Penumbra Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Penumbra Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	263	334	445	547	560	748	847	1,059	1,195	1,404
Cost of revenue	92.5	117	152	175	222	272	312	376	440	461
Gross profit	171	217	293	372	338	475	535	683	755	942
Research and development	23.9	31.7	36.2	51.7	90	105	79.4	84.4	94.8	89.8
Selling, general and administrative	148	184	226	273	287	378	450	506	574	663
Operating expenses	172	216	293	324	377	483	529	609	746	753
Operating income	-1.35	1.17	-0.85	47.5	-38.9	-7.5	6.08	73.6	9.28	189
Interest expense						1.93	1.75	1.74	1.42	1.31
Interest income						2.87	1.89	6.83	13.7	16.3
Other non-operating income	-1.84	-1.34	-0.5	-0.23	-0.34	-3	-2.19	6.1	11.6	15.9
Pre-tax income	-0.87	2.48	1.61	50.1	-38	-10.5	3.89	79.7	20.9	205
Income tax	-15.7	-3.61	-4.4	3.13	-18.8	-13.1	5.89	-11.3	6.86	27.4
Net income to minority interests	0	0	-3.69	-1.45	-3.56	-2.66	0	0
Net income	14.8	4.66	6.6	48.5	-15.7	5.28	-2	91	14	178
EBITDA	0.95	4.95	5.32	55.6	-26.1	8.91	30.4	101	33	207
EPS, basic	0.49	0.14	0.19	1.39	-0.44	0.14	-0.05	2.37	0.36	4.57
EPS, diluted	0.44	0.13	0.18	1.34	-0.44	0.14	-0.05	2.32	0.36	4.52
Shares, basic (weighted)	30.5	33	34.1	34.8	35.8	36.8	37.8	38.4	38.6	38.9
Shares, diluted (weighted)	33.5	35.3	36.1	36.3	35.8	37.9	37.8	39.2	39.3	39.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.2	50.6	67.9	72.8	69.7	59.4	69.9	167	324	187
Short-term investments					195	195	118	122	15.7	358
Receivables	43.3	58	81.9	106	115	134	203	202	168	190
Inventory	73	94.9	116	153	220	264	334	388	407	432
Other current assets	9.5	7.29	12.2	14.9	18.7	29.2	30.3	36.4	36.6	50.3
Total current assets	264	382	411	463	618	681	756	915	951	1,217
Property, plant and equipment	21.5	30.9	35.4	51.8	48.2	58.9	65	72.7	62.6	117
Lease right-of-use assets			0	43.7	41.2	132	193	189	178	174
Goodwill	0	8.18	7.81	7.66	8.37	166	166	166	166	167
Intangible assets	0	23.8	27.2	25.4	10.6	90.6	81.2	71.1	6.51	6.19
Long-term investments	0	3.87	0
Other non-current assets	0.49	1.02	0.88	2.95	8.71	13	12.8	25.9	40.9	40.7
Total assets	308	477	515	666	823	1,244	1,371	1,556	1,533	1,827
Accounts payable	4.11	6.76	8.18	15.1	14.1	13.4	26.7	27.2	31.3	34.7
Accrued liabilities	31.7	44.8	57.9	67.6	85.8	99.8	106	111	112	132
Deferred revenue	0.34					0	9.16	6.99	0.94
Total current liabilities	35.8	51.6	66.1	91	106	123	145	151	158	183
Lease liabilities			0	47.2	44.2	137	199	197	187	183
Other non-current liabilities	0.82	18.5	18.9	15.3	8.01	3.56	3.28	5.31	15.1	12.3
Total liabilities	41.7	76.3	92.6	180	185	290	372	377	382	399
Paid-in capital	274	397	415	431	598	911	963	1,047	1,097	1,186
Retained earnings	-2.66	2	9.06	57.5	40.6	45.9	43.9	135	60	238
Other comprehensive income	-4.69	1.57	-1.94	-2.32	2.54	-2.63	-8.12	-3.15	-5.84	4.35
Shareholders' equity	267	400	422	486	641	954	999	1,179	1,151	1,428
Minority interests		0	0.18	-0.28	-3.71	0
Total equity	267	400	422	486	638	954	999	1,179	1,151	1,428
Total liabilities and equity	308	477	515	666	823	1,244	1,371	1,556	1,533	1,827
Shares outstanding	31.1	33.7	34.4	35	36.4	37.6	38.1	38.7	38.5	39.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14.8	4.66	2.91	47	-19.3	2.62	-2	91	14	178
Depreciation and amortization	2.3	3.78	6.17	8.1	12.9	16.4	24.3	27.3	23.7	17.5
Stock-based compensation	14.6	17.8	18.4	21.5	25.5	65.8	37.4	50.5	46.2	59.2
Deferred income tax	-12.9	-4.6	-6.57	1.38	-19.7	-15	1.07	-25.1	-16.3	21
Change in receivables	-14.6	-9.12	-25.8	-25	-8.3	-21.3	-69.9	-0.27	26.6	-19.5
Change in inventory	-19.7	-18.8	-22.3	-41.4	-57	-51.6	-74.6	-67.7	-65.7	-26.5
Change in payables	1.38	1.85	1.33	6.04	-0.31	-1.57	13.4	1.1	4.17	3.07
Cash from operations	-12.8	12.7	28.8	26.7	-33.2	9.5	-55.7	97.3	168	239
Capital expenditures	-13.6	-12.5	-9.6	-22.1	-24.8	-21.2	-19.3	-15.2	-21.2	-63.7
Acquisitions	0	-9.25	-20.4	0	0
Purchases of investments				-77.3	-153	-127	0	-81.9	-22.9	-356
Sales and maturities of investments	64.7	113	127	90.6	68.8	122	72.9	82.6	131	13
Cash from investing	0.69	-77.7	-0.39	-12.7	-104	-21.7	54.8	-16.1	77.6	-405
Stock issued	0	106	0	0	135	0	0	5.52	1.87	15.4
Share buybacks							0	0	-100	0
Cash from financing	7.13	104	-9.82	-8.96	135	0.84	11.6	16.2	-87	26.5
Exchange rate effect	-1.32	-2	-1.4	-0.05	-0.64	1.11	-0.27	0.17	-2.18	1.89
Net change in cash	-6.31	37.4	17.2	4.93	-3.11	-10.3	10.5	97.6	157	-138
