PEN financial statements

The full income statement, balance sheet, and cash-flow statement for Penumbra Inc. (PEN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 38.8M2024-09 38.4M2024-12 38.5M2025-03 38.7M2025-06 39.0M2025-09 39.2M2025-12 39.2M2026-03 39.3M2026-06 39.4M+1.4% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	1.40B YoY+17.5%	1.19B YoY+12.9%	1.06B YoY+25.0%	847M YoY+13.3%	748M YoY+33.4%
	942M YoY+24.8%	755M YoY+10.6%	683M YoY+27.5%	535M YoY+12.6%	475M YoY+40.6%
Cost of revenue	461M YoY+4.9%	440M YoY+17.0%	376M YoY+20.5%	312M YoY+14.6%	272M YoY+22.5%
	753M YoY+1.0%	746M YoY+22.4%	609M YoY+15.1%	529M YoY+9.6%	483M YoY+28.0%
Research & development	89.8M YoY-5.3%	94.8M YoY+12.3%	84.4M YoY+6.3%	79.4M YoY-24.1%	105M YoY+16.1%
Selling, general & administrative	663M YoY+15.6%	574M YoY+13.3%	506M YoY+12.6%	450M YoY+18.9%	378M YoY+31.8%
Restructuring	—	4.97M	—	—	—
Amortization of intangibles	712K YoY-86.9%	5.45M YoY-46.6%	10.2M YoY+11.2%	9.18M YoY+218.6%	2.88M YoY+170.0%
Provision for credit losses	368K YoY-85.1%	2.47M YoY+7.0%	2.31M YoY+287.6%	-1.23M	0.00 YoY-100.0%
Operating income	189M YoY+1939.5%	9.28M YoY-87.4%	73.6M YoY+1109.3%	6.08M YoY+181.1%	-7.50M YoY+80.7%
Interest expense	1.31M YoY-7.5%	1.42M YoY-18.5%	1.74M YoY-0.6%	1.75M YoY-9.5%	1.93M
Interest & investment income	16.3M YoY+19.0%	13.7M YoY+100.6%	6.83M YoY+261.9%	1.89M YoY-34.3%	2.87M
Other non-operating income	893K YoY+230.9%	-682K YoY-167.3%	1.01M YoY+143.5%	-2.33M YoY+40.9%	-3.94M YoY-1048.4%
Pre-tax income	205M YoY+882.9%	20.9M YoY-73.8%	79.7M YoY+1946.5%	3.89M YoY+137.1%	-10.5M YoY+72.4%
Income tax	27.4M YoY+300.1%	6.86M YoY+160.7%	-11.3M YoY-291.8%	5.89M YoY+144.9%	-13.1M YoY+30.0%
	178M YoY+1168.1%	14.0M YoY-84.6%	91.0M YoY+4643.2%	-2.00M YoY-137.9%	5.28M YoY+133.7%
Net income to non-controlling interest	—	—	0.00	0.00 YoY+100.0%	-2.66M YoY+25.1%
	$4.52 YoY+1155.6%	$0.36 YoY-84.5%	$2.32 YoY+4740.0%	-$0.05 YoY-135.7%	$0.14 YoY+131.8%
EPS (basic)	$4.57 YoY+1169.4%	$0.36 YoY-84.8%	$2.37 YoY+4840.0%	-$0.05 YoY-135.7%	$0.14 YoY+131.8%
	38.9M YoY+0.7%	38.6M YoY+0.6%	38.4M YoY+1.5%	37.8M YoY+2.9%	36.8M YoY+2.8%
	39.3M YoY+0.1%	39.3M YoY+0.1%	39.2M YoY+3.6%	37.8M YoY-0.1%	37.9M YoY+5.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.22B YoY+27.9%	951M YoY+3.9%	915M YoY+21.1%	756M YoY+10.9%	681M YoY+10.3%
Cash & equivalents	187M YoY-42.4%	324M YoY+93.7%	167M YoY+139.8%	69.9M YoY+17.6%	59.4M YoY-14.8%
Accounts receivable	190M YoY+13.3%	168M YoY-16.9%	202M YoY-0.8%	203M YoY+51.8%	134M YoY+16.9%
Inventory	432M YoY+6.1%	407M YoY+4.8%	388M YoY+16.2%	334M YoY+26.8%	264M YoY+20.0%
Prepaid expenses	50.3M YoY+37.5%	36.6M YoY+0.5%	36.4M YoY+20.3%	30.3M YoY+3.9%	29.2M YoY+55.6%
	1.83B YoY+19.1%	1.53B YoY-1.5%	1.56B YoY+13.5%	1.37B YoY+10.2%	1.24B YoY+51.2%
