Penumbra, Inc. (PEN)
Healthcare · NYQ · US
Fundamentals
Valuation and ratings
Penumbra, Inc. trades at USD319.60, which is 60% above the USD126.69 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 70 out of 100, which is a wide moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 73.0 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About Penumbra, Inc.
Penumbra, Inc., together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. It offers computer-assisted vacuum thrombectomy; peripheral thrombectomy products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX. It also provides access products, including guide catheters and the Penumbra distal delivery catheters under the Neuron, Neuron MAX, BENCHMARK, BMX, DDC, Access25; MIDWAY, and PX SLIM brands; Penumbra System, an integrated mechanical thrombectomy system comprising reperfusion catheters and separators, the 3D Revascularization device, aspiration tubing, aspiration pump, and other components and accessories under the Penumbra RED, SENDit, JET, ACE, BMX, Max, 3D Revascularization Device, and Penumbra ENGINE brands; and neuro embolization coiling systems that include the Penumbra Coil 400, for the treatment of aneurysms and other complex lesions, detachable coils of neurovascular lesions under the Penumbra SMART COIL, SwiftSET, and Penumbra SwiftPAC Coil brands; and POD400 and PAC400 brands. In addition, it provides peripheral embolization products, such as Ruby Embolization Platform, which consists of detachable coils for peripheral applications; Ruby LP and XL Embolization Platform; Penumbra LANTERN Delivery Microcatheter, a low-profile microcatheter with a high-flow lumen; POD (Penumbra Occlusion Device) System, a single device solution; Packing Coil LP; and Packing Coil, a complementary device for use in other peripheral embolization products. Further, it offers neurosurgical tools comprising the Artemis Neuro Evacuation Device for surgical removal of fluid and tissue from the ventricles and cerebrum. It sells its products through direct sales organizations and distributors. The company was incorporated in 2004 and is based in Alameda, California.
PEN passes 2 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
13 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Israel Englander, MILLENNIUM MANAGEMENT LLC$360.59M · 0.1% of book
- Baillie Gifford, BAILLIE GIFFORD & CO$275.97M · 0.3% of book
- Paul Tudor Jones, TUDOR INVESTMENT CORP ET AL$135.00M · 0.3% of book
- Arrowstreet Capital, ARROWSTREET CAPITAL, LIMITED PARTNERSHIP$131.40M · 0.1% of book
- George Soros, SOROS FUND MANAGEMENT LLC$66.80M · 0.7% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Penumbra, Inc. (PEN) undervalued?
Against our discounted cash flow estimate of USD126.69, PEN at USD319.60 is 60% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own PEN?
13 of the institutions we track reported a position in PEN in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is PEN's P/E ratio?
PEN trades at 73.0 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
The full research page for PEN, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.