PEN

MKT CAP:$13B

Penumbra, Inc.

Market Cap

$13B

Healthcare·Medical - Devices·🇺🇸 United States·NYSE

Healthcare·Medical - Devices·🇺🇸·NYSE

Stock Price

$332.21+$22.79 (+7.37%)

Apr 22, 2026

Company Details

Penumbra, Inc. designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers aspiration based thrombectomy systems and accessory devices, including revascularization device for mec...

CEO

Adam Elsesser

IPO Date

Sep 18, 2015

Website

www.penumbrainc.com

Key Metrics TTM

Revenue

$1.4B

+17.5% YoY

Net Income

$178M

EPS (Diluted)

$4.52

Free Cash Flow

$175M

Revenue / Share

$35.63

Gross Margin

67.1%

Operating Margin

13.5%

Net Margin

12.7%

FCF Margin

12.5%

P/S

9.2x

P/E

73.0x

Earnings Reports

FY 2025

Feb 25, 2026

$1.4B+17.5%EPS $4.52

Q4 2025

Feb 25, 2026

$385M+22.1%EPS $1.20

Q3 2025

Nov 5, 2025

$355M+17.8%EPS $1.17

Q2 2025

Jul 29, 2025

$339M+13.4%EPS $1.15

Q1 2025

Apr 23, 2025

$324M+16.3%EPS $1.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$204M	$127M	-$4M
Q2 22	$208M	$134M	-$139.0K
Q3 22	$214M	$135M	$5M
Q4 22	$221M	$138M	$5M
Q1 23	$241M	$151M	$8M
Q2 23	$261M	$167M	$18M
Q3 23	$271M	$178M	$13M
Q4 23	$285M	$187M	$35M
Q1 24	$279M	$181M	$12M
Q2 24	$299M	$163M	-$81M
Q3 24	$301M	$200M	$35M
Q4 24	$316M	$211M	$43M
Q1 25	$324M	$216M	$40M
Q2 25	$339M	$224M	$41M
Q3 25	$355M	$240M	$49M
Q4 25	$385M	$262M	$59M

Valuation

Quarter	P/S	P/E
Q1 22	9.8x	—
Q2 22	6.1x	—
Q3 22	9.0x	—
Q4 22	10.2x	—
Q1 23	12.2x	1665.8x
Q2 23	13.9x	447.3x
Q3 23	9.3x	227.0x
Q4 23	9.0x	105.3x
Q1 24	7.7x	90.1x
Q2 24	6.0x	481.7x
Q3 24	6.5x	218.2x
Q4 24	7.7x	656.3x
Q1 25	8.3x	244.6x
Q2 25	7.7x	67.0x
Q3 25	7.3x	59.6x
Q4 25	8.8x	69.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$5M	-$9M
Q2 22	-$40M	-$44M
Q3 22	-$13M	-$19M
Q4 22	$1M	-$2M
Q1 23	$13M	$9M
Q2 23	$17M	$13M
Q3 23	$31M	$28M
Q4 23	$36M	$33M
Q1 24	$38M	$32M
Q2 24	$23M	$18M
Q3 24	$56M	$51M
Q4 24	$51M	$46M
Q1 25	$49M	$36M
Q2 25	$45M	$29M
Q3 25	$58M	$42M
Q4 25	$86M	$68M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$4M
Q3 22	$6M
Q4 22	$4M
Q1 23	$4M
Q2 23	$4M
Q3 23	$3M
Q4 23	$4M
Q1 24	$6M
Q2 24	$5M
Q3 24	$5M
Q4 24	$5M
Q1 25	$13M
Q2 25	$16M
Q3 25	$16M
Q4 25	$18M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+20.5%	+33.5%
Q2 22	+13.1%	+19.9%
Q3 22	+12.4%	+14.8%
Q4 22	+8.4%	-11.3%
Q1 23	+18.4%	+12.2%
Q2 23	+25.5%	+16.8%
Q3 23	+26.8%	+24.0%
Q4 23	+28.7%	+15.4%
Q1 24	+15.4%	+14.2%
Q2 24	+14.5%	+56.1%
Q3 24	+11.1%	+2.8%
Q4 24	+10.8%	+9.3%
Q1 25	+16.3%	+6.5%
Q2 25	+13.4%	-21.5%
Q3 25	+17.8%	+15.1%
Q4 25	+22.1%	+19.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$10M	4.5%
Q4 22	$10M	4.5%
Q1 23	$13M	5.3%
Q2 23	$13M	4.9%
Q3 23	$14M	5.2%
Q4 23	$0	0.0%
Q1 24	$14M	4.9%
Q2 24	$10M	3.2%
Q3 24	$11M	3.6%
Q4 24	$12M	3.8%
Q1 25	$14M	4.3%
Q2 25	$14M	4.2%
Q3 25	$16M	4.5%
Q4 25	$15M	4.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$21M	$111M
Q2 22	$20M	$115M
Q3 22	$21M	$109M
Q4 22	$18M	$116M
Q1 23	$20M	$123M
Q2 23	$22M	$127M
Q3 23	$21M	$126M
Q4 23	$22M	$130M
Q1 24	$25M	$144M
Q2 24	$25M	$142M
Q3 24	$25M	$140M
Q4 24	$20M	$148M
Q1 25	$22M	$153M
Q2 25	$23M	$160M
Q3 25	$23M	$169M
Q4 25	$22M	$181M

