Impinj

Semiconductors · Technology

Price

$138.37

-2.39 (-1.70%)

Market Cap

$4.21B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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)

Impinj, Inc. operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform, which comprises multiple product families, wirelessly connects individual items and delivers data about the connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item. Its platform also consists of systems products tha

Winston Score History

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Growth Profile

For growth stock investors

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

Revenue Growth

-0.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-176.7% YoY

YoY Growth Rate

Earnings declining

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

3.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$32M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Impinj's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Gross Margin

49.1%

Healthy — 49.1% gross margin

Operating Margin

-20.4%

Losing money on operations — -20.4%

ROCE

-3.2%

Weak — -3.2% return on capital

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

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Growth

Sales YoY

-0.7%

Shrinking sales (-0.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

16.9%

Converts sales into free cash efficiently (16.9%)

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

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Stability

Debt / Equity

1.30

Elevated debt (1.30)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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