Impinj, Inc. (PI) Key Metrics
PI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.36B
- Enterprise value
- $5.56B
- P/E (TTM)
- —
- Forward P/E
- 60.2
- PEG ratio
- —
- Price / sales
- 14.4 10-yr median 7.4
- Price / book
- 23.4 10-yr median 8.8
- EV / EBITDA
- — 10-yr median 427.9
- Dividend yield
- —
- Beta
- 1.94
PI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPI valuation Price multiples at each fiscal year-end price.
Price / sales+20.7%
14.1
2025 · hover or tap a bar for each year
20162025
Price / book−14.7%
24.4
2025 · hover or tap a bar for each year
20162025
EV / EBITDA+44.4%
617.9
2025 · hover or tap a bar for each year
20162025
Price / free cash flow+188.5%
111.1
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−1.7 pts
0.9%
2025 · hover or tap a bar for each year
20162025
PI returns How much profit the business earns on the capital it uses.
Return on equity−50.4 pts
−6.0%
2025 · hover or tap a bar for each year
20162025
Return on invested capital+2.6 pts
−0.2%
2025 · hover or tap a bar for each year
20162025
Return on assets−11.7 pts
−2.1%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−17.7 pts
12.7%
2025 · hover or tap a bar for each year
20162025
Asset turnover−19.1%
0.70
2025 · hover or tap a bar for each year
20162025
PI per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−0.7%
$12.33
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$0.37
2025 · hover or tap a bar for each year
20162025
Free cash flow per share−58.5%
$1.57
2025 · hover or tap a bar for each year
20162025
Book value per share+40.5%
$7.15
2025 · hover or tap a bar for each year
20162025
Shares outstanding−0.6%
29.3M
2025 · hover or tap a bar for each year
20162025
PI financial health Debt, liquidity and how easily interest is covered.
Debt / equity−21.6%
1.56
2025 · hover or tap a bar for each year
20162025
Net debt+$17.6M
$151.4M
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA+4.86
17.83
2025 · hover or tap a bar for each year
20162025
Current ratio+172.0%
2.68
2025 · hover or tap a bar for each year
20162025
Interest coverage
-0.2
2025 · hover or tap a bar for each year
20162025
Debt / assets−1.8%
0.60
2025 · hover or tap a bar for each year
20162025
PI efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+9 days
64 days
2025 · hover or tap a bar for each year
20162025
Days of inventory−8 days
194 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+6 days
32 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−5 days
226 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−1.1 pts
3.6%
2025 · hover or tap a bar for each year
20162025
PI valuation history
Fiscal year-endToday10-year median
PI returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PI debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PI price vs earnings per share
Share price at year-endEPS (right axis)
PI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.10B | $4.28B | $2.41B | $2.79B | $2.14B | $955.4M | $565.0M | $310.4M | $465.9M | $724.7M |
| Enterprise value | $5.25B | $4.41B | $2.59B | $2.91B | $2.26B | $922.8M | $522.0M | $279.3M | $419.1M | $639.2M |
| P/E ratio | — | 104.8 | — | — | — | — | — | — | — | — |
| Price / sales | 14.1 | 11.7 | 7.8 | 10.8 | 11.3 | 6.9 | 3.7 | 2.5 | 3.7 | 6.5 |
| Price / book | 24.4 | 28.6 | 70.6 | 178.8 | — | 8.8 | 4.5 | 3.2 | 3.9 | 5.8 |
| Price / free cash flow | 111.1 | 38.5 | — | — | — | — | 247.9 | — | — | — |
| Price / operating cash flow | 86.7 | 33.4 | — | — | 331.7 | — | 120.0 | — | — | — |
| EV / sales | 14.5 | 12.1 | 8.4 | 11.3 | 11.9 | 6.6 | 3.4 | 2.3 | 3.3 | 5.7 |
| EV / EBITDA | 617.9 | 427.9 | — | — | — | — | — | — | — | 268.5 |
