At a glance
Impinj Inc is worth $5.45B. Revenue fell 1.4% to $361.1M in fiscal 2025, at a loss; over 5 years it has grown 21.0% a year. It pays no dividend. The stock returned −25.2% over the past year with dividends reinvested and +20.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.4% in the 2020 crash (S&P 500: 33.7%) and 54.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 3 months after the lows.
The business in plain English
Impinj designs radio chips and equipment for RAIN, a type of radio-frequency identification (RFID) that lets businesses track individual items wirelessly, without batteries, from up to 30 feet away. Its main product, the endpoint IC (integrated circuit), is a chip that sells for pennies and stores a serial number identifying one item. Partners attach it to an antenna to make a tag for clothing, parcels, car parts and luggage. Impinj says it has connected more than 150 billion items.
Endpoint ICs brought in $299.8 million, or 83%, of the $361.1 million in revenue for the year ended December 31, 2025. Stores typically restock a sold item with a newly tagged one, so Impinj sees these chips as a recurring, consumable sale. The other 17% came from systems: reader chips priced in the tens of dollars, finished readers and gateways costing hundreds to thousands of dollars, tag production equipment from its Voyantic unit, and software and cloud services that still bring in little revenue.
Impinj sells mostly through partners such as tag makers, device manufacturers, systems integrators and resellers, and rarely sells directly to end users. Retail apparel is its largest market. General merchandise, supply chain and logistics, and food are other key markets. By region, 58.1% of that revenue came from Asia Pacific, 34.6% from the Americas and 7.3% from Europe, the Middle East and Africa.
Price history
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PI -25.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Endpoint ICs | $299.8M | 83% |
| Systems | $61.3M | 17% |
By geography
| Asia Pacific | $209.9M | 58.1% |
| Americas | $124.9M | 34.6% |
| EMEA | $26.2M | 7.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $112.1M, up 16.7% from a year earlier, and net income was $4.7M.
- For fiscal 2025, revenue was $361.1M (-1.4% year over year; +21.0% a year from FY2020 to FY2025) with a -3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +21.0% good |
|---|---|
| Operating margin | -0.2% weak |
| Free cash flow margin | 12.7% good |
| Return on equity (FY2025) | -5.2% weak |
| Return on assets (FY2025) | -2% weak |
| Net cash (cash minus debt) | $42.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $138.9M | $-51.9M | $-20.0M |
| FY2021 | $190.3M | $-51.3M | $-9.8M |
| FY2022 | $257.8M | $-24.3M | $-11.4M |
| FY2023 | $307.5M | $-43.4M | $-68.0M |
| FY2024 | $366.1M | $40.8M | $111.2M |
| FY2025 | $361.1M | $-10.8M | $45.9M |
Valuation snapshot
| Market value | $5.45B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Impinj’s market value went from $663.8M at the end of 2016 to $5.45B on Oct 28, 2026, about 8.2 times as much; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.45B | +3.9% |
| 2025 | $5.24B | +27.5% |
| 2024 | $4.11B | +68.7% |
| 2023 | $2.44B | -13.9% |
| 2022 | $2.83B | +30.6% |
| 2021 | $2.17B | +124.2% |
| 2020 | $966.6M | +68.9% |
| 2019 | $572.2M | +83.1% |
| 2018 | $312.5M | -33.8% |
| 2017 | $472.2M | -28.9% |
| 2016 | $663.8M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PI price data to Oct 28, 2026 | +1.4% | -25.2% | +42.0% | +20.0% | +21.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +1.4% |
| 2025 | +19.8% |
| 2024 | +61.4% |
| 2023 | -17.5% |
| 2022 | +23.1% |
| 2021 | +111.8% |
| 2020 | +61.9% |
| 2019 | +77.7% |
| 2018 | -35.4% |
| 2017 | -36.3% |
| 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 57.9% over that stretch · deepest drop along the way 64.4%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.7% over that stretch · deepest drop along the way 54.4%, back to its old high 2.8 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 14 sales ($35.0M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 29, 2026 | Sylebra Capital Llc Director | sell | $7.3M |
| Jun 2, 2026 | Sylebra Capital Llc Director | sell | $5.5M |
| Jun 4, 2026 | Sylebra Capital Llc Director | sell | $4.6M |
| Jun 5, 2026 | Sylebra Capital Llc Director | sell | $4.4M |
| Jun 8, 2026 | Sylebra Capital Llc Director | sell | $4.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Sep 30, 2026 |
| Vanguard Portfolio Management | 7.15% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.6% | Jun 30, 2026 |
| Capital International Investors | 4.5% | Mar 31, 2026 |
ETFs with the most weight in PI
| SMHX VanEck Fabless Semiconductor ETF | 1.08% |
| GURU Global X Guru Index ETF | 0.91% |
| XITK SPDR FactSet Innovative Technology ETF | 0.61% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.44% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.33% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.29% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.26% |
| TRFM AAM Transformers ETF | 0.25% |
What could go wrong
- Most revenue comes from one product. Endpoint chips made up 83% of fiscal 2025 revenue, and retail apparel is Impinj's largest market. A slowdown in apparel retail or in chip demand would hit results directly.
