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Semiconductors · Technology · Fiscal year ends Aug 29
Penguin Solutions reported revenue of $1.4B in the fiscal year ended Aug 2025, up 16.9% from the year before. Operating income was $58M, an operating margin of 4.2%, and net income was $25M. Operating cash flow of $109M less capital expenditure of $9M left free cash flow of $100M. Net debt was $8M.
Ranks among the 51 semiconductors companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 |
|---|---|---|---|---|---|
| Revenue | 1,056 | 1,396 | 1,441 | 1,171 | 1,369 |
| Cost of revenue | 818 | 1,005 | 1,026 | 830 | 975 |
| Gross profit | 238 | 391 | 415 | 341 | 394 |
| Research & development | 59.9 | 77.5 | 90.6 | 81.5 | 79.8 |
| Selling, general & admin | 158 | 205 | 261 | 234 | 238 |
| Operating income | −15.7 | 67.2 | 8.7 | 18.3 | 58.1 |
| Net interest incomeBanks | −17.1 | −24.3 | −36.4 | – | – |
| Pre-tax income | −32.3 | 42.5 | −39.5 | −31.2 | 48.9 |
| Income tax | 9.7 | 18.1 | −49.2 | 10.6 | 20.1 |
| Net income | 21.3 | 66.6 | −188 | −52.5 | 25.4 |
| Diluted EPS | 0.44 | 1.22 | −3.65 | −1.00 | 0.28 |
| Diluted shares | 48.6 | 54.4 | 51.3 | 52.4 | 54.4 |
| Fiscal year | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 223 | 313 | 366 | 383 | 454 |
| Receivables | 313 | 355 | 219 | 252 | 308 |
| Inventory | 364 | 264 | 175 | 151 | 255 |
| Current assets | 951 | 1,152 | 907 | 868 | 1,064 |
| Net PP&E | 156 | 96.7 | 119 | 107 | 92.6 |
| Goodwill | 74.3 | 55.1 | 162 | 162 | 146 |
| Total assets | 1,345 | 1,572 | 1,506 | 1,475 | 1,617 |
| Payables | 430 | 293 | 135 | 182 | 267 |
| Deferred revenue | 19.3 | 39.7 | 69.3 | 76.2 | 89.9 |
| Current liabilities | 584 | 516 | 426 | 328 | 474 |
| Short-term debt | 25.4 | 8.5 | 35.6 | 0.0 | 19.9 |
| Long-term debt | 340 | 576 | 755 | 657 | 442 |
| Total liabilities | 1,026 | 1,194 | 1,277 | 1,075 | 1,009 |
| Shareholders' equity | 310 | 372 | 222 | 391 | 394 |
| Backlog (remaining obligations) | 19.3 | 39.7 | 69.3 | 76.2 | 89.9 |
| Fiscal year | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 153 | 105 | 104 | 77.2 | 109 |
| Capital expenditure | 16.7 | 20.4 | 39.4 | 19.4 | 9.0 |
| Free cash flow | 137 | 84.6 | 65.0 | 57.8 | 100 |
| Depreciation & amortisation | 34.9 | 46.7 | 71.6 | 65.7 | 56.2 |
| Stock-based compensation | 31.0 | 37.3 | 39.2 | 43.2 | 41.2 |
| Acquisitions | 35.7 | 0.0 | 213 | 0.0 | 0.0 |
| Share buybacks | 48.5 | 57.2 | 24.7 | 21.3 | 52.3 |
| Fiscal year | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.2% | 3.3% | −18.8% | 16.9% |
| Operating income growth (YoY) | – | – | −87.0% | 109.2% | 217.8% |
| EPS growth (YoY) | – | 177.3% | −399.2% | – | – |
| Gross margin | 22.5% | 28.0% | 28.8% | 29.1% | 28.8% |
| Operating margin | −1.5% | 4.8% | 0.6% | 1.6% | 4.2% |
| Net margin | 2.0% | 4.8% | −13.0% | −4.5% | 1.9% |
| Return on equityBlank when equity is negative | 6.9% | 17.9% | −84.3% | −13.4% | 6.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.1% | 6.4% | 0.8% | 1.6% | 5.1% |
| Free cash flow margin | 12.9% | 6.1% | 4.5% | 4.9% | 7.3% |
| Cash conversion (CFO ÷ net income) | 7.20x | 1.58x | −0.56x | −1.47x | 4.30x |
| Receivable days | 108 | 93 | 56 | 78 | 82 |
| Inventory days | 162 | 96 | 62 | 66 | 96 |
| Payable days | 192 | 106 | 48 | 80 | 100 |
| Debt ÷ equity | 1.18x | 1.57x | 3.55x | 1.68x | 1.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 143 | 271 | 425 | 274 | 8.1 |
| Current ratio | 1.63x | 2.23x | 2.13x | 2.65x | 2.25x |
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.