Latest Ratios: P/E Ratio -566.9x · EV/EBITDA 432.6x · ROE -6.0%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.2B | $5.1B | $4.3B | $2.4B | $2.8B | $2.1B | $955M | $565M | $310M | $466M | $725M |
| Enterprise Value | $5.5B | $5.4B | $4.5B | $2.6B | $3.1B | $2.3B | $1.0B | $572M | $318M | $458M | $706M |
| P/E Ratio → | -566.89 | — | 104.50 | — | — | — | — | — | — | — | — |
| P/S Ratio | 13.48 | 14.11 | 11.69 | 7.83 | 10.82 | 11.27 | 6.88 | 3.70 | 2.53 | 3.72 | 6.45 |
| P/B Ratio | 23.94 | 24.35 | 28.57 | 70.57 | 178.84 | — | 8.76 | 4.51 | 3.17 | 3.92 | 5.84 |
| P/FCF | 79.63 | 111.05 | 38.50 | — | — | — | — | 247.90 | — | — | — |
| P/OCF | 88.95 | 86.74 | 33.36 | — | 4350.00 | 331.70 | — | 120.00 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 432.55 | 375.73 | 695.42 | — | — | — | — | — | — | — | 296.57 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 117.12 | 40.77 | — | — | — | — | 250.80 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 1.3% | 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 |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying PI stock.
Impinj, Inc.'s current P/E ratio is -566.9x. The historical average is 104.5x.
Impinj, Inc.'s current EV/EBITDA is 432.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Impinj, Inc.'s return on equity (ROE) is -6.0%. The historical average is -36.7%.
Based on historical data, Impinj, Inc. is trading at a P/E of -566.9x. Compare with industry peers and growth rates for a complete picture.
Impinj, Inc. has 52.0% gross margin and -0.2% operating margin.
Impinj, Inc.'s Debt/EBITDA ratio is 22.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Thin cash cushion amid volatility
Metrics are mathematically derived from official filings.
Premium Multiples Priced for Recovery
Based on reported figures, Impinj trades at a forward P/E of 71.10 and forward EV/EBITDA of 49.47, multiples that imply investors are pricing in a sustained earnings recovery well beyond current GAAP profitability levels.
The trailing P/E of -435.19 is not meaningful given negative GAAP earnings, so the forward multiples carry most of the valuation signal. Against peers such as SAIC at 19.07 P/E and OSIS at 22.00, Impinj's forward multiple suggests the market is capitalizing a margin expansion thesis rather than current earnings. Investors should monitor whether operating margins can sustain the recent 4.1% level to justify these multiples.
Gross Margin Stable, Operating Leverage Elusive
As reported in financial statements, Impinj's gross margin oscillated between 49.1% and 58.6% over ten quarters, while operating margin swung from a 20.4% loss to a 4.1% profit, indicating operating expenses have absorbed much of the gross profit gains.
The gross margin band appears structurally anchored near 50 to 55 percent rather than trending higher, which suggests the endpoint and systems mix has not shifted decisively toward higher-margin revenue. R&D consuming roughly 25 to 30 percent of revenue is the dominant fixed cost driver, and the gap between non-GAAP strength and GAAP net margin of -3.0% warrants scrutiny of earnings quality. Net margin relative to IDCC's 48.8% and OSIS's 8.7% highlights a profitability gap that appears more structural than temporary.
Returns Oscillate Without Compounding
According to recent SEC filings, Impinj's ROIC has moved between -2.5% and 3.3% across the ten quarters, with the most recent reading of 0.7% well below the 41.4% ROIC reported by peer InterDigital, indicating limited capital compounding.
Returns on invested capital have been positive only in brief windows, and the pattern suggests the company is not yet generating returns above its cost of capital on a consistent basis. ROE of 1.8% in the latest quarter reflects both thin earnings and an equity base that has been rebuilt through capital injections rather than retained profits. The trajectory suggests returns are driven more by quarterly margin timing than by a durable efficiency improvement.
Deleveraging Offsets Coverage Volatility
Based on reported figures, Impinj's debt-to-equity ratio fell from 2.58 to 0.70 over the period while interest coverage remained erratic, moving from 9.18 to negative readings in several quarters as operating income fluctuated.
The sharp decline in D/E reflects equity growth and debt reduction, lowering refinancing pressure relative to the earlier period. Interest coverage has been unreliable as a signal given quarters of negative operating income, so debt service comfort should be assessed against cash flow rather than EBIT. Investors should monitor whether debt continues to decline and whether coverage stabilizes at positive levels.
Current Ratio Masks Thin Cash Cushion
As reported in financial statements, Impinj's current ratio of 9.42 and quick ratio of 7.07 appear strong, yet cash of $38.7M in 2026Q3 is down from $73.7M in 2024Q3, leaving limited headroom under a retail-driven downturn.
The elevated current ratio is partly a function of receivables and inventory relative to a modest current liabilities base, so headline liquidity may overstate flexibility. The quick ratio remains high, which suggests near-term obligations are covered, but the absolute cash level is thin relative to quarterly operating cost of roughly $52M to $54M. Under a prolonged retail slowdown, the cash balance may warrant close monitoring.
Ratio Strength Overstates Earning Power
The price-to-book multiple of 22.54 is most often misapplied to Impinj, as book value of roughly $302.3M is shaped by capital injections and a -$408.5M accumulated deficit rather than by a record of retained earnings.
Applying P/B as a valuation anchor for a fabless semiconductor company with systematic GAAP losses obscures how much capital has historically been consumed to reach current equity levels. An alternative approach would weight forward free cash flow yield and normalized margins on the recurring Endpoint IC revenue base, adjusted for stock-based compensation. Investors should treat the multiple as a signal of market expectations rather than as evidence of asset backing.