PENG

MKT CAP:$2B

Penguin Solutions, Inc.

Market Cap

$2B

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$27.61+$7.33 (+36.14%)

Apr 23, 2026

Company Details

Penguin Solutions, Inc. engages in the designing and development of enterprise solutions worldwide. It operates through three segments: Advanced Computing, Integrated Memory, and Optimized LED. It offers dynamic random access memory modules...

CEO

Kash Shaikh

IPO Date

May 24, 2017

Website

www.penguinsolutions.com

Key Metrics TTM

Revenue

$1.3B

+8.3% YoY

Net Income

-$2M

EPS (Diluted)

-$0.22

Free Cash Flow

$92M

Revenue / Share

$23.91

Gross Margin

28.3%

Operating Margin

4.7%

Net Margin

-0.2%

FCF Margin

7.3%

P/S

1.2x

P/E

—

Earnings Reports

Q2 2026

Apr 1, 2026

$343MEPS $0.58

Q1 2026

Jan 6, 2026

$343MEPS $0.04

Q4 2024

Oct 24, 2024

$311MEPS -$0.46

Q1 2024

Nov 30, 2023

$274MEPS -$0.38

Q2 2021

Feb 28, 2021

$304M+11.8%EPS $0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$335M	$78M	$49M
Q4 18	$374M	$83M	$45M
Q1 19	$394M	$85M	$48M
Q2 19	$304M	$57M	$22M
Q3 19	$236M	$43M	$7M
Q4 19	$278M	$52M	$11M
Q1 20	$272M	$54M	$6M
Q2 20	$272M	$52M	$8M
Q3 20	$281M	$54M	$10M
Q4 20	$297M	$56M	$17M
Q1 21	$292M	$53M	$8M
Q2 21	$304M	$53M	$13M
Q1 24	$274M	$83M	$1M
Q4 24	$311M	$87M	$9M
Q1 26	$343M	$96M	$24M
Q2 26	$343M	$94M	$26M

Valuation

Quarter	P/S	P/E
Q3 18	0.9x	13.0x
Q4 18	0.8x	8.6x
Q1 19	0.7x	8.0x
Q2 19	0.7x	9.8x
Q3 19	0.8x	13.7x
Q4 19	0.9x	20.1x
Q1 20	0.9x	50.2x
Q2 20	1.0x	—
Q3 20	0.9x	—
Q4 20	0.9x	—
Q1 21	0.9x	1563.9x
Q2 21	0.9x	63.6x
Q1 24	0.9x	—
Q4 24	0.9x	—
Q1 26	0.9x	—
Q2 26	0.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	$28M	$21M
Q4 18	-$9M	-$17M
Q1 19	$35M	$22M
Q2 19	$39M	$33M
Q3 19	$46M	$36M
Q4 19	$49M	$46M
Q1 20	$25M	$20M
Q2 20	$23M	$19M
Q3 20	$14M	$6M
Q4 20	$25M	$9M
Q1 21	$36M	$21M
Q2 21	$20M	$270.0K
Q1 24	$31M	$27M
Q4 24	-$16M	-$20M
Q1 26	$31M	$28M
Q2 26	$55M	$58M

Capital Expenditures

Quarter	CapEx
Q3 18	$8M
Q4 18	$7M
Q1 19	$13M
Q2 19	$6M
Q3 19	$10M
Q4 19	$3M
Q1 20	$5M
Q2 20	$4M
Q3 20	$8M
Q4 20	$16M
Q1 21	$15M
Q2 21	$20M
Q1 24	$5M
Q4 24	$5M
Q1 26	$3M
Q2 26	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+62.1%	+53.7%
Q4 18	+67.7%	+62.5%
Q1 19	+48.4%	+47.9%
Q2 19	-3.2%	+4.7%
Q3 19	-29.8%	-20.4%
Q4 19	-25.6%	-18.9%
Q1 20	-30.9%	-23.1%
Q2 20	-10.5%	-6.3%
Q3 20	+19.4%	+18.8%
Q4 20	+6.7%	+4.8%
Q1 21	+7.2%	+6.7%
Q2 21	+11.8%	+10.3%
Q1 24	-2.5%	+0.6%
Q4 24	+4.8%	+8.1%
Q1 26	+17.6%	+12.4%
Q2 26	+12.8%	+9.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$3M	1.0%
Q4 18	$4M	1.1%
Q1 19	$4M	1.0%
Q2 19	$4M	1.4%
Q3 19	$4M	1.9%
Q4 19	$6M	2.0%
Q1 20	$6M	2.2%
Q2 20	$5M	1.7%
Q3 20	$5M	1.7%
Q4 20	$3M	1.1%
Q1 21	$11M	3.8%
Q2 21	$5M	1.8%
Q1 24	$11M	—
Q4 24	$10M	3.3%
Q1 26	$0	0.0%
Q2 26	$5M	1.5%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q3 18	$10M	$20M	—
Q4 18	$12M	$29M	—
Q1 19	$12M	$25M	—
Q2 19	$11M	$23M	—
Q3 19	$11M	$24M	—
Q4 19	$14M	$30M	—
Q1 20	$15M	$34M	—
Q2 20	$15M	$29M	—
Q3 20	$14M	$30M	—
Q4 20	$8M	—	$28M
Q1 21	$7M	—	$38M
Q2 21	$9M	$32M	—
Q1 24	$21M	—	$57M
Q4 24	$20M	—	$58M
Q1 26	$19M	—	$53M
Q2 26	$19M	$48M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$387M	$0	$387M
Q4 22	$313M	$0	$313M
Q1 23	$325M	$0	$325M
Q2 23	$376M	$0	$376M
Q3 23	$401M	$0	$401M
Q4 23	$366M	$25M	$391M
Q1 24	$529M	$24M	$553M
Q2 24	$442M	$23M	$466M
Q3 24	$454M	$14M	$468M
Q4 24	$383M	$6M	$389M
Q1 25	$370M	$23M	$394M
Q2 25	$622M	$25M	$647M
Q3 25	$710M	$26M	$736M
Q4 25	$454M	$0	$454M
Q1 26	$461M	$0	$461M
Q2 26	$489M	$0	$489M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	47M	+1.2%	+46.1%
Q4 18	47M	-0.2%	+8.6%
Q1 19	47M	-0.1%	+2.4%
Q2 19	47M	+0.4%	+1.4%
Q3 19	47M	-0.1%	+0.1%
Q4 19	48M	+2.1%	+2.4%
Q1 20	49M	+1.9%	+4.4%
Q2 20	48M	-1.6%	+2.3%
Q3 20	49M	+2.2%	+4.7%
Q4 20	50M	+1.7%	+4.3%
Q1 21	50M	+1.1%	+3.4%
Q2 21	50M	+0.4%	+5.4%
Q1 24	52M	+3.3%	+6.6%
Q4 24	53M	+1.9%	+6.8%
Q1 26	55M	+3.6%	+9.5%
Q2 26	53M	-3.3%	+5.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$287.0K	1K
Q4 18	$243.2K	2K
Q1 19	$256.1K	2K
Q2 19	$197.7K	2K
Q3 19	$153.2K	2K
Q4 19	$162.6K	2K
Q1 20	$158.9K	2K
Q2 20	$158.9K	2K
Q3 20	$164.3K	2K
Q4 20	$169.3K	2K
Q1 21	$166.3K	2K
Q2 21	$173.3K	2K
Q1 24	$91.4K	3K
Q4 24	$115.2K	3K
Q1 26	$118.3K	3K
Q2 26	$118.3K	3K

Revenue / Employee