Penumbra Inc. (PEN) intrinsic value & 10-year financials
Penumbra Inc. (PEN) has a Graham intrinsic value of $150.13 per share. At $320.86 on Oct 17, 2026, the stock trades 114% above that value. Over the last 10 fiscal years revenue grew 20.4% a year to $1.4B, with an average return on invested capital of 2.5%.
- Graham intrinsic value
- $150.13
- Share price (Oct 17, 2026)
- $320.86
- Price vs Graham value
- 114% above
- Market cap
- $12.6B
- Revenue (FY2025)
- $1.4B
- Revenue growth (10-yr CAGR)
- 20.4%
- ROIC (10-yr avg)
- 2.5%
- Free cash flow (FY2025)
- $174.9M
PEN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.4B | $177.7M | $4.52 | $174.9M | 13.5% | 13.2% |
| FY2024 | $1.2B | $14.0M | $0.36 | $147.3M | 0.8% | 0.5% |
| FY2023 | $1.1B | $91.0M | $2.32 | $82.1M | 6.9% | 6.2% |
| FY2022 | $847.1M | -$2.0M | -$0.05 | -$75.0M | 0.7% | 0.3% |
| FY2021 | $747.6M | $5.3M | $0.14 | -$11.7M | -1.0% | -0.4% |
| FY2020 | $560.4M | -$15.7M | -$0.44 | -$58.0M | -6.9% | -3.4% |
| FY2019 | $547.4M | $48.5M | $1.34 | $4.5M | 8.7% | 9.2% |
| FY2018 | $444.9M | $6.6M | $0.18 | $19.2M | -0.2% | -0.2% |
| FY2017 | $333.8M | $4.7M | $0.13 | $159.0K | 0.3% | 0.3% |
| FY2016 | $263.3M | $14.8M | $0.44 | -$26.4M | -0.5% | -0.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Penumbra Inc is a consistent compounder, expanding top-line revenue at 20.4% annually over the past decade.
Penumbra Inc has historically struggled to out-earn its cost of capital, averaging just 2.5% ROIC.
Penumbra Inc has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Penumbra Inc is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $150.13 per share.