Penumbra, Inc. (PEN)
NEUTRALファンダメンタル
67
株価
$323.90
時価総額
$12.79B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
Devices that remove blood clots to treat pulmonary embolism, deep vein thrombosis, acute limb ischemia, ischemic stroke and coronary disease.
Devices that help physicians access blood vessels and selectively block off unwanted ones, used in a range of vascular procedures.
競争優位性(moat)
特許・ライセンス · 狭い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.
需要を左右する要因
ディフェンシブ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.
主なリスク
- 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.
強気材料
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.
弱気材料
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 2026年8月18日
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.
貸借対照表と流動性
売上高
$1.50B
直近12か月(2026/6/30まで)
純利益
$161M
直近12か月(2026/6/30まで)
フリーキャッシュフロー
$175M
自己資本合計
$1.43B
負債合計
$399M
流動比率
5.75
利払い倍率
144.33
負債/EBITDA
1.03
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$238.51
現在株価
$323.90
安全マージン
-35.8%
適正価値レンジ
$155.03 - $321.99
推定方法
バリュエーション指標
P/E レシオ
79.55
ROE
12.4%
P/B レシオ
8.33
P/FCF
59.06
粗利益率
67.8%
ROIC
8.5%
収益性レーダー
Value Creation (Economic Moat)
ROIC
8.5%
WACC
8.2%
ROIC − WACC
+0.3 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
ファンダメンタル分析基準
合格(18)
- EPS shows upward trend
- EPS CAGR 33.58%
- Price CAGR 17.69%
- 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
不合格(8)
- P/FCF 59.06
- P/B Ratio 8.33
- 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%
データなし(2)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
財務健全性が高い
利益の質
高品質:利益はキャッシュに裏付けられている
株式希薄化
株式数は安定している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Adam Elsesser J.D. | Co-Founder, Chairman & CEO | 63 |
| Ms. Shruthi Narayan | President | 40 |
| Dr. Arani Bose M.D. | Co-Founder & Director | 63 |
| Ms. Maggie S. Yuen | Chief Financial Officer | 53 |
| Mr. Lambert Shiu | Chief Accounting Officer | 45 |
| Ms. Johanna Roberts J.D. | Executive VP, General Counsel & Secretary | 53 |
| Mr. Ben Sorci | Executive Vice President of Operations | - |
| Mr. Pankaj Tiwari | Executive VP & Chief Information Officer | - |
監査リスク
7
取締役会リスク
5
報酬リスク
7
株主権利リスク
4
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for PEN, sourced from Markets Gazette.
- 2/25/2026NEUTRALPenumbra 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