Latest Ratios: P/E Ratio -373.4x · EV/EBITDA 313.7x · ROE -6.0%. (2009–2025 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 | $4.2B | $5.1B | $4.3B | $2.4B | $2.8B | $2.1B | $955M | $565M | $310M | $466M | $725M |
| Enterprise Value | $4.5B | $5.4B | $4.5B | $2.6B | $3.1B | $2.3B | $1.0B | $572M | $318M | $458M | $706M |
| P/E Ratio → | -373.35 | — | 104.50 | — | — | — | — | — | — | — | — |
| P/S Ratio | 11.65 | 14.11 | 11.69 | 7.83 | 10.82 | 11.27 | 6.88 | 3.70 | 2.53 | 3.72 | 6.45 |
| P/B Ratio | 19.33 | 24.35 | 28.57 | 70.57 | 178.84 | — | 8.76 | 4.51 | 3.17 | 3.92 | 5.84 |
| P/FCF | 91.70 | 111.05 | 38.50 | — | — | — | — | 247.90 | — | — | — |
| P/OCF | 71.62 | 86.74 | 33.36 | — | 4350.00 | 331.70 | — | 120.00 | — | — | — |
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 | — | 14.88 | 12.38 | 8.48 | 11.88 | 12.24 | 7.24 | 3.74 | 2.59 | 3.65 | 6.29 |
| EV / EBITDA | 313.65 | 375.73 | 695.42 | — | — | — | — | — | — | — | 296.57 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 117.12 | 40.77 | — | — | — | — | 250.80 | — | — | — |
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 | 52.0% | 52.0% | 51.6% | 49.4% | 53.5% | 52.0% | 46.9% | 48.4% | 47.5% | 51.8% | 52.9% |
| Operating Margin | -0.2% | -0.2% | -1.9% | -14.1% | -7.6% | -19.6% | -33.9% | -14.2% | -28.4% | -13.6% | -0.4% |
| Net Profit Margin | -3.0% | -3.0% | 11.2% | -14.1% | -9.4% | -26.9% | -37.4% | -15.0% | -28.7% | -13.8% | -1.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.0% | -6.0% | 44.4% | -174.4% | -1076.5% | -104.6% | -44.3% | -20.6% | -32.5% | -14.3% | -2.4% |
| ROA | -2.1% | -2.1% | 9.6% | -12.2% | -7.3% | -19.6% | -24.6% | -12.8% | -23.7% | -10.8% | -1.5% |
| ROIC | -0.1% | -0.1% | -1.7% | -12.4% | -6.3% | -16.8% | -24.3% | -13.7% | -24.2% | -11.8% | -0.6% |
| ROCE | -0.3% | -0.3% | -2.9% | -13.7% | -6.6% | -16.2% | -25.1% | -13.6% | -27.4% | -12.4% | -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 | 1.56 | 1.56 | 1.99 | 8.63 | 18.88 | — | 0.67 | 0.59 | 0.25 | 0.09 | 0.12 |
| Debt / EBITDA | 22.84 | 22.84 | 45.79 | — | — | — | — | — | — | — | 6.34 |
| Net Debt / Equity | — | 1.33 | 1.68 | 5.85 | 17.63 | — | 0.46 | 0.05 | 0.08 | -0.07 | -0.15 |
| Net Debt / EBITDA | 19.47 | 19.47 | 38.73 | — | — | — | — | — | — | — | -7.79 |
| Debt / FCF | — | 6.07 | 2.27 | — | — | — | — | 2.90 | — | — | — |
| Interest Coverage | -1.50 | -1.50 | -0.67 | -8.29 | -3.98 | -13.93 | -7.71 | -12.07 | -22.18 | -18.74 | -0.30 |
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 | 2.68 | 2.68 | 0.99 | 8.73 | 6.49 | 7.21 | 6.21 | 9.07 | 5.26 | 6.52 | 5.86 |
| Quick Ratio | 2.01 | 2.01 | 0.69 | 5.59 | 5.40 | 6.59 | 4.89 | 7.31 | 3.32 | 4.15 | 4.77 |
| Cash Ratio | 1.39 | 1.39 | 0.50 | 3.67 | 4.10 | 5.45 | 3.84 | 5.98 | 2.44 | 2.92 | 3.96 |
| Asset Turnover | — | 0.66 | 0.75 | 0.86 | 0.74 | 0.60 | 0.67 | 0.71 | 0.85 | 0.82 | 0.67 |
| Inventory Turnover | 2.04 | 2.04 | 1.78 | 1.60 | 2.58 | 4.16 | 2.03 | 2.31 | 1.44 | 1.28 | 1.91 |
| Days Sales Outstanding | — | 71.55 | 56.63 | 65.18 | 70.79 | 68.00 | 65.69 | 56.68 | 54.95 | 64.80 | 56.71 |
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 | — | — | 1.0% | — | — | — | — | — | — | — | — |
| FCF Yield | 1.1% | 0.9% | 2.6% | — | — | — | — | 0.4% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $29M | $29M | $27M | $26M | $24M | $23M | $22M | $21M | $21M | $21M |
Liquidity and solvency pressure
According to current market data, Impinj trades at a forward P/E of 70.44 and an EV/EBITDA of 301.70, suggesting that investors are pricing in aggressive long-term growth that appears disconnected from the company's recent history of inconsistent profitability and cyclical revenue stagnation in the retail sector.
