Penumbra (PEN)
Market Price (9/21/2026): $317.6 | Market Cap: $12.5 BilSector: Health Care | Industry: Health Care Equipment
Penumbra (PEN)
Market Price (9/21/2026): $317.6Market Cap: $12.5 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, and Geriatric Care. | Weak multi-year price returns3Y Excs Rtn is -58% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 61x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 45x, P/EPrice/Earnings or Price/(Net Income) is 78x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8% Key risksPEN key risks include [1] significant litigation and regulatory fallout from the Class I recall of its Jet 7 catheter linked to patient deaths, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, and Geriatric Care. |
| Weak multi-year price returns3Y Excs Rtn is -58% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 61x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 45x, P/EPrice/Earnings or Price/(Net Income) is 78x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8% |
| Key risksPEN key risks include [1] significant litigation and regulatory fallout from the Class I recall of its Jet 7 catheter linked to patient deaths, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Penumbra (PEN) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Pending acquisition by Boston Scientific provided a price anchor for the stock.
Penumbra entered into a definitive agreement to be acquired by Boston Scientific Corporation for $374 per share, with the transaction expected to close by year-end 2026. This acquisition price created a gravitational pull on Penumbra's stock, effectively setting a ceiling and a floor for its trading range. The stock's current trading below the acquisition price reflects the time value of money and the inherent regulatory and closing risks associated with the deal.
2. Mixed fiscal Q2 2026 earnings offered balanced sentiment.
For fiscal Q2 2026, which ended June 30, 2026, Penumbra reported revenue of $390.05 million, a 14.9% increase year-over-year, slightly surpassing consensus estimates of $389.64 million. However, diluted earnings per share (EPS) of $0.88 missed analyst expectations of $1.16 by $0.28. Net income declined to $34.8 million from $45.3 million in the prior year, primarily due to higher operating expenses, including $6.9 million in acquisition-related costs, and an increased effective tax rate. This combination of strong revenue growth and an EPS miss likely resulted in a neutral market reaction, preventing significant stock movement.
Show more
Penumbra (PEN) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Pending acquisition by Boston Scientific provided a price anchor for the stock.
Penumbra entered into a definitive agreement to be acquired by Boston Scientific Corporation for $374 per share, with the transaction expected to close by year-end 2026. This acquisition price created a gravitational pull on Penumbra's stock, effectively setting a ceiling and a floor for its trading range. The stock's current trading below the acquisition price reflects the time value of money and the inherent regulatory and closing risks associated with the deal.
2. Mixed fiscal Q2 2026 earnings offered balanced sentiment.
For fiscal Q2 2026, which ended June 30, 2026, Penumbra reported revenue of $390.05 million, a 14.9% increase year-over-year, slightly surpassing consensus estimates of $389.64 million. However, diluted earnings per share (EPS) of $0.88 missed analyst expectations of $1.16 by $0.28. Net income declined to $34.8 million from $45.3 million in the prior year, primarily due to higher operating expenses, including $6.9 million in acquisition-related costs, and an increased effective tax rate. This combination of strong revenue growth and an EPS miss likely resulted in a neutral market reaction, preventing significant stock movement.
3. Significant insider selling activity potentially counteracted upward momentum.
Insiders at Penumbra sold 77,000 shares totaling $24.9 million over the last three months, which falls within the specified period. For example, CEO Adam Elsesser sold 77,000 shares for $25.1 million on May 18, 2026, just prior to the period beginning May 31, 2026. This substantial insider selling could have exerted downward pressure or offset any positive market catalysts, contributing to the stock's relatively flat performance.
4. Absence of full fiscal year 2026 financial guidance limited future outlook.
Due to the pending acquisition by Boston Scientific, Penumbra chose not to provide financial guidance for the full fiscal year 2026. While an understandable decision given the circumstances, the lack of forward-looking financial projections can often lead to a wait-and-see approach from investors, dampening enthusiasm for significant re-valuation and thus contributing to the stock maintaining its existing price level.
