Penumbra, Inc. (PEN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-128.8%

-$92.67

vs $321.30 price

Levered DCF

$72.58

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

19.11

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	68.03×	659.67×	106.14×	-4,205.29×	2,052.29×	-324.07×	118.18×	678.89×
P/B	8.48×	7.97×	8.19×	8.43×	11.07×	9.76×	11.75×	10.44×
P/S	8.62×	7.68×	9.13×	9.94×	14.13×	11.17×	10.43×	9.91×
EV / EBITDA	54.19×	197.3×	89.52×	286.5×	1,362.07×	-240.56×	102.82×	120.11×
Gross margin	67.1%	63.2%	64.5%	63.2%	63.6%	60.3%	68.0%	65.7%
Operating margin	13.5%	7.2%	6.9%	0.7%	-1.0%	-6.9%	8.7%	-0.2%
Net margin	12.7%	1.2%	8.6%	-0.2%	0.7%	-2.8%	8.9%	1.5%
Current ratio	6.64×	6.01×	6.06×	5.21×	5.53×	5.83×	5.09×	6.22×
Debt / equity	0.15×	0.19×	0.2×	0.24×	0.18×	0.12×	0.17×	0×
Interest coverage	144.35×	60.81×	42.29×	3.48×	-3.88×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.4%	1.2%	7.7%	-0.2%	0.6%	-2.4%	10.0%	1.6%
Return on invested capital	9.9%	4.2%	5.2%	-0.3%	0.2%	-2.7%	7.6%	-0.2%
Return on assets	9.7%	0.9%	5.8%	-0.1%	0.4%	-1.9%	7.3%	1.3%
Free cash flow yield	1.4%	1.6%	0.9%	-0.9%	-0.1%	-0.9%	0.1%	0.4%
Earnings yield	1.5%	0.2%	0.9%	-0.0%	0.1%	-0.3%	0.8%	0.1%
Enterprise value	$12.1B	$9.1B	$9.7B	$8.6B	$10.7B	$6.3B	$5.7B	$4.3B
Net debt / EBITDA	0.15×	-2.2×	0.62×	5.54×	14.56×	-0.29×	0.17×	-1.88×
Cash conversion cycle (days)	363	363	420	447	401	412	357	325