Impinj Inc (NASDAQ: PI)

Sector: Technology Industry: Semiconductors CIK: 0001114995
P/B 20.54
P/E -322.96
P/S 11.13
Market Cap 4.00 Bn
ROIC (Qtr) -0.34
Div Yield % 0.00
Rev 1y % (Qtr) 0.90
Total Debt (Qtr) 287.53 Mn
Debt/Equity (Qtr) 1.47

About

Stock Price Chart

Analysis

Pros

  • Operating cash flow of 56.23M provides exceptional 11.74x coverage of interest expenses 4.79M, showing strong debt service capability.
  • Tangible assets of 485.73M provide exceptional 175.99x coverage of deferred revenue 2.76M, showing strong service capability backing.
  • Robust free cash flow of 40.76M exceeds capital expenditure of 15.48M by 2.63x, indicating strong organic growth funding capability.
  • Operating cash flow of 56.23M provides strong 20.37x coverage of deferred revenue 2.76M, indicating service delivery capability.
  • Short-term investments of 138.35M provide solid 9.17x coverage of other current liabilities 15.09M, indicating strong liquidity.

Cons

  • Operating cash flow of 56.23M barely covers its investment activities of (73.08M), with a coverage ratio of -0.77, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (73.08M) provide weak support for R&D spending of 101.58M, which is -0.72x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of 56.23M shows concerning coverage of stock compensation expenses of 55.31M, with a 1.02 ratio indicating potential earnings quality issues.
  • Operating cash flow of 56.23M provides minimal -217.96x coverage of tax expenses of (258000), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (7.87M) show weak coverage of depreciation charges of 14.52M, with a -0.54 ratio indicating high capital intensity and potential reinvestment needs.

Peer Comparison

Companies in the Semiconductors
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 NVDA Nvidia Corp 4,276.26 Bn 43.11 22.85 10.48 Bn
2 AVGO Broadcom Inc. 1,690.87 Bn 89.31 28.22 64.23 Bn
3 TSM Taiwan Semiconductor Manufacturing Co Ltd 1,514.32 Bn 29.36 12.71 31.18 Bn
4 AMD Advanced Micro Devices Inc 343.27 Bn 103.83 10.72 3.87 Bn
5 MU Micron Technology Inc 269.16 Bn 31.52 7.20 15.28 Bn
6 INTC Intel Corp 249.55 Bn 1,260.33 4.67 46.55 Bn
7 QCOM Qualcomm Inc/De 195.62 Bn 35.30 4.42 14.81 Bn
8 TXN Texas Instruments Inc 163.92 Bn 32.50 9.49 14.05 Bn

Industry Comparisons

Current Valuation

Metric Value Industry Percentile
EV to Assets 8.24 3.95
EV to Cash from Ops. 75.65 -331.60
EV to Debt 14.79 86.14
EV to EBIT -540.81 -55.96
EV to EBITDA 330.71 20.88
EV to Free Cash Flow [EV/FCF] 104.37 -4.09
EV to Market Cap 1.06 0.80
EV to Revenue 11.82 18.79
Price to Book Value [P/B] 20.54 5.23
Price to Earnings [P/E] -322.96 12.47

Dividend Metrics

Metric Value Industry Percentile
Dividend Coverage Ratio 0.00 2.29
Dividend Payout Ratio % 0.00 8.00
Dividend per Basic Share 0.00 0.62
FCF Dividend Payout Ratio % 0.00 10.38
Interest Coverage -1.64 8.19

Growth Metrics

Metric Value Industry Percentile
Capex Growth (1y) % 0.81 -155.77
Cash and Equivalents Growth (1y) % -29.82 44.44
Dividend Growth (1y) % 0.00 5.30
EBIAT Growth (1y) % -123.24 34.22
EBITDA Growth (1y) % 402.66 47.50
EBIT Growth (1y) % -123.44 30.14
EBT Growth (1y) % -144.11 47.04
EPS Growth (1y) % -143.69 36.18
FCF Growth (1y) % -59.85 252.76
Gross Profit Growth (1y) % 6.43 43.92

Liquidity Ratios

Metric Value Industry Percentile
Asset Utilization Ratio 0.70 0.49
Cash Payout Ratio 0.00 0.09
Cash Ratio 0.39 2.23
Current Ratio 2.67 5.43
Debt to Equity Ratio 1.47 0.34
Interest Cover Ratio -1.64 8.19
Times Interest Earned -1.64 8.19

Profitability

Metric Value Industry Percentile
EBITDA Margin % 1.80 -112.44
EBIT Margin % -2.19 -92.10
EBT Margin % -3.52 -132.39
Gross Margin % 52.20 47.63
Net Profit Margin % -3.40 -133.41