PENPenumbra Inc
Surgical & Medical Instruments & Apparatus
- Revenue
- $1.4B
- 17% YoY
- Operating margin
- 13.5%
- 1636% YoY
- EBITDA
- $207M
- 527% YoY
- Market cap
- $12.5B
- Employees
- 4,700
- $299K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$602K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo134% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo8% of assetsOver 40% of assets
- Shareholder dissentNo85% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$299K · 30th pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$12.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$11M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $748M | $847M | $1.1B | $1.2B | $1.4B | 17% |
| Operating income | −$8M | $6M | $74M | $9M | $189M | 1940% |
| Net income | $5M | −$2M | $91M | $14M | $178M | 1168% |
| Operating cash flow | $10M | −$56M | $97M | $168M | $239M | 42% |
| Capex | $21M | $19M | $15M | $21M | $64M | 201% |
| Stock-based comp | $66M | $37M | $51M | $46M | $59M | 28% |
| Buybacks | — | $0 | $0 | $100M | $0 | 100% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Apr 1, 2026 | DEFM14A | Boston Scientific Corporation | $374.00 | 34.29% |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $11M · 32
- Net
- −$11M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $852K | $852K | 178 | 78 |
| FY2024 | $630K | $630K | 136 | 78 |
| FY2023 | $602K | $602K | 144 | 74 |
| FY2022 | $602K | $602K | 127 | 79 |
| FY2021 | $498K | $498K | 164 | 103 |