M | -11.08M |
Cash Flow | |||||
| Free Cash Flow | 45.88M | 111.20M | -68.22M | -11.44M | -9.77M |
| Operating Cash Flow | 58.75M | 128.31M | -49.38M | 641.00K | 6.46M |
| Investing Cash Flow | -48.02M | -192.57M | 115.81M | -102.80M | -18.64M |
| Financing Cash Flow | -8.93M | 15.68M | 8.74M | -2.15M | 112.44M |
IMPINJ Technical Analysis
Neutral
101.47
Price Trends
114.82
Negative
140.93
Negative
153.88
Negative
Market Momentum
-3.39
Negative
50.10
Neutral
58.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PI, the sentiment is Neutral. The current price of 101.47 is above the 20-day moving average (MA) of 99.73, below the 50-day MA of 114.82, and below the 200-day MA of 153.88, indicating a neutral trend. The MACD of -3.39 indicates Negative momentum. The RSI at 50.10 is Neutral, neither overbought nor oversold. The STOCH value of 58.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PI.
IMPINJ Risk Analysis
IMPINJ disclosed 57 risk factors in its most recent earnings report. IMPINJ 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
IMPINJ Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.04B | 34.52 | 6.76% | ― | 1.46% | 78.77% | |
67 Neutral | $4.79B | 19.43 | 19.14% | 0.17% | 13.42% | 31.28% | |
63 Neutral | $9.58B | -21.27 | -5.44% | ― | 15.60% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $2.22B | 70.53 | 12.12% | ― | 14.31% | ― | |
52 Neutral | $3.07B | ― | -5.77% | ― | 4.24% | -141.83% |
* Technology Sector Average
PI
IMPINJ
105.62
28.38
36.74%
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123.64
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54.16
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104.61%
EXTR
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16.50
4.22
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VIAV
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41.41
31.23
306.78%
IMPINJ Corporate Events
Business Operations and StrategyFinancial Disclosures
Impinj Repurchases Convertible Notes to Reduce Debt Load
Positive
Mar 16, 2026
Between March 11 and 13, 2026, Impinj entered into privately negotiated agreements to repurchase for cash approximately $40.2 million in aggregate principal amount of its 1.125% Convertible Notes due 2027. The total cash outlay for the partial rep...
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.