PI
Impinj, Inc.

Impinj, Inc.PI

Technology · Semiconductors
171.03USD
+6.19%
Nov 08, 2026
PI overview ready
RAIN RFID semiconductor and infrastructure supplier for item-level inventory
Impinj is a RAIN RFID semiconductor and infrastructure supplier.
Theme not measured
RFID / IoT Semiconductors has no leadership state this session.
Constructive pullback in an uptrend
Longer-term context reads early trend, with a near-term setup of constructive pullback.
The setup is constructive, but the underlying structure is still poor.
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Ev / ebitda is weak.
Primary risk
Slowing revenue growth.
Market Nov 6Filing Sep 30Price action Nov 7Research Oct 18

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction6.3BusinessPerformance5.0BusinessQuality3.8Valuation0.3ThemeMomentum—Mixed — Revenue growth has accelerated across 3 consecutive quarters, rising from 0.0% to +17% year over year. Reported earnings improved faster than operating income, so most of the improvement did not come from operations. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
RFID / IoT Semiconductors — RFID / IoT Semiconductors has only one or two priced members — no leadership state
Its economic family, Semiconductors, reads Lagging (−22.2pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Constructive pullback in an uptrend
Longer-term context reads early trend, with a near-term setup of constructive pullback.
The setup is constructive, but the underlying structure is still poor.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA100 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$5.3B
Avg Volume (60D)
437.9K
60 sessions
Revenue Growth YoY
-1.4%
FY2025 vs FY2024
Gross Margin
+53.5%
Trailing twelve months
Operating Margin
-0.7%
Trailing twelve months
Free Cash Flow Yield
+1.2%
Distance from 200DMA
+18.6%
P/E
N/M
EV / EBITDA
420.5x
EV / Sales
13.8x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Mixed

Revenue growth has accelerated across 3 consecutive quarters, rising from 0.0% to +17% year over year. Reported earnings improved faster than operating income, so most of the improvement did not come from operations.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthAccelerating
+17%
$112M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +1.4%
  2. 0.0%
  3. +11%
  4. +17%
Earnings growthTurned profitable
$0.15
Diluted EPS $0.15 vs -$0.44 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginStable
4.1%
+3.4 pp YoY · gross margin 52.8% (+2.4 pp)
Earnings improved more than operations did
The share count is rising

Business Quality

3.8 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; own history is the dissenting view.
Impinj, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at 13.8x revenue, which requires sustained delivery to be justified.

What changed

Company Research

Thesis
Impinj is a RAIN RFID semiconductor and infrastructure supplier. It sells endpoint ICs embedded in tags or inlays, reader ICs, readers, gateways, and related platform capabilities that let enterprises identify and capture real-time data on individual physical items.
Opportunity
Moderate opportunity
Retailers, logistics operators, manufacturers, and healthcare organizations are deploying item-level identification and sensing infrastructure to improve inventory accuracy, fulfillment, loss prevention, traceability, and automated workflows.
Key risk
Slowing revenue growth.

Economic classification

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Business & Markets

Technology · Semiconductors
What they do

Impinj designs and sells RAIN RFID semiconductor chips and related infrastructure products that wirelessly connect physical items to digital applications globally.

How it earns

The company generates revenue primarily through product sales of semiconductor ICs, readers, gateways, and platform solutions on a transactional basis.

Products & services
Endpoint ICs embedded in RFID tags
Reader ICs
RFID readers
Gateways
Cloud connectivity platform
Customers & end markets
Retailers
Logistics operators
Manufacturers
Healthcare organizations
Market position

Leader in RAIN RFID semiconductor and infrastructure solutions for item-level identification.

Demand drivers
Medium cyclicality

Demand is influenced by capital spending cycles in retail, logistics, and manufacturing sectors but also driven by structural digitization trends.

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