Property, plant & equipment	117M YoY+87.5%	62.6M YoY-13.8%	72.7M YoY+11.8%	65.0M YoY+10.5%	58.9M YoY+22.2%
Operating lease right-of-use	174M YoY-2.4%	178M YoY-5.8%	189M YoY-2.0%	193M YoY+46.0%	132M YoY+220.3%
Goodwill	167M YoY+0.6%	166M YoY-0.3%	166M YoY+0.1%	166M YoY-0.2%	166M YoY+1887.4%
Intangible assets	6.19M YoY-5.0%	6.51M YoY-90.8%	71.1M YoY-12.5%	81.2M YoY-10.4%	90.6M YoY+751.8%
Deferred tax assets	79.2M YoY-21.1%	100M YoY+17.8%	85.2M YoY+32.6%	64.2M YoY-2.3%	65.7M YoY+31.0%
Other non-current assets	40.7M YoY-0.5%	40.9M YoY+58.2%	25.9M YoY+102.3%	12.8M YoY-1.5%	13.0M YoY+49.2%
	183M YoY+15.7%	158M YoY+4.8%	151M YoY+4.3%	145M YoY+17.6%	123M YoY+16.3%
Accounts payable	34.7M YoY+10.9%	31.3M YoY+15.4%	27.2M YoY+1.8%	26.7M YoY+98.8%	13.4M YoY-4.9%
Accrued liabilities	132M YoY+17.6%	112M YoY+1.7%	111M YoY+4.0%	106M YoY+6.5%	99.8M YoY+16.3%
Deferred revenue	—	940K YoY-86.5%	6.99M YoY-23.7%	9.16M	0.00
Current lease liability	13.8M YoY+13.3%	12.2M YoY+9.1%	11.2M YoY+11.7%	10.0M YoY+21.4%	8.27M YoY+76.0%
Finance lease liability (current)	2.39M YoY+1.0%	2.37M YoY+6.2%	2.23M YoY+16.2%	1.92M YoY+12.1%	1.71M YoY+28.7%
	399M YoY+4.4%	382M YoY+1.3%	377M YoY+1.4%	372M YoY+28.1%	290M YoY+56.8%
Non-current lease liability	183M YoY-2.3%	187M YoY-5.2%	197M YoY-0.9%	199M YoY+45.2%	137M YoY+210.2%
Operating lease liability (total)	197M YoY-1.4%	199M YoY-4.4%	208M YoY-0.3%	209M YoY+43.8%	145M YoY+197.3%
Finance lease liability (total)	23.1M YoY-4.1%	24.1M YoY-7.0%	25.9M YoY-3.3%	26.8M YoY-5.1%	28.2M YoY-0.6%
Finance lease liability	20.7M YoY-4.7%	21.7M YoY-8.2%	23.7M YoY-4.8%	24.9M YoY-6.3%	26.5M YoY-2.0%
Other non-current liabilities	12.3M YoY-18.5%	15.1M YoY+184.6%	5.31M YoY+62.0%	3.28M YoY-7.9%	3.56M YoY-55.6%
	1.43B YoY+24.0%	1.15B YoY-2.4%	1.18B YoY+18.0%	999M YoY+4.7%	954M YoY+48.7%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	39.0K YoY+2.6%	38.0K YoY-2.6%	39.0K YoY+2.6%	38.0K YoY+2.7%	37.0K YoY+2.8%
Additional paid-in capital	1.19B YoY+8.1%	1.10B YoY+4.7%	1.05B YoY+8.7%	963M YoY+5.8%	911M YoY+52.2%
Retained earnings	238M YoY+296.1%	60.0M YoY-55.5%	135M YoY+207.2%	43.9M YoY-4.4%	45.9M YoY+13.0%
Accumulated other comprehensive income	4.35M YoY+174.4%	-5.84M YoY-85.4%	-3.15M YoY+61.2%	-8.12M YoY-208.9%	-2.63M YoY-203.5%
Non-controlling interest	—	—	—	—	0.00 YoY+100.0%
Total equity incl. non-controlling	—	—	1.18B YoY+18.0%	999M YoY+4.7%	954M YoY+49.6%
Total liabilities & equity	1.83B YoY+19.1%	1.53B YoY-1.5%	1.56B YoY+13.5%	1.37B YoY+10.2%	1.24B YoY+51.2%
	39.2M YoY+1.9%	38.5M YoY-0.5%	38.7M YoY+1.5%	38.1M YoY+1.4%	37.6M YoY+3.2%
	39.2M YoY+1.9%	38.5M YoY-0.5%	38.7M YoY+1.5%	38.1M YoY+1.4%	37.6M YoY+3.2%
