Impinj Inc

Technology
Industrial Machinery/Components
www.impinj.com

Moat Score
Safety Score

Market Cap $4.58B
PE 162
Debt $283.08M
Cash $73.70M
EV $4.79B
FCF $101.51M

Earnings

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Sales & Net Margins

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Earnings	$28.35M
EBIT	$28.88M
ROE	21%
ROA	6%
FCF	$101.51M
Equity	$136.10M
Growth Stability	1
PE	161.62
PB	33.66
P/FCF	45.13
P/S	13.27
Price/Cash	0.02
Debt/Equity	2.08
Debt/FCF	2.79
Net Margins	16%
Gross Margins	51%
Op. Margins	8%
Sales Growth YoY	46%
Sales Growth QoQ	-7%
Sales CAGR	18%
FCF CAGR	4%
Equity CAGR	-10%
Earnings Growth YoY	-101%

Earnings Growth QoQ	-98%
Sales CAGR 5Y	23%
FCF CAGR 5Y	20%
Equity CAGR 5Y	-15%
Earnings CAGR 3Y	24%
Sales CAGR 3Y	24%
Equity CAGR 3Y	418%
Market Cap	$4.58B
Revenue	$345.17M
Assets	$476.45M
Total Debt	$283.08M
Cash	$73.70M
Shares Outstanding	27.72M
EV	4.79B
Moat Score	88%
Safety Score	86%
Working Capital	-2.01M
Current Ratio	0.99
Gross Profit	$176.50M
Shares Growth 3y	5%
Equity Growth QoQ	16%
Equity Growth YoY	291%

Assets & ROA

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Stockholders Equity & ROE

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Impinj Inc operates a platform that enables wireless connectivity to everyday items by delivering each item's identity, location, and authenticity to business and consumer applications. Its platform includes endpoint integrated circuits (ICs) product, a miniature radios-on-a-chip, which attach to and identify their host items; and connectivity layer that comprises readers, gateways, and reader ICs to wirelessly identify, locate, authenticate, and engage endpoints via RAIN, as well as provide power to and communicate bidirectionally with endpoint ICs. Geographically, the company has a business presence in the Americas, Asia Pacific, Europe, Middle East and Africa, of which key revenue is derived from the operations in the Asia Pacific region.

SEC Filings

Direct access to Impinj Inc (PI) 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 Impinj Inc compare to its competitors?

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Peter Lynch's Chart

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

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Impinj Inc Discounted Cash Flow

Fully customizable DCF calculator online for Impinj Inc.

Years

Calculation mode

= $1.4B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$102M	$106M	$110M	$115M	$120M	$125M	$131M	$136M	$142M	$149M	$155M	$1.5B
DCF		$96M	$91M	$87M	$82M	$78M	$74M	$70M	$66M	$63M	$60M	$597M
Value	$1.4B

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	-17%	-13%	-7%	-14%	-29%	-15%	-37%	-27%	-9%	-14%	16%
ROA	-	-	-0%	-11%	-24%	-10%	-23%	-12%	-6%	-12%	6%
ROE	-	-	-6%	-15%	-36%	-18%	-48%	463%	-156%	-127%	21%

Good Net Margins (15.86%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce 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	-	-	-0.94	-0.23	-1.63	22.32	-4.32	-31.44	-25.14	-4.15	2.79
Debt over Equity	-	-0.19	0.1	0.08	0.3	0.41	0.79	-27.72	18.44	8.26	2.08
Growth Stability	-	-	-	-	-	-	-	-	-	-	1

Neutral Debt/FCF ratio (2.79)

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.

Bad Debt/Equity ratio (2.08)

The company is overleveraged and has a bad balance between equity and debt.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good 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	-	23%	43%	12%	-2%	25%	-9%	37%	35%	19%	23%
Earnings YoY growth	-	-5%	-24%	118%	103%	-35%	126%	-1%	-53%	78%	-
Equity YoY growth	-	11%	-246%	-4%	-18%	28%	-13%	-110%	-241%	119%	-15%
FCF YoY growth	-	116%	226%	226%	-57%	-113%	-975%	-51%	17%	494%	20%