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IMPINJ
(NASDAQ:PI)
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Rating:68Neutral
Price Target:
$187.00
▲(17.43% Upside)
Action:Reiterated
Date:09/11/26
The score is driven primarily by improving financial quality via strong and growing free cash flow, reinforced by a constructive uptrend in the technicals. Positive earnings-call guidance and record operating metrics support the outlook, while the overall score is held back by currently negative earnings (negative P/E) and still-meaningful leverage.
Positive Factors
Strong cash generation
TTM operating and free cash flow of about $71.6M and $63.0M, both sharply higher year over year, indicate recent sales are converting into internal funding. This supports investment, debt service and resilience while reducing reliance on external capital over coming quarters.
Negative Factors
Unstable profitability
Despite strong recent cash generation, Impinj remains loss-making on a TTM basis and its earnings history has been volatile. Negative operating profit reduces confidence in repeatable earnings power, limits internally funded flexibility and leaves results more sensitive to mix, spending and demand fluctuations.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
TTM operating and free cash flow of about $71.6M and $63.0M, both sharply higher year over year, indicate recent sales are converting into internal funding. This supports investment, debt service and resilience while reducing reliance on external capital over coming quarters.
Read all positive factors
IMPINJ (PI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.79B
Dividend YieldN/A
Average Volume (3M)384.32K
Price to Earnings (P/E)―
Beta (1Y)2.22
Revenue Growth3.51%
EPS Growth-5666.87%
CountryUS
Employees457
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.91
Shares Outstanding30,554,413
10 Day Avg. Volume369,350
30 Day Avg. Volume384,322
Financial Highlights & Ratios
PEG Ratio3.75
Price to Book (P/B)24.35
Price to Sales (P/S)14.11
P/FCF Ratio111.05
Enterprise Value/Market Cap0.79
Enterprise Value/Revenue12.31
Enterprise Value/Gross Profit23.36
Enterprise Value/Ebitda-530.68
Forecast
1Y Price Target
$181.63Price Target Upside14.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)2.09
Revenue Forecast (FY)$389.51M
IMPINJ Business Overview & Revenue Model
Company Description
Impinj, Inc., established in 2000 and headquartered in Seattle, Washington, provides a sophisticated cloud connectivity platform across the Americas, Asia Pacific, Europe, the Middle East, and Africa. This comprehensive platform facilitates the wi...
How the Company Makes Money
Impinj primarily makes money by selling RAIN RFID semiconductor products and supporting solutions used across the RFID ecosystem. Key revenue streams include: (1) Endpoint IC revenue: sales of tag/label ICs (often called endpoint ICs) that are inc...
IMPINJ Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call communicated multiple operational and financial milestones — record revenue, record adjusted EBITDA and EPS, record endpoint IC volumes and strong Q3 guidance — supported by product mix improvements, Gen2X adoption and an ahead-of-schedule custom ASIC ramp that improves channel visibility. Key risks include a YoY decline in systems revenue, historical channel inventory timing issues (and modest tariff‑driven pull-ins), operational complexity from custom ASICs, competitive product introductions, and several important new markets (food, DPP) still in pilot/early stages. On balance, the company presented strong growth, profitability and cash generation with manageable execution and timing risks.Positive Updates
Record Revenue and Strong Sequential Growth
Revenue was a record $108.4M in Q2 2026, up 46% sequentially from $74.3M and up 11% year-over-year from $97.9M.
Negative Updates
Systems Revenue Weakness
Systems revenue declined to $12.0M, up only 8% sequentially but down 10% year-over-year from $13.3M, with label production systems weakness offsetting reader IC strength.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Strong Sequential Growth
Revenue was a record $108.4M in Q2 2026, up 46% sequentially from $74.3M and up 11% year-over-year from $97.9M.
