Penumbra Inc

Health Care
Medical/Dental Instruments
www.penumbrainc.com

Earnings Score
Moat Score

Market Cap $9.16B
PE 265
Debt $NaN
Cash $280.48M
EV $NaN
FCF $134.18M

Earnings

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Sales & Net Margins

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Earnings	$34.55M
EBIT	$14.69M
ROE	3%
ROA	1%
FCF	$134.18M
Equity	$1.10B
Growth Stability	-106%
PE	265.14
PEG	27.57
PB	8.29
P/FCF	68.26
P/S	7.87
Price/Cash	0.03
Net Margins	-2%
Gross Margins	63%
Op. Margins	1%
Earnings CAGR	14%
Sales Growth YoY	11%
Sales Growth QoQ	1%
Sales CAGR	22%
FCF CAGR	7%
Equity CAGR	21%
Earnings Stability	0.18
Earnings Growth YoY	220%

Earnings Growth QoQ	-149%
Earnings CAGR 5Y	10%
Sales CAGR 5Y	20%
FCF CAGR 5Y	22%
Equity CAGR 5Y	21%
Earnings CAGR 3Y	18%
Sales CAGR 3Y	18%
FCF CAGR 3Y	264%
Equity CAGR 3Y	9%
Market Cap	$9.16B
Revenue	$1.16B
Assets	$1.48B
Cash	$280.48M
Shares Outstanding	38.61M
Earnings Score	10%
Moat Score	23%
Working Capital	738.57M
Current Ratio	5.82
Gross Profit	$731.27M
Shares Growth 3y	2%
Equity Growth QoQ	-5%
Equity Growth YoY	0%

Assets & ROA

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Stockholders Equity & ROE

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Penumbra Inc develops and manufactures medical devices for the neurovascular and peripheral vascular markets. Its products are primarily sold to hospitals and are developed for use by specialist physicians. The neurovascular product category contributes to the majority of revenue. Within the neurovascular business, the firm offers products for the neurovascular access, ischemic stroke, neurovascular embolization, and neurosurgical tool markets. In the peripheral vascular business, the firm sells devices related to peripheral embolization and peripheral thrombectomy. Penumbra generates the majority of its revenue in the United States.

SEC Filings

Direct access to Penumbra Inc (PEN) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Penumbra Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Penumbra Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 14%

Stability 18%

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Penumbra Inc Discounted Cash Flow

Fully customizable DCF calculator online for Penumbra Inc.

Years

Calculation mode

= $2.1B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$134M	$143M	$153M	$163M	$174M	$185M	$197M	$210M	$224M	$239M	$255M	$2.6B
DCF		$130M	$126M	$122M	$119M	$115M	$111M	$108M	$105M	$101M	$98M	$984M
Value	$2.1B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-1%	1%	6%	1%	1%	9%	-3%	0%	-0%	9%	-2%
ROA	-	2%	0%	1%	1%	8%	-4%	-1%	0%	5%	1%
ROE	-	0%	6%	1%	1%	10%	-3%	0%	-0%	8%	3%

Bad Net Margins (-2.24%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	93%	42%	100%	-106%	26%	-20%	-	-106%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-106%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	48%	41%	27%	33%	23%	2%	33%	13%	25%	20%
Earnings YoY growth	-	-230%	1K%	-69%	-38%	2K%	-141%	-114%	-176%	-5K%	10%
Equity YoY growth	-	-2K%	15%	50%	5%	15%	32%	49%	5%	18%	21%
FCF YoY growth	-	170%	-5%	-101%	12K%	-76%	-1K%	-80%	542%	-210%	22%