Show less
Stock Movement Drivers
Fundamental Drivers
The -0.2% change in PEN stock from 5/31/2026 to 9/20/2026 was primarily driven by a -9.3% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 318.30 | 317.60 | -0.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,454 | 1,505 | 3.5% |
| Net Income Margin (%) | 11.8% | 10.7% | -9.3% |
| P/E Multiple | 73.1 | 77.8 | 6.5% |
| Shares Outstanding (Mil) | 39 | 39 | -0.2% |
| Cumulative Contribution | -0.2% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| PEN | -0.2% | |
| Market (SPY) | 0.9% | 9.8% |
| Sector (XLV) | 12.7% | 51.2% |
Fundamental Drivers
The -7.8% change in PEN stock from 2/28/2026 to 9/20/2026 was primarily driven by a -15.7% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 344.39 | 317.60 | -7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,404 | 1,505 | 7.2% |
| Net Income Margin (%) | 12.7% | 10.7% | -15.7% |
| P/E Multiple | 76.0 | 77.8 | 2.5% |
| Shares Outstanding (Mil) | 39 | 39 | -0.4% |
| Cumulative Contribution | -7.8% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| PEN | -7.8% | |
| Market (SPY) | 11.6% | 17.9% |
| Sector (XLV) | 5.5% | 37.7% |
Fundamental Drivers
The 16.5% change in PEN stock from 8/31/2025 to 9/20/2026 was primarily driven by a 17.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 272.64 | 317.60 | 16.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,280 | 1,505 | 17.6% |
| Net Income Margin (%) | 11.5% | 10.7% | -7.5% |
| P/E Multiple | 71.7 | 77.8 | 8.6% |
| Shares Outstanding (Mil) | 39 | 39 | -1.3% |
| Cumulative Contribution | 16.5% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| PEN | 16.5% | |
| Market (SPY) | 19.4% | 1.3% |
| Sector (XLV) | 24.1% | 16.3% |
Fundamental Drivers
The 20.1% change in PEN stock from 8/31/2023 to 9/20/2026 was primarily driven by a 243.6% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 264.50 | 317.60 | 20.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 938 | 1,505 | 60.5% |
| Net Income Margin (%) | 3.1% | 10.7% | 243.6% |
| P/E Multiple | 348.0 | 77.8 | -77.6% |
| Shares Outstanding (Mil) | 38 | 39 | -2.6% |
| Cumulative Contribution | 20.1% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| PEN | 20.1% | |
| Market (SPY) | 75.6% | 24.6% |
| Sector (XLV) | 32.3% | 25.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PEN Return | 64% | -23% | 13% | -6% | 31% | 3% | 82% |
| Peers Return | 8% | -4% | 12% | 18% | 19% | -11% | 46% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| PEN Win Rate | 58% | 50% | 67% | 33% | 50% | 33% | |
| Peers Win Rate | 52% | 52% | 54% | 58% | 62% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| PEN Max Drawdown | -24% | -60% | -47% | -40% | -26% | -12% | |
| Peers Max Drawdown | -18% | -25% | -17% | -11% | -14% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SYK, MDT, JNJ, BSX. See PEN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | PEN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.6% | -18.8% |
| % Gain to Breakeven | 19.9% | 23.1% |
| Time to Breakeven | 183 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -39.9% | -9.5% |
| % Gain to Breakeven | 66.4% | 10.5% |
| Time to Breakeven | 467 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -59.1% | -24.5% |
| % Gain to Breakeven | 144.6% | 32.4% |
| Time to Breakeven | 299 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.8% | -33.7% |
| % Gain to Breakeven | 55.8% | 50.9% |
| Time to Breakeven | 107 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.6% | -19.2% |
| % Gain to Breakeven | 24.4% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.8% | -3.7% |
| % Gain to Breakeven | 29.6% | 3.9% |
| Time to Breakeven | 103 days | 6 days |
In The Past
Penumbra's stock fell -16.6% during the 2025 US Tariff Shock. Such a loss loss requires a 19.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | PEN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -39.9% | -9.5% |
| % Gain to Breakeven | 66.4% | 10.5% |
| Time to Breakeven | 467 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -59.1% | -24.5% |
| % Gain to Breakeven | 144.6% | 32.4% |
| Time to Breakeven | 299 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.8% | -33.7% |
| % Gain to Breakeven | 55.8% | 50.9% |
| Time to Breakeven | 107 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.8% | -3.7% |
| % Gain to Breakeven | 29.6% | 3.9% |
| Time to Breakeven | 103 days | 6 days |
In The Past
Penumbra's stock fell -16.6% during the 2025 US Tariff Shock. Such a loss loss requires a 19.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Penumbra (PEN)
Penumbra, Inc. (PEN) is a medical device company that designs, develops, manufactures, and markets a comprehensive portfolio of innovative products. The company primarily focuses on advanced technologies for neurovascular and peripheral vascular interventions, aiming to improve patient outcomes for critical conditions such as stroke, aneurysms, and various vascular diseases.
