Is the business good?
How good a business is PI?
Impinj, Inc. earns −1.6% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−1.6%
Return on invested capital · cost of capital 9.0% · 11 points below what the capital costs: growth destroys value
- Operating margin
- −1.8%
Operating margin · Semiconductors median 8.5% · 12 months to Q1 2026
- Share count, year on year
- +5.8%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 29%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −34% |
| FY2021 | −20% |
| FY2022 | −7.6% |
| FY2023 | −14% |
| FY2024 | −1.9% |
| FY2025 | −0.20% |
Details›
- Gross margin12 months to Q1 2026
- 52%
- Operating margin12 months to Q1 2026
- −1.8%
- Net margin12 months to Q1 2026
- −7.7%
- Free cash flow margin
- 17%
- R&D as % of revenue
- 29%
- Revenue, trailing twelve months
- $361M
- Free cash flow, trailing twelve months
- $61M
- Net income, trailing twelve months
- −$28M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −1.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.