Impinj (PI) Stock Fundamentals, Analysis & Risk Signals

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

Impinj

NasdaqGS•Technology•Semiconductors

$162.70-16.12(-0.09%)After hours

Market Cap

$5.65B

P/S

14.6x

P/B

18.7x

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

GoodMetricSide Score: 65/100

Strongest: Cash & Earnings Quality (24/25); weakest: Growth (12/25).

Profitability13/25

Growth12/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality24/25

Strengths

Rising free cash flowLong cash runwayCash-backed earningsImproving leverage

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 · 14.6x5y range 4.7x – 17.7x

Currently above its 20-quarter median.

P/B · 18.7x5y 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 $5.65B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $387.55M
Q. Revenue: $112.08M
TTM EBITDA: $-2.77M
TTM Op. Income: $-2.77M
Q. Op. Income: $4.59M
TTM Net Income: $-9.50M
Q. Net Income: $4.68M
EPS: $0.15
Shares Out.: $30.62M

$387.55M in TTM revenue grew 7.7% YoY, reaching $112.08M last quarter. TTM EBITDA of $-2.77M and TTM operating income of $-2.77M show growth is flowing through to the bottom line. However, net income is negative at $9.50M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 52.8%
EBITDA Margin: 4.1%
Op. Margin: 4.1%
Net Margin: 4.2%

Op. margin of 4.1% is up 3.4% YoY — cost efficiency is improving. Net margin at 4.2% and gross margin of 52.8% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 500% — a weakening trend.

Price Ratios

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

P/E Ratio: N/A
P/S Ratio: 14.6x
P/B Ratio: 18.7x

P/S of 14.6x and P/B of 18.7x. 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: $548.11M
Cash: $38.74M
Long-Term Debt: $185.31M
Book Value: $302.33M
D/E Ratio: 0.6
Debt/EBITDA: 40.4

With $548.11M in assets and $185.31M in long-term debt, D/E is 0.6and book value is $302.33M — a conservative capital structure with a cushion to weather downturns. Across the last 7 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $25.61M
TTM Free Cash Flow: $65.62M
FCF Margin: 16.9%
FCF / Net Income: -6.9

TTM FCF of $65.62M on $25.61M in operating cash flow. The FCF / Net Income ratio of -6.9x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 5 consecutive quarters — an improving trend.