| EV / free cash flow | 114.3 | 39.7 | — | — | — | — | 229.0 | — | — | — |
| Earnings yield | −0.2% | 1.0% | −1.8% | −0.9% | −2.4% | −5.4% | −4.1% | −11.3% | −3.7% | −0.2% |
| Free cash flow yield | 0.9% | 2.6% | −2.8% | −0.4% | −0.5% | −2.1% | 0.4% | −5.8% | −9.1% | −1.8% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $174.01 | $145.26 | $90.03 | $109.18 | $88.70 | $41.87 | $25.86 | $14.55 | $22.53 | $35.34 |
| Per share | ||||||||||
| Revenue per share | $12.33 | $12.42 | $11.50 | $10.09 | $7.87 | $6.09 | $7.00 | $5.75 | $6.06 | $5.48 |
| Earnings per share | −$0.37 | $1.39 | −$1.62 | −$0.95 | −$2.12 | −$2.28 | −$1.05 | −$1.65 | −$0.84 | −$0.08 |
| Operating cash flow per share | $2.01 | $4.35 | −$1.85 | $0.03 | $0.27 | −$0.74 | $0.22 | −$0.55 | −$1.74 | −$0.46 |
| Free cash flow per share | $1.57 | $3.77 | −$2.55 | −$0.45 | −$0.40 | −$0.87 | $0.10 | −$0.85 | −$2.05 | −$0.64 |
| Cash per share | $5.99 | $5.59 | $4.23 | $6.80 | $8.00 | $4.65 | $5.33 | $2.63 | $2.81 | $4.90 |
| Book value per share | $7.15 | $5.09 | $1.28 | $0.61 | −$0.46 | $4.78 | $5.73 | $4.59 | $5.75 | $6.05 |
| Tangible book value per share | $6.11 | $4.10 | $0.02 | $0.31 | −$0.78 | $4.44 | $5.38 | $4.22 | $5.38 | $5.67 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.44 | $0.58 | $0.70 | $0.47 | $0.67 | $0.13 | $0.11 | $0.30 | $0.32 | $0.17 |
| Debt per share | $11.16 | $10.13 | $11.01 | $11.53 | $12.76 | $3.22 | $3.37 | $1.17 | $0.54 | $0.74 |
| Shares outstanding | 29.3M | 29.5M | 26.8M | 25.5M | 24.2M | 22.8M | 21.8M | 21.3M | 20.7M | 20.5M |
| Change in shares outstanding | −0.6% | +10.2% | +4.7% | +5.6% | +5.9% | +4.4% | +2.4% | +3.2% | +0.9% | +60.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −6.0% | 44.4% | −174.4% | — | — | −44.3% | −20.6% | −32.5% | −14.3% | −2.4% |
| Return on invested capital (ROIC) | −0.2% | −2.8% | −19.5% | −12.8% | −32.6% | −46.8% | −23.0% | −39.7% | −24.3% | −1.3% |
| Return on assets (ROA) | −2.1% | 9.6% | −12.2% | −7.3% | −19.6% | −24.6% | −12.8% | −23.7% | −10.8% | −1.5% |
| Return on tangible assets | −2.1% | 8.9% | −13.3% | −7.1% | −16.7% | −26.0% | −11.1% | −25.7% | −12.0% | −1.0% |
| Free cash flow margin | 12.7% | 30.4% | −22.2% | −4.4% | −5.1% | −14.4% | 1.5% | −14.8% | −33.9% | −11.6% |
| Income quality (OCF / net income) | — | 3.14 | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $326.7M | $298.5M | $294.6M | $294.4M | $308.5M | $73.5M | $73.5M | $24.9M | $11.3M | $15.1M |
| Cash & short-term investments | $175.3M | $164.7M | $113.2M | $173.7M | $193.3M | $106.1M | $116.5M | $56.1M | $58.1M | $100.5M |
| Net debt | $151.4M | $133.8M | $181.4M | $120.7M | $115.2M | −$32.6M | −$43.0M | −$31.1M | −$46.8M | −$85.4M |
| Debt / equity | 1.56 | 1.99 | 8.63 | 18.88 | — | 0.67 | 0.59 | 0.25 | 0.09 | 0.12 |
| Debt / assets | 0.60 | 0.61 | 0.82 | 0.84 | 0.98 | 0.35 | 0.34 | 0.17 | 0.07 | 0.09 |
| Net debt / EBITDA | 17.83 | 12.97 | — | — | — | — | — | — | — | −35.89 |
| Current ratio | 2.68 | 0.99 | 8.73 | 6.49 | 7.21 | 6.21 | 9.07 | 5.26 | 6.52 | 5.86 |
| Quick ratio | 2.01 | 0.69 | 5.59 | 5.40 | 6.59 | 4.89 | 7.31 | 3.32 | 4.15 | 4.77 |
| Interest coverage | -0.2 | -1.5 | -9.0 | -4.0 | -14.6 | -8.7 | -12.1 | -24.9 | -18.7 | -0.3 |
| Working capital | $212.7M | −$4.8M | $238.8M | $232.8M | $220.3M | $143.8M | $157.3M | $98.2M | $109.9M | $123.3M |
| Invested capital | $360.6M | $283.7M | $215.5M | $136.3M | $104.1M | $76.5M | $82.3M | $66.7M | $72.1M | $38.6M |
| Tangible asset value | $179.0M | $120.8M | $522,000 | $7.8M | −$18.8M | $101.4M | $117.5M | $90.1M | $111.2M | $116.3M |
| Net current asset value | $3.3M | −$12.8M | −$55.6M | −$59.0M | −$70.8M | $72.9M | $87.0M | $74.0M | $96.7M | $105.2M |
