PEN NYSE Russell 1000 Earnings call
Penumbra, Inc. (PEN) · Q3 2025 results and valuation
Share price: $321.72 · 2026-11-11
Results Q3 2025 vs Q2 2025 · previous quarter · published 5 Nov 2025 and 29 Jul 2025
Net income up 1.3% on the previous quarter, guidance raised. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+1.3%
Net income vs Q2 2025
Guidance raised
Net income 45.9M vs 45.3M
Revenue +4.5%
2 · How management spoke
Upbeat
More upbeat than 69% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Key theme
An extra peripheral sales team was created for embolization to capitalize on rising physician interest.
Valuation
Is Penumbra, Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 18.3% growth a year (3-year revenue growth), the model's fair value is $210.53 a share — the stock trades 53% above it. Today's price assumes 24.6% growth a year.
Current price
$321.72
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+24.6% for 10 yrs
Fair value / share
$210.53
Buy below
$157.89
Price vs fair value
Overvalued 53%
Price vs buy-below price
Overvalued 104%
Read between the lines
-
Guidance ↑
The company raised its revenue guidance based on third quarter performance and trends observed in its business and target markets.
Source quote
“Overall, based on our third quarter performance and reflecting the trends we've seen in our business and our target markets highlighted previously, we are raising our revenue guidance...”
-
Figure
Revenue grew to $275 million in the third quarter, an increase of 21.5% compared to the third quarter of 2024.
Source quote
“revenue was $275 million in the third quarter, an increase of 21.5% compared to the third quarter of 2024.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2025. Ring: Q2 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“This increase includes improving working capital ratios in both receivable and inventory turns and strong profitability.”
“As we look towards 2026 and beyond, we remain highly confident in our long-term strategy grounded in meaningful innovation, data generation, and investment in our team, supporting durable, profitable growth...”
“Growth in our embolization and access business exceeded our expectations, reflecting the benefit of a dedicated peripheral embolization sales team alongside our investment in continuous innovation and new product introductions.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2025-09-30)
| Metric | Q3 2025period end 2025-09-30 | Q2 2025period end 2025-06-30 | Change | Q3 2024 | YoY |
|---|---|---|---|---|---|
| Revenue | 354.7M | 339.5M | +4.5% | 301.0M | +17.8% |
| Gross profit | 240.4M | 224.0M | +7.3% | 200.3M | +20.0% |
| Operating income | 48.8M | 40.8M | +19.6% | 35.4M | +38.1% |
| Net income | 45.9M | 45.3M | +1.3% | 29.5M | +55.3% |
| EPS | 1.17 | 1.15 | +1.7% | 0.75 | +56.0% |
| P/E today 77.9 | 60.5 | 67.9 | −7.4 | 223.3 | −162.8 |
Topics
Most discussed now
- Thrombectomy sales increased 18.5% year-over-year to $192 million.
- As Penumbra executes the shift in its commercial structure, its existing team helped integrate its new team and supported the...
- Revenue from Penumbra's global thrombectomy business grew to $236.4 million in the third quarter of 2025, an increase of 15.8%...
- At VIVA, there was a specific subset presented on just the use of the Flash product in these patients and...
Faded since Q2 2025
- Fading Embolization and access business as well as Penumbra's international business delivered solid growth ahead of expectations.
- Fading Thrombectomy business led overall growth in the quarter with results reflecting strong continued adoption and ramping utilization of…
- Fading As Penumbra anticipated, its international regions decreased 3.2% reported and 5.8% in constant currency, primarily due to a decrease in...
- Fading You're getting these sort of partial data sets and trying to triangulate it.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K