Is the business good?
How good a business is PEN?
Penumbra, Inc. earns 17% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
17%
Return on invested capital · cost of capital 9.0% · 8.2 points above what the capital costs: growth creates value
- Operating margin
- 13%
Operating margin · Medical Devices median 11% · 12 months to Q1 2026
- Cash conversion
- 1.24×
Cash conversion · 3.56× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +0.97%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −7.0% |
| FY2021 | −1.0% |
| FY2022 | 0.72% |
| FY2023 | 7.0% |
| FY2024 | 0.78% |
| FY2025 | 13% |
Details›
- Gross margin12 months to Q1 2026
- 67%
- Operating margin12 months to Q1 2026
- 13%
- Net margin12 months to Q1 2026
- 12%
- Free cash flow margin
- 15%
- R&D as % of revenue
- 6.2%
- Revenue, trailing twelve months
- $1.45B
- Free cash flow, trailing twelve months
- $213M
- Net income, trailing twelve months
- $171M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 17%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Devices
Ranks #19 of 35 by Smart Score