Impinj, Inc. (PI) 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

-99.4%

$1.21

vs $186.28 price

Levered DCF

-$7.19

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

14.31

Safe zone

Rating

D+

Overall 1 / 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	-470.3×	99.49×	-55.57×	-114.93×	-41.84×	-18.36×	-24.63×	-8.82×
P/B	24.35×	27.09×	70.57×	178.84×	-193.61×	8.76×	4.51×	3.17×
P/S	14.11×	11.09×	7.83×	10.82×	11.27×	6.88×	3.7×	2.53×
EV / EBITDA	632.91×	418.04×	-98.09×	-226.28×	-75.31×	-27.02×	-33.92×	-11.95×
Gross margin	52.0%	51.6%	49.4%	53.5%	52.0%	46.9%	48.4%	47.5%
Operating margin	-0.2%	-1.9%	-14.1%	-7.6%	-19.6%	-33.9%	-14.2%	-28.4%
Net margin	-3.0%	11.2%	-14.1%	-9.4%	-26.9%	-37.4%	-15.0%	-28.7%
Current ratio	2.68×	0.99×	8.73×	6.49×	7.21×	6.21×	9.07×	5.26×
Debt / equity	1.56×	1.99×	8.63×	18.88×	-27.85×	0.67×	0.59×	0.25×
Interest coverage	-0.17×	-1.45×	-8.97×	-3.96×	-14.61×	-8.7×	-12.07×	-24.85×
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	-5.2%	27.3%	-127.1%	-155.9%	462.8%	-47.6%	-18.4%	-36.0%
Return on invested capital	-0.1%	-1.6%	-13.0%	-6.3%	-12.5%	-25.6%	-10.9%	-27.0%
Return on assets	-2.0%	8.3%	-12.1%	-6.9%	-16.2%	-25.0%	-10.7%	-24.3%
Free cash flow yield	0.9%	2.7%	-2.8%	-0.4%	-0.5%	-2.1%	0.4%	-5.8%
Earnings yield	-0.2%	1.0%	-1.8%	-0.9%	-2.4%	-5.4%	-4.1%	-11.3%
Enterprise value	$5.4B	$4.3B	$2.6B	$3.1B	$2.3B	$1B	$571.6M	$317.8M
Net debt / EBITDA	32.8×	24.47×	-7.51×	-20.3×	-5.97×	-1.34×	-0.39×	-0.28×
Cash conversion cycle (days)	222	226	273	136	109	195	189	282