At a glance
Penumbra Inc is worth $12.55B, about 70 times its fiscal 2025 earnings. Revenue grew 17.5% to $1.40B in fiscal 2025, with 12.7% kept as profit; over 5 years it has grown 20.2% a year. It pays no dividend; it spent $100.4M buying back its shares over FY2021–FY2025. The stock returned +35.2% over the past year with dividends reinvested and +2.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 35.8% in the 2020 crash (S&P 500: 33.7%) and 59.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 10 months after the lows.
The business in plain English
Penumbra makes devices for thrombectomy, the removal of blood clots from blood vessels. Its tools treat clots from head to toe. They are used for ischemic stroke (a clot blocking an artery in the brain), pulmonary embolism (a clot lodged in the lungs), deep vein thrombosis and acute limb ischemia, where a blocked artery cuts off blood to a leg. Its lineup includes computer assisted vacuum thrombectomy, which uses computer-controlled suction to pull clots out.
Specialist physicians and other healthcare providers use its products. Penumbra reaches them mainly through its own sales force in the United States, most of Europe, Canada, Australia and Singapore. It uses distributors in select international markets. Revenue comes from device sales. In fiscal 2025 Penumbra kept 67.1% of revenue as gross profit, which is what remains after the direct cost of making its products.
Penumbra reports one business segment. Fiscal 2025 revenue was $1.40 billion, up 17.5%. Thrombectomy products made up 67.5% and embolization and access products 32.5%. Embolization products treat aneurysms (weak, bulging spots in blood vessels) and block off vessels. Access products help doctors reach the problem area. The United States supplied 77.8% of revenue and international markets 22.2%. Penumbra exited its immersive healthcare business in 2024. In January 2026 it agreed to be acquired by Boston Scientific in a cash-and-stock deal valued at $374 per share.
Price history
The interactive chart needs JavaScript.
PEN +35.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Thrombectomy | $947.9M | 67.5% |
| Embolization and Other | $455.7M | 32.5% |
By geography
| United States | $1.09B | 77.8% |
| International | $311.9M | 22.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $410.1M, up 15.6% from a year earlier, and net income was $42.3M (-7.8%).
- For fiscal 2025, revenue was $1.40B (+17.5% year over year; +20.2% a year from FY2020 to FY2025) with a 12.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +20.2% good |
|---|---|
| Operating margin | 13.5% watch |
| Free cash flow margin | 12.5% good |
| Return on equity (FY2025) | 12.4% watch |
| Return on assets (FY2025) | 9.7% good |
| Cash and investments | $673.6M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $560.4M | $-15.7M | $-58.0M |
| FY2021 | $747.6M | $5.3M | $-11.7M |
| FY2022 | $847.1M | $-2.0M | $-75.0M |
| FY2023 | $1.06B | $91.0M | $82.1M |
| FY2024 | $1.19B | $14.0M | $147.3M |
| FY2025 | $1.40B | $177.7M | $174.9M |
Valuation snapshot
| Market value | $12.55B |
|---|---|
| P/E ratio | 70.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Penumbra’s market value went from $2.02B at the end of 2016 to $12.55B on Oct 28, 2026, about 6.2 times as much; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $12.55B | +3.0% |
| 2025 | $12.18B | +33.6% |
| 2024 | $9.11B | -6.1% |
| 2023 | $9.71B | +14.9% |
| 2022 | $8.45B | -21.3% |
| 2021 | $10.73B | +68.9% |
| 2020 | $6.35B | +10.8% |
| 2019 | $5.74B | +36.0% |
| 2018 | $4.22B | +32.0% |
| 2017 | $3.19B | +58.2% |
| 2016 | $2.02B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PEN price data to Oct 28, 2026 | +2.4% | +35.2% | +18.2% | +2.8% | +17.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.4% |
| 2025 | +30.9% |
| 2024 | -5.6% |
| 2023 | +13.1% |
| 2022 | -22.6% |
| 2021 | +64.2% |
| 2020 | +6.5% |
| 2019 | +34.4% |
| 2018 | +29.9% |
| 2017 | +47.5% |
| 2016 | +18.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.8% over that stretch · deepest drop along the way 35.8%, back to its old high 3.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.8% over that stretch · deepest drop along the way 59.1%, back to its old high 9.8 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 4 sales ($981K), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 2, 2026 | Maggie Yuen Chief Financial Officer | sell (plan) | $832K |
| Jan 6, 2026 | Harpreet Grewal Director | sell (plan) | $58K |
| Jan 2, 2026 | Thomas Wilder Director | sell (plan) | $58K |
| Apr 2, 2026 | Harpreet Grewal Director | sell (plan) | $33K |
Who owns it
Large shareholders (13G filings)
| Barclays PLC | 5.95% | Jun 30, 2026 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
| FMR LLC | 4.7% | Jan 30, 2026 |
| T. Rowe Price Associates, Inc. | 3.3% | Dec 31, 2024 |
ETFs with the most weight in PEN
| TMFS Motley Fool Small-Cap Growth ETF | 3.76% |
| FMED Fidelity Disruptive Medicine ETF | 3.49% |
| MDEV First Trust Indxx Medical Devices ETF | 3.17% |
| FXH First Trust Health Care AlphaDEX Fund | 2.33% |
| HTEC ROBO Global Healthcare Technology and Innovation ETF | 1.98% |
| XHE SPDR S&P Health Care Equipment ETF | 1.89% |
| MNTL Tema Neuroscience and Mental Health ETF | 1.78% |
| IHI iShares U.S. Medical Devices ETF | 1.3% |
What could go wrong
- The Boston Scientific deal might not close. Completion depends on conditions outside Penumbra's control, such as antitrust clearances. If the deal fails, the stock may fall. In some cases Penumbra could also owe Boston Scientific a $525.0 million termination fee.