Revenue Segments

Quarter	Neuro	Peripheral Vascular
Q1 22	$81M	$123M
Q2 22	$85M	$124M
Q3 22	$90M	$123M
Q4 22	$92M	$130M
Q1 23	$99M	$143M
Q2 23	$109M	$153M
Q3 23	$171M	$100M

Revenue by Geography

Quarter	Other Non-US	United States
Q1 22	$60M	$144M
Q2 22	$67M	$141M
Q3 22	$65M	$149M
Q4 22	$64M	$157M
Q1 23	$70M	$172M
Q2 23	$75M	$187M
Q3 23	$76M	$195M
Q4 23	$81M	$204M
Q1 24	$69M	$210M
Q2 24	$81M	$218M
Q3 24	$75M	$226M
Q4 24	$68M	$248M
Q1 25	$67M	$257M
Q2 25	$79M	$261M
Q3 25	$80M	$275M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$68M	$172M	$240M
Q2 22	$58M	$146M	$204M
Q3 22	$55M	$130M	$184M
Q4 22	$70M	$118M	$188M
Q1 23	$95M	$104M	$199M
Q2 23	$114M	$107M	$221M
Q3 23	$101M	$148M	$249M
Q4 23	$167M	$122M	$289M
Q1 24	$223M	$90M	$313M
Q2 24	$288M	$51M	$340M
Q3 24	$280M	$11M	$291M
Q4 24	$324M	$16M	$340M
Q1 25	$376M	$3M	$379M
Q2 25	$422M	$3M	$425M
Q3 25	$321M	$149M	$470M
Q4 25	$187M	$0	$187M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	39M	+3.4%	+3.1%
Q2 22	38M	-2.4%	+0.5%
Q3 22	38M	+0.4%	+0.8%
Q4 22	39M	+2.6%	+3.9%
Q1 23	39M	+0.5%	+0.9%
Q2 23	39M	+0.3%	+3.8%
Q3 23	39M	+0.0%	+3.4%
Q4 23	39M	+0.2%	+1.0%
Q1 24	39M	+0.2%	+0.8%
Q2 24	39M	-1.5%	-1.0%
Q3 24	39M	+1.0%	-0.1%
Q4 24	39M	+0.2%	-0.1%
Q1 25	39M	-0.3%	-0.6%
Q2 25	39M	+0.2%	+1.2%
Q3 25	39M	+0.1%	+0.3%
Q4 25	39M	+0.2%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$53.7K	4K
Q2 22	$54.8K	4K
Q3 22	$56.2K	4K
Q4 22	$56.7K	4K
Q1 23	$61.9K	4K
Q2 23	$67.1K	4K
Q3 23	$69.5K	4K
Q4 23	$67.8K	4K
Q1 24	$66.3K	4K
Q2 24	$71.3K	4K
Q3 24	$71.7K	4K
Q4 24	$70.1K	5K
Q1 25	$72.0K	5K
Q2 25	$75.4K	5K
Q3 25	$78.8K	5K
Q4 25	$82.0K	5K

Revenue / Employee