The company's core product lines include aspiration-based thrombectomy systems, like the Penumbra System and Indigo System, which are vital for mechanical thrombectomy to remove blood clots in neurovascular and peripheral vascular applications. Penumbra also provides neurovascular embolization coiling systems (e.g., Penumbra Coil 400, POD400) to treat aneurysms and other lesions, alongside neurovascular access systems (e.g., Neuron, BENCHMARK) that facilitate intracranial access for various therapies. Additionally, they offer detachable embolic coils and occlusion devices, such as the Ruby Coil and POD, for peripheral vessel embolization.
Beyond these interventional tools, Penumbra develops neurosurgical aspiration devices for tissue and fluid removal. The company has also ventured into immersive computer-based technologies, notably the Real Immersive System, designed to promote health, motor function, and cognition. Penumbra sells its products globally through direct sales organizations and distributors, primarily serving hospitals and medical professionals specializing in neurology, neurosurgery, interventional radiology, and vascular medicine.
AI Analysis | Feedback
Medtronic for neurovascular and peripheral vascular medical devices.
AI Analysis | Feedback
- Aspiration-based Thrombectomy Systems: Devices like the Penumbra System and Indigo System used for mechanical thrombectomy to remove blood clots from neurovascular and peripheral vessels.
- Neurovascular Embolization Coiling Systems: Systems such as Penumbra Coil 400 designed to treat aneurysms and other neurovascular lesions.
- Neurovascular Access Systems: Devices like Neuron and BENCHMARK that provide intracranial access for various neurovascular therapies.
- Neurosurgical Aspiration Tools: The Artemis Neuro Evacuation Device for removing tissue and fluids in neurosurgery.
- Peripheral Embolization Devices: Detachable coils (e.g., Ruby Coil) and occlusion devices (e.g., POD) for blocking blood flow in peripheral vessels.
- Immersive Therapeutics: The Real Immersive System, which uses computer-based technologies to promote health, motor function, and cognition.
AI Analysis | Feedback
Penumbra (PEN) sells primarily to other companies rather than individuals. As a designer, developer, manufacturer, and marketer of specialized medical devices, its major customers are healthcare institutions such as hospitals, surgical centers, and specialized clinics (e.g., those performing neurovascular and peripheral interventions) that utilize its advanced medical technologies.
The provided company description indicates that Penumbra sells its products through direct sales organizations and distributors, who then supply these medical devices to the aforementioned healthcare providers. However, the background information does not list the names of specific customer companies or distributors.
AI Analysis | Feedback
AI Analysis | Feedback
Adam Elsesser, Chairman and Chief Executive Officer
Adam Elsesser co-founded Penumbra, Inc. in 2004 and has served as its Chief Executive Officer and a director since its inception, and as Chairman since January 2015. Before co-founding Penumbra, he led SMART Therapeutics, Inc., a medical device company focused on neuro-intervention, as its Chief Executive Officer from 2000 to 2002. Following SMART Therapeutics' acquisition by Boston Scientific Corporation, he served as President of SMART Therapeutics within Boston Scientific Corporation from 2002 to 2005. Prior to his work in the medical device industry, Mr. Elsesser was a partner in the law firm of Shartsis Friese LLP.
Maggie Yuen, Chief Financial Officer
Maggie Yuen manages the financial strategy that supports Penumbra, Inc.'s aggressive research and development spending and market expansion. She is listed as the Chief Financial Officer on the company's leadership page.
Arani Bose, M.D., Co-Founder, Chief Innovator and Director
Dr. Arani Bose co-founded Penumbra, Inc. in 2004 and has been its Chief Innovator since 2004. He previously served as Chief Medical Officer and Chairman of Penumbra, Inc. from 2005 until 2015. Dr. Bose also founded Smart Therapeutics, Inc., where he developed neurovascular stents, and served as its Chairman. He was an Assistant Professor of Radiology and Neurology at the New York University School of Medicine.
