Revenue growth remains resilient at 15.6% year-over-year in 2026Q1, though operating margins are constrained at 10.2% due to persistent SG&A scaling.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 1.45B | 1.4B | 1.19B | 1.06B | 847.13M | 747.59M | 560.41M | 547.4M | 444.94M | 333.76M | 263.32M | 186.09M | 125.51M | 88.85M |
| Revenue Growth % | 17.27% | 17.5% | 12.86% | 24.95% | 13.32% | 33.4% | 2.38% | 23.03% | 33.31% | 26.75% | 41.5% | 48.27% | 41.26% | - |
| Cost of Goods Sold | 474.32M | 461.23M | 439.62M | 375.88M | 311.93M | 272.21M | 222.24M | 175.44M | 152.41M | 116.62M | 92.49M | 62.04M | 42.67M | 30.97M |
| COGS % of Revenue | - | 32.86% | 36.8% | 35.51% | 36.82% | 36.41% | 39.66% | 32.05% | 34.25% | 34.94% | 35.12% | 33.34% | 34% | 34.86% |
| Gross Profit | 979.97M | 942.44M | 755M | 682.64M | 535.21M | 475.38M | 338.18M | 371.96M | 292.53M | 217.14M | 170.83M | 124.06M | 82.84M | 57.88M |
| Gross Margin % | 67.38% | 67.14% | 63.2% | 64.49% | 63.18% | 63.59% | 60.34% | 67.95% | 65.75% | 65.06% | 64.88% | 66.66% | 66% | 65.14% |
| Gross Profit Growth % | - | 24.83% | 10.6% | 27.55% | 12.58% | 40.57% | -9.08% | 27.15% | 34.72% | 27.11% | 37.7% | 49.75% | 43.14% | - |
| Operating Expenses | 792.83M | 753.19M | 745.72M | 609.09M | 529.13M | 482.88M | 377.12M | 324.46M | 293.38M | 215.98M | 172.18M | 119.88M | 79.83M | 59M |
| OpEx % of Revenue | - | 53.66% | 62.42% | 57.54% | 62.46% | 64.59% | 67.29% | 59.27% | 65.94% | 64.71% | 65.39% | 64.42% | 63.61% | 66.41% |
| Selling, General & Admin | 702.76M | 663.42M | 573.99M | 506.45M | 449.72M | 378.33M | 287.07M | 272.73M | 226.38M | 184.32M | 148.3M | 101.85M | 64.26M | 44.92M |
| SG&A % of Revenue | - | 47.26% | 48.05% | 47.85% | 53.09% | 50.61% | 51.22% | 49.82% | 50.88% | 55.22% | 56.32% | 54.73% | 51.2% | 50.56% |
| Research & Development | 90.07M | 89.77M | 94.78M | 84.42M | 79.41M | 104.55M | 90.05M | 51.72M | 36.16M | 31.66M | 23.88M | 18.03M | 15.57M | 14.08M |
| R&D % of Revenue | - | 6.4% | 7.93% | 7.98% | 9.37% | 13.99% | 16.07% | 9.45% | 8.13% | 9.49% | 9.07% | 9.69% | 12.41% | 15.85% |
| Other Operating Expenses | 0 | 0 | 76.94M | 18.21M | 0 | 0 | 0 | 0 | 30.84M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 187.13M | 189.25M | 9.28M | 73.55M | 6.08M | -7.5M | -38.94M | 47.51M | -852K | 1.17M | -1.35M | 4.18M | 3.01M | -1.13M |
| Operating Margin % | 12.87% | 13.48% | 0.78% | 6.95% | 0.72% | -1% | -6.95% | 8.68% | -0.19% | 0.35% | -0.51% | 2.25% | 2.4% | -1.27% |
| Operating Income Growth % | - | 1939.54% | -87.38% | 1109.32% | 181.08% | 80.74% | -181.97% | 5676.06% | -173.13% | 186.3% | -132.3% | 38.88% | 367.23% | - |
| EBITDA | 199.59M | 206.72M | 32.98M | 100.81M | 30.4M | 8.91M | -26.05M | 55.61M | 5.32M | 4.95M | 947K | 5.93M | 3.76M | -449K |
| EBITDA Margin % | 13.72% | 14.73% | 2.76% | 9.52% | 3.59% | 1.19% | -4.65% | 10.16% | 1.19% | 1.48% | 0.36% | 3.19% | 3% | -0.51% |
| EBITDA Growth % | 239.86% | 526.79% | -67.28% | 231.57% | 241.34% | 134.19% | -146.84% | 946.12% | 7.48% | 422.28% | -84.03% | 57.74% | 937.42% | - |
| D&A (Non-Cash Add-back) | 12.46M | 17.47M | 23.7M | 27.26M | 24.32M | 16.41M | 12.89M | 8.1M | 6.17M | 3.78M | 2.3M | 1.75M | 751K | 677K |