Free cash flow	-26.4	0.16	19.2	4.54	-58	-11.7	-75	82.1	147	175
Interest paid	0
Income taxes paid	2.15	0.14	0.16	0.18	1.41	1.5	2.92	6.6	20.7	15.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $318.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	67.8%	Gross profit / revenue.
Operating margin	12.4%	Operating income / revenue.
EBITDA margin	13.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.5%	Pre-tax income / revenue.
Net margin	10.7%	Net income / revenue.
FCF margin	14.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.5%	Cash from operations / revenue.
Effective tax rate	21.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.1%	Net income / average total assets.
Return on invested capital (ROIC)	11.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.1%	Research and development expense / revenue.
SG&A / revenue	49.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	24.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	20.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1,940.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	214.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	526.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	89.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	1,168.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	1,156.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	41.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	18.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	24.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	19.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.75x	Current assets / current liabilities.
Quick ratio	3.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.82x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	22.5%	Total liabilities / total assets.
Interest coverage	144x	Operating income / interest expense.
Working capital	$1.11B	Current assets - current liabilities.
Goodwill and intangibles / assets	8.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.36B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.76x	Revenue / average total assets.
Fixed asset turnover	10.3x	Revenue / average property, plant and equipment.
Inventory turnover	1.09x	Cost of revenue / average inventory.
Days inventory	334 days	365 x average inventory / cost of revenue.
Receivables turnover	7.90x	Revenue / average receivables.
Days sales outstanding	46 days	365 x average receivables / revenue.
Days payables	34 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	346 days	Days inventory + days sales outstanding - days payables.
FCF conversion	134.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.06	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.03	Revenue / diluted weighted shares.
FCF per share	$5.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.02	Cash from operations / diluted weighted shares.
Book value per share	$38.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$34.33	Tangible book value / shares outstanding.
Cash per share	$16.65	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$12.56B	Share price x shares outstanding.
Enterprise value	$11.90B	Market cap + total debt - cash - short-term investments.
P/E	78.2x	Market cap / net income. Only when net income is positive.
P/S	8.35x	Market cap / revenue.
P/B	8.21x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.25x	Market cap / tangible book value, when positive.
P/FCF	58.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	45.2x	Market cap / cash from operations, when positive.
EV/Sales	7.91x	Enterprise value / revenue.
EV/EBIT	63.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	58.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	55.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.7%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).

What was Penumbra Inc's revenue in fiscal 2025?

Penumbra Inc reported revenue of $1.40B for fiscal 2025, 17.5% higher than the year before.

Was Penumbra Inc profitable in fiscal 2025?

Yes. Net income was $177.7M, a net margin of 12.7%.

How much free cash flow did Penumbra Inc generate in fiscal 2025?

Cash from operations of $238.7M minus capital expenditures of $63.7M left free cash flow of $174.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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