Shruthi Narayan, President
Shruthi Narayan was promoted to President in September 2025, where she oversees the company's global operations and growth initiatives.
James F. Benenati, M.D., FSIR, Chief Medical Officer
Dr. James F. Benenati joined Penumbra, Inc. as Chief Medical Officer in September 2020. In this role, he contributes to clinical and medical affairs strategies and advises on global commercialization and market development activities. Prior to joining Penumbra, he practiced interventional radiology at the Miami Cardiac & Vascular Institute for over 30 years. He also served as the Director of the Fellowship Program and Medical Director of the Non-Invasive Vascular Laboratory at the institute.
AI Analysis | Feedback
Here are the key risks to Penumbra's business:
1. Regulatory and Product Liability Risks
As a medical device company, Penumbra operates in a highly regulated environment, subject to stringent domestic and international medical device regulations. Non-compliance, unforeseen issues with product safety or efficacy, or the need to meet evolving global regulatory standards (such as the EU MDR) can impede product approvals, hinder development and manufacturing activities, and result in costly product recalls or significant legal liabilities. The company has faced past allegations of product design defects, such as with its Jet 7 Xtra Flex catheter, which led to a voluntary recall and associated legal scrutiny, highlighting the tangible nature of this risk.
2. Intense Competition and Technological Obsolescence
Penumbra operates in a highly competitive medical device market characterized by rapid technological advancements and short product life cycles. The company faces significant competition from larger, well-capitalized players with extensive resources and established distribution networks, including companies like Boston Scientific, Medtronic, and Stryker. To maintain its market position and avoid technological obsolescence, Penumbra must continuously innovate and invest significantly in research and development. Failure to successfully develop and commercialize new products or to effectively compete against superior or more cost-effective technologies introduced by rivals could adversely affect its market share and financial performance.
3. Reimbursement Landscape Changes
The demand for Penumbra's medical devices is significantly influenced by the ability of healthcare providers to obtain adequate reimbursement for procedures utilizing these products. Reimbursement levels vary substantially across different countries and regions, originating from government-sponsored and private health insurance plans. Changes in healthcare policies, shifts in private insurance coverage decisions, or requirements for additional clinical data before or after recognizing coverage and reimbursement for Penumbra's products could negatively impact their adoption and sales.
AI Analysis | Feedback
AI Analysis | Feedback
Here are the addressable market sizes for Penumbra's main products and services:
-
Neurovascular Thrombectomy Systems (for ischemic stroke):
- The global neurothrombectomy devices market size was estimated at USD 825.92 million in 2025 and is predicted to reach approximately USD 1,494.32 million by 2034. North America accounted for 38.12% of the neurovascular thrombectomy devices market revenue in 2025.
- Another source reported the global neurovascular thrombectomy devices market size at USD 3.00 billion in 2024, projected to reach USD 5.00 billion by 2032.
-
Neurovascular Embolization Coiling Systems (for aneurysms and other neurovascular lesions):
- The global neurovascular embolization market was valued at USD 1.4 billion in 2022 and is estimated to reach USD 2.5 billion by 2032. The U.S. neurovascular embolization market accounted for USD 503 million in 2022.
- The global neuroendovascular coil market was estimated at USD 1.22 billion in 2024 and is expected to reach USD 1.98 billion by 2030. The USA neuroendovascular coil market reached USD 0.46 billion in 2024.
- The global intracranial aneurysm market was valued at USD 1.74 billion in 2025 and is projected to grow to USD 2.95 billion by 2034. Endovascular coiling, a treatment type, accounted for 66.7% market share in 2025 for the intracranial aneurysm market and is expected to exceed USD 2.7 billion by 2035. The U.S. intracranial aneurysm market was USD 637.8 million in 2025.
-
Peripheral Aspiration-Based Thrombectomy Systems and Peripheral Embolization Devices:
- The global peripheral thrombectomy devices market size was valued at USD 684.99 million in 2025 and is expected to reach USD 1,134.50 million by 2033. The U.S. peripheral vascular thrombectomy devices market captured 42% of the revenue share in 2025 within North America.