- RAIN adoption has repeatedly lagged expectations. The company says RAIN adoption has historically been slower than it and industry sources expected. At times it has also forecast faster adoption than actually happened. Future revenue is hard to predict.
- Bigger rivals and Chinese chipmakers. Rivals include NXP, Kiloway, Quanray, Alibaba and Shanghai Fudan Microelectronics. Some have far greater resources and could undercut prices. China's push to build its own chip industry may add pressure.
- Dependence on a few customers and partners. A small number of customers account for a large share of revenue. Impinj sells mostly through partners rather than to end users, so it has limited control over, and visibility into, real demand.
- Outside suppliers without long-term contracts. Impinj gets the products it sells from a limited number of outside suppliers and has no long-term supply contracts with them. Silicon wafer shortages or trade-policy changes could cut revenue or squeeze margins.
- Profits come and go. Impinj has been profitable only in some years. It earned $40.8 million in fiscal 2024, then lost $10.8 million in fiscal 2025. Its share price has also swung sharply.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Impinj does not pay a dividend, and it spent nothing on share buybacks from fiscal 2021 through fiscal 2025. For an income investor, that means no regular cash payments: any return comes only from changes in the share price. The share count has also grown rather than shrunk. It rose about 25%, from roughly 24.8 million in February 2022 to about 30.9 million in October 2026, which spreads each shareholder's stake more thinly.
The share price has swung widely. In the 2020 COVID crash it fell 64.4% in under a month, then took about eight months from its low to regain its prior peak. In the 2022 bear market it dropped 54.4% between January and May 2022, then recovered by August. In the year to October 28, 2026, its deepest fall was 62.2%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Impinj make money?
Mostly by selling tiny radio chips. Impinj's endpoint ICs are chips that sell for pennies and give an item a unique wireless ID. They made up 83% of its $361.1 million revenue in the year ended December 31, 2025. The other 17% came from systems: reader chips, finished readers and gateways, tag production equipment and software. Stores typically restock sold items with newly tagged ones, so the company views chip sales as recurring.
Does Impinj pay a dividend?
No. Impinj paid no dividends from fiscal 2021 through fiscal 2025, and it spent nothing on share buybacks over those years. Its share count rose about 25% between February 2022 and October 2026, from roughly 24.8 million to 30.9 million shares. Shareholders have relied entirely on share-price gains for returns, so the stock may not suit investors who need steady income from their portfolio.
Is Impinj profitable?
Only some of the time. Impinj lost money every year from fiscal 2020 through 2023, earned $40.8 million in fiscal 2024, then had a $10.8 million net loss in fiscal 2025. Free cash flow is the cash left after running the business and investing in equipment. It was positive in fiscal 2024 and 2025, at $111.2 million and $45.9 million. In the quarter ended September 30, 2026, net income was $4.7 million on revenue of $112.1 million, which was 16.7% higher than a year earlier.
Who are Impinj's main competitors?
In endpoint chips, Impinj's main rivals are NXP, Kiloway, Quanray, Shanghai Fudan Microelectronics Group, Alibaba and Alien. In reader chips it faces Phychips and Shanghai Fudan, and in tag production systems, CISC. Some competitors have far greater resources and could cut prices to win share. Impinj says it believes it is the only company with an integrated platform spanning chips, readers, tag production systems and software. It held 285 issued and allowed U.S. patents as of December 31, 2025.
How has Impinj stock performed over the long term?
It has risen substantially over long periods, with deep drops along the way. As of October 28, 2026, the share price had gained about 20% a year over five years and 21.5% a year over 10 years, a total rise of about 602% over the decade. But it was down 25.2% over the 12 months to that date. Its largest peak-to-trough fall over roughly 10 years of price history was 81.3%. Past returns don't predict future results.