Impinj Inc (PI) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Impinj Inc stock $22.89, price $175, that is 86.9% below the price, quality 35 out of 100. Rating: strongly overvalued. Calculated from audited financials with 10 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 12, 2026.
How to read this chart
60‑month range $41.29 – $241.91 · fair‑value band $10.64 – $40.60 · the $175.32 price screens above the $22.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 12, 2026.
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Impinj, Inc. operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications.
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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 that consists of reader ICs, readers, and gateways to wirelessly provide power to and communicate bidirectionally with endpoint ICs on host items, as well as to read, write, authenticate, and engage the endpoint ICs on those items; and software that enable its partners to solve enterprise business problems, such as package sortation, dock door ingress/egress and retail self-checkout and loss prevention.
The company primarily serves retail, supply chain and logistics, automotive, aviation, banking, datacenters, food, healthcare, industrial and manufacturing, linen and uniform tracking, sports, and travel industries through original equipment and device manufacturers, tag service bureaus, systems integrators, value-added resellers, independent software vendors, and other solution partners.
Impinj, Inc. was incorporated in 2000 and is headquartered in Seattle, Washington.
Stock analysis
Impinj Inc (PI) currently trades at $175.32, while our model-based Fair Value estimate is $22.89, 87% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $23.96 per share, and 0 of the 9 models we run sit above the $175.32 price.
Bear case: the Multiples group reads lowest at $10.30, and 9 of the 9 models stay below the price. Data coverage for this calculation is low.
Scenario range: $10.64 (bear) to $40.60 (bull), the price of $175.32 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 35/100 (below-average quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Impinj Inc reported revenue of $361M in FY2025 versus $190M in FY2021, a compound +17.4%/yr. Reported net income was −$10.8M in FY2025.
Key figures
Market cap $5.4B Mid · P/S ratio 14.3 · EPS (TTM) $−0.3100 · Net margin −2.5% · Return on equity −3.8% · Return on assets (EBIT) −6.2% (5-year average) · Operating margin 4.1% · Revenue (TTM) $388M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 92% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −17% fair-value upside, at −87%, PI screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($0.1100 to $25.07). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear$10.64Fair Value $22.89Bull$40.60
Price $175.32 · Downside -86.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 4 officers or directors sold shares worth $52.6M and none bought.
SaleSYLEBRA CAPITAL LLCDirector13× since Nov 20, 2025: 945,921 shares, avg. $154.15$145.8MNov 4, 2026
SaleMeera RaoDirector1,729 shares at $201.60$348,566Oct 29, 202610b5-1 plan
SaleCary BakerCHIEF FINANCIAL OFFICER2× since Aug 10, 2026: 10,321 shares, avg. $185.00$1.9MSep 21, 202610b5-1 plan
SaleMiron WashingtonDirector800 shares at $173.26$138,608Sep 15, 2026
SaleDaniel Patrick GibsonDirector2× since Dec 3, 2025: 132,899 shares, avg. $159.64$21.2MDec 10, 2025
Plus 18 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.0%
Start year 2020 (pandemic). Over 10 years: +16.5% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.5%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−33.9% (2020) → −0.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+52.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +49.1% a year for the price and +12.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The main strength lies in the shift toward custom ASICs and bundled enterprise software with edge machine learning for higher-margin recurring revenue, while the key weakness remains sustained net losses and the absence of clear durable advantages.
Main risk: Failure to scale the new ASIC and software solutions amid semiconductor competition would constrain the move to recurring revenue and leave the business exposed to hardware pricing pressure.
Impinj is moving from endpoint RFID chips toward custom ASICs and bundled enterprise software with machine learning at the edge for logistics and grocery self-checkout. This shift targets higher-margin recurring revenue in massive addressable markets yet depends on scaling new solutions amid semiconductor competition. Our models see the stock as overvalued. Will the solutions push create durable growth that outpaces chip pricing pressure, or will the business stay tethered to hardware cycles?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductors · 399 stocks
Beats the industry median on 0/10 measures
Overall it trails its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside−86.9% · Bottom 25%
Profitability
Return on assets−2.0% · Below median
Net margin (12 months)−2.5% · Below median
Operating margin (12 months)4.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)16.7% · Below median
Balance sheet
Debt / equity0.88× · Highest 25%
Valuation Multiplesvs Semiconductors median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Impinj Inc Fair Value". https://www.fairvalue-calculator.com/stock/PI
Frequently asked questions
Is Impinj Inc (PI) overvalued or undervalued?
