(PI) Impinj - Overview
Sector: Technology | Industry: Semiconductors | Exchange: NASDAQ (USA) | Market Cap: 4.562m USD | Total Return: 29.6% in 12m
Avg Turnover: 66.3M
EPS Trend: 59.4%
Qual. Beats: 0
Rev. Trend: 84.0%
Qual. Beats: 0
Warnings
Interest Coverage Ratio -7.7 is critical
Altman Z'' -1.13 < 1.0 - financial distress zone
Tailwinds
Confidence
Impinj, Inc. (PI) provides a cloud connectivity platform centered on RAIN RFID technology. The company designs and sells endpoint integrated circuits (ICs), reader ICs, and hardware gateways that enable wireless data transmission between physical items and digital applications. Its software layer integrates these components to facilitate automated tracking and authentication across global supply chains.
The business model relies on a high-volume semiconductor strategy, where endpoint ICs are embedded into trillions of consumable items like apparel and food packaging. As a leader in the RAIN RFID sector, Impinj benefits from the industry shift toward real-time inventory visibility and automated retail checkout systems. The company operates through an indirect sales channel, partnering with original equipment manufacturers and systems integrators to deploy its technology across the logistics, healthcare, and automotive sectors.
For more detailed financial metrics and valuation analysis, consider exploring the data available on ValueRay. Impinj is headquartered in Seattle, Washington, and has maintained a presence in the semiconductor industry since its incorporation in 2000.
- Retail inventory management adoption drives high-volume endpoint IC demand
- Expansion into logistics and food segments accelerates total addressable market growth
- Semiconductor supply chain costs and manufacturing yields impact gross margins
- Global enterprise IT spending cycles dictate timing of systems product deployments
- Intellectual property litigation outcomes influence long-term competitive positioning and royalty revenue
| Net Income: -27.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.12 > 0.02 and ΔFCF/TA 2.94 > 1.0 |
| NWC/Revenue: 73.82% < 20% (prev 77.13%; Δ -3.31% < -1%) |
| CFO/TA 0.15 > 3% & CFO 73.9m > Net Income -27.7m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 9.20 > 1.5 & < 3 |
| Outstanding Shares: last quarter (30.3m) vs 12m ago 5.77% < -2% |
| Gross Margin: 52.33% > 18% (prev 0.52%; Δ 5.18k% > 0.5%) |
| Asset Turnover: 73.51% > 50% (prev 75.76%; Δ -2.26% > 0%) |
| Interest Coverage Ratio: -7.66 > 6 (EBITDA TTM -10.7m / Interest Expense TTM 3.40m) |
| A: 0.53 (Total Current Assets 299.0m - Total Current Liabilities 32.5m) / Total Assets 502.5m |
| B: -0.85 (Retained Earnings -425.4m / Total Assets 502.5m) |
| C: -0.05 (EBIT TTM -26.0m / Avg Total Assets 491.2m) |
| D: -1.42 (Book Value of Equity -423.9m / Total Liabilities 298.6m) |
| Altman-Z'' = -1.13 = CCC |
| DSRI: 1.28 (Receivables 72.4m/57.1m, Revenue 361.0m/363.5m) |
| GMI: 0.99 (GM 52.33% / 51.57%) |
| AQI: 1.11 (AQ_t 0.27 / AQ_t-1 0.24) |
| SGI: 0.99 (Revenue 361.0m / 363.5m) |
| TATA: -0.20 (NI -27.7m - CFO 73.9m) / TA 502.5m) |
| Beneish M = -2.96 (Cap -4..+1) = A |
As of June 02, 2026, the stock is trading at USD 151.00 with a total of 375,610 shares traded.
Over the past week, the price has changed by +7.65%,
over one month by +4.20%,
over three months by +25.15% and
over the past year by +29.60%.
Impinj has received a consensus analysts rating of 4.63. Therefore, it is recommended to buy PI.