- Deal value can shift with Boston Scientific shares. Each share can be exchanged for $374 cash or 3.8721 Boston Scientific shares. The total is split about 73% cash and 27% stock, so part of the payout depends on Boston Scientific's share price.
- Waiting for the deal can hurt operations. Until the deal closes or ends, Penumbra faces limits on major contracts, borrowing and unplanned spending. Uncertainty could also drive away staff, customers or suppliers and pull management's attention away from the business.
- Revenue leans on a few product lines. A large share of revenue and growth comes from a limited number of product families. Thrombectomy alone made up 67.5% of fiscal 2025 revenue, so weaker demand there would weigh on results.
- Clinical trial results can sway doctors. The company, its rivals and others continually study Penumbra's devices in clinical trials. Results that are or look unfavorable, plus negative publicity, could reduce how often doctors use its products.
- Rivals, cost pressure and insurance coverage. New technology from rivals could make Penumbra's devices obsolete. Customers, purchasing groups and governments push to cut costs. Insurers may not cover procedures adequately. Together these could squeeze prices and margins.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; Quarterly results released; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Penumbra pays no dividend. It paid none from fiscal 2021 through fiscal 2025, and its 10-K says it does not expect to pay cash dividends. Any return therefore depends on share-price gains. That may not suit investors who need steady income from their holdings. Share repurchases (buybacks) have been limited: $100.4 million in fiscal 2024 and none in fiscal 2025. Meanwhile the share count rose 7.7% between July 2021 and July 2026. The January 2026 merger agreement values each share at $374, paid about 73% in cash and 27% in Boston Scientific stock, if the deal closes.
The stock has dropped sharply in downturns. It fell 35.8% in the 2020 COVID crash and recovered about 3.5 months after its low. In the 2022 bear market it fell 59.1% from January 3 to June 16, 2022, then needed about 9.8 months to recover. Like any single stock, Penumbra carries more risk than a diversified fund.
Questions investors ask
How does Penumbra make money?
Penumbra earns its revenue from medical devices that remove blood clots and treat other blood vessel problems. Specialist physicians and other healthcare providers use them. Fiscal 2025 revenue was $1.40 billion, up 17.5%. Thrombectomy (clot removal) products, used for conditions such as stroke and pulmonary embolism, brought in 67.5%. Embolization and access products, which treat aneurysms, block off vessels and help doctors reach the treatment site, brought in 32.5%. The United States supplied 77.8% of revenue.
Does Penumbra pay a dividend?
No. Penumbra paid no dividends from fiscal 2021 through fiscal 2025. Its 10-K, filed February 25, 2026, says it does not expect to pay cash dividends. Shareholders rely on share-price gains for any return. Share repurchases over those five years totaled $100.4 million, all in fiscal 2024. For investors who need regular income, dividend-paying stocks or income-focused funds are worth comparing.
Is Boston Scientific acquiring Penumbra?
Yes. On January 14, 2026, Boston Scientific agreed to acquire Penumbra in a deal valued at $374 per share. That is an enterprise value (share value plus debt, minus cash) of about $14.5 billion. Holders can choose $374 cash or 3.8721 Boston Scientific shares per Penumbra share, with the total split about 73% cash and 27% stock. Penumbra's 10-K said it expected the deal to close by the end of 2026, subject to approvals. If it fails, Penumbra could owe a $525.0 million fee.
How much has Penumbra stock fallen in past market downturns?
Sharply, at times by more than half. In the 2022 bear market, Penumbra's stock fell 59.1% from January 3 to June 16, 2022. It did not regain its earlier peak until April 11, 2023, about 9.8 months after the low. In the 2020 COVID crash it fell 35.8% and recovered about 3.5 months after the low. Its deepest decline over its full price history was 62.6%. Its worst drop in the three years to October 28, 2026 was 40.1%.
Is Penumbra profitable?
Yes. In fiscal 2025, Penumbra earned net income of $177.7 million, or $4.52 per diluted share, on revenue of $1.40 billion. That was up from $14.0 million in fiscal 2024, when it took $115.3 million in charges to exit its immersive healthcare business. In the quarter ended June 30, 2026, revenue rose 14.9% from a year earlier, but net income fell 23.1% to $34.8 million. As of October 28, 2026, the share price was about 70.4 times fiscal 2025 earnings per share.