Penumbra
PEN · NYSESurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
Penumbra reported revenue of $1.4B in the fiscal year ended Dec 2025, up 17.5% from the year before. Operating income was $189M, an operating margin of 13.5%, and net income was $178M. Operating cash flow of $239M less capital expenditure of $64M left free cash flow of $175M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $748M | $847M | $1.1B | $1.2B | $1.4B |
| Cost of revenue | $272M | $312M | $376M | $440M | $461M |
| Gross profit | $475M | $535M | $683M | $755M | $942M |
| Selling, general & admin | $378M | $450M | $506M | $574M | $663M |
| Operating income | −$8M | $6M | $74M | $9M | $189M |
| Interest expense | $2M | $2M | $2M | $1M | $1M |
| Pre-tax income | −$11M | $4M | $80M | $21M | $205M |
| Income tax | −$13M | $6M | −$11M | $7M | $27M |
| Net income | $5M | −$2M | $91M | $14M | $178M |
| Diluted EPS | 0.14 | −0.05 | 2.32 | 0.36 | 4.52 |
| Diluted shares | 38M | 38M | 39M | 39M | 39M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $59M | $70M | $167M | $324M | $187M |
| Receivables | $134M | $203M | $202M | $168M | $190M |
| Inventory | $264M | $334M | $388M | $407M | $432M |
| Current assets | $681M | $756M | $915M | $951M | $1.2B |
| Net PP&E | $59M | $65M | $73M | $63M | $117M |
| Goodwill | $166M | $166M | $166M | $166M | $167M |
| Total assets | $1.2B | $1.4B | $1.6B | $1.5B | $1.8B |
| Payables | $13M | $27M | $27M | $31M | $35M |
| Deferred revenue | $0 | $9M | $7M | $940,000 | – |
| Current liabilities | $123M | $145M | $151M | $158M | $183M |
| Total liabilities | $290M | $372M | $377M | $382M | $399M |
| Shareholders' equity | $954M | $999M | $1.2B | $1.2B | $1.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $10M | −$56M | $97M | $168M | $239M |
| Capital expenditure | $21M | $19M | $15M | $21M | $64M |
| Free cash flow | −$12M | −$75M | $82M | $147M | $175M |
| Depreciation & amortisation | $16M | $24M | $27M | $24M | $17M |
| Stock-based compensation | $66M | $37M | $51M | $46M | $59M |
| Share buybacks | – | $0 | $0 | $100M | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | 25.0% | 12.9% | 17.5% |
| Operating income growth (YoY) | – | – | 1109.3% | −87.4% | 1939.5% |
| EPS growth (YoY) | – | −135.7% | – | −84.5% | 1155.6% |
| Gross margin | 63.6% | 63.2% | 64.5% | 63.2% | 67.1% |
| Operating margin | −1.0% | 0.7% | 6.9% | 0.8% | 13.5% |
| Net margin | 0.7% | −0.2% | 8.6% | 1.2% | 12.7% |
| Return on equityBlank when equity is negative | 0.6% | −0.2% | 7.7% | 1.2% | 12.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.7% | 0.5% | 5.2% | 0.7% | 11.5% |
| Free cash flow margin | −1.6% | −8.8% | 7.8% | 12.3% | 12.5% |
| Cash conversion (CFO ÷ net income) | 1.80x | 27.8x | 1.07x | 12.0x | 1.34x |
| Receivable days | 65 | 88 | 70 | 51 | 49 |
| Inventory days | 353 | 391 | 377 | 338 | 342 |
| Payable days | 18 | 31 | 26 | 26 | 27 |
| Interest cover | −3.88x | 3.48x | 42.3x | 6.54x | 144x |
| Current ratio | 5.53x | 5.21x | 6.06x | 6.01x | 6.64x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.