Forensic Analysis · Medical Devices · as of Nov 8, 2026
Penumbra Inc (PEN)
A forensic read on Penumbra Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
8.6
Distress distance
Clean
Earnings quality
3
Forensic signals
13.8%
ROE
17.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Penumbra Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 8.6, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+40.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +40.0% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $597,000 through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by PP&E up +87% against revenue +17% and receivables up +13% against revenue +17%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 6% of net operating assets, against an accruals ratio of 40.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $100M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
13.1%
FY2025
Return on invested capital.Return on invested capital is 13.1% in the latest fiscal year, against 5.3% in FY2023, having run between 0.5% and 13.1% across FY2023–FY2025 with no direction held. After-tax operating profit was $66M in FY2023 and $164M in FY2025, with operating income at 6.9% of revenue in FY2023, 0.8% in FY2024 and 13.5% in FY2025. The capital base behind it went from $1.2B in FY2023 to $1.3B in FY2025 (+1%), while the revenue it carried went from $1.1B to $1.4B. $187M of the $1.3B base at FY2025 is short-term investments (14.9%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns. FY2024's operating profit carried a $83M asset write-down and a $5M restructuring charge that alone took about 5.2 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
Key fundamentals
Latest Revenue$1.40B
Revenue Growth YoY+17.5%
Revenue CAGR (2yr)+15.2%
Net Margin12.7%
Free Cash Flow$174.9M
Return on Equity13.8%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Penumbra Inc's actual 10-K/10-Q/8-K filings?