Operating cash flow remains erratic, evidenced by a 2026Q1 OCF/NI ratio of -0.16, which suggests that accounting profits are not effectively converting into liquid resources.
| 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 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 73.87M | 58.75M | 128.31M | -49.38M | 641K | 6.46M | -16.88M | 4.71M | -11.78M | -35.89M | -9.5M | 3.46M | -832K | 6.13M | -14.6M | -8.85M |
| Operating CF Margin % | - | 16.27% | 35.05% | -16.06% | 0.25% | 3.4% | -12.15% | 3.08% | -9.6% | -28.64% | -8.46% | 4.4% | -1.3% | 11.05% | -45.92% | -42.53% |
| Operating CF Growth % | 237.6% | -54.22% | 359.83% | -7803.91% | -90.09% | 138.31% | -458.47% | 139.98% | 67.18% | -277.87% | -374.8% | 515.38% | -113.57% | 141.99% | -64.93% | - |
| Net Income | -27.66M | -10.85M | 40.84M | -43.37M | -24.3M | -51.26M | -51.92M | -22.99M | -35.23M | -17.32M | -1.67M | 900K | 297K | 235K | -11.38M | -10.31M |
| Depreciation & Amortization | 14.65M | 15.04M | 13.59M | 13.62M | 6.04M | 4.6M | 4.5M | 4.81M | 4.53M | 3.95M | 2.87M | 1.97M | 1.37M | 994K | 1.32M | 1.5M |
| Stock-Based Compensation | 42.27M | 0 | 56.55M | 47.99M | 42.44M | 40.5M | 25.68M | 18.49M | 11.32M | 7.43M | 2.77M | 1.18M | 1.18M | 807K | 499K | 313K |
| Deferred Taxes | -406K | -396K | -567K | -931K | 0 | 0 | 0 | 0 | -395K | 70K | -528K | -703K | 398K | 0 | 341K | 191K |
| Other Non-Cash Items | 41.35M | 69.75M | 1.87M | 1.54M | 3.66M | 12.34M | 3.9M | 276K | -798K | 95K | 239K | 152K | 182K | -1.76M | 1.38M | -160K |
| Working Capital Changes | 3.67M | -14.8M | 16.04M | -68.24M | -27.2M | 288K | 963K | 4.12M | 8.8M | -30.11M | -13.17M | -43K | -4.25M | 5.85M | -6.75M | -389K |
| Change in Receivables | -15.11M | -13.73M | -2M | -3.71M | -14.55M | -10.45M | -1.27M | -5.27M | 3.78M | -4.82M | -4.51M | -3.33M | -3.61M | 2.51M | -6.72M | 1.33M |
| Change in Inventory | 12.24M | 14.49M | -2.22M | -49.58M | -24.44M | 14.37M | -2.18M | 10.57M | 2.36M | -19.35M | -15.9M | -2.78M | -799K | 2.34M | -6.59M | 101K |
| Change in Payables | 4.65M | -3.38M | 9.27M | -12.3M | 7.37M | 2.34M | 3.49M | 1.05M | 326K | -2.84M | 3.88M | 754K | 1.4M | 0 | 5.64M | -283K |
| Cash from Investing | -43.51M | -48.02M | -192.57M | 115.81M | -102.8M | -18.64M | -36.29M | -13.1M | -5.67M | 21.4M | -70.63M | -7.45M | -817K | -940K | 3.57M | 11.85M |
| Capital Expenditures | -12.74M | -12.86M | -17.11M | -18.59M | -12.08M | -16.23M | -3.07M | -2.43M | -6.37M | -6.55M | -3.53M | -7.45M | -1.02M | -940K | -468K | -100K |
| CapEx % of Revenue | 3.53% | 3.56% | 4.67% | 6.05% | 4.69% | 8.53% | 2.21% | 1.59% | 5.19% | 5.23% | 3.14% | 9.49% | 1.59% | 1.69% | 1.47% | 0.48% |
| Acquisitions | 0 | 0 | 0 | -23.36M | 279K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -16K | 0 | 0 | 0 | 0 | 701K | 27.95M | -67.1M | 0 | 200K | 0 | 349K | 672K |
| Cash from Financing | -59.56M | -8.93M | 15.68M | 8.74M | -2.15M | 112.44M | 9.9M | 57.76M | 15.69M | 137K | 103.64M | 7.18M | -2.59M | -1.42M | 10.16M | -427K |
| Debt Issued (Net) | -17.55M | -17.55M | 0 | 0 | -17.56M | 94.8M | -257K | 48.63M | 13M | -3.92M | -5.11M | 6.96M | -3.29M | -1.51M | 0 | 0 |
| Equity Issued (Net) | 5.95M | 11.79M | 20.28M | 8.74M | 15.42M | 296.07M | 10.16M | 9.13M | 0 | 0 | 108.1M | 0 | 0 | 0 | 105K | 26K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -47.96M | -3.17M | -4.6M | 0 | 0 | -278.42M | 0 | 0 | 2.69M | 4.06M | 662K | 216K | 702K | 94K | 10.06M | -453K |
| Net Change in Cash | -29.02M | 2.15M | -48.74M | 75.2M | -104.31M | 100.27M | -43.26M | 49.37M | -1.75M | -14.35M | 23.52M | 3.18M | -4.24M | 3.77M | -872K | 2.56M |
| Free Cash Flow | 61.12M | 45.88M | 111.2M | -68.22M | -11.44M | -9.77M | -19.95M | 2.28M | -18.14M | -42.44M | -13.03M | -3.99M | -1.85M | 5.19M | -15.07M | -8.95M |
