Latest Ratios: P/E Ratio -478.9x · EV/EBITDA 398.0x · 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 | $5.4B | $5.1B | $4.3B | $2.4B | $2.8B | $2.1B | $955M | $565M | $310M | $466M | $725M |
| Enterprise Value | $5.7B | $5.4B | $4.5B | $2.6B | $3.1B | $2.3B | $1.0B | $572M | $318M | $458M | $706M |
| P/E Ratio → | -478.92 | — | 104.50 | — | — | — | — | — | — | — | — |
| P/S Ratio | 14.99 | 14.11 | 11.69 | 7.83 | 10.82 | 11.27 | 6.88 | 3.70 | 2.53 | 3.72 | 6.45 |
| P/B Ratio | 24.80 | 24.35 | 28.57 | 70.57 | 178.84 | — | 8.76 | 4.51 | 3.17 | 3.92 | 5.84 |
| P/FCF | 118.00 | 111.05 | 38.50 | — | — | — | — | 247.90 | — | — | — |
| P/OCF | 92.16 | 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 | 398.01 | 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 | 0.8% | 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 -478.9x. The historical average is 104.5x.
Impinj, Inc.'s current EV/EBITDA is 398.0x. 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 -478.9x. 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
GAAP losses persist despite non-GAAP strength
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Earning Power
Gross margin swung from 49.1% to 58.6% in Q2 2026, the highest in ten quarters, while operating margin turned positive at 9.7%, according to reported financials.
The dramatic sequential improvement in gross margin suggests a favorable product mix and pricing power, but the historical volatility—ranging from 48.9% to 58.6%—indicates that margin stability is not yet established. Operating margin's swing from -20.4% to +9.7% within two quarters highlights the high fixed-cost nature of R&D, which can amplify earnings swings. Investors should monitor whether the Q2 2026 margin level is sustainable or a one-time benefit from channel restocking.
Return on Capital Remains Elusive
ROIC turned positive at 1.8% in Q2 2026, but the ten-quarter average is near zero, with ROE swinging from 55.5% to -12.2%, per company filings.
The erratic ROE pattern—spiking to 55.5% in Q1 2024 and plunging to -12.2% in Q1 2026—reflects the impact of non-recurring items and stock-based compensation on a thin equity base. ROIC has only recently turned positive, suggesting that the company is not yet consistently earning its cost of capital. The improvement in Q2 2026 is encouraging, but the lack of sustained positive returns over the period indicates that capital efficiency is still a work in progress.
Working Capital Cycle Stretched by Inventory
Cash conversion cycle averaged 225 days over ten quarters, with DIO at 180 days in Q2 2026, indicating heavy inventory investment, as per financial statements.
The CCC has remained persistently above 200 days, driven by high days inventory outstanding, which reflects the need to hold silicon inventory in a fabless model. DSO has improved from 87 days in Q1 2026 to 60 days in Q2 2026, suggesting better collection discipline, but DPO remains low at 33 days, indicating limited supplier leverage. The extended inventory cycle may be a structural feature of the semiconductor supply chain, but it ties up cash and exposes the company to obsolescence risk.
Leverage Declining but Debt Service Still Tight
Debt-to-equity fell from 3.42 in Q1 2024 to 1.15 in Q2 2026, yet interest coverage of 20.2x in Q2 2026 is volatile, per reported balance sheet data.
The deleveraging trend is positive, but the absolute debt level of $266.7M remains substantial relative to equity. Interest coverage swung from -97.1x in Q1 2026 to 20.2x in Q2 2026, reflecting the operating income volatility. While the current coverage is comfortable, the historical negative readings suggest that a downturn could quickly strain debt service. The low D/E ratio of 1.15% mentioned in the intelligence appears inconsistent with the reported 1.15, warranting clarification on whether convertible debt is fully captured.
Liquidity Buffer Thins Despite High Current Ratio
Current ratio spiked to 3.28 in Q2 2026, but cash dropped to $38.6M from $214.7M in Q2 2024, per balance sheet data, signaling a shrinking cushion.
The high current ratio is driven by inventory and receivables, not cash, as the cash balance has declined sharply over two years. The quick ratio of 2.29 in Q2 2026 is still healthy, but the trend is concerning. If a retail downturn hits, the company may need to rely on debt or equity issuance to fund operations, given the thin cash position. The $48M cash balance mentioned in the intelligence is slightly higher than the reported $38.6M, but both indicate a limited buffer.
Misapplied Metric: EV/EBITDA
EV/EBITDA of 373x is misleading for Impinj because EBITDA is distorted by stock-based compensation and non-cash charges, per reported financials.
The market often uses EV/EBITDA to value semiconductor companies, but for Impinj, this multiple is inflated by the company's heavy use of stock-based compensation, which is added back in EBITDA. A more appropriate metric is EV/EBIT or EV/Revenue, as these better reflect the cash-generating potential of the business. Additionally, the negative GAAP net income makes P/E meaningless, so investors should focus on price-to-sales or EV/EBIT to gauge valuation. The forward EV/EBITDA of 62.5x still appears rich, suggesting the market is pricing in significant future growth.