Impinj, Inc. (PI) Stock

Impinj, Inc. (PI) is a Technology stock trading at $159.62 (as of 2026-08-20), with a market capitalization of $4.88B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Impinj provides a wireless connectivity platform for businesses and consumers. It offers endpoint integrated circuits and reader hardware with gateways, plus software and algorithms that help partners build use cases such as retail self-checkout, loss prevention, and warehouse pallet and carton tracking.

Understand Impinj, Inc.: how it makes money

Impinj builds a cloud connectivity platform that wirelessly connects individual items and delivers data to business and consumer applications, making money by selling endpoint integrated circuit ICs and systems products (readers and gateways) used in those connections.

Impinj's profit engine is the sale of its wirelessly identifying connectivity building blocks, where endpoint IC demand and the follow-on systems (readers and gateways) revenue together determine how much data-connection capability it supplies to customers.

Revenue by segment (latest quarter)
Endpoint IC	$0.1B
Systems	$0.0B
Licensing	$0.0B

Business quality (Weak): The product model appears demand- and deployment-driven (endpoint ICs plus systems that enable wireless identification and bidirectional communication), but the latest quarter showed negative operating profitability (operating margin -20.4%).

Bull case

Demand strength signal: Endpoint Integrated Circuit Unit Volume Demand Exceeded Shipments was 50.0 percent, suggesting customer demand exceeded available shipments during the period.
Competitive traction signal: Market Share Gain was reported as 1700.0 (ratio), which, if sustained, can support future revenue from endpoint ICs and systems deployments.
Platform breadth: The platform spans multiple product families, including endpoint ICs (miniature radios-on-a-chip) and systems products (reader ICs, readers, and gateways), which can support customer solutions beyond a single component.

Bear case

Operating losses: Operating margin for the quarter was -20.4%, indicating costs exceeded operating gross profit in the period.
Supply or fulfillment constraint risk: The KPI showing demand exceeded shipments (50.0 percent) can also reflect constraints that limit revenue realization even when demand is present.
Revenue concentration by product type: Endpoint ICs are the largest indicated revenue component (0.06B out of about 0.1B total revenue), so execution or demand changes in endpoint ICs can have an outsized impact.

Valuation — source: SEC EDGAR (first-party)
Price	$159.62
Market Cap	$4.88B
EV / EBITDA	693.1
Price / Book	21.06
Price / Sales	13.82
FCF Yield	1.4%
DCF Value (model)	$8.20
DCF Upside vs Price	-94.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$361.07M
Net Margin	-3.0%
Revenue Growth (YoY)	-1.4%
EPS Growth (YoY)	-125.3%
FCF Growth (YoY)	-58.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	8.72 (safe)
Piotroski F-Score	5/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Technology)	33.9
Industry P/E (Electronic Equipment)	39.4

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($603.11M)
Institutional Holders Tracked	10
Congressional Trades (recent)	6

Company
Sector	Technology
Industry	Electronic Equipment
CEO	Chris Diorio
Employees	451
Country	US
IPO Date	2016-07-21

Related Companies (Business model: Industrials / Capital Goods (Heavy Machinery + Diversified Industrials); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.