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Impinj

PI
29
Semiconductors · Technology
Also trades as: 0J9J.L GBP 1.66 (-2.69%)
Price
$166.89
+4.19 (+2.58%)
Market Cap
$5.10B
Exchange
NASDAQ
Winston Score
29
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
12/30
Growth
Mixed
5/20
Cash Flow
Mixed
3/10
Stability
Weak
2/10
Valuation
Data not available
0/10
Ownership
Mixed
6/15
Dividends
Not counted
n/a

28 of 95 counted points = Winston Score 29. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+21.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 24.2M (2021) → 29.3M (2025)

§Winston Score History

The full picture

Impinj makes tiny computer chips called RAIN RFID chips that help businesses track physical objects. These chips are embedded in tags attached to items like clothing, luggage, or packages, and they wirelessly communicate their location to readers. Impinj is one of the leading suppliers of RFID endpoint chips in the world, selling to retailers, airlines, hospitals, and logistics companies that need to track large numbers of items automatically.

Impinj earns most of its revenue by selling its chips, called "endpoints," along with reader chips and software systems that process the data. The company operates globally but generates a significant portion of sales through a network of partners and resellers. Its moat comes from years of specialized chip design and a large installed base of compatible readers and software. The main growth driver is the continued expansion of RFID adoption in retail inventory management and supply chains, though the business remains sensitive to semiconductor industry cycles and customer order timing.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.7% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+0.0% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.40

30 Jun 2026: $0.40

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS unchanged year over year

R&D Spend

$103M/ year

→ Flat (+4% vs prior year)

28.4% of revenue

1.9x the sector average (15%)

Steady R&D investment year-over-year

Insider Activity

3.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$264M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Impinj is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
58.6%
Premium pricing power — 58.6% gross margin
Profit after running costs
Operating Margin
9.7%
Modest — 9.7% operating margin
Return on the money invested
ROCE
-1.3%
Weak — -1.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+3.5%
Slow sales growth (+3.5% YoY)
Profit growth
EPS YoY
<−1,000%
Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
17.0%
Converts sales into free cash efficiently (17.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.15
Elevated debt (1.15)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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