- The global peripheral embolization devices market size was valued at USD 11.50 billion in 2022 and is expected to reach USD 6.10 billion by 2030, growing at a CAGR of 11.50%. Another report states the peripheral embolization device market was valued at USD 696.45 million in 2025 and is expected to increase to USD 1,118.35 million by 2032. North America dominates this market.
-
Immersive Computer-Based Technologies and Immersive Therapeutics (Real Immersive System):
- The global digital therapeutics market size was estimated at USD 7.88 billion in 2024 and is expected to reach approximately USD 56.76 billion by 2034. North America contributed the largest market share of 44.03% in 2023.
- The global immersive technologies market size was valued at USD 53.29 billion in 2025 and is projected to grow to USD 500.27 billion by 2034. Healthcare and life sciences represent nearly 14% of this market share.
- The Global Immersive Technology in Healthcare Market is projected to grow from USD 4.21 billion in 2025 to USD 12.48 billion by 2031.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Penumbra (PEN)
Penumbra (PEN) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and product advancements:
-
Expansion and Innovation in Computer Assisted Vacuum Thrombectomy (CAVT) Portfolio
Penumbra expects significant growth from its expanding portfolio of Computer Assisted Vacuum Thrombectomy (CAVT) products. Recent and anticipated product launches, such as Lightning Bolt 16 and Lightning Flash 3.0, have received FDA clearance and are designed to enhance clot detection and removal. Furthermore, the Thunderbolt system, currently in the final stages of FDA review, is expected to stimulate the U.S. market, especially for stroke treatment. The company plans to launch multiple new CAVT products in the United States, targeting market share gains and growth across deep vein thrombosis, pulmonary embolism, and arterial applications.
-
International Market Expansion
The company is strategically focused on materially increasing its international revenues and profitability over the next three years. This includes expanding its presence, particularly in Europe, by introducing advanced thrombectomy products, including its first-generation computer-aided devices, to global teams. Penumbra anticipates double-digit growth in its international business, with expected alleviation of China-specific headwinds by early next year.
-
Growing Adoption of U.S. Thrombectomy and Embolization Products
Penumbra foresees continued strong demand and increased market penetration for its thrombectomy and embolization products in the U.S. This growth is being fueled by robust demand for its U.S. VTE (Venous Thromboembolism) franchise and embolization solutions. Strategic investments, such as the dedicated expansion of the U.S. Peripheral Embolization sales team and the successful launch of products like Ruby XL, have already resulted in significant sequential growth in embolization revenue.
-
Positive Clinical Data Driving Product Adoption
The outcomes from landmark clinical trials, such as the STORM-PE randomized controlled trial, are crucial for accelerating product adoption. The STORM-PE results demonstrated that CAVT, combined with anticoagulation, significantly improved functional outcomes for patients with pulmonary embolism. These findings are expected to build physician confidence and lead to a more rapid integration of Penumbra's advanced thrombectomy systems into hospital protocols.
AI Analysis | Feedback
Share Repurchases
- Penumbra's Board of Directors authorized a share repurchase program of up to $200 million on August 5, 2024, set to expire on July 31, 2025.
- As part of this authorization, Penumbra entered into an accelerated share repurchase agreement (ASR) on August 12, 2024, to repurchase $100 million of its common stock.
- An initial delivery of approximately 474,000 shares of Penumbra's common stock was received on August 13, 2024, with the final settlement of the ASR expected in the third quarter of 2024.
Inbound Investments
- Boston Scientific Corporation announced in January 2026 its definitive agreement to acquire Penumbra, Inc. for approximately $14.5 billion to $15 billion in a cash and stock deal.
Capital Expenditures
- Penumbra's capital expenditures were approximately $19.46 million for the last 12 months as of December 31, 2024.
- Annual capital expenditures were $13 million in 2023, $14 million in 2024, and $5.47 million in 2025.
- Strategic capital investments have been directed towards establishing facilities, such as the Costa Rica facility, to support global market expansion.