The valuation multiples imply a high-growth trajectory that may be difficult to sustain given the company's reliance on lumpy systems projects and the competitive pressures in the endpoint IC market. Investors should monitor whether these premium valuations can be justified by a shift toward recurring software revenue or if they represent an overestimation of the company's near-term earnings power.
Based on reported figures, Impinj's ROIC has trended into negative territory, reaching -2.5% in 2026Q1, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital, thereby eroding shareholder value rather than compounding it over time.
The persistent decay in ROIC reflects the company's struggle to balance heavy R&D investment with the variable margins of its fabless semiconductor model. This trend suggests that the current capital allocation strategy may require a fundamental pivot toward operational efficiency to achieve sustainable, positive returns on invested capital.
As reported in financial statements, Impinj's cash conversion cycle has expanded to 256 days in 2026Q1, driven by a bloated DIO of 204 days, which suggests significant inefficiencies in managing inventory levels relative to the actual demand from inlay partners and retail customers.
The extended CCC indicates that capital is being trapped in inventory for an excessive duration, which exacerbates the company's liquidity constraints. This inefficiency warrants further investigation into whether the high DIO is a result of strategic stockpiling or a failure to accurately forecast demand in a volatile retail environment.
Based on the most recent quarterly data, Impinj's current ratio of 9.20 is misleadingly high due to inventory composition, while the quick ratio of 6.55 and the thin cash position suggest that the company's ability to meet short-term obligations under stress is increasingly vulnerable.
The company's liquidity position appears fragile when considering the high cash burn rate and the potential for further operational losses. Investors should monitor the company's ability to manage its debt service requirements, as the current cash cushion may be insufficient to navigate a prolonged downturn in the retail sector.
The P/S ratio is the most commonly misapplied metric for Impinj, as it obscures the company's underlying cash burn and the high variable costs inherent in its fabless semiconductor model, failing to account for the quality of earnings or the sustainability of the current growth trajectory.
Relying on P/S ratios ignores the significant impact of stock-based compensation and R&D intensity on the company's true financial health. Analysts should instead prioritize free cash flow yield and operating margin expansion to better assess the company's progress toward achieving a self-sustaining business model.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying PI stock.
Impinj, Inc.'s current P/E ratio is -373.4x. The historical average is 104.5x.
Impinj, Inc.'s current EV/EBITDA is 313.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Impinj, Inc.'s return on equity (ROE) is -6.0%. The historical average is -36.7%.
Based on historical data, Impinj, Inc. is trading at a P/E of -373.4x. Compare with industry peers and growth rates for a complete picture.
Impinj, Inc. has 52.0% gross margin and -0.2% operating margin.
Impinj, Inc.'s Debt/EBITDA ratio is 22.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.