- StrongBuy: 5
- Buy: 3
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 175 | 15.9% |
P/E Forward = 72.9927
P/S = 12.6342
P/B = 22.365
Revenue TTM = 361.0m USD
EBIT TTM = -26.0m USD
EBITDA TTM = -10.7m USD
Long Term Debt = 241.5m USD (from longTermDebt, last quarter)
Short Term Debt = 1.52m USD (from shortTermDebt, last quarter)
Debt = 288.7m USD (from shortLongTermDebtTotal, last quarter) + Leases 23.6m
Net Debt = 156.8m USD (calculated: Debt 288.7m - CCE 131.8m)
Enterprise Value = 4.72b USD (4.56b + Debt 288.7m - CCE 131.8m)
Interest Coverage Ratio = -7.66 (Ebit TTM -26.0m / Interest Expense TTM 3.40m)
EV/FCF = 77.19x (Enterprise Value 4.72b / FCF TTM 61.1m)
FCF Yield = 1.30% (FCF TTM 61.1m / Enterprise Value 4.72b)
FCF Margin = 16.93% (FCF TTM 61.1m / Revenue TTM 361.0m)
Net Margin = -7.66% (Net Income TTM -27.7m / Revenue TTM 361.0m)
Gross Margin = 52.33% ((Revenue TTM 361.0m - Cost of Revenue TTM 172.1m) / Revenue TTM)
Gross Margin QoQ = 49.10% (prev 51.18%)
Tobins Q-Ratio = 9.39 (Enterprise Value 4.72b / Total Assets 502.5m)
Interest Expense / Debt = 1.18% (Interest Expense 3.40m / Debt 288.7m)
Taxrate = 21.0% (US default 21%)
NOPAT = -20.6m (EBIT -26.0m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 9.20 (Total Current Assets 299.0m / Total Current Liabilities 32.5m)
Debt / Equity = 1.42 (Debt 288.7m / totalStockholderEquity, last quarter 203.9m)
Debt / EBITDA = -14.68 (negative EBITDA) (Net Debt 156.8m / EBITDA -10.7m)
Debt / FCF = 2.57 (Net Debt 156.8m / FCF TTM 61.1m)
Total Stockholder Equity = 198.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -5.63% (Net Income -27.7m / Total Assets 502.5m)
RoE = -4.43% (Net Income TTM -27.7m / Total Stockholder Equity 624.4m)
RoCE = -3.01% (EBIT -26.0m / Capital Employed (Equity 624.4m + L.T.Debt 241.5m))
RoIC = -4.92% (negative operating profit) (NOPAT -20.6m / Invested Capital 418.7m)
WACC = 14.93% (E(4.56b)/V(4.85b) * Re(15.82%) + D(288.7m)/V(4.85b) * Rd(1.18%) * (1-Tc(0.21)))
Discount Rate = 15.82% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 28.89 | Cagr: 5.09%
[DCF] Terminal Value 59.64% ; FCFF base≈54.4m ; Y1≈62.3m ; Y5≈91.7m
[DCF] Fair Price = 15.61 (EV 632.2m - Net Debt 156.8m = Equity 475.4m / Shares 30.5m; r=14.93% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 59.41 | EPS CAGR: 132.9% | SUE: -0.20 | # QB: 0
Revenue Correlation: 83.98 | Revenue CAGR: 7.58% | SUE: 0.83 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.80 | Chg30d=+13.27% | Revisions=+43% | Analysts=8
EPS next Quarter (2026-09-30): EPS=-0.05 | Chg30d=N/A | Revisions=-33% | Analysts=6
EPS current Year (2026-12-31): EPS=1.88 | Chg30d=-2.57% | Revisions=+43% | GrowthEPS=-10.9% | GrowthRev=+3.4%
EPS next Year (2027-12-31): EPS=2.82 | Chg30d=-9.12% | Revisions=+43% | GrowthEPS=+50.0% | GrowthRev=+23.4%
[Analyst] Revisions Ratio: +43%