Penumbra
PEN on NYSE. Penumbra sells blood clot removal devices to specialist physicians and healthcare providers. Market value $12.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.73 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 53 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$317.05 a share, 43% above its 1-year low
Over the past year the price has ranged from $221.26 to $362.41.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $748m | $847m | $1.1bn | $1.2bn | $1.4bn |
| Operating margin | |||||
| Operating margin | -1.0% | 0.7% | 6.9% | 0.8% | 13.5% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 20.2% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $390 million last quarter, up 15% on a year ago.
- Profit: $35 million, down 23% on a year ago.
- It keeps 12 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $216 million, up from $162 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $301m |
| December 2024 | $316m |
| March 2025 | $324m |
| June 2025 | $339m |
| September 2025 | $355m |
| December 2025 | $385m |
| March 2026 | $375m |
| June 2026 | $390m |
| Quarter to | Amount |
|---|---|
| September 2024 | $30m |
| December 2024 | $34m |
| March 2025 | $39m |
| June 2025 | $45m |
| September 2025 | $46m |
| December 2025 | $47m |
| March 2026 | $33m |
| June 2026 | $35m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
2 long-term investors we follow own it, down from 3 last quarter. 451 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $211,868
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $10m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $211,868 | <0.1% |
Sold out this quarter
- GMOJeremy GranthamSold out
Largest holders overall
- BlackRock$1.4bn
- HBK Investments L P$581mAdded
- Vanguard Capital Management$540m
- Vanguard Portfolio Management$526m
- State Street$393mAdded
- ExodusPoint Capital Management, LP$344mAdded
- Balyasny Asset Management L.P.$344mAdded
- JPMorgan Chase$339mAdded
- Goldman Sachs Group$267mAdded
- Arrowstreet Capital, Limited Partnership$264mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Barclays PLCPassive investor6.0%Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- FMR LLCPassive investorat least 4.7%−8.3 pts(filed with 1 related holder)Since 30 January 2026
- T. Rowe Price Associates, Inc.Passive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Barclays PLC Passive investor | 6.0% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
FMR LLC Passive investor | at least 4.7%−8.3 pts (filed with 1 related holder) | 30 January 2026 | |
T. Rowe Price Associates, Inc. Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $11m, $11m of it under preset trading plans.
- Grewal HarpreetDirectorSoldunder a preset trading plan
- Date
- 2 April 2026
- Shares
- 100
- Price
- $328.22
- Value
- $32,822
- Yuen MaggieChief Financial OfficerSoldunder a preset trading plan
- Date
- 2 March 2026
- Shares
- 2,432
- Price
- $342.30
- Value
- $832,474
- Grewal HarpreetDirectorSoldunder a preset trading plan
- Date
- 6 January 2026
- Shares
- 186
- Price
- $312.64
- Value
- $58,151
- Wilder ThomasDirectorSoldunder a preset trading plan
- Date
- 2 January 2026
- Shares
- 186
- Price
- $310.72
- Value
- $57,794
- Bose AraniDirectorSoldunder a preset trading plan
- Date
- 11 December 2025
- Shares
- 15,000
- Price
- $308.82
- Value
- $5m
- Roberts JohannaEVP, Gen. Counsel & SecretarySoldunder a preset trading plan
- Date
- 5 December 2025
- Shares
- 300
- Price
- $300.13
- Value
- $90,039
- Grewal HarpreetDirectorSoldunder a preset trading plan
- Date
- 2 December 2025
- Shares
- 100
- Price
- $292.98
- Value
- $29,298
- Roberts JohannaEVP, Gen. Counsel & SecretarySoldunder a preset trading plan
- Date
- 1 December 2025
- Shares
- 600
- Price
- $294.94
- Value
- $176,966
- Roberts JohannaEVP, Gen. Counsel & SecretarySoldunder a preset trading plan
- Date
- 25 November 2025
- Shares
- 1,800
- Price
- $300.06
- Value
- $540,108
- Bose AraniDirectorSoldunder a preset trading plan
- Date
- 25 November 2025
- Shares
- 7,500
- Price
- $300.19
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 April 2026 | Grewal Harpreet Director | Sold under a preset trading plan | 100 | $328.22 | $32,822 |
| 2 March 2026 | Yuen Maggie Chief Financial Officer | Sold under a preset trading plan | 2,432 | $342.30 | $832,474 |
| 6 January 2026 | Grewal Harpreet Director | Sold under a preset trading plan | 186 | $312.64 | $58,151 |
| 2 January 2026 | Wilder Thomas Director | Sold under a preset trading plan | 186 | $310.72 | $57,794 |
| 11 December 2025 | Bose Arani Director | Sold under a preset trading plan | 15,000 | $308.82 | $5m |
| 5 December 2025 | Roberts Johanna EVP, Gen. Counsel & Secretary | Sold under a preset trading plan | 300 | $300.13 | $90,039 |
| 2 December 2025 | Grewal Harpreet Director | Sold under a preset trading plan | 100 | $292.98 | $29,298 |
| 1 December 2025 | Roberts Johanna EVP, Gen. Counsel & Secretary | Sold under a preset trading plan | 600 | $294.94 | $176,966 |
| 25 November 2025 | Roberts Johanna EVP, Gen. Counsel & Secretary | Sold under a preset trading plan | 1,800 | $300.06 | $540,108 |
| 25 November 2025 | Bose Arani Director | Sold under a preset trading plan | 7,500 | $300.19 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.