Impinj, Inc. (PI) Financial Ratios
17 years of historical data (2009–2025) · Technology · Communication Equipment
EV/EBITDA
↓
293.57
↓-45% vs avg
5yr avg: 535.57
P/FCF
↑
85.44
+14% vs avg
5yr avg: 74.77
30Y Low38.5·High111.1
P/B Ratio
↓
18.01
↓-76% vs avg
5yr avg: 75.58
30Y Low3.2·High178.8
ROE
↑
-6.0%
↓+98% vs avg
5yr avg: -263.4%
30Y Low-174%·High44%
Debt/EBITDA
↓
22.84
↓-33% vs avg
5yr avg: 34.32
30Y Low3.4·High45.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Impinj, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 85.4x P/FCF, 14% above the 5-year average of 74.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $5.1B | $4.3B | $2.4B | $2.8B | $2.1B | $955M | $565M | $310M | $466M | $725M |
| Enterprise Value | $4.2B | $5.4B | $4.5B | $2.6B | $3.1B | $2.3B | $1.0B | $572M | $318M | $458M | $706M |
| P/E Ratio → | -347.86 | — | 104.50 | — | — | — | — | — | — | — | — |
| P/S Ratio | 10.86 | 14.11 | 11.69 | 7.83 | 10.82 | 11.27 | 6.88 | 3.70 | 2.53 | 3.72 | 6.45 |
| P/B Ratio | 18.01 | 24.35 | 28.57 | 70.57 | 178.84 | — | 8.76 | 4.51 | 3.17 | 3.92 | 5.84 |
| P/FCF | 85.44 | 111.05 | 38.50 | — | — | — | — | 247.90 | — | — | — |
| P/OCF | 66.73 | 86.74 | 33.36 | — | 4350.00 | 331.70 | — | 120.00 | — | — | — |
P/E links to full P/E history page with 30-year chart
PI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Impinj, Inc.'s enterprise value stands at 293.6x EBITDA, 45% below its 5-year average of 535.6x. The Technology sector median is 16.7x, placing the stock at a 1654% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.88 | 12.38 | 8.48 | 11.88 | 12.24 | 7.24 | 3.74 | 2.59 | 3.65 | 6.29 |
| EV / EBITDA | 293.57 | 375.73 | 695.42 | — | — | — | — | — | — | — | 296.57 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 117.12 | 40.77 | — | — | — | — | 250.80 | — | — | — |
PI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Impinj, Inc. earns an operating margin of -0.2%. Operating margins have expanded from -14.1% to -0.2% over the past 3 years, signaling improving operational efficiency. A negative ROE of -6.0% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.0% | 52.0% | 51.6% | 49.4% | 53.5% | 52.0% | 46.9% | 48.4% | 47.5% | 51.8% | 52.9% |
| Operating Margin | -0.2% | -0.2% | -1.9% | -14.1% | -7.6% | -19.6% | -33.9% | -14.2% | -28.4% | -13.6% | -0.4% |
| Net Profit Margin | -3.0% | -3.0% | 11.2% | -14.1% | -9.4% | -26.9% | -37.4% | -15.0% | -28.7% | -13.8% | -1.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.0% | -6.0% | 44.4% | -174.4% | -1076.5% | -104.6% | -44.3% | -20.6% | -32.5% | -14.3% | -2.4% |
| ROA | -2.1% | -2.1% | 9.6% | -12.2% | -7.3% | -19.6% | -24.6% | -12.8% | -23.7% | -10.8% | -1.5% |
| ROIC | -0.1% | -0.1% | -1.7% | -12.4% | -6.3% | -16.8% | -24.3% | -13.7% | -24.2% | -11.8% | -0.6% |
| ROCE | -0.3% | -0.3% | -2.9% | -13.7% | -6.6% | -16.2% | -25.1% | -13.6% | -27.4% | -12.4% | -0.5% |
PI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Impinj, Inc. carries a Debt/EBITDA ratio of 22.8x, which is highly leveraged (676% above the sector average of 2.9x). Net debt stands at $279M ($327M total debt minus $48M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.56 | 1.56 | 1.99 | 8.63 | 18.88 | — | 0.67 | 0.59 | 0.25 | 0.09 | 0.12 |
| Debt / EBITDA | 22.84 | 22.84 | 45.79 | — | — | — | — | — | — | — | 6.34 |