| EBIT | 200.16M | 205.13M | 22.29M | 81.39M | 5.64M | -8.57M | -38.94M | 47.51M | 29.98M | 1.17M | -1.35M | 4.18M | 3.01M | -1.13M |
| Net Interest Income | 7.69M | 0 | 12.27M | 5.09M | 137K | 938K | 1.27M | 2.85M | 2.96M | 2.65M | 2.32M | 541K | 439K | 345K |
| Interest Income | 8.35M | 0 | 13.69M | 6.83M | 1.89M | 2.87M | 1.27M | 2.85M | 2.96M | 2.65M | 2.32M | 541K | 439K | 345K |
| Interest Expense | 657K | 0 | 1.42M | 1.74M | 1.75M | 1.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 15.82M | 15.88M | 11.59M | 6.1M | -2.19M | -3M | 924K | 2.63M | 2.46M | 1.31M | 481K | -155K | 130K | -129K |
| Pretax Income | 202.96M | 205.13M | 20.87M | 79.65M | 3.89M | -10.5M | -38.02M | 50.13M | 1.61M | 2.48M | -869K | 4.02M | 3.14M | -1.25M |
| Pretax Margin % | 13.96% | 14.61% | 1.75% | 7.52% | 0.46% | -1.4% | -6.78% | 9.16% | 0.36% | 0.74% | -0.33% | 2.16% | 2.5% | -1.41% |
| Income Tax | 31.91M | 27.44M | 6.86M | -11.3M | 5.89M | -13.13M | -18.76M | 3.13M | -4.4M | -3.61M | -15.68M | 1.66M | 894K | -5.35M |
| Effective Tax Rate % | 15.72% | 13.38% | 32.86% | -14.19% | 151.44% | 124.98% | 49.35% | 6.25% | -273.82% | -145.84% | 1804.72% | 41.23% | 28.48% | 426.61% |
| Net Income | 171.05M | 177.69M | 14.01M | 90.95M | -2M | 5.28M | -15.7M | 48.46M | 6.6M | 4.66M | 14.81M | 2.37M | 2.25M | 4.1M |
| Net Margin % | 11.76% | 12.66% | 1.17% | 8.59% | -0.24% | 0.71% | -2.8% | 8.85% | 1.48% | 1.4% | 5.63% | 1.27% | 1.79% | 4.61% |
| Net Income Growth % | 305.01% | 1168.11% | -84.59% | 4643.16% | -137.89% | 133.65% | -132.4% | 634.1% | 41.74% | -68.56% | 526.38% | 5.35% | -45.23% | - |
| Net Income (Continuing) | 171.05M | 177.69M | 14.01M | 90.95M | -2M | 2.62M | -19.26M | 47M | 6.01M | 6.09M | 14.81M | 2.37M | 2.25M | 4.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -3.71M | -279K | 175K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.33 | 4.52 | 0.36 | 2.32 | -0.05 | 0.14 | -0.54 | 1.34 | 0.18 | 0.13 | 0.44 | 0.08 | -0.03 | 0.04 |
| EPS Growth % | 309.43% | 1155.56% | -84.48% | 4485.63% | -137.79% | 125.93% | -140.3% | 644.44% | 38.46% | -70.45% | 450% | 335.29% | -193.92% | - |
| EPS (Basic) | - | 4.57 | 0.36 | 2.37 | -0.05 | 0.14 | -0.54 | 1.39 | 0.18 | 0.14 | 0.49 | 0.09 | -0.03 | 0.04 |
| Diluted Shares Outstanding | 39.54M | 39.29M | 39.27M | 39.22M | 37.84M | 37.88M | 35.77M | 36.27M | 36.09M | 35.32M | 33.48M | 14.22M | 24.51M | 24.51M |
| Basic Shares Outstanding | 39.28M | 38.92M | 38.63M | 38.4M | 37.84M | 36.76M | 35.77M | 34.75M | 36.09M | 32.98M | 30.46M | 11.99M | 24.51M | 24.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Competitive VTE market saturation
According to recent financial disclosures, Penumbra maintained a 15.6% year-over-year revenue growth rate in 2026Q1, demonstrating the durability of its aspiration-first procedural model despite intensifying competitive pressures in the peripheral vascular space that may challenge the company's ability to sustain double-digit top-line expansion moving forward.
