Latest Ratios: P/E Ratio 70.4x · EV/EBITDA 60.7x · ROE 13.8%. (2013–2025 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 | $12.5B | $12.2B | $9.3B | $9.9B | $8.4B | $10.9B | $6.3B | $6.0B | $4.4B | $3.3B | $2.1B |
| Enterprise Value | $12.6B | $12.2B | $9.2B | $9.9B | $8.6B | $11.0B | $6.3B | $6.0B | $4.3B | $3.3B | $2.1B |
| P/E Ratio → | 70.42 | 68.79 | 659.67 | 108.42 | — | 2052.29 | — | 122.59 | 678.89 | 723.85 | 145.00 |
| P/S Ratio | 8.92 | 8.70 | 7.81 | 9.32 | 9.94 | 14.56 | 11.17 | 10.88 | 9.91 | 9.96 | 8.11 |
| P/B Ratio | 8.76 | 8.56 | 8.10 | 8.37 | 8.43 | 11.41 | 9.81 | 12.27 | 10.44 | 8.30 | 8.01 |
| P/FCF | 71.57 | 69.83 | 63.31 | 120.12 | — | — | — | 1311.34 | 229.62 | — | — |
| P/OCF | 52.46 | 51.19 | 55.35 | 101.35 | — | 1145.45 | — | 223.53 | 153.08 | 261.88 | — |
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 | — | 8.73 | 7.72 | 9.38 | 10.13 | 14.71 | 11.18 | 10.90 | 9.76 | 9.81 | 8.06 |
| EV / EBITDA | 60.72 | 59.25 | 279.69 | 98.52 | 282.35 | 1234.78 | — | 107.30 | 816.77 | 661.72 | 2241.46 |
| EV / EBIT | 66.33 | 59.71 | 413.89 | 122.02 | 1521.75 | — | — | 125.60 | 144.81 | 2809.35 | — |
| EV / FCF | — | 70.02 | 62.62 | 120.94 | — | — | — | 1313.43 | 226.08 | — | — |
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 | 67.1% | 67.1% | 63.2% | 64.5% | 63.2% | 63.6% | 60.3% | 68.0% | 65.7% | 65.1% | 64.9% |
| Operating Margin | 13.5% | 13.5% | 0.8% | 6.9% | 0.7% | -1.0% | -6.9% | 8.7% | -0.2% | 0.3% | -0.5% |
| Net Profit Margin | 12.7% | 12.7% | 1.2% | 8.6% | -0.2% | 0.7% | -2.8% | 8.9% | 1.5% | 1.4% | 5.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.8% | 13.8% | 1.2% | 8.4% | -0.2% | 0.7% | -2.8% | 10.7% | 1.6% | 1.4% | 5.9% |
| ROA | 10.6% | 10.6% | 0.9% | 6.2% | -0.2% | 0.5% | -2.1% | 8.2% | 1.3% | 1.2% | 5.2% |
| ROIC | 11.3% | 11.3% | 0.6% | 4.6% | 0.4% | -0.7% | -5.1% | 8.4% | -0.2% | 0.3% | -0.4% |
| ROCE | 12.5% | 12.5% | 0.7% | 5.6% | 0.5% | -0.8% | -6.0% | 9.3% | -0.2% | 0.3% | -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 | 0.15 | 0.15 | 0.19 | 0.20 | 0.24 | 0.18 | 0.12 | 0.17 | — | — | — |
| Debt / EBITDA | 1.06 | 1.06 | 6.77 | 2.32 | 7.75 | 19.48 | — | 1.48 | — | — | — |
| Net Debt / Equity | — | 0.02 | -0.09 | 0.06 | 0.17 | 0.12 | 0.01 | 0.02 | -0.16 | -0.13 | -0.05 |
| Net Debt / EBITDA | 0.16 | 0.16 | -3.06 | 0.66 | 5.46 | 12.82 | — | 0.17 | -12.76 | -10.24 | -13.98 |
| Debt / FCF | — | 0.19 | -0.69 | 0.81 | — | — | — | 2.10 | -3.53 | — | — |
| Interest Coverage | — | — | 15.72 | 46.80 | 3.23 | -4.43 | — | — | — | — | — |
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 | 6.64 | 6.64 | 6.01 | 6.06 | 5.21 | 5.53 | 5.83 | 5.09 | 6.22 | 7.41 | 7.37 |
| Quick Ratio | 4.29 | 4.29 | 3.44 | 3.49 | 2.91 | 3.39 | 3.76 | 3.41 | 4.47 | 5.57 | 5.33 |
| Cash Ratio | 1.02 | 1.02 | 2.15 | 1.91 | 1.30 | 2.07 | 2.50 | 2.08 | 3.04 | 4.16 | 3.60 |
| Asset Turnover | — | 0.77 | 0.78 | 0.68 | 0.62 | 0.60 | 0.68 | 0.82 | 0.86 | 0.70 | 0.85 |
| Inventory Turnover | 1.07 | 1.07 | 1.08 | 0.97 | 0.93 | 1.03 | 1.01 | 1.15 | 1.32 | 1.23 | 1.27 |
| Days Sales Outstanding | — | 49.41 | 51.23 | 69.57 | 87.63 | 65.39 | 74.64 | 70.61 | 67.18 | 63.44 | 60.07 |
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 | 1.4% | 1.5% | 0.2% | 0.9% | — | 0.0% | — | 0.8% | 0.1% | 0.1% | 0.7% |
| FCF Yield | 1.4% | 1.4% | 1.6% | 0.8% | — | — | — | 0.1% | 0.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.1% |
| Shares Outstanding | — | $39M | $39M | $39M | $38M | $38M | $36M | $36M | $36M | $35M | $33M |
