PI
Impinj, Inc.

Impinj, Inc.PI

Technology · Semiconductors
181.75USD
-1.25%
Sep 23, 2026
PI overview ready
Impinj is a specialized RAIN RFID platform supplier whose endpoint tag ICs, reader ICs, readers, gateways, and related software enable item-level identification and data capture for enterprise deployments.
Narrative is still early
Exposed to the Enterprise Supply Chain Digitization and Physical Item Intelligence narrative through Item-Level RFID Visibility and Automation — bottleneck supplier.
Price action is under distribution
Longer-term context reads early trend, with a near-term setup of daily advance.
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Ev / ebitda is weak.
Primary risk
Dependence on adoption of RFID technology.
Market Sep 22Filing Jun 30Price action Sep 22Research Sep 18

Conviction Level

NarrativeHeat6.6ThemeHeat6.7PriceAction8.3Valuation0.3CompanyPosition7.3
Price
Loading price history…

Price Action

Price action is under distribution
Longer-term context reads early trend, with a near-term setup of daily advance.
EntryBreakout + retest

Price broke through the weekly SMA200, then retested it constructively and recovered — a fresh structural entry rather than a chase.

Key Financials

Market Cap
$5.6B
Avg Volume (60D)
449.2K
60 sessions
Revenue Growth YoY
-1.4%
FY2025 vs FY2024
Gross Margin
+52.9%
Trailing twelve months
Operating Margin
-1.8%
Trailing twelve months
Free Cash Flow Yield
+1.1%
Distance from 200DMA
+27.1%
Next Earnings
2026-10-28
P/E
N/M
EV / EBITDA
640.7x
EV / Sales
15.2x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

Both valuation perspectives agree this company is expensive.
Impinj, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at 15.2x revenue, which requires sustained delivery to be justified.

Company Research

Thesis
Impinj is a specialized RAIN RFID platform supplier whose endpoint tag ICs, reader ICs, readers, gateways, and related software enable item-level identification and data capture for enterprise deployments. PI has direct, recurring exposure to the deployment of item-level RAIN RFID, rather than a generic IoT adjacency.
Opportunity
Moderate opportunity
Enterprise adoption of RFID-based item identity, inventory visibility, and workflow automation across retail, logistics, manufacturing, food, and asset-intensive operations.
Key risk
Dependence on adoption of RFID technology.

Narrative & Theme

Enterprise Supply Chain Digitization and Physical Item Intelligence
Part of Item-Level RFID Visibility and Automation, with strong fit.
PI has direct, recurring exposure to the deployment of item-level RAIN RFID, rather than a generic IoT adjacency. Its endpoint ICs are incorporated into RFID tags at very high unit volumes, while its reader silicon and systems enable enterprise data capture.
Narrative HeatNeutral6.6 / 10
Theme HeatNeutral6.7 / 10
This is the company’s own research reading. The canonical heat measurement for this story has not run.

Business & Markets

Technology · Semiconductors
What they do

Impinj, Inc. operates a cloud connectivity platform that wirelessly connects physical items to business and consumer applications by embedding endpoint integrated circuits (ICs) and providing reader ICs, readers, and gateways for communication and power.

How it earns

The company generates revenue primarily through the sale of semiconductor products and systems that enable item connectivity.

Products & services
Endpoint ICs (radios-on-a-chip)
Reader ICs
Readers
Gateways
Customers & end markets
Business applications
Consumer applications
Market position

Impinj is a leader in the RFID semiconductor and connectivity platform market.

Demand drivers
Medium cyclicality

Demand is influenced by technology adoption cycles and capital spending in end markets.