| Graham number | — | $12.59 | — | — | — | — | — | — | — | — |
| Graham net-net per share | −$2.22 | −$2.79 | −$4.57 | −$3.90 | −$3.96 | $1.95 | $2.82 | $2.11 | $3.16 | $4.10 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | 0.0% | — | — | — |
| Capex / revenue | 3.6% | 4.7% | 6.1% | 4.7% | 8.5% | 2.2% | 1.6% | 5.2% | 5.2% | 3.1% |
| Capex / operating cash flow | 21.9% | 13.3% | — | 1,884.4% | 251.0% | — | 51.6% | — | — | — |
| Capex / depreciation | 0.86 | 1.26 | 1.38 | 2.00 | 3.53 | 0.68 | 0.51 | 1.40 | 1.66 | 1.23 |
| Stock-based compensation / revenue | 15.3% | 15.4% | 15.6% | 16.5% | 21.3% | 18.5% | 12.1% | 9.2% | 5.9% | 2.5% |
| R&D / revenue | 28.4% | 27.0% | 28.8% | 28.7% | 33.7% | 35.0% | 25.4% | 27.9% | 25.7% | 22.4% |
| SG&A / revenue | 23.7% | 24.7% | 33.2% | 32.3% | 37.0% | 41.9% | 37.2% | 45.0% | 39.7% | 31.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 64.5 | 55.7 | 62.3 | 60.5 | 58.0 | 64.0 | 50.4 | 60.6 | 57.8 | 49.3 |
| Days of inventory on hand | 193.9 | 202.4 | 168.4 | 104.0 | 116.5 | 174.3 | 182.6 | 260.4 | 226.2 | 136.7 |
| Days payables outstanding | 32.5 | 26.7 | 39.5 | 55.9 | 43.7 | 38.9 | 23.7 | 26.4 | 35.8 | 35.7 |
| Cash conversion cycle (days) | 225.9 | 231.4 | 191.2 | 108.6 | 130.7 | 199.4 | 209.3 | 294.5 | 248.3 | 150.2 |
| Receivables turnover | 5.66 | 6.55 | 5.86 | 6.03 | 6.30 | 5.70 | 7.24 | 6.03 | 6.31 | 7.40 |
| Payables turnover | 11.24 | 13.68 | 9.24 | 6.52 | 8.35 | 9.37 | 15.39 | 13.83 | 10.20 | 10.21 |
| Inventory turnover | 1.88 | 1.80 | 2.17 | 3.51 | 3.13 | 2.09 | 2.00 | 1.40 | 1.61 | 2.67 |
| Asset turnover | 0.70 | 0.86 | 0.87 | 0.78 | 0.73 | 0.66 | 0.85 | 0.83 | 0.78 | 1.02 |
| Average receivables | $63.8M | $55.9M | $52.5M | $42.7M | $30.2M | $24.4M | $21.1M | $20.4M | $19.8M | $15.2M |
| Average payables | $15.4M | $13.0M | $16.8M | $18.4M | $10.9M | $7.9M | $5.1M | $4.7M | $5.9M | $5.2M |
| Average inventory | $92.2M | $98.3M | $71.8M | $34.2M | $29.1M | $35.2M | $39.4M | $45.9M | $37.4M | $19.8M |
| Intangibles / total assets | 5.5% | 5.9% | 9.4% | 2.2% | 2.5% | 3.7% | 3.6% | 5.4% | 5.1% | 4.6% |
Computed from PI's annual financial statements (latest annual report filed February 9, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PI valuation and financial ratios
Impinj earned a return on equity of −6.0% and a return on invested capital of −0.2% in fiscal 2025. It ended the year with $326.7 million of debt and $175.3 million in cash and short-term investments, net debt of $151.4 million. The share count rose 42.8% from 20.5M to 29.3M over 9 years.
See the PI income statement, the PI chart for price history, or the PI stock overview for the latest quote and news.
PI key metrics FAQ
What is Impinj's EV/EBITDA?
Impinj's enterprise value was 617.9 times EBITDA at the end of fiscal 2025 (enterprise value $5.2 billion, EBITDA $8.5 million).
What is Impinj's return on equity?
Impinj's return on equity (ROE) was −6.0% in fiscal 2025: net income of -$10.8 million on average shareholders' equity of $179.5 million.
What is Impinj's ROIC?
Impinj's return on invested capital was −0.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Impinj have?
Impinj had total debt of $326.7 million at the end of fiscal 2025, a debt-to-equity ratio of 1.56 and $151.4 million of net debt (17.83 times EBITDA).
What is Impinj's free cash flow yield?
Impinj generated $45.9 million of free cash flow in fiscal 2025, a free cash flow yield of 0.9% on its market value at year-end ($5.1 billion).
What is Impinj's current ratio?
Impinj's current ratio was 2.68 at the end of fiscal 2025: current assets were 2.68 times current liabilities.