Penumbra, Inc.PEN
NYSE•Healthcare•Medical Devices
Penumbra, Inc., together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. It offers computer-assisted vacuum thrombectomy; peripheral thrombectomy products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX. It also provides access products, including guide catheters and the Penumbra distal delivery catheters under the Neuron, Neuron MAX, BENCHMARK, BMX, DDC, Access25; MIDWAY, and PX SLIM brands; Penumbra System, an integrated mechanical thrombectomy system comprising reperfusion catheters and separators, the 3D Revascularization device, aspiration tubing, aspiration pump, and other components and accessories under the Penumbra RED, SENDit, JET, ACE, BMX, Max, 3D Revascularization Device, and Penumbra ENGINE brands; and neuro embolization coiling systems that include the Penumbra Coil 400, for the treatment of aneurysms and other complex lesions, detachable coils of neurovascular lesions under the Penumbra SMART COIL, SwiftSET, and Penumbra SwiftPAC Coil brands; and POD400 and PAC400 brands. In addition, it provides peripheral embolization products, such as Ruby Embolization Platform, which consists of detachable coils for peripheral applications; Ruby LP and XL Embolization Platform; Penumbra LANTERN Delivery Microcatheter, a low-profile microcatheter with a high-flow lumen; POD (Penumbra Occlusion Device) System, a single device solution; Packing Coil LP; and Packing Coil, a complementary device for use in other peripheral embolization products. Further, it offers neurosurgical tools comprising the Artemis Neuro Evacuation Device for surgical removal of fluid and tissue from the ventricles and cerebrum. It sells its products through direct sales organizations and distributors. The company was incorporated in 2004 and is based in Alameda, California.
Penumbra, Inc. (PEN) reported trailing twelve months revenue of $1.45B as of March 2026, a 17.3% increase year-over-year. Quarterly revenue reached $374.76M, reflecting continued top-line momentum.
Penumbra, Inc. generated $171.05M in TTM net income, with quarterly EBITDA of $42.81M. The operating margin contracted from 12.4% to 10.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (10.2%) and net margin (8.7%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 12.1% a year ago, reflecting increased costs or interest expense.
PEN trades at a P/E of 75.4x (a premium multiple) and a P/S of 8.9x. The price-to-book ratio of 8.7x indicates a significant premium over book value.
The company generated $73.30M in free cash flow over the trailing twelve months, a 106.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $1.90B in total assets with no in long-term debt against $1.47B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 7.8%. The business may lack pricing power or face rising costs.'
ROE is positive at ~7.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~28.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF covers net income by 1.1x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.