Impinj, Inc. (PI) AI Stock Analysis

Impinj, Inc. operates a cloud connectivity platform across the Americas, Asia Pacific, Europe, the Middle East, and Africa. The company enables wireless connectivity for individual items, delivering data to business and consumer applications. Core offerings include endpoint ICs, which are radios-on-a-chip attached to items for identification, and systems products such as reader ICs, readers, and gateways for bidirectional communication. Impinj also supplies software and algorithms powering applications in retail self-checkout and loss prevention, supply chain pallet and carton tracking, and healthcare visibility. Products reach customers through distributors, system integrators, value-added resellers, and software partners.

Impinj grew revenue from $190.3M in FY2021 to $366.1M in FY2024 before revenue fell 1.4% to $361.1M in FY2025. Gross margin expanded from 52.0% in FY2021 to 53.5% in FY2022, settling at 52.0% in FY2025. Operating margin improved from -19.6% in FY2021 to -0.2% in FY2025. Net income was -$51.3M in FY2021, reached $40.8M in FY2024, and fell to -$10.8M in FY2025. Free cash flow swung from -$9.8M in FY2021 to $45.9M in FY2025. For the trailing twelve months ended June 30, 2026, revenue totaled $371.5M with quarterly revenue growth YoY of 10.7% and a profit margin of -7.3%.

As of June 30, 2026, Impinj reported $133.0M in cash and short-term investments and $266.7M in total debt, resulting in net debt of $133.6M. Shareholders' equity was $231.6M, yielding a debt-to-equity ratio of 1.15. The company maintains liquidity with a current ratio of 3.28 on total assets of $534.7M. In FY2025, operating cash flow reached $58.7M, supporting capital expenditures of $12.9M. Over 5 years, the company's share count increased 26.1%.

Impinj trades at a forward P/E of 60.2x, elevated compared to the median of 18.8x for its US-listed Technology peers. Its price-to-sales multiple is 14.4x versus the peer median of 2.8x, and EV/EBITDA is 523.7x compared to the peer median of 16.6x. The company's 1-year return of -12.9% trailed the S&P 500 return of 16.8%. However, its 5-year return of 233.5% outperformed the S&P 500 return of 83.0%. Impinj has a beta of 1.94 and closed at $175.37 on October 16, 2026.

Wall Street analysts rate Impinj with 5 Strong Buy, 2 Buy, and 2 Hold recommendations, with 0 Sell or Strong Sell ratings. The mean price target is $183.56, representing a 4.7% premium over the last close of $175.37. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $389.5M and EPS of $2.10. For the next fiscal year, 9 analysts project revenue of $468.4M and EPS of $2.80. The company beat EPS estimates in 2 of the last 4 quarters, with next earnings scheduled for October 28, 2026.

This page is an AI-written research summary of Impinj, Inc. (PI). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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