Peer Outperformance in Health Care Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PEN | Penumbra | 17.1% | 77.8x | 24.3% | 26.9% | 12.1% | — |
| UFPT | UFP Technologies | 18.8% | 29.6x | 43.5% | 77.0% | 341.3% | +329pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 16.2% | 43.2% | 90.1% | CAH 392% · MCK 346% · COR 168% |
| Managed Health Care | 8 | 40.4% | -5.3% | 2.3% | OSCR 84% · HQY 56% · ELV 17% |
| Health Care Services | 20 | 21.1% | 37.6% | -0.3% | HIMS 239% · RDNT 173% · DGX 76% |
| Health Care Facilities | 24 | 6.0% | 6.5% | -4.5% | NHC 271% · THC 261% · ENSG 129% |
| Health Care Equipment ← | 50 | -2.7% | -0.2% | -21.1% | POCI 11050% · UFPT 341% · GKOS 222% |
| Pharmaceuticals | 62 | -10.5% | 14.8% | -38.6% | LQDA 2472% · INDV 1099% · ETON 1051% |
| Health Care Supplies | 12 | 14.1% | -8.9% | -39.7% | LNTH 287% · HAE 54% · MMSI 20% |
| Life Sciences Tools & Services | 109 | 4.3% | -11.3% | -68.4% | SNWV 1757% · MEDP 231% · NTRA 199% |
| Health Care Technology | 21 | -25.8% | -52.6% | -79.2% | SPOK 68% · HSTM 3% · VEEV -13% |
| Biotechnology | 364 | 0.6% | -21.7% | -79.4% | CELZ 1280% · DNTH 1221% · ELVN 1069% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 269.99 |
| Mkt Cap | 105.5 |
| Rev LTM | 25,837 |
| Op Inc LTM | 5,615 |
| FCF LTM | 4,702 |
| FCF 3Y Avg | 3,843 |
| CFO LTM | 5,525 |
| CFO 3Y Avg | 4,569 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 20.4% |
| Op Inc Chg 3Y Avg | 16.4% |
| Op Mgn LTM | 21.0% |
| Op Mgn 3Y Avg | 19.1% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 21.4% |
| CFO/Rev 3Y Avg | 20.7% |
| FCF/Rev LTM | 16.3% |
| FCF/Rev 3Y Avg | 15.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 105.5 |
| P/S | 4.1 |
| P/Op Inc | 18.8 |
| P/EBIT | 18.2 |
| P/E | 28.3 |
| P/CFO | 19.1 |
| Total Yield | 5.2% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.3% |
| 3M Rtn | 0.1% |
| 6M Rtn | -5.4% |
| 12M Rtn | 0.0% |
| 3Y Rtn | 25.3% |
| 1M Excs Rtn | -2.1% |
| 3M Excs Rtn | -1.9% |
| 6M Excs Rtn | -21.7% |
| 12M Excs Rtn | -15.3% |
| 3Y Excs Rtn | -57.5% |
Comparison Analyses
Price Behavior
| Market Price | $317.60 | |
| Market Cap ($ Bil) | 12.5 | |
| First Trading Date | 09/18/2015 | |
| Distance from 52W High | -11.6% | |
| 50 Days | 200 Days | |
| DMA Price | $321.41 | $325.55 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -1.2% | -2.4% |
| 3M | 1YR | |
| Volatility | 6.5% | 28.4% |
| Downside Capture | 6.55 | 6.94 |
| Upside Capture | 6.50 | 31.18 |
| Correlation (SPY) | 7.6% | 0.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.30 | 0.07 | 0.04 | 0.10 | 0.03 | 0.60 |
| Up Beta | 0.23 | 0.09 | -0.08 | 0.07 | 0.05 | 0.80 |
| Down Beta | 1.63 | 0.18 | 0.12 | 0.03 | -0.42 | 0.29 |
| Up Capture | 19% | 11% | 8% | 4% | 21% | 29% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 14 | 27 | 38 | 68 | 128 | 367 |
| Down Capture | 18% | -6% | 2% | 28% | 16% | 86% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 7 | 15 | 26 | 59 | 123 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PEN | |
|---|---|---|---|---|
| PEN | 24.0% | 28.3% | 0.74 | - |
| Sector ETF (XLV) | 24.4% | 16.1% | 1.16 | 14.1% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 0.9% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 2.6% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -4.2% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 8.8% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | -9.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PEN | |