| Net Debt / Equity | — | 1.33 | 1.68 | 5.85 | 17.63 | — | 0.46 | 0.05 | 0.08 | -0.07 | -0.15 |
| Net Debt / EBITDA | 19.47 | 19.47 | 38.73 | — | — | — | — | — | — | — | -7.79 |
| Debt / FCF | — | 6.07 | 2.27 | — | — | — | — | 2.90 | — | — | — |
| Interest Coverage | -1.50 | -1.50 | -0.67 | -8.29 | -3.98 | -13.93 | -7.71 | -12.07 | -22.18 | -18.74 | -0.30 |
PI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Impinj, Inc.'s current ratio of 2.68x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.01x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 8.73x to 2.68x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.68 | 2.68 | 0.99 | 8.73 | 6.49 | 7.21 | 6.21 | 9.07 | 5.26 | 6.52 | 5.86 |
| Quick Ratio | 2.01 | 2.01 | 0.69 | 5.59 | 5.40 | 6.59 | 4.89 | 7.31 | 3.32 | 4.15 | 4.77 |
| Cash Ratio | 1.39 | 1.39 | 0.50 | 3.67 | 4.10 | 5.45 | 3.84 | 5.98 | 2.44 | 2.92 | 3.96 |
| Asset Turnover | — | 0.66 | 0.75 | 0.86 | 0.74 | 0.60 | 0.67 | 0.71 | 0.85 | 0.82 | 0.67 |
| Inventory Turnover | 2.04 | 2.04 | 1.78 | 1.60 | 2.58 | 4.16 | 2.03 | 2.31 | 1.44 | 1.28 | 1.91 |
| Days Sales Outstanding | — | 71.55 | 56.63 | 65.18 | 70.79 | 68.00 | 65.69 | 56.68 | 54.95 | 64.80 | 56.71 |
PI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Impinj, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.0% | — | — | — | — | — | — | — | — |
| FCF Yield | 1.2% | 0.9% | 2.6% | — | — | — | — | 0.4% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $29M | $29M | $27M | $26M | $24M | $23M | $22M | $21M | $21M | $21M |
Peer Comparison
Compare PI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PIYou | $4B | -347.9 | 293.6 | 85.4 | 52.0% | -0.2% | -6.0% | -0.1% | 22.8 |
 SAIC | $4B | 13.3 | 10.2 | 7.5 | 12.1% | 7.2% | 23.3% | 9.9% | 4.0 |
 RFIL | $193M | 2544.3 | 40.7 | 44.5 | 30.8% | 3.5% | 0.2% | 3.6% | 5.0 |
 OSIS | $4B | 25.6 | 16.3 | 65.5 | 34.3% | 12.7% | 16.5% | 11.5% | 2.6 |
 IDCC | $8B | 25.1 | 13.7 | 14.4 | 80.3% | 55.3% | 41.5% | 40.9% | 0.9 |
 COHU | $3B | -43.6 | — | 303.8 | 34.5% | -13.3% | -9.0% | -5.7% | — |
 ONTO | $17B | 120.1 | 84.2 | 55.4 | 49.7% | 13.2% | 6.8% | 5.7% | 0.1 |
 VICR | $15B | 127.0 | 252.6 | 125.3 | 52.6% | 9.0% | 18.5% | 8.9% | 0.2 |
 SMTC | $15B | -344.0 | 86.2 | 92.3 | 51.6% | 12.7% | -7.3% | 11.8% | 2.8 |
 SLAB | $7B | -111.0 | — | 110.2 | 58.2% | -9.0% | -6.0% | -6.8% | — |
 FORM | $12B | 216.7 | 104.4 | 993.0 | 39.1% | 8.2% | 5.5% | 5.4% | 0.4 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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PI — Frequently Asked Questions
Quick answers to the most common questions about buying PI stock.
What is Impinj, Inc.'s P/E ratio?
Impinj, Inc.'s current P/E ratio is -347.9x. The historical average is 104.5x.
What is Impinj, Inc.'s EV/EBITDA?
Impinj, Inc.'s current EV/EBITDA is 293.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
What is Impinj, Inc.'s ROE?
Impinj, Inc.'s return on equity (ROE) is -6.0%. The historical average is -36.7%.
Is PI stock overvalued?
Based on historical data, Impinj, Inc. is trading at a P/E of -347.9x. Compare with industry peers and growth rates for a complete picture.
What are Impinj, Inc.'s profit margins?
Impinj, Inc. has 52.0% gross margin and -0.2% operating margin.
How much debt does Impinj, Inc. have?
Impinj, Inc.'s Debt/EBITDA ratio is 22.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.