	39.2M YoY+1.9%	38.5M YoY-0.5%	38.7M YoY+1.4%	38.2M YoY+1.4%	37.7M YoY+3.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	239M YoY+41.7%	168M YoY+73.1%	97.3M YoY+274.9%	-55.7M YoY-685.8%	9.50M YoY+128.6%
Depreciation & amortization	17.5M YoY-26.3%	23.7M YoY-13.0%	27.3M YoY+12.1%	24.3M YoY+48.2%	16.4M YoY+27.3%
Intangible amortization	712K YoY-86.9%	5.45M YoY-46.6%	10.2M YoY+11.2%	9.18M YoY+218.6%	2.88M YoY+170.0%
Share-based compensation	59.2M YoY+28.3%	46.2M YoY-8.6%	50.5M YoY+35.1%	37.4M YoY-43.2%	65.8M YoY+157.5%
Deferred income taxes	21.0M YoY+228.6%	-16.3M YoY+35.0%	-25.1M YoY-2450.2%	1.07M YoY+107.1%	-15.0M YoY+24.2%
Change in receivables	19.5M YoY+173.4%	-26.6M YoY-10098.9%	266K YoY-99.6%	69.9M YoY+227.3%	21.3M YoY+157.3%
Change in inventory	26.5M YoY-59.7%	65.7M YoY-3.0%	67.7M YoY-9.3%	74.6M YoY+44.8%	51.6M YoY-9.5%
Change in payables	3.07M YoY-26.5%	4.17M YoY+280.3%	1.10M YoY-91.8%	13.4M YoY+955.3%	-1.56M YoY-408.1%
Other operating activities	205K YoY-95.0%	4.12M YoY+76.3%	2.34M YoY+83.5%	1.27M YoY-52.7%	2.69M YoY-40.4%
	-405M YoY-621.2%	77.6M YoY+582.9%	-16.1M YoY-129.3%	54.8M YoY+352.1%	-21.7M YoY+79.1%
Capital expenditure	63.7M YoY+200.9%	21.2M YoY+39.2%	15.2M YoY-21.2%	19.3M YoY-8.9%	21.2M YoY-14.4%
Free cash flow	175M YoY+18.8%	147M YoY+79.4%	82.1M YoY+209.6%	-75.0M YoY-541.9%	-11.7M YoY+79.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Sales/maturities of investments	13.0M YoY-90.0%	131M YoY+58.2%	82.6M YoY+13.2%	72.9M YoY-40.1%	122M YoY+76.8%
Other investing activities	0.00 YoY+100.0%	-1.10M YoY-320.0%	500K	0.00 YoY-100.0%	400K YoY-86.9%
	26.5M YoY+130.5%	-87.0M YoY-637.0%	16.2M YoY+39.4%	11.6M YoY+1290.2%	836K YoY-99.4%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	0.00 YoY-100.0%	100M	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	-256K YoY-319.7%	-61.0K YoY+60.6%	-155K YoY-13.1%	-137K YoY+45.2%	-250K YoY+88.7%
FX effect on cash	1.89M YoY+186.6%	-2.18M YoY-1398.2%	168K YoY+161.8%	-272K YoY-124.6%	1.11M YoY+274.2%
Net change in cash	-138M YoY-187.6%	157M YoY+60.7%	97.6M YoY+831.7%	10.5M YoY+201.8%	-10.3M YoY-231.0%
Income taxes paid	15.3M YoY-25.8%	20.7M YoY+213.6%	6.60M YoY+126.1%	2.92M YoY+95.1%	1.50M YoY+5.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	12.2B YoY+33.4%	9.15B YoY-5.8%	9.71B YoY+14.9%	8.45B YoY-21.9%	10.8B YoY+69.6%
P/E	68.7× YoY-89.5%	652.8× YoY+173.1%	239.0×	—	2047.3×
P/S	8.7× YoY+13.5%	7.7× YoY-21.5%	9.8× YoY-4.2%	10.2× YoY-29.6%	14.5× YoY+27.1%
P/B	8.5× YoY+7.5%	7.9× YoY-9.6%	8.8× YoY+1.3%	8.7× YoY-23.5%	11.3× YoY+14.1%
P/FCF	69.7× YoY+12.3%	62.1× YoY-69.8%	205.3×	—	—
	1.5% YoY+850.7%	0.15% YoY-63.4%	0.42%	—	0.05%
	1.4% YoY-11.0%	1.6% YoY+230.7%	0.49%	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: PEN's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PEN filings on SEC EDGAR → Not investment advice.