|---|---|---|---|---|
| PEN | 2.5% | 40.6% | 0.17 | - |
| Sector ETF (XLV) | 6.4% | 15.2% | 0.24 | 37.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 41.0% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 6.3% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 4.9% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 35.0% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 19.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PEN | |
|---|---|---|---|---|
| PEN | 16.2% | 41.1% | 0.50 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 40.5% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 42.5% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 6.9% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 10.7% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 34.2% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 9.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 0.4% | 1.6% | 0.6% |
| 5/6/2026 | 0.1% | -0.5% | -1.1% |
| 2/25/2026 | 1.0% | 0.3% | -0.7% |
| 11/5/2025 | 17.3% | 24.3% | 30.7% |
| 7/29/2025 | 11.9% | 5.7% | 17.5% |
| 4/23/2025 | 7.0% | 5.0% | -4.3% |
| 2/18/2025 | 12.0% | 3.9% | 3.1% |
| 10/30/2024 | 8.3% | 10.6% | 15.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 12 |
| # Negative | 9 | 11 | 12 |
| Median Positive | 7.0% | 5.7% | 15.3% |
| Median Negative | -3.5% | -4.1% | -6.5% |
| Max Positive | 17.3% | 25.7% | 39.6% |
| Max Negative | -9.7% | -19.0% | -16.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 0.4% | 1.6% | 0.6% |
| 5/6/2026 | 0.1% | -0.5% | -1.1% |
| 2/25/2026 | 1.0% | 0.3% | -0.7% |
| 11/5/2025 | 17.3% | 24.3% | 30.7% |
| 7/29/2025 | 11.9% | 5.7% | 17.5% |
| 4/23/2025 | 7.0% | 5.0% | -4.3% |
| 2/18/2025 | 12.0% | 3.9% | 3.1% |
| 10/30/2024 | 8.3% | 10.6% | 15.5% |
| 7/30/2024 | -3.5% | -1.0% | 15.8% |
| 5/7/2024 | -3.3% | -0.6% | -6.5% |
| 2/22/2024 | -9.3% | -10.6% | -14.4% |
| 11/2/2023 | -0.2% | -7.3% | 15.3% |
| 8/1/2023 | -9.7% | -16.9% | -11.5% |
| 5/2/2023 | 7.0% | 11.9% | 11.7% |
| 2/23/2023 | 2.2% | -0.3% | 4.9% |
| 11/3/2022 | 6.7% | 25.7% | 39.6% |
| 8/5/2022 | 16.6% | 18.7% | 15.3% |
| 5/3/2022 | -1.9% | -19.0% | -16.2% |
| 2/22/2022 | -5.8% | 3.5% | -4.7% |
| 11/3/2021 | 3.8% | -2.8% | -14.2% |
| 8/9/2021 | -2.0% | -4.1% | 3.1% |
| 5/4/2021 | -5.4% | -8.4% | -11.2% |
| 2/23/2021 | 3.0% | 0.9% | -6.5% |
| 10/28/2020 | 13.5% | 7.0% | -2.6% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 12 |
| # Negative | 9 | 11 | 12 |
| Median Positive | 7.0% | 5.7% | 15.3% |
| Median Negative | -3.5% | -4.1% | -6.5% |
| Max Positive | 17.3% | 25.7% | 39.6% |
| Max Negative | -9.7% | -19.0% | -16.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 9/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grewal, Harpreet | Direct | Sell | 4062026 | 328.22 | 100 | 32,822 | 2,861,750 | Form | |
| 2 | Yuen, Maggie | Chief Financial Officer | Direct | Sell | 3042026 | 342.30 | 2,432 | 832,474 | 6,282,232 | Form |
| 3 | Wilder, Thomas | Direct | Sell | 1062026 | 310.72 | 186 | Form | |||
| 4 | Bose, Arani | LLC | Sell | 12152025 | 308.82 | 15,000 | 4,632,292 | 79,818,099 | Form | |
| 5 | Roberts, Johanna | EVP, Gen. Counsel & Secretary | Direct | Sell | 12092025 | 300.13 | 300 | 90,039 | 19,159,099 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grewal, Harpreet | Direct | Sell | 4062026 | 328.22 | 100 | 32,822 | 2,861,750 | Form | |
