Impinj, Inc. (PI) 10-Year Financial Performance & Capital Metrics

PI • • Industrial / General

TechnologyCommunication EquipmentIoT & M2M CommunicationsIoT Connectivity Platforms

AboutImpinj, Inc. operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform, which comprises multiple product families, wirelessly connects individual items and delivers data about the connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item. Its platform also consists of systems products that comprise reader ICs, readers, and gateways to wirelessly provide power to and communicate bidirectionally with endpoint ICs on host items, as well as to read, write, authenticate, and engage the endpoint ICs on those items; and software and algorithms that enables its partners to deliver use cases, such as retail self-checkout and loss prevention, and warehouse pallet and carton tracking to end-users. The company primarily serves retail, supply chain and logistics, aviation, automotive, healthcare, industrial and manufacturing, sports, food, datacenter, travel, banking, and linen and uniform tracking sectors through distributors, system integrators, value-added resellers, and software solution partners. Impinj, Inc. was incorporated in 2000 and is headquartered in Seattle, Washington.Show more

Revenue $366M +19.0%
EBITDA $7M +121.8%
Net Income $41M +194.2%
EPS (Diluted) 1.39 +185.8%
Gross Margin 51.59% +4.4%
EBITDA Margin 1.78% +118.3%
Operating Margin -1.93% +86.3%
Net Margin 11.16% +179.1%
ROE 44.39% +125.4%
ROIC -1.68% +86.5%
Debt/Equity 1.95 -77.4%
Interest Coverage -1.45 +83.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 30.4% free cash flow margin
✓Momentum leader: RS Rating 88 (top 12%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 19.1%

✗Weaknesses

✗Shares diluted 10.2% in last year
✗Trading more than 30% below 52-week high
✗Expensive at 33.8x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.1%

5Y19.09%

3Y24.37%

TTM4.24%

Profit (Net Income) CAGR

10Y63.62%

5Y-

3Y-

TTM-143.73%

EPS CAGR

10Y-

5Y-

3Y-

TTM-150.11%

ROCE

10Y Avg-11.27%

5Y Avg-12.89%

3Y Avg-7.74%

Latest-2.91%

Peer Comparison

IoT Connectivity Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PIImpinj, Inc.	5.17B	171.71	123.53	19.04%	-3.45%	-6.36%	2.15%	1.95
INSGInseego Corp.	179.02M	11.68	116.80	14.32%	-0.12%		18.67%
DGIIDigi International Inc.	1.62B	43.20	40	1.46%	9.48%	6.41%	6.65%	0.27
BOSCB.O.S. Better Online Solutions Ltd.	30.19M	4.88	12.51	-9.57%	6.78%	12.99%	2.57%	0.10
ASNSActelis Networks, Inc.	3.86M	0.48	-0.06	38.42%	-223.94%	-254.3%		0.45
FIEEFiEE, Inc.	22.22M	3.53	-2.63	-97.55%	-56.38%	-28.64%
MOBMobilicom Ltd	83.97M	7.02	-5.32	44.98%	-196.92%	-312.22%		0.06
AIOTPowerFleet, Inc.	756.11M	5.65	-13.14		-10.93%	-9.17%		0.64

