# Penumbra, Inc. (PEN)

> Source: Nexqual · https://nexqual.com/PEN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Penumbra, Inc. (PEN), nexqual.com/PEN" · informational, not investment advice.

**Price:** USD 324.96 (+0.43% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 323.56 · day 323.67–325.45 · 52w 221.26–362.41 · market cap $12.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.50B, net income $161M (10.7% margin), free cash flow $216M (SEC filings).
- Valuation: P/E 79.7x (avg 280.9x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $33K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.76 on a 1–5 scale) (17 analysts), mean target USD 362.54 (range 320–374).
- Total return with dividends: 1Y +28.2% vs S&P 500 +14.9%; 5Y +16.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.18, revenue estimate $400M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $748M | $847M | $1.06B | $1.19B | $1.40B | $1.50B |
| Gross profit | $475M | $535M | $683M | $755M | $942M | — |
| Operating income | -$7.5M | $6.1M | $73.6M | $9.3M | $189M | $187M |
| Net income | $5.3M | -$2.0M | $91.0M | $14.0M | $178M | $161M |
| EPS (diluted) | $0.14 | -$0.05 | $2.32 | $0.36 | $4.52 | — |
| Free cash flow | -$11.7M | -$75.0M | $82.1M | $147M | $175M | $216M |
| Gross margin | 63.6% | 63.2% | 64.5% | 63.2% | 67.1% | — |
| Operating margin | -1.0% | 0.7% | 6.9% | 0.8% | 13.5% | 12.4% |
| Net margin | 0.7% | -0.2% | 8.6% | 1.2% | 12.7% | 10.7% |
| Revenue growth | +33.4% | +13.3% | +25.0% | +12.9% | +17.5% | — |
| Cash + short-term investments | $255M | $188M | $289M | $340M | $545M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 79.7x · P/S 8.5x · P/FCF 59.3x · P/B 8.4x · FCF yield 1.69% · Earnings yield 1.25%
P/E at fiscal year-ends: Dec 2025 68.8x, Dec 2024 665.5x, Dec 2023 108.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-04-02 | Grewal Harpreet | Director | 100 | $33K | 1.1% | Yes | Routine (sold in Sep & Oct each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.76 on a 1–5 scale), 17 analysts; mean target USD 362.54 (low 320, high 374).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-06 | Evercore ISI Group | Target lowered | Outperform | $335 → $320 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +28.2% | +16.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +28.3% | +3.1% |
| Volatility (annualized) | 26.4% | 40.0% |
| Max drawdown | -12.2% (Jan 2026→Jun 2026) | -58.2% (Dec 2021→Jun 2022) |

## Peers (Medical Devices)
SNN (Smith & Nephew SNATS, Inc.) USD 30.88 +5.64% · GMED (Globus Medical, Inc.) USD 81.66 +3.79% · GKOS (Glaukos Corporation) USD 176.69 -0.09% · PODD (Insulet Corporation) USD 148.12 +4.38% · BIO (Bio-Rad Laboratories, Inc.) USD 363.5 +0.83% · TXG (10x Genomics, Inc.) USD 69.75 -7.73%

## More
Full page: https://nexqual.com/PEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PEN's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1321732/000132173226000007/pen-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BOSTON SCIENTIFIC CORP (BSX) | "On January 14, 2026, we entered into the Merger Agreement with Boston Scientific Corporation and Merger Sub, pursuant to which Boston Scientific Corporation has agreed to acquire us for $374 per share pursuant to the Mer…" |

Other companies that name PEN in their own reports (relationship from PEN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | OSR Health, Inc. (OSRH) | 10-K 2026-03-31 | "device equipment manufactured by Penumbra Inc. RMC's distribution agreement with Penumbra Inc. for the resale of its reperfusion" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Thrombectomy | $259.0M | 66.4% | +12.5% |
| Embolization and Access | $131.1M | 33.6% | +20.0% |
| Total revenue | $390.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $305.4M | 78.3% | +17.1% |
| International | $84.6M | 21.7% | +7.6% |
| Total revenue | $390.0M | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "Financial Outlook and Webcast and Conference Call Information Given the pending acquisition of Penumbra, Inc. by Boston Scientific Corporation (NYSE: BSX), the Company will not be providing financial guidance for the full year 2026 or hosting a conference call to discuss financial results for the three months ended June 30, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.18 | $1.29 | -8.1% | $400.1M | 7 |
| Next quarter (ends 2026-12-31) | $1.49 | $1.52 | -2.2% | $428.4M | 7 |
| Current fiscal year (ends 2026-12-31) | $4.78 | $4.98 | -4.0% | $1.59B | 11 |
| Next fiscal year (ends 2027-12-31) | $6.12 | $6.25 | -2.0% | $1.80B | 12 |