# Impinj, Inc. (PI)

> Source: Nexqual · https://nexqual.com/PI · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Impinj, Inc. (PI), nexqual.com/PI" · informational, not investment advice.

**Price:** USD 190.88 (-0.66% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 192.14 · day 183.19–192.45 · 52w 87.36–247.06 · market cap $5.83B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $372M, net income -$27.0M (-7.3% margin), free cash flow $63.0M (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (9 analysts), mean target USD 183.56 (range 144–220).
- Total return with dividends: 1Y -5.2% vs S&P 500 +18.1%; 5Y +263.0% vs S&P 500 +85.1%.
- Next earnings: 2026-10-28, EPS estimate USD 0.61, revenue estimate $107M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $190M | $258M | $308M | $366M | $361M | $372M |
| Gross profit | $99.0M | $138M | $152M | $189M | $190M | — |
| Operating income | -$37.2M | -$19.5M | -$43.5M | -$7.1M | -$737K | -$6.7M |
| Net income | -$51.3M | -$24.3M | -$43.4M | $40.8M | -$10.8M | -$27.0M |
| EPS (diluted) | -$2.12 | -$0.95 | -$1.62 | $1.39 | -$0.37 | — |
| Free cash flow | -$9.8M | -$11.4M | -$68.0M | $111M | $45.9M | $63.0M |
| Gross margin | 52.0% | 53.5% | 49.4% | 51.6% | 52.5% | — |
| Operating margin | -19.6% | -7.6% | -14.1% | -1.9% | -0.2% | -1.8% |
| Net margin | -26.9% | -9.4% | -14.1% | 11.2% | -3.0% | -7.3% |
| Revenue growth | +37.0% | +35.5% | +19.3% | +19.0% | -1.4% | — |
| Cash + short-term investments | $193M | $174M | $113M | $165M | $175M | — |
| Total debt | $288M | $280M | $282M | $567M | $281M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 15.7x · EV/EBITDA 672.2x · EV/Sales 16.0x · P/FCF 92.6x · P/B 25.2x · FCF yield 1.08% · Earnings yield -0.46% · Net debt $109M · EV $5.94B
P/E at fiscal year-ends: Dec 2024 104.8x.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 9 analysts; mean target USD 183.56 (low 144, high 220).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Barclays | Target raised | Overweight | $176 → $200 |
| 2026-08-21 | BMO Capital | Initiated | Outperform | $220 |
| 2026-07-30 | Cantor Fitzgerald | Reiterated | Overweight | $200 |
| 2026-07-30 | Needham | Target lowered | Buy | $175 → $168 |
| 2026-07-30 | Jefferies | Target raised | Buy | $175 → $190 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | -5.2% | +263.0% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | -5.2% | +29.3% |
| Volatility (annualized) | 72.3% | 68.5% |
| Max drawdown | -62.2% (Oct 2025→Mar 2026) | -71.7% (Oct 2024→Apr 2025) |

## Peers (Semiconductors)
ALGM (Allegro MicroSystems, Inc.) USD 32.36 -3.83% · CRUS (Cirrus Logic, Inc.) USD 108.4 +0.38% · MXL (MaxLinear, Inc) USD 78.18 -11.80% · SYNA (Synaptics Incorporated) USD 117.55 -1.58% · SIMO (Silicon Motion Technology Corpo) USD 218.39 -11.45% · SLAB (Silicon Laboratories, Inc.) USD 221.05 -0.05%

## More
Full page: https://nexqual.com/PI · 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