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	78.48M	112.29M	125.3M	122.63M	152.84M	138.92M	190.28M	257.8M	307.54M	366.09M
Revenue Growth %	0.23%	0.43%	0.12%	-0.02%	0.25%	-0.09%	0.37%	0.35%	0.19%	0.19%
Cost of Goods Sold+	37.51M	52.83M	60.36M	64.35M	78.83M	73.78M	91.33M	119.92M	155.56M	177.23M
COGS % of Revenue	0.48%	0.47%	0.48%	0.52%	0.52%	0.53%	0.48%	0.47%	0.51%	0.48%
Gross Profit+	40.97M	59.45M	64.94M	58.28M	74M	65.14M	98.95M	137.88M	151.98M	188.85M
Gross Margin %	0.52%	0.53%	0.52%	0.48%	0.48%	0.47%	0.52%	0.53%	0.49%	0.52%
Gross Profit Growth %	0.22%	0.45%	0.09%	-0.1%	0.27%	-0.12%	0.52%	0.39%	0.1%	0.24%
Operating Expenses+	39.24M	59.94M	81.96M	93.15M	95.66M	112.21M	136.2M	157.36M	195.47M	195.92M
OpEx % of Revenue	0.5%	0.53%	0.65%	0.76%	0.63%	0.81%	0.72%	0.61%	0.64%	0.54%
Selling, General & Admin	21.67M	34.76M	49.74M	55.23M	56.78M	58.26M	70.42M	83.36M	98.68M	90.39M
SG&A % of Revenue	0.28%	0.31%	0.4%	0.45%	0.37%	0.42%	0.37%	0.32%	0.32%	0.25%
Research & Development	17M	25.18M	32.22M	34.17M	38.88M	48.59M	64.06M	74.11M	88.56M	98.83M
R&D % of Revenue	0.22%	0.22%	0.26%	0.28%	0.25%	0.35%	0.34%	0.29%	0.29%	0.27%
Other Operating Expenses	0	0	0	3.75M	0	5.36M	1.72M	-102K	8.22M	6.7M
Operating Income+	1.6M	-488K	-17.02M	-34.87M	-21.66M	-47.07M	-37.25M	-19.48M	-43.48M	-7.07M
Operating Margin %	0.02%	-0%	-0.14%	-0.28%	-0.14%	-0.34%	-0.2%	-0.08%	-0.14%	-0.02%
Operating Income Growth %	2.51%	-1.3%	-33.88%	-1.05%	0.38%	-1.17%	0.21%	0.48%	-1.23%	0.84%
EBITDA+	3.57M	2.38M	-13.07M	-30.34M	-16.85M	-42.57M	-32.65M	-13.44M	-29.86M	6.52M
EBITDA Margin %	0.05%	0.02%	-0.1%	-0.25%	-0.11%	-0.31%	-0.17%	-0.05%	-0.1%	0.02%
EBITDA Growth %	0.96%	-0.33%	-6.49%	-1.32%	0.44%	-1.53%	0.23%	0.59%	-1.22%	1.22%
D&A (Non-Cash Add-back)	1.97M	2.87M	3.95M	4.53M	4.81M	4.5M	4.6M	6.04M	13.62M	13.59M
EBIT	1.6M	-488K	-17.02M	-31.12M	-21.66M	-41.71M	-35.53M	-19.58M	-40.21M	-3.27M
Net Interest Income+	-535K	-1.63M	-908K	-1.4M	-1.79M	-5.41M	-2.55M	-4.92M	-4.85M	-4.87M
Interest Income	673K	0	0	0	0	0	0	0	0	0
Interest Expense	1.21M	1.63M	908K	1.4M	1.79M	5.41M	2.55M	4.92M	4.85M	4.87M
Other Income/Expense	-535K	-1.02M	-400K	-595K	-1.13M	-4.76M	-13.86M	-4.64M	-204K	48.06M
Pretax Income+	1.07M	-1.5M	-17.42M	-35.46M	-22.79M	-51.83M	-51.11M	-24.12M	-43.69M	40.99M
Pretax Margin %	0.01%	-0.01%	-0.14%	-0.29%	-0.15%	-0.37%	-0.27%	-0.09%	-0.14%	0.11%
Income Tax+	166K	168K	-97K	-233K	198K	89K	153K	184K	-322K	157K
Effective Tax Rate %	0.84%	1.11%	0.99%	0.99%	1.01%	1%	1%	1.01%	0.99%	1%
Net Income+	900K	-1.67M	-17.32M	-35.23M	-22.99M	-51.92M	-51.26M	-24.3M	-43.37M	40.84M
Net Margin %	0.01%	-0.01%	-0.14%	-0.29%	-0.15%	-0.37%	-0.27%	-0.09%	-0.14%	0.11%
Net Income Growth %	2.03%	-2.86%	-9.35%	-1.03%	0.35%	-1.26%	0.01%	0.53%	-0.78%	1.94%
Net Income (Continuing)	900K	-1.67M	-17.32M	-35.23M	-22.99M	-51.92M	-51.26M	-24.3M	-43.37M	40.84M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.81	-0.08	-0.84	-1.65	-1.05	-2.28	-2.12	-0.95	-1.62	1.39
