Does Penumbra, Inc have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Penumbra, Inc (PEN) 58.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 7, balance-sheet safety 73, capital discipline 60.

Is PEN stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $7.59 per share versus a recent price of $318.32 — 4096% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has PEN's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 58.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Penumbra, Inc

PEN · Healthcare · $12.5B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 64.7% over 10y, very stable.

Returns on capital7

Median ROIC 0.4%, above the 9% hurdle in 20% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 144x.

Capital discipline60

Owner earnings +31.8%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

4096% above value

Owner earnings (normalized): $16.5M
Est. intrinsic value / share: $7.59
Recent price: $318.32
Discount to value: 4096% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

14 years of fundamentals

The business, in plain English

Penumbra, Inc booked $1.4B of revenue in FY2025 in the Healthcare sector and kept 67.1% of it as gross profit — a high-margin business by that measure. After every other cost, 12.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $88.8M (FY2013) to $1.4B (FY2025) — about 25.9% a year compounded over 12 years.

It earned 13.2% on invested capital in FY2025, with a median of 0.4% across 11 filed years. The Returns on Capital filter above scores it 7/100.

PEN's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 728.2% between FY2014 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 60/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (7/100), which is how PEN lands at 59/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.4B FY2025

Gross marginRevenue kept after cost of goods67.1% FY2025

Return on invested capitalOperating profit on the capital employed13.2% FY2025

Owner earningsCash an owner could take out$177.7M FY2025

Gaps in a line mean that item isn’t in PEN’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PEN has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#80 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#78CDRE CADRE HOLDINGS, INC.59.1 out of 100, Shallow