IMPINJ (PI) AI Stock Analysis

• Market Cap: $6.28B
• Dividend Yield: N/A
• Average Volume (3M): 557.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.21
• 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: 444,615
• 30 Day Avg. Volume: 557,270
• 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: 0.86
• Enterprise Value/Revenue: 15.01
• Enterprise Value/Gross Profit: 28.75
• Enterprise Value/Ebitda: 3.78K
• 1Y Price Target: $240.50
• Price Target Upside: 15.36% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: $179.00 ▼(-14.14% Downside)

The score is driven primarily by solid revenue and free-cash-flow growth with healthy gross margins, offset by weak profitability and elevated leverage. Technicals are mixed with only modest momentum, valuation is constrained by losses (negative P/E), and the latest call added caution via softer near-term guidance despite strong operational highlights.

Positive Factors

Revenue Growth

IMPINJ's robust revenue and cash flow growth indicate strong demand for its RFID solutions, supporting long-term business expansion and financial health.

Strategic Leadership

The strategic hire in SaaS and Cloud Services enhances IMPINJ's focus on software, potentially increasing recurring revenue and strengthening competitive positioning.

Strong Systems Revenue

Significant growth in systems revenue reflects effective market penetration and product adoption, bolstering IMPINJ's market position in the IoT sector.

Negative Factors

Profitability Pressure

Ongoing profitability challenges and high leverage could strain financial resources, limiting IMPINJ's ability to invest in growth and innovation.

Sequential Revenue Decline

Sequential revenue decline signals potential demand fluctuations, which may impact IMPINJ's ability to maintain consistent growth momentum.

Lower Fourth Quarter Outlook

A cautious fourth-quarter outlook suggests potential headwinds, possibly affecting IMPINJ's near-term financial performance and strategic initiatives.

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 connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item. Its platform also consists of systems products that comprise reader ICs, readers, and gateways to wirelessly provide power to and communicate bidirectionally with endpoint ICs on host items, as well as to read, write, authenticate, and engage the endpoint ICs on those items; and software and algorithms that enables its partners to deliver use cases, such as retail self-checkout and loss prevention, and warehouse pallet and carton tracking to end-users. The company primarily serves retail, supply chain and logistics, aviation, automotive, healthcare, industrial and manufacturing, sports, food, datacenter, travel, banking, and linen and uniform tracking sectors through distributors, system integrators, value-added resellers, and software solution partners. Impinj, Inc. was incorporated in 2000 and is headquartered in Seattle, Washington.

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: Positive
• Last Price: 208.47
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PI, the sentiment is Positive. The current price of 208.47 is above the 20-day moving average (MA) of 172.42, above the 50-day MA of 169.95, and above the 200-day MA of 145.34, indicating a bullish trend. The MACD of 7.60 indicates Negative momentum. The RSI at 71.95 is Negative, neither overbought nor oversold. The STOCH value of 93.28 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PI.

IMPINJ Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VIAV	71 Outperform	$3.82B	260.43	2.13%	―	15.60%	―
BDC	69 Neutral	$4.52B	20.26	18.41%	0.17%	13.42%	31.28%
DGII	68 Neutral	$1.59B	39.09	6.71%	―	1.46%	78.77%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
COMM	60 Neutral	$3.94B	―	―	―	9.86%	99.11%
EXTR	59 Neutral	$2.12B	249.61	17.08%	―	14.31%	―
PI	58 Neutral	$6.28B	-477.16	-7.49%	―	4.24%	-141.83%

IMPINJ Corporate Events

Impinj Enhances Executive Severance and Change-in-Control Protections

On December 19, 2025, Impinj, Inc. amended the executive employment agreement of Chief Executive Officer Chris Diorio, revising his eligibility for severance benefits in the event of certain qualifying terminations, both in connection with and outside a change of control. The amendment increases Diorio’s potential severance protections, including enhanced cash severance, accelerated vesting of time-based equity awards, extended health insurance reimbursement, and a longer post-termination stock option exercise period, while maintaining that no tax gross-up will be provided and conditioning all benefits on a release of claims. On the same date, the company’s Compensation Committee adopted a new Executive Change in Control and Severance Policy that standardizes severance and change-of-control benefits for designated senior executives, including CFO Cary Baker and Chief Innovation Officer Cathal Phelan, offering defined cash payments, COBRA coverage, equity vesting and option exercise extensions tied to whether a termination occurs in a change-of-control window or outside it, thereby strengthening retention incentives and providing clearer treatment of leadership in potential corporate transactions.

The most recent analyst rating on (PI) stock is a Buy with a $211.00 price target. To see the full list of analyst forecasts on IMPINJ stock, see the PI Stock Forecast page.

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.

The most recent analyst rating on (PI) stock is a Buy with a $200.00 price target. To see the full list of analyst forecasts on IMPINJ stock, see the PI Stock Forecast page.