EPS Growth %	0.06%	0.9%	-9.29%	-0.96%	0.36%	-1.17%	0.07%	0.55%	-0.71%	1.86%
EPS (Basic)	-0.81	-0.08	-0.84	-1.65	-1.05	-2.28	-2.12	-0.95	-1.62	1.46
Diluted Shares Outstanding	12.79M	20.51M	20.68M	21.33M	21.85M	22.82M	24.18M	25.54M	26.75M	29.47M
Basic Shares Outstanding	12.79M	19.71M	20.68M	21.33M	21.85M	22.82M	24.18M	25.54M	26.75M	27.95M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	35.94M	148.73M	129.8M	121.21M	176.77M	171.36M	255.8M	275.17M	269.7M	326.4M
Cash & Short-Term Investments	10.12M	100.54M	58.12M	56.07M	116.5M	106.09M	193.35M	173.75M	113.23M	164.71M
Cash Only	10.12M	33.64M	19.29M	17.53M	66.9M	23.64M	123.9M	19.6M	94.79M	46.05M
Short-Term Investments	0	66.91M	38.83M	38.54M	49.6M	82.45M	69.44M	154.15M	18.44M	118.66M
Accounts Receivable	12.89M	17.45M	22.24M	18.46M	23.73M	25M	35.45M	50M	54.92M	56.8M
Days Sales Outstanding	59.95	56.71	64.8	54.95	56.68	65.69	68	70.79	65.18	56.63
Inventory	11.84M	27.73M	47.08M	44.73M	34.15M	36.33M	21.96M	46.4M	97.17M	99.35M
Days Inventory Outstanding	115.2	191.6	284.72	253.68	158.13	179.72	87.76	141.22	228	204.6
Other Current Assets	0	3M	0	1.95M	2.39M	0	5.05M	5.03M	4.37M	5.54M
Total Non-Current Assets+	16.91M	18.81M	22.23M	23.86M	38.28M	36.25M	59.73M	74.57M	89.71M	162.68M
Property, Plant & Equipment	12.35M	14.93M	18.11M	19.78M	33.94M	30.29M	39.17M	49.52M	54.63M	57.75M
Fixed Asset Turnover	6.35x	7.52x	6.92x	6.20x	4.50x	4.59x	4.86x	5.21x	5.63x	6.34x
Goodwill	3.88M	3.88M	3.88M	3.88M	3.88M	3.88M	3.88M	3.88M	19.7M	18.72M
Intangible Assets	37K	0	0	0	0	0	0	0	13.91M	10.29M
Long-Term Investments	0	0	0	0	0	0	14.22M	19.2M	0	74.87M
Other Non-Current Assets	637K	0	241K	196K	453K	2.08M	2.46M	1.97M	1.48M	1.04M
Total Assets+	52.85M	167.54M	152.03M	145.07M	215.05M	207.62M	315.54M	349.74M	359.41M	489.08M
Asset Turnover	1.48x	0.67x	0.82x	0.85x	0.71x	0.67x	0.60x	0.74x	0.86x	0.75x
Asset Growth %	0.56%	2.17%	-0.09%	-0.05%	0.48%	-0.03%	0.52%	0.11%	0.03%	0.36%
Total Current Liabilities+	17.47M	25.38M	19.92M	23.02M	19.5M	27.59M	35.5M	42.37M	30.88M	331.18M
Accounts Payable	3.18M	7.17M	4.67M	4.64M	5.6M	10.14M	11.73M	25.02M	8.66M	17.25M
Days Payables Outstanding	30.97	49.51	28.22	26.33	25.93	50.18	46.89	76.17	20.32	35.53
Short-Term Debt	5.23M	3.72M	5.02M	5.93M	94K	0	13.78M	0	0	287.08M
Deferred Revenue (Current)	684K	445K	714K	649K	551K	1000K	558K	1000K	1000K	1000K
Other Current Liabilities	942K	6.82M	5.42M	3.87M	5.76M	5.53M	2.22M	9.05M	8.52M	24.99M
Current Ratio	2.06x	5.86x	6.52x	5.26x	9.07x	6.21x	7.21x	6.49x	8.73x	0.99x
Quick Ratio	1.38x	4.77x	4.15x	3.32x	7.31x	4.89x	6.59x	5.40x	5.59x	0.69x
Cash Conversion Cycle	144.18	198.81	321.3	282.29	188.88	195.23	108.87	135.84	272.86	225.7
Total Non-Current Liabilities+	22.45M	18.13M	13.17M	24.16M	70.31M	70.9M	291.11M	291.78M	294.4M	8.04M
Long-Term Debt	10.68M	9.68M	5.5M	17.63M	50.88M	54.56M	278.66M	280.24M	281.86M	5.72M
