Impinj, Inc.

TechnologyCommunication EquipmentNASDAQ

$151.33

Market Cap: $4.61B

Impinj, Inc. (PI) Valuation Summary

Updated May 10, 2026 07:31

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$1.28 – $94.38	$18.09	-88.0%
▸ Trading Multiples
EV/Revenue	$15.27 – $117.78	$43.76	-71.1%

Valuation History

DCF Analysis

Impinj, Inc. (PI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$18.09

Market Price

$151.33

Upside / Downside

-88.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -0.2% to a target of 10.2% over 5 years, discounted at a WACC of 8.6%, Impinj, Inc. (PI) has an intrinsic value of $18.09 per share (range: $1.28 – $94.38).

Key Assumptions

Current Operating Margin

-0.2%

Target Operating Margin

10.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.5%

Target CapEx/Rev

6.0%

D&A/Revenue

3.4%

Tax Rate

0.4%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	373	3.4%	1.9%	7	7	13	(21)	-11	10	10
2027	461	23.4%	4.0%	18	18	16	(26)	31	-23	-20
2028	599	30.0%	6.1%	36	36	20	(34)	49	-26	-21
2029	726	21.3%	8.2%	59	59	25	(41)	45	-2	-2
2030	852	17.4%	10.2%	87	87	29	(49)	44	23	16
2031	980	15.0%	10.2%	100	100	33	(57)	45	32	20
2032	1,103	12.6%	10.2%	113	113	38	(65)	43	42	25
2033	1,215	10.2%	10.2%	124	124	41	(72)	39	54	29
2034	1,310	7.8%	10.2%	134	134	45	(78)	33	67	33
2035	1,381	5.4%	10.2%	141	141	47	(83)	25	80	37

Enterprise Value Bridge

Sum of PV(FCFF)127

Terminal Value (Gordon Growth at 3.0%)1,487

PV of Terminal Value681

Enterprise Value808

(–) Net Debt279

Equity Value530

(÷) Shares Outstanding29

Fair Value per Share$18.09

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.6%	$-15	$11	$39	$67	$94
7.6%	$-15	$5	$26	$47	$68
8.6%	$-15	$1	$18	$35	$52
9.6%	$-15	$-1	$13	$26	$40
10.6%	$-15	$-3	$9	$20	$32

Current price: $151.33. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 35.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$43.76

Market Price

$151.33

Upside / Downside

-71.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Impinj, Inc. (PI) has a fair value of $43.76 based on 10 comparable companies in the Communication Equipment industry.

EV/Revenue Valuation — Communication Equipment

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Impinj, Inc.PI	4,431	13.0x	13.1x
Allegro MicroSystems, Inc.ALGM	9,070	10.3x	12.8x
Viasat, Inc.VSAT	9,010	3.3x	3.3x
JFrog Ltd.FROG	8,548	16.0x	19.9x
ESCO Technologies Inc.ESE	7,849	7.3x	7.8x
Clearwater Analytics Holdings, Inc.CWAN	7,225	11.0x	11.0x
Ingram Micro Holding CorporationINGM	6,301	0.1x	0.1x
SentinelOne, Inc.S	5,317	5.1x	5.1x
Belden Inc.BDC	4,373	2.0x	2.2x
Vontier CorporationVNT	4,343	1.9x	2.0x
Badger Meter, Inc.BMI	3,459	3.5x	3.5x
Industry Median		4.3x	4.3x
(*) Revenue		361	361
= Enterprise Value		1,565	1,555
(-) Net Debt		279	279
Equity Value		1,286	1,277
(/) Outstanding shares		29	29
Fair Price		$44	$44

Selected Fair Value (avg of trailing + forward)

$43.76

-71.1%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$1.28 – $94.38

$18.09

-88.0%

▸ Trading Multiples

EV/Revenue

$15.27 – $117.78

$43.76

-71.1%

DCF Analysis

Impinj, Inc. (PI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$18.09

Market Price

$151.33

Upside / Downside

-88.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-0.2%

Target Operating Margin

10.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.5%

Target CapEx/Rev

6.0%

D&A/Revenue

3.4%

Tax Rate

0.4%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	373	3.4%	1.9%	7	7	13	(21)	-11	10	10
2027	461	23.4%	4.0%	18	18	16	(26)	31	-23	-20
2028	599	30.0%	6.1%	36	36	20	(34)	49	-26	-21
2029	726	21.3%	8.2%	59	59	25	(41)	45	-2	-2
2030	852	17.4%	10.2%	87	87	29	(49)	44	23	16
2031	980	15.0%	10.2%	100	100	33	(57)	45	32	20
2032	1,103	12.6%	10.2%	113	113	38	(65)	43	42	25
2033	1,215	10.2%	10.2%	124	124	41	(72)	39	54	29
2034	1,310	7.8%	10.2%	134	134	45	(78)	33	67	33
2035	1,381	5.4%	10.2%	141	141	47	(83)	25	80	37

Enterprise Value Bridge

Sum of PV(FCFF)127

Terminal Value (Gordon Growth at 3.0%)1,487

PV of Terminal Value681

Enterprise Value808

(–) Net Debt279

Equity Value530

(÷) Shares Outstanding29

Fair Value per Share$18.09

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.6%	$-15	$11	$39	$67	$94
7.6%	$-15	$5	$26	$47	$68
8.6%	$-15	$1	$18	$35	$52
9.6%	$-15	$-1	$13	$26	$40
10.6%	$-15	$-3	$9	$20	$32

Current price: $151.33. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 35.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$43.76

Market Price

$151.33

Upside / Downside

-71.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Impinj, Inc. (PI) has a fair value of $43.76 based on 10 comparable companies in the Communication Equipment industry.

EV/Revenue Valuation — Communication Equipment

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Impinj, Inc.PI	4,431	13.0x	13.1x
Allegro MicroSystems, Inc.ALGM	9,070	10.3x	12.8x
Viasat, Inc.VSAT	9,010	3.3x	3.3x
JFrog Ltd.FROG	8,548	16.0x	19.9x
ESCO Technologies Inc.ESE	7,849	7.3x	7.8x
Clearwater Analytics Holdings, Inc.CWAN	7,225	11.0x	11.0x
Ingram Micro Holding CorporationINGM	6,301	0.1x	0.1x
SentinelOne, Inc.S	5,317	5.1x	5.1x
Belden Inc.BDC	4,373	2.0x	2.2x
Vontier CorporationVNT	4,343	1.9x	2.0x
Badger Meter, Inc.BMI	3,459	3.5x	3.5x
Industry Median		4.3x	4.3x
(*) Revenue		361	361
= Enterprise Value		1,565	1,555
(-) Net Debt		279	279
Equity Value		1,286	1,277
(/) Outstanding shares		29	29
Fair Price		$44	$44

Selected Fair Value (avg of trailing + forward)

$43.76

-71.1%