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Penumbra, Inc. (PEN)

Surévalué
HealthcareMedical DevicesUnited States

Fondamental

70

Prix

$317.91

Capitalisation boursière

$12.59B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Penumbra designs and manufactures devices that remove blood clots from inside the body without open surgery, threading a catheter through a blood vessel to pull the clot out or suck it away. Its products treat conditions such as ischemic stroke, pulmonary embolism and acute limb ischemia. A second, related line of products helps physicians access blood vessels and block off unwanted ones, such as before a tumor is removed. It sells to hospitals and clinics in over 100 countries.

Comment l'entreprise gagne de l'argent

Penumbra sells physical devices — catheters, aspiration systems and related disposables — to hospitals, which use them one procedure at a time. Because each stroke, clot or vascular case consumes a new device, revenue grows with the number of procedures performed rather than through subscriptions, and it depends on hospitals adopting Penumbra's technology over rival devices, on regulatory clearance for new products, and on reimbursement from insurers and public health systems that pay for the procedure.

Chiffre d'affaires par segment

Thrombectomy67.5%

Devices that remove blood clots to treat pulmonary embolism, deep vein thrombosis, acute limb ischemia, ischemic stroke and coronary disease.

Embolization and Access32.5%

Devices that help physicians access blood vessels and selectively block off unwanted ones, used in a range of vascular procedures.

Avantage concurrentiel

Brevets et licences · Étroit

Penumbra's devices are protected by patents on their specific mechanical and aspiration designs, and any new device must clear a lengthy regulatory approval process before it can be sold, which slows down copycats. That said, the field has several capable competitors building similar clot-removal technology, so the protection is real but not close to exclusive.

Ce qui stimule la demande

Défensif

Penumbra's core products treat medical emergencies such as stroke, pulmonary embolism and limb-threatening blood clots, procedures that hospitals perform regardless of the economic climate because delaying them risks death or permanent disability. Demand is therefore driven mainly by disease incidence, physician adoption of minimally invasive techniques, and hospital budgets for equipment, not by discretionary consumer spending.

Principaux risques

  • Lengthy and uncertain regulatory approval — The company operates under stringent domestic and foreign medical device regulations, and delays or failures in obtaining approval for new or modified products can push back launches and revenue.
  • Product liability litigation — As a maker of devices used in life-critical procedures, the company faces product liability claims and lawsuits seeking compensatory and punitive damages over alleged device failures or injuries.
  • Restrictions on off-label promotion — Regulators actively enforce rules against promoting a device for uses it was not approved for, and a violation can bring substantial monetary penalties or criminal prosecution.
  • Mandatory adverse event reporting — Medical device reporting rules require the company to notify regulators whenever it learns a device may have caused or contributed to a death or serious injury, which can trigger investigations or recalls.

Les arguments en faveur

Buyers argue that thrombectomy is still replacing older, less effective treatments for stroke and clot-related emergencies, that Penumbra's revenue keeps growing faster than the market, and that its second embolization and access line adds a further avenue for growth beyond its original thrombectomy business.

Les arguments contre

Sellers fear that well-funded competitors are developing similar clot-removal technology, that a single unfavorable regulatory finding or product-liability case could damage both revenue and reputation quickly, and that a business built on emergency procedures leaves little room to grow through pricing.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Bilan & Liquidités

Chiffre d'affaires

$1.50B

12 derniers mois (au 30/06/2026)

Résultat net

$161M

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$175M

Capitaux propres totaux

$1.43B

Passif total

$399M

Ratio de liquidité général

5.75

Couverture des intérêts

144.33

Dette/EBITDA

1.03

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralSurévalué

Juste valeur

$237.75

Prix actuel

$317.91

Marge de sécurité

-33.7%

Fourchette de juste valeur

$154.54 - $320.97

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$361.83
Flux de trésorerie actualisés (DCF):$105.83
Multiple de résultat (P/E):$277.07
Formule de croissance de Graham:$66.42
Valeur de la capacité bénéficiaire (EPV):$44.57
P/B justifié:$53.05
Actualisation des dividendes (Gordon):Données insuffisantes pour le calculer
P/FFO, les fonds provenant de l'exploitation:$79.27
Bénéfices de milieu de cycle:$5.36
Multiple sur le chiffre d'affaires:$149.26
Consensus des analystes:Conserver (6B / 14H / 0S)
Dernière surprise sur les résultats:-26.59%

Indicateurs de valorisation

Ratio P/E

78.13

ROE

12.4%

Ratio P/B

8.18

P/FCF

58.02

Marge brute

67.8%

ROIC

8.5%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

8.5%

WACC

8.3%

ROIC − WACC

+0.2 pp

Le ROIC est à peu près aligné sur le coût du capital — l'entreprise couvre à peine son coût du capital.

Critères d'analyse fondamentale

Réussi (18)

  • EPS shows upward trend
  • EPS CAGR 33.58%
  • Price CAGR 17.48%
  • ROIC 8.5%
  • Gross Margin 67.8%
  • Debt/Equity ratio
  • Operating Margin 12.4%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 11.1%
  • Revenue Growth 5Y 20.2%
  • Earnings Quality (OCF/NI) 1.73
  • Share Dilution 1.0%
  • Piotroski F-Score 8/9

Échoué (8)

  • P/FCF 58.02
  • P/B Ratio 8.18
  • CapEx intensity
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Analyst Consensus 30% Buy
  • Earnings Surprise avg -10.5%
  • Net Margin Trend 10.7% vs 11.5%

Indisponible (2)

  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Score F de Piotroski

8/9

Santé financière solide

score
criteria

Qualité des bénéfices

1.73

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

1.0%

Le nombre d'actions est stable

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Adam Elsesser J.D.Co-Founder, Chairman & CEO63
Ms. Shruthi NarayanPresident40
Dr. Arani Bose M.D.Co-Founder & Director63
Ms. Maggie S. YuenChief Financial Officer53
Mr. Lambert ShiuChief Accounting Officer45
Ms. Johanna Roberts J.D.Executive VP, General Counsel & Secretary53
Mr. Ben SorciExecutive Vice President of Operations-
Ms. Jee Hamlyn-HarrisInvestor Relations Officer-
Mr. Ben TompkinsExecutive Vice President of Development & Compliance-
Mr. Jason Richard MillsExecutive Vice President of Strategy-

Risque d'audit

7

Risque du conseil

5

Risque de rémunération

7

Risque droits des actionnaires

4

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2026-02-25

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-07-30

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-07-30

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for PEN, sourced from Markets Gazette.

  • 2/25/2026NEUTRAL
    Penumbra Q4 Earnings Assessment

    The financial community is keenly awaiting the assessment of Penumbra Inc.'s fourth-quarter earnings. While specific details from this analysis have not yet been released, investor attention remains high, given the critical importance of such reports in gauging the medical device company's financial health and future prospects. Q4 performance is particularly crucial for Penumbra, operating in a competitive medical technology market where innovation and clinical outcomes drive growth. Analysts will be closely scrutinizing key metrics such as revenue figures, profit margins, and forward-looking guidance for the upcoming year, seeking indications of the company's ability to sustain its growth trajectory and navigate industry challenges. The full disclosure of these results will provide clear direction for the stock.

via Markets Gazette