TakeoverPE & activists

PENPenumbra Inc

Surgical & Medical Instruments & Apparatus · $12.5B market cap · 4,700 employees

0.3×

Less likely than average to be taken private

Top 45% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    0 of 5 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    $602K median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    134% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    4% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    8% of assets
    Over 40% of assets
  • Shareholder dissentNo
    85% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $299K · 30th pct
    Bottom quartile of its SIC industry
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $12.5B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    3 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Apr 1, 2026DEFM14ABoston Scientific Corporation$374.0034.29%
Jan 15, 20268-KBoston Scientific Corporation——

Key numbers

Revenue
$1.4BFY2021: $748MFY2022: $847MFY2023: $1.1BFY2024: $1.2BFY2025: $1.4B
17% YoY
Operating margin
13.5%FY2021: -1.0%FY2022: 0.7%FY2023: 6.9%FY2024: 0.8%FY2025: 13.5%
1636% YoY
EBITDA
$207MFY2021: $9MFY2022: $30MFY2023: $101MFY2024: $33MFY2025: $207M
527% YoY
Net debt / EBITDA
—

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$748M$847M$1.1B$1.2B$1.4B 17% FY2021: $748MFY2022: $847MFY2023: $1.1BFY2024: $1.2BFY2025: $1.4B
Operating income−$8M$6M$74M$9M$189M 1940% FY2021: −$8MFY2022: $6MFY2023: $74MFY2024: $9MFY2025: $189M
Net income$5M−$2M$91M$14M$178M 1168% FY2021: $5MFY2022: −$2MFY2023: $91MFY2024: $14MFY2025: $178M
Operating cash flow$10M−$56M$97M$168M$239M 42% FY2021: $10MFY2022: −$56MFY2023: $97MFY2024: $168MFY2025: $239M
Capex$21M$19M$15M$21M$64M 201% FY2021: $21MFY2022: $19MFY2023: $15MFY2024: $21MFY2025: $64M
Stock-based comp$66M$37M$51M$46M$59M 28% FY2021: $66MFY2022: $37MFY2023: $51MFY2024: $46MFY2025: $59M
Buybacks—$0$0$100M$0 100% FY2022: $0FY2023: $0FY2024: $100MFY2025: $0

13D filers

None on file.

Insider trading

−$11Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $11M · 32 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$852K$852K17878
FY2024$630K$630K13678
FY2023$602K$602K14474
FY2022$602K$602K12779
FY2021$498K$498K164103