Capital Lease Obligations	2.53M	1.7M	745K	258K	18.91M	15.27M	11.93M	11.07M	9.36M	0
Deferred Tax Liabilities	7.85M	5.02M	5.89M	5.29M	0	0	0	118K	2.91M	2.2M
Other Non-Current Liabilities	-4.31M	5.79M	6.42M	6.08M	314K	805K	279K	0	0	120K
Total Liabilities	39.92M	43.51M	33.09M	47.19M	89.81M	98.5M	326.61M	334.15M	325.28M	339.22M
Total Debt+	19.63M	15.09M	11.27M	24.93M	73.52M	73.46M	308.51M	294.43M	294.59M	292.8M
Net Debt	9.51M	-18.54M	-8.02M	7.4M	6.62M	49.83M	184.61M	274.83M	199.79M	246.75M
Debt / Equity	1.52x	0.12x	0.09x	0.25x	0.59x	0.67x	-	18.88x	8.63x	1.95x
Debt / EBITDA	5.49x	6.34x	-	-	-	-	-	-	-	44.92x
Net Debt / EBITDA	2.66x	-7.79x	-	-	-	-	-	-	-	37.85x
Interest Coverage	1.33x	-0.30x	-18.74x	-24.85x	-12.07x	-8.70x	-14.61x	-3.96x	-8.97x	-1.45x
Total Equity+	12.93M	124.02M	118.94M	97.88M	125.24M	109.12M	-11.08M	15.59M	34.13M	149.86M
Equity Growth %	0.27%	8.59%	-0.04%	-0.18%	0.28%	-0.13%	-1.1%	2.41%	1.19%	3.39%
Book Value per Share	1.01	6.05	5.75	4.59	5.73	4.78	-0.46	0.61	1.28	5.09
Total Shareholders' Equity	12.93M	124.02M	118.94M	97.88M	125.24M	109.12M	-11.08M	15.59M	34.13M	149.86M
Common Stock	4K	20K	21K	21K	22K	23K	25K	26K	27K	29K
Retained Earnings	-185.31M	-187.2M	-204.53M	-239.76M	-262.74M	-314.67M	-362.48M	-386.79M	-430.15M	-389.31M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-8.97M	-10K	-36K	-9K	34K	3K	-39K	-1.25M	355K	-1.94M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.46M	-9.5M	-35.89M	-11.78M	4.71M	-16.88M	6.46M	641K	-49.38M	128.31M
Operating CF Margin %	0.04%	-0.08%	-0.29%	-0.1%	0.03%	-0.12%	0.03%	0%	-0.16%	0.35%
Operating CF Growth %	5.15%	-3.75%	-2.78%	0.67%	1.4%	-4.58%	1.38%	-0.9%	-78.04%	3.6%
Net Income	900K	-1.67M	-17.32M	-35.23M	-22.99M	-51.92M	-51.26M	-24.3M	-43.37M	40.84M
Depreciation & Amortization	1.97M	2.87M	3.95M	4.53M	4.81M	4.5M	4.6M	6.04M	13.62M	13.59M
Stock-Based Compensation	1.18M	2.77M	7.43M	11.32M	0	0	40.5M	0	47.99M	56.55M
Deferred Taxes	-703K	-528K	70K	-395K	0	0	0	0	-931K	-567K
Other Non-Cash Items	152K	239K	95K	-798K	18.76M	29.58M	12.34M	46.1M	1.54M	1.87M
Working Capital Changes	-43K	-13.17M	-30.11M	8.8M	4.12M	963K	288K	-27.2M	-68.24M	16.04M
Change in Receivables	-3.33M	-4.51M	-4.82M	3.78M	-5.27M	-1.27M	-10.45M	-14.55M	-3.71M	-2M
Change in Inventory	-2.78M	-15.9M	-19.35M	2.36M	10.57M	-2.18M	14.37M	-24.44M	-49.58M	-2.22M
Change in Payables	754K	3.88M	-2.84M	326K	1.05M	3.49M	2.34M	7.37M	-12.3M	9.27M
Cash from Investing+	-7.45M	-70.63M	21.4M	-5.67M	-13.1M	-36.29M	-18.64M	-102.8M	115.81M	-192.57M
Capital Expenditures	-7.45M	-3.53M	-6.55M	-6.37M	-2.43M	-3.07M	-16.23M	-12.08M	-18.59M	-17.11M
CapEx % of Revenue	0.09%	0.03%	0.05%	0.05%	0.02%	0.02%	0.09%	0.05%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	-67.1M	27.95M	701K	0	0	0	0	-16K	0
Cash from Financing+	7.18M	103.64M	137K	15.69M	57.76M	9.9M	112.44M	-2.15M	8.74M	15.68M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	216K	662K	4.06M	2.69M	0	0	17.65M	0	8.74M	-4.6M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-3.99M	-13.03M	-42.44M	-18.14M	2.28M	-19.95M	-9.77M	-11.44M	-68.22M	111.2M