| FCF Margin % | 16.93% | 12.71% | 30.37% | -22.18% | -4.44% | -5.13% | -14.36% | 1.49% | -14.8% | -33.87% | -11.6% | -5.09% | -2.9% | 9.35% | -47.39% | -43.01% |
| FCF Growth % | 38.12% | -58.74% | 262.99% | -496.47% | -17.13% | 51.06% | -975.43% | 112.56% | 57.25% | -225.77% | -226.16% | -116.01% | -135.62% | 134.45% | -68.31% | - |
| FCF per Share | 2.02 | 1.57 | 3.77 | -2.55 | -0.45 | -0.40 | -0.87 | 0.10 | -0.85 | -2.05 | -0.64 | -0.31 | -0.14 | 0.41 | -1.18 | -0.70 |
| FCF Conversion (FCF/Net Income) | -2.21x | -5.42x | 3.14x | 1.14x | -0.03x | -0.13x | 0.33x | -0.20x | 0.33x | 2.07x | 5.68x | 3.84x | -2.80x | -0.55x | 1.28x | 0.90x |
| Interest Paid | 0 | 0 | 0 | 3.23M | 0 | 1.56M | 0 | 0 | 0 | 0 | 1.5M | 973K | 718K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46K | 41K | 21K | 0 | 0 | 0 |
Retail cycle demand volatility
As reported in recent financial statements, Impinj's operating cash flow frequently decouples from net income, evidenced by a 2026Q1 OCF/NI ratio of -0.16, which suggests that accounting profits, when present, are not being effectively converted into the liquid resources necessary to sustain the company's high-cost fabless operations.
The persistent gap between net income and operating cash flow indicates that the company's earnings quality is heavily influenced by non-cash items and accruals. Investors should monitor whether this divergence is a structural feature of the business model or a temporary byproduct of aggressive R&D capitalization and stock-based compensation.
Based on the provided quarterly data, Impinj's free cash flow trajectory is highly erratic, swinging from a peak of $53.9M in 2024Q1 to a negative $13.0M in 2025Q1, which highlights the company's extreme sensitivity to lumpy systems project revenue and retail-driven inventory cycles.
The inability to maintain a consistent positive FCF margin suggests that the company's cash generation is not yet self-sustaining. This volatility warrants further investigation into whether the current cost structure can be scaled down during periods of revenue contraction without compromising the company's long-term technological moat.
According to historical cash flow data, working capital changes have been a primary driver of quarterly cash fluctuations, including a significant $18.5M outflow in 2025Q1, which suggests that the company's cash position is highly vulnerable to the timing of inventory procurement and partner-level payment cycles.
The reliance on working capital shifts to bolster operating cash flow appears to be a recurring theme that obscures the underlying cash burn. This dynamic suggests that the company's liquidity is tied to the efficiency of its channel partners, making it susceptible to sudden cash crunches if those partners delay payments or reduce orders.
As indicated by the provided financial tables, stock-based compensation consistently exceeds $12M per quarter, effectively acting as a hidden cash-equivalent expense that masks the true operational burn rate and dilutes the value of cash flow metrics for shareholders evaluating the company's long-term sustainability.
By treating SBC as a non-cash add-back, the company presents a more favorable cash flow picture than the underlying operational reality suggests. Investors should consider adjusting cash flow metrics to account for this recurring dilution, as it represents a significant cost of talent that is not captured in traditional FCF calculations.
Quick answers to the most common questions about buying PI stock.
Impinj, Inc. (PI) generated $58.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Impinj, Inc. (PI) generated $45.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Impinj, Inc. (PI) spent $12.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.