| 2 | Yuen, Maggie | Chief Financial Officer | Direct | Sell | 3042026 | 342.30 | 2,432 | 832,474 | 6,282,232 | Form |
| 3 | Wilder, Thomas | Direct | Sell | 1062026 | 310.72 | 186 | Form | |||
| 4 | Bose, Arani | LLC | Sell | 12152025 | 308.82 | 15,000 | 4,632,292 | 79,818,099 | Form | |
| 5 | Roberts, Johanna | EVP, Gen. Counsel & Secretary | Direct | Sell | 12092025 | 300.13 | 300 | 90,039 | 19,159,099 | Form |
| 6 | Grewal, Harpreet | Direct | Sell | 12032025 | 292.98 | 100 | 29,298 | 2,465,720 | Form | |
| 7 | Roberts, Johanna | EVP, Gen. Counsel & Secretary | Direct | Sell | 12032025 | 294.94 | 600 | 176,966 | 18,916,497 | Form |
| 8 | Roberts, Johanna | EVP, Gen. Counsel & Secretary | Direct | Sell | 11262025 | 300.06 | 1,800 | 540,108 | 19,424,684 | Form |
| 9 | Bose, Arani | LLC | Sell | 11262025 | 300.19 | 7,500 | 2,251,425 | 82,630,600 | Form | |
| 10 | Bose, Arani | LLC | Sell | 11252025 | 290.56 | 7,500 | 2,179,212 | 82,159,507 | Form | |
| 11 | Roberts, Johanna | EVP, Gen. Counsel & Secretary | Direct | Sell | 11122025 | 266.98 | 600 | 160,189 | 16,995,213 | Form |
| 12 | Grewal, Harpreet | Direct | Sell | 11062025 | 227.58 | 186 | 42,330 | 1,938,071 | Form | |
| 13 | Grewal, Harpreet | Direct | Sell | 10032025 | 248.61 | 186 | 46,241 | 2,163,404 | Form | |
| 14 | Roberts, Johanna | EVP, Gen. Counsel & Secretary | Direct | Sell | 10032025 | 249.70 | 600 | 149,820 | 16,045,016 | Form |
| 15 | Wilder, Thomas | Direct | Sell | 10032025 | 253.93 | 186 | 47,231 | 47,231 | Form | |
| 16 | Elsesser, Adam | CEO | Direct | Sell | 9042025 | 269.65 | 15,800 | 4,260,457 | 49,200,188 | Form |
| 17 | Grewal, Harpreet | Direct | Sell | 9042025 | 272.19 | 186 | 50,627 | 2,419,225 | Form | |
| 18 | Roberts, Johanna | EVP, Gen. Counsel & Secretary | Direct | Sell | 9042025 | 270.58 | 600 | 162,347 | 17,548,904 | Form |
Investor Activity (13F)
Updated Sep 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Decagon Asset Management LLP | $55.0 Mil | 14.3% | 74 | New | 13F |
| Slotnik Capital, LLC | $33.2 Mil | 9.9% | 24 | New | 13F |
| Birnam Oak Advisors, LP | $31.5 Mil | 8.7% | 43 | New | 13F |
| Sand Grove Capital Management LLP | $28.5 Mil | 6.7% | 18 | New | 13F |
| PSquared Asset Management AG | $14.0 Mil | 4.9% | 15 | New | 13F |
| Melqart Asset Management (UK) Ltd | $26.9 Mil | 2.6% | 41 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Decagon Asset Management LLP | $55.0 Mil | 14.3% | 74 | New | 13F |
| Slotnik Capital, LLC | $33.2 Mil | 9.9% | 24 | New | 13F |
| Birnam Oak Advisors, LP | $31.5 Mil | 8.7% | 43 | New | 13F |
| Sand Grove Capital Management LLP | $28.5 Mil | 6.7% | 18 | New | 13F |
| Melqart Asset Management (UK) Ltd | $26.9 Mil | 2.6% | 41 | New | 13F |
| PSquared Asset Management AG | $14.0 Mil | 4.9% | 15 | New | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Decagon Asset Management LLP | $55.0 Mil | 14.3% | 74 | New | 13F |
| Slotnik Capital, LLC | $33.2 Mil | 9.9% | 24 | New | 13F |
| Birnam Oak Advisors, LP | $31.5 Mil | 8.7% | 43 | New | 13F |
| Sand Grove Capital Management LLP | $28.5 Mil | 6.7% | 18 | New | 13F |
| Melqart Asset Management (UK) Ltd | $26.9 Mil | 2.6% | 41 | New | 13F |
| PSquared Asset Management AG | $14.0 Mil | 4.9% | 15 | New | 13F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.