IMPINJ (PI) AI Stock Analysis

• Market Cap: $3.50B
• Dividend Yield: N/A
• Average Volume (3M): 390.95K
• Price to Earnings (P/E): 58.7
• Beta (1Y): 2.32
• Revenue Growth: 21.80%
• EPS Growth: 89.21%
• Country: US
• Employees: 451
• Sector: Technology
• Sector Strength: 90
• Industry: Communication Equipment
• EPS (TTM): 0.21
• Shares Outstanding: 28,983,130
• 10 Day Avg. Volume: 437,528
• 30 Day Avg. Volume: 390,950
• PEG Ratio: 33.20
• Price to Book (P/B): 20.15
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 73.97
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 2.49
• Enterprise Value/Gross Profit: 18.49
• Enterprise Value/Ebitda: 217.04
• 1Y Price Target: $141.67
• Price Target Upside: 14.02% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 61 Neutral
• Price Target: $125.00 ▲(0.60%Upside)

IMPINJ's stock score is influenced by strong technical indicators and a positive future earnings outlook, offset by significant challenges in profitability and valuation metrics. The company's strategic positioning and market demand provide a potential growth path, but immediate financial challenges and high leverage pose risks.

Positive Factors

Earnings

Impinj reported better than expected results and guidance on endpoint IC resilience.

Product Development

Impinj called out a new win for a major deployment of its loss-prevention solution at a retailer.

Negative Factors

Guidance and Outlook

The company stopped short of guiding beyond March, creating uncertainty about future performance.

Inventory Management

Impinj reported worse than expected results and guidance, driven by an accumulation of excess endpoint IC inventory at inlay partners and delayed orders as customers sought better prices.

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 solutions, which include endpoint ICs, connectivity devices, and software. The company sells these products to OEMs, resellers, and end-users across multiple industries. A significant portion of Impinj's revenue comes from the sale of endpoint ICs, which are embedded in tags and labels for tracking purposes. Additionally, Impinj licenses its intellectual property and provides support and maintenance services, contributing to its revenue streams. Strategic partnerships with technology integrators, retailers, and logistics providers further enhance its market reach and revenue potential.

IMPINJ Financial Statement Overview

Summary

IMPINJ exhibits a mixed financial position with strengths in cash flow generation and gross profit margins, but faces challenges in profitability and high leverage. The company's revenue growth has been inconsistent, with recent declines posing potential risks. While improvements in equity and cash flow ratios signal better financial management, the company needs to address profitability issues and manage debt levels to enhance its financial health.

Income Statement

IMPINJ's financial performance shows a strong gross profit margin of 51.6% in TTM (Trailing-Twelve-Months), indicating efficient cost management. However, the company faces challenges with negative net profit and EBIT margins of -0.3% and -1.3% respectively, suggesting struggles in achieving profitability. Revenue growth has been positive over the years, with a 41.8% growth from 2021 to 2022, but the recent TTM figures show a slight decline of 0.7% from the previous year, highlighting potential challenges in maintaining growth momentum.

Balance Sheet

IMPINJ's balance sheet reveals a high debt-to-equity ratio of 1.82 in TTM, which indicates significant leverage and potential financial risk. The equity ratio has improved to 33.5% in TTM, reflecting better capital structure management compared to previous years. However, the return on equity is negative at -0.6%, pointing to difficulties in generating returns for shareholders despite improvements in equity levels.

Cash Flow

IMPINJ shows a robust free cash flow of $44.25 million in TTM, with a positive free cash flow to net income ratio, demonstrating effective cash generation relative to net income. The operating cash flow to net income ratio of 59.6 in TTM highlights efficient operations. Nevertheless, the free cash flow growth rate saw a decline from the previous year, necessitating attention to sustaining positive cash flow trends.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	366.09M	307.54M	257.80M	190.28M	138.92M
Gross Profit	188.85M	151.98M	137.88M	98.95M	65.14M
EBITDA	59.86M	-26.83M	-13.54M	-43.95M	-41.92M
Net Income	40.84M	-43.37M	-24.30M	-51.26M	-51.92M
Balance Sheet
Total Assets	489.08M	359.41M	349.74M	315.54M	207.62M
Cash, Cash Equivalents and Short-Term Investments	164.71M	113.23M	173.75M	193.35M	106.09M
Total Debt	292.80M	294.59M	294.43M	304.37M	73.46M
Total Liabilities	339.22M	325.28M	334.15M	326.61M	98.50M
Stockholders Equity	149.86M	34.13M	15.59M	-11.08M	109.12M
Cash Flow
Free Cash Flow	111.20M	-68.22M	-11.44M	-9.77M	-19.95M
Operating Cash Flow	128.31M	-49.38M	641.00K	6.46M	-16.88M
Investing Cash Flow	-192.57M	115.81M	-102.80M	-18.64M	-36.29M
Financing Cash Flow	15.68M	8.74M	-2.15M	112.44M	9.90M

IMPINJ Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 124.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• 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 124.25 is above the 20-day moving average (MA) of 115.76, above the 50-day MA of 114.49, and below the 200-day MA of 131.26, indicating a neutral trend. The MACD of 2.37 indicates Negative momentum. The RSI at 64.60 is Neutral, neither overbought nor oversold. The STOCH value of 90.41 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
BDC	80 Outperform	$5.02B	24.55	17.92%	0.16%	5.99%	1.71%
DGII	79 Outperform	$1.23B	29.67	7.30%	―	-4.47%	195.28%
EXTR	65 Neutral	$2.36B	―	-78.83%	―	-11.00%	-792.47%
COMM	63 Neutral	$1.72B	―	17.08%	―	-19.10%	93.30%
Sector *	63 Neutral	$34.70B	5.15	-11.38%	1.67%	5.54%	-17.15%
PI	61 Neutral	$3.50B	58.72	-0.78%	―	21.80%	89.21%
VIAV	61 Neutral	$2.27B	484.52	0.71%	―	3.34%	―

IMPINJ Corporate Events

Impinj COO Resignation Amid Stable Earnings Outlook

On May 22, 2025, Impinj, Inc. announced the resignation of its Chief Operating Officer, Hussein Mecklai, effective May 20, 2025. Despite this leadership change, the company affirmed that there would be no alterations to its previously disclosed earnings guidance, indicating stability in its operational outlook.

The most recent analyst rating on (PI) stock is a Buy with a $190.00 price target. To see the full list of analyst forecasts on IMPINJ stock, see the PI Stock Forecast page.