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Screener / SEC EDGAR /CIK 0001321732 /10-K filed Feb 25, 2026, compared with Feb 18, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
LNTHINSMPENLIVNMMSIADUS
NYSE Health care · Medical Instruments

Penumbra Inc PEN

PEN quote by TradingView

Penumbra, the world’s leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. 10-K, Item 1

Employees
4,700
Headquarters
Alameda, CA
CEO
Adam Elsesser
Next results
around Jan 14, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $1.4B through the costs to a net profit of $177.7M · income statement of the 10-K

13% operating margin
Revenue to Gross profit: $942.4MRevenue to Cost of revenue: $461.2MGross profit to Operating profit: $189.2MGross profit to Operating expenses: $753.2MOperating profit to Net profit: $161.8MOperating profit to Tax: $27.4MOther income to Net profit: $15.9MOperating expenses to R&D: $89.8MOperating expenses to SG&A: $663.4M Revenue: $1.4B REVENUE $1.4B +17% Y/Y Gross profit: $942.4M · 67% margin GROSS PROFIT $942.4M 67% margin · +25% Y/Y Cost of revenue: $461.2M · 33% of revenue COST OF REVENUE $461.2M 33% of revenue Operating profit: $189.2M · 13% margin OPERATING PROFIT $189.2M 13% margin · +1940% Y/Y Other income: $15.9M · 1% of revenue OTHER INCOME $15.9M 1% of revenue Operating expenses: $753.2M · 54% of revenue OPERATING EXPENSES $753.2M 54% of revenue Net profit: $177.7M · 13% margin NET PROFIT $177.7M 13% margin · +1168% Y/Y Tax: $27.4M · 2% of revenue TAX $27.4M 2% of revenue R&D: $89.8M · 6% of revenue R&D $89.8M 6% of revenue SG&A: $663.4M · 47% of revenue SG&A $663.4M 47% of revenue
Gross profit $942.4M 67% margin · +25% Y/Y
Operating profit $189.2M 13% margin · +1940% Y/Y
Net profit $177.7M 13% margin · +1168% Y/Y
The full income statement, year by year

PEN among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 154 peers the company is above, not a score.

Compare
Revenue growth: 17.5%, above 71% of 154 peers (their median 10.4%) REVENUE GROWTH 17.5% · above 71% Gross margin: 68.0%, above 62% of 107 peers (their median 63.4%) GROSS MARGIN 68.0% · above 62% Operating margin: 12.1%, above 59% of 138 peers (their median 9.8%) OPERATING MARGIN 12.1% · above 59% Net margin: 10.1%, above 61% of 153 peers (their median 6.7%) NET MARGIN 10.1% · above 61% FCF margin: 12.8%, above 58% of 144 peers (their median 9.9%) FCF MARGIN 12.8% · above 58% Return on capital: 10.4%, above 60% of 89 peers (their median 9.0%) RETURN ON CAPITAL 10.4% · above 60%
PEN Peer median Below the median

What changed

21 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 25, 2026 against Feb 18, 2025.

Risk factors
21 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: Revenue Recognition - Product Revenue (“As described in Note 2 and 19 to the consolidated financial statements, revenue is primarily comprised of product revenue net of returns, discounts, administration fees and sales rebates. The Company recognizes revenue when control of the promised goods is transferred to the customer, in an amount t”). No longer listed: Long-Lived Assets Impairment Assessment Related to the Immersive Healthcare Business
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Critical audit matters changed
    New this year: Revenue Recognition - Product Revenue (“As described in Note 2 and 19 to the consolidated financial statements, revenue is primarily comprised of product revenue net of returns, discounts, administration fees and sales rebates. The Company recognizes revenue when control of the promised goods is transferred to the customer, in an amount t”). No longer listed: Long-Lived Assets Impairment Assessment Related to the Immersive Healthcare Business
  • Receivables +13.3% ($167.7M to $190.0M) vs revenue +17.5% ($1.2B to $1.4B), -4.2 pts apart
9 more checks with nothing to note
  • Cash from operations $238.7M vs net income $177.7M (FY ending Dec 31, 2025)
  • Inventory +6.1% ($406.7M to $431.5M) vs revenue +17.5% ($1.2B to $1.4B), -11.4 pts apart
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

21 paragraphs in Risk Factors that were not in the 10-K filed Feb 18, 2025. Quoted as filed.

All 21 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    Uncertainty associated with our agreement to be acquired by Boston Scientific Corporation could have an adverse effect on our business. On January 14, 2026, we entered into the Merger Agreement with Boston Scientific Corporation and Merger Sub, pursuant to which Boston Scientific Corporation has agreed to acquire us for $374 per share…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    We are exposed to the effects of changes in foreign currency exchange rates, and we have not historically hedged our foreign currency exposure. Approximately 22.2%, 24.5%, and 28.5% of our revenue for the years ended December 31, 2025,
  3. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    Furthermore, we cannot guarantee that any patents will be issued from any pending or future owned or licensed patent applications, or if any current or future patents will provide us with any meaningful protection or competitive advantage. Even

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$847.1M$1.1B$1.2B$1.4B
Net income−$2.0M$91.0M$14.0M$177.7M
Operating cash flow−$55.7M$97.3M$168.5M$238.7M
Free cash flow−$75.0M$82.1M$147.3M$174.9M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$1.4B ▲ 17.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Penumbra Inc, Alameda, CA · from the 10-K filed Feb 25, 2026

Penumbra, the world’s leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety, and simplicity. Our team focuses on developing, manufacturing and marketing novel products for use by specialist physicians and other healthcare providers to drive improved clinical and health outcomes. We believe that the cost-effectiveness of our products is attractive to our customers.

Headquarters
Alameda, CA
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 29, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we had approximately 4,700 employees worldwide" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 18, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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