FCF Margin %	-0.05%	-0.12%	-0.34%	-0.15%	0.01%	-0.14%	-0.05%	-0.04%	-0.22%	0.3%
FCF Growth %	-1.16%	-2.26%	-2.26%	0.57%	1.13%	-9.75%	0.51%	-0.17%	-4.96%	2.63%
FCF per Share	-0.31	-0.64	-2.05	-0.85	0.10	-0.87	-0.40	-0.45	-2.55	3.77
FCF Conversion (FCF/Net Income)	3.84x	5.68x	2.07x	0.33x	-0.20x	0.33x	-0.13x	-0.03x	1.14x	3.14x
Interest Paid	973K	1.5M	0	0	0	0	1.56M	0	3.23M	0
Taxes Paid	41K	46K	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.79%	-2.44%	-14.26%	-32.5%	-20.6%	-44.31%	-104.57%	-1076.46%	-174.43%	44.39%
Return on Invested Capital (ROIC)	6.8%	-0.57%	-11.8%	-24.19%	-13.7%	-24.28%	-16.8%	-6.3%	-12.44%	-1.68%
Gross Margin	52.21%	52.95%	51.83%	47.52%	48.42%	46.89%	52%	53.48%	49.42%	51.59%
Net Margin	1.15%	-1.49%	-13.82%	-28.73%	-15.04%	-37.38%	-26.94%	-9.43%	-14.1%	11.16%
Debt / Equity	1.52x	0.12x	0.09x	0.25x	0.59x	0.67x	-	18.88x	8.63x	1.95x
Interest Coverage	1.33x	-0.30x	-18.74x	-24.85x	-12.07x	-8.70x	-14.61x	-3.96x	-8.97x	-1.45x
FCF Conversion	3.84x	5.68x	2.07x	0.33x	-0.20x	0.33x	-0.13x	-0.03x	1.14x	3.14x
Revenue Growth	23.08%	43.08%	11.59%	-2.13%	24.63%	-9.1%	36.97%	35.48%	19.29%	19.04%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Endpoint I Cs	-	91.7M	84.97M	97.66M	102.33M	139.25M	191.53M	234.43M	305.92M
Endpoint I Cs Growth	-	-	-7.33%	14.93%	4.78%	36.08%	37.55%	22.40%	30.50%
Systems	-	33.6M	37.66M	55.18M	36.6M	51.03M	66.27M	73.11M	60.17M
Systems Growth	-	-	12.08%	46.52%	-33.68%	39.45%	29.85%	10.33%	-17.70%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Asia Pacific	73.08M	80.53M	79.29M	89.01M	98.48M	133.15M	168.25M	176.41M	209.54M
Asia Pacific Growth	-	10.19%	-1.54%	12.26%	10.64%	35.20%	26.36%	4.85%	18.78%
Americas	26.4M	29.66M	30.64M	53.26M	30.96M	38.02M	57.13M	96.42M	110.16M
Americas Growth	-	12.33%	3.30%	73.85%	-41.87%	22.80%	50.26%	68.77%	14.25%
EMEA	-	-	-	-	-	-	32.42M	34.71M	46.39M
EMEA Growth	-	-	-	-	-	-	-	7.06%	33.65%
E M E A	12.8M	15.11M	12.71M	10.56M	9.48M	19.11M	-	-	-
E M E A Growth	-	18.05%	-15.92%	-16.86%	-10.28%	101.62%	-	-	-

Frequently Asked Questions

Valuation & Price

Impinj, Inc. (PI) has a price-to-earnings (P/E) ratio of 123.5x. This suggests investors expect higher future growth.

Growth & Financials

Impinj, Inc. (PI) reported $359.8M in revenue for fiscal year 2024. This represents a 1628% increase from $20.8M in 2009.

Impinj, Inc. (PI) grew revenue by 19.0% over the past year. This is strong growth.

Impinj, Inc. (PI) reported a net loss of $12.4M for fiscal year 2024.

Dividend & Returns

Impinj, Inc. (PI) has a return on equity (ROE) of 44.4%. This is excellent, indicating efficient use of shareholder capital.

Impinj, Inc. (PI) generated $40.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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