Read all positive updates
Company Guidance
Impinj guided third‑quarter revenue of $105.5M–$108.5M (midpoint implying ~17% QoQ growth versus the $91.4M product revenue comp noted), adjusted EBITDA of $20.7M–$22.2M, non‑GAAP net income of $18.5M–$20.0M (non‑GAAP diluted EPS $0.59–$0.63), and said endpoint IC product revenue should increase sequentially above the high end of typical seasonal growth with reader ICs expected to be the fastest‑growing product line; management also expects product gross margin to increase sequentially (Q2 gross margin was a record 60.9%, product gross margin excluding licensing 53.6%), Q3 operating expense to rise sequentially (Q2 opex was $35.3M), and confirmed wafer supply is sufficient to support demand—contextually Q2 results included record revenue of $108.4M, record adjusted EBITDA of $30.7M (28.3% margin; 15% ex‑licensing), Q2 non‑GAAP net income of $27.0M ($0.86/sh), cash/investments of $263.7M, inventory $91.5M, capex $2.4M, and free cash flow of $29.2M.IMPINJ Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
54
Neutral
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 371.52M | 361.07M | 366.09M | 307.54M | 257.80M | 190.28M |
| Gross Profit | 195.84M | 187.60M | 188.85M | 151.98M | 137.88M | 98.95M |
| EBITDA | -8.62M | 8.49M | 10.32M | -26.59M | -13.54M | -30.93M |
| Net Income | -26.99M | -10.85M | 40.84M | -43.37M | -24.30M | -51.26M |
Balance Sheet | ||||||
| Total Assets | 534.75M | 545.19M | 489.08M | 359.41M | 349.74M | 315.54M |
| Cash, Cash Equivalents and Short-Term Investments | 133.02M | 175.34M | 164.71M | 113.23M | 173.75M | 193.35M |
| Total Debt | 266.65M | 326.73M | 298.52M | 294.59M | 294.43M | 308.51M |
| Total Liabilities | 303.16M | 335.95M | 339.22M | 325.28M | 334.15M | 326.61M |
| Stockholders Equity | 231.59M | 209.23M | 149.86M | 34.13M | 15.59M | -11.08M |
Cash Flow | ||||||
| Free Cash Flow | 62.99M | 45.88M | 111.20M | -68.22M | -11.44M | -9.77M |
| Operating Cash Flow | 71.61M | 58.75M | 128.31M | -49.38M | 641.00K | 6.46M |
| Investing Cash Flow | -15.81M | -48.02M | -192.57M | 115.81M | -102.80M | -18.64M |
| Financing Cash Flow | -59.53M | -8.93M | 15.68M | 8.74M | -2.15M | 112.44M |
IMPINJ Technical Analysis
Positive
159.25
Price Trends
174.18
Positive
155.95
Positive
144.43
Positive
Market Momentum
4.59
Negative
60.14
Neutral
73.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PI, the sentiment is Positive. The current price of 159.25 is below the 20-day moving average (MA) of 181.17, below the 50-day MA of 174.18, and above the 200-day MA of 144.43, indicating a bullish trend. The MACD of 4.59 indicates Negative momentum. The RSI at 60.14 is Neutral, neither overbought nor oversold. The STOCH value of 73.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PI.
IMPINJ Risk Analysis
IMPINJ disclosed 56 risk factors in its most recent earnings report. IMPINJ reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IMPINJ Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $196.83B | 47.80 | 12.26% | 1.06% | 33.65% | 114.59% | |
72 Outperform | $57.37B | 19.29 | 28.05% | 1.78% | 8.77% | 39.24% | |
71 Outperform | $259.12B | 42.93 | 35.77% | 2.00% | 16.66% | 20.14% | |
68 Neutral | $5.79B | -208.60 | -12.86% | ― | 3.51% | -5666.87% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $46.55B | 99.13 | 2.66% | 0.69% | 10.06% | -27.68% |
* Technology Sector Average
PI
IMPINJ
189.63
-6.93
-3.53%
ADI
Analog Devices
406.19
174.42
75.25%
NXPI
NXP Semiconductors
227.52
14.58
6.85%
STM
STMicroelectronics
52.06
23.48
82.17%
TXN
Texas Instruments
283.74
113.05
66.23%
IMPINJ Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Impinj Reduces Convertible Debt, Enhancing Capital Structure
Positive
Sep 11, 2026
On September 10, 2026, Impinj announced it had entered privately negotiated exchange agreements with certain holders of its 1.125% Convertible Senior Notes due 2027. The company plans to exchange about $56.5 million in cash and roughly 188,451 sha...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.