Impinj (PI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Impinj

NasdaqGS•Technology•Semiconductors

$177.59+3.20(0.02%)Pre-market

Market Cap

$5.52B

P/S

14.9x

P/B

23.9x

Impinj, Inc. operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects 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 consists of 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 that enable its partners to solve enterprise business problems, such as package sortation, dock door ingress/egress and retail self-checkout and loss prevention. The company primarily serves retail, supply chain and logistics, automotive, aviation, banking, datacenters, food, healthcare, industrial and manufacturing, linen and uniform tracking, sports, and travel industries through original equipment and device manufacturers, tag service bureaus, systems integrators, value-added resellers, independent software vendors, and other solution partners. Impinj, Inc. was incorporated in 2000 and is headquartered in Seattle, Washington.

How this company scores

AverageMetricSide Score: 55/100

Strongest: Cash & Earnings Quality (24/25); weakest: Growth (6/25).

Profitability9/25

Growth6/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality24/25

Strengths

Rising free cash flowCash-backed earningsImproving leverageImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 5089.9x5y range 101.9x – 5089.9x

Currently above its 4-quarter median.

P/S · 14.9x5y range 4.7x – 17.7x

Currently above its 20-quarter median.

P/B · 23.9x5y range 14.3x – 1024.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $5.52B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $371.52M
Q. Revenue: $108.37M
TTM EBITDA: $-6.71M
TTM Op. Income: $-6.71M
Q. Op. Income: $10.50M
TTM Net Income: $-26.99M
Q. Net Income: $12.22M
EPS: $0.4
Shares Out.: $30.48M

$371.52M in TTM revenue grew 3.5% YoY, reaching $108.37M last quarter. TTM EBITDA of $-6.71M and TTM operating income of $-6.71M show growth is flowing through to the bottom line. However, net income is negative at $26.99M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is up 4% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 58.6%
EBITDA Margin: 9.7%
Op. Margin: 9.7%
Net Margin: 11.3%

Op. margin of 9.7% is down 1.4% YoY — costs are rising relative to revenue. Net margin at 11.3% and gross margin of 58.6% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 13% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 14.9x
P/B Ratio: 23.9x

P/S of 14.9x and P/B of 23.9x. P/S is high, meaning growth expectations are priced in. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $534.75M
Cash: $38.57M
Long-Term Debt: $184.92M
Book Value: $231.59M
D/E Ratio: 0.8
Debt/EBITDA: 17.6

With $534.75M in assets and $184.92M in long-term debt, D/E is 0.8and book value is $231.59M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 47% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $31.60M
TTM Free Cash Flow: $62.99M
FCF Margin: 17.0%
FCF / Net Income: -2.3

TTM FCF of $62.99M on $31.60M in operating cash flow. The FCF / Net Income ratio of -2.3x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.