Competitive VTE market saturation
According to current market data, Penumbra trades at a P/E of 70.05 and an EV/EBITDA of 60.40, suggesting that investors are pricing in significant long-term expansion rather than immediate earnings yield, a valuation stance that appears aggressive when compared to more mature medical device incumbents.
The elevated P/S ratio of 8.87 indicates that the market is assigning a high premium to the company's revenue growth trajectory, likely driven by the successful adoption of the Indigo system. Investors should monitor whether the company's transition toward higher-priced intelligent hardware can justify these multiples, as any deceleration in top-line growth could lead to a significant valuation compression.
Based on reported figures, Penumbra's ROIC has hovered in the low single digits, reaching 2.0% in 2026Q1, which suggests that the company is currently struggling to generate returns on invested capital that exceed its cost of capital, despite its strong competitive position in the aspiration market.
The persistent gap between ROIC and historical med-tech benchmarks implies that the company's heavy reinvestment into R&D and specialized sales force expansion is currently diluting capital efficiency. This trend warrants further investigation into whether the 'Real System' and other innovation pipelines will eventually drive a meaningful inflection in return metrics.
As reported in financial statements, Penumbra's cash conversion cycle remains extended at 338 days in 2026Q1, primarily driven by a high days-inventory-outstanding (DIO) of 323 days, which reflects the inherent inefficiencies of the company's hospital-level consignment model for specialized medical devices.
The high DIO suggests that a significant portion of the company's capital is tied up in 'shadow inventory' held at customer sites, which creates a structural drag on cash flow efficiency. While this model is standard for the industry, the lack of improvement in the CCC suggests that inventory management remains a critical operational bottleneck.
The P/E ratio is frequently misapplied to Penumbra's business model, as it obscures the significant impact of stock-based compensation and heavy R&D reinvestment that artificially depress GAAP earnings, making the company appear more expensive than its underlying cash-generating potential would suggest.
Investors should prioritize EV/EBITDA or P/FCF metrics to better capture the company's true operational performance, as these ratios account for the cash-generative nature of the disposable-based revenue stream. Relying solely on P/E ignores the strategic value of the company's installed hardware base, which acts as a recurring revenue engine.
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Quick answers to the most common questions about buying PEN stock.
Penumbra, Inc.'s current P/E ratio is 70.4x. The historical average is 111.2x. This places it at the 25th percentile of its historical range.
Penumbra, Inc.'s current EV/EBITDA is 60.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 78.9x.
Penumbra, Inc.'s return on equity (ROE) is 13.8%. The historical average is 3.9%.
Based on historical data, Penumbra, Inc. is trading at a P/E of 70.4x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Penumbra, Inc. has 67.1% gross margin and 13.5% operating margin. Operating margin between 10-20% is typical for established companies.
Penumbra, Inc.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.