The consistent revenue growth suggests that the company's specialized catheter ecosystem remains a preferred choice for interventionalists, likely benefiting from the non-elective nature of stroke and pulmonary embolism procedures. However, investors should monitor whether the recent deceleration from 2025Q4 levels indicates a maturing market or a temporary lull in hospital capital equipment adoption.
As reported in quarterly filings, Penumbra has stabilized its gross margin at approximately 67.6% in 2026Q1, recovering from the significant 2024Q2 anomaly and suggesting that the company's premium pricing strategy for specialized medical polymers remains effective in defending against potential commoditization within the neurovascular and vascular segments.
The ability to maintain these margins implies that the company possesses meaningful pricing power, likely derived from the high switching costs associated with physician training on its proprietary vacuum hardware. Future margin performance will depend on the company's ability to offset potential manufacturing cost inflation through the introduction of higher-priced, computer-assisted aspiration systems.
Based on the provided income statement data, Penumbra's operating margin of 10.2% in 2026Q1 reflects a persistent reliance on high SG&A expenditures, which appear to scale in tandem with revenue, suggesting that the company has yet to achieve significant operating leverage despite its ongoing expansion into larger vascular markets.
The high level of SG&A spending is likely a function of the specialized sales force required to provide in-room technical support, a necessary cost for maintaining market share in complex surgical environments. This structure warrants further investigation into whether future revenue growth can outpace these support costs to drive meaningful bottom-line expansion.
Analysis of recent income statements reveals that stock-based compensation remains a recurring expense, with $15.3M recorded in 2025Q4, which may suggest that reported net income figures are partially supported by non-cash accounting adjustments that investors should carefully reconcile against the company's actual cash-generating capabilities from core operations.
The presence of consistent stock-based compensation indicates a reliance on equity-based incentives to retain talent, which effectively dilutes shareholders while impacting GAAP earnings. Analysts should monitor the trend of these non-cash charges to determine if they represent a structural drag on the quality of reported earnings over the long term.
Quick answers to the most common questions about buying PEN stock.
For fiscal year 2025, Penumbra, Inc. (PEN) reported total revenue of $1.40B. This represents a 1479.8% increase compared to $88.8M in 2013.
Penumbra, Inc. (PEN) is profitable, generating $177.7M in net income for the fiscal year ending 2025 with a net profit margin of 12.7%.
Penumbra, Inc. (PEN) reported an operating income of $189.2M, resulting in an operating profit margin of 13.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Penumbra, Inc. (PEN) generated $942.4M in gross profit for the year, representing a gross profit margin of 67.1%. This demonstrates the company's core pricing power and production efficiency.