Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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
17.4
Distress distance
Clean
Earnings quality
4
Forensic signals
79.7
P / E (ttm)
12.4%
ROE
$12.9B
Market cap
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 (red flags, auditor quality, say on pay, board independence). 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 17.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+40.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +40.1% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +13% against revenue +17%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 6% of net operating assets, diverging from the balance-sheet accrual read.
+1.3%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~4%.
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.
11.3%
FY2025
Return on invested capital.Return on invested capital is 11.3% in the latest fiscal year and rising from 0% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.
Key fundamentals
Latest Revenue$1.40B
Revenue Growth YoY+17.5%
Revenue CAGR (3yr)+18.3%
Net Margin12.7%
Free Cash Flow$174.9M
Return on Equity12.4%
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?