As of Nov 12, 2026, our model estimates a fair value of $22.89 versus a price of $175.32, about 87% lower (overvalued).
What is the fair value of PI?
Our model-based fair value for Impinj Inc is $22.89 (as of Nov 12, 2026), built from audited fundamentals. The current price: $175.32.
What is the quality score of PI?
Impinj Inc has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Impinj Inc (PI)?
Our model-based price target is the fair value of $22.89 (as of Nov 12, 2026) from 10 valuation models. Cautious scenario $10.64, optimistic scenario $40.60. It is a calculation from audited fundamentals, not an analyst target.
What is the Impinj Inc stock forecast for 2026?
Our models put fair value at $22.89, about 87% lower versus a price of $175.32 (overvalued). Cautious scenario $10.64, optimistic scenario $40.60. The calculation is refreshed regularly with new filings.
What is the revenue of Impinj Inc (PI)?
Impinj Inc reported trailing-twelve-month revenue of about $388M (latest available figure, as of Nov 12, 2026).
What growth is priced into Impinj Inc (PI)?
For today's price to be fair in a discounted-cash-flow model, Impinj Inc would have to grow free cash flow by +52.6 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.1 % per year. As of Nov 12, 2026.
What discount rate (WACC) does the fair value of PI use?
Our models discount Impinj Inc at 12.0 %: a base by market capitalisation (mid), damped by beta 1.94, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Impinj Inc that is +52.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Impinj Inc (PI) delivered so far?
Over the past 5 years revenue at Impinj Inc grew +21.1 % a year. The price currently implies free-cash-flow growth of +52.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Impinj Inc (PI) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Impinj Inc (+52.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Impinj Inc (PI)?
The free-cash-flow yield on the price is 0.84 %: that much free cash flow Impinj Inc produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Impinj Inc (PI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Impinj Inc it is $22.89 per share (as of Nov 12, 2026), against a price of $175.32. It is the blended result of 10 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Impinj Inc stock overvalued or undervalued in 2026?
As of Nov 12, 2026, PI trades above its calculated fair value: price $175.32, fair value $22.89, a gap of about −87% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PI?
No. The price is what the market pays today ($175.32); the fair value is what the company's own numbers justify ($22.89). For Impinj Inc the two are $152.43 per share apart. That gap is exactly why we show both numbers side by side.
How much is Impinj Inc worth?
The market values Impinj Inc at about $5.4B (market capitalisation, as of Nov 12, 2026). Per share that is $175.32; our models calculate a fair value of $22.89 per share.
What do the bullish and bearish scenarios say about PI?
Our models span a range for Impinj Inc: cautious scenario $10.64, base $22.89, optimistic $40.60 per share (as of Nov 12, 2026, price $175.32). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Impinj Inc (PI)?
Balance-sheet figures for Impinj Inc (as of Nov 12, 2026): return on equity −3.8%, debt of 0.88 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is PI from its 52-week high?
Impinj Inc trades at $175.32, about 16% below its 52-week high of $209.16 and 92% above the low of $91.34 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of $22.89 is for.
Which stocks are comparable to Impinj Inc?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Impinj Inc stock attractive at the current price?
The data as of Nov 12, 2026: price $175.32, calculated fair value $22.89 (−87%), Quality Score 35/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PI calculated?
We run Impinj Inc through 10 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of $22.89 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Impinj Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Impinj Inc (PI)?
The closing price on Nov 12, 2026 was $175.32. Our model-based fair value is $22.89, about 87% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Impinj Inc right now?
The price sits above even our optimistic bull case ($40.60). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide ($10.64 to $40.60). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Impinj Inc
How large is the market capitalisation of Impinj Inc (PI)?
The market capitalisation of Impinj Inc is $5.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Impinj Inc (PI)?
The price-to-sales ratio of Impinj Inc is 14.3 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Impinj Inc (PI)?
Earnings per share at Impinj Inc are $−0.3100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Impinj Inc (PI)?
The net margin of Impinj Inc is −2.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Impinj Inc (PI)?
The return on equity (ROE) of Impinj Inc is −3.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Impinj Inc (PI)?
On an EBIT basis the return on assets of Impinj Inc is −6.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Impinj Inc (PI)?
The operating margin of Impinj Inc is 4.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Impinj Inc (PI)?
Revenue at Impinj Inc is growing +16.7% versus a year earlier (3y avg +11.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Impinj Inc (PI) carry?
The net debt of Impinj Inc is $279M (fiscal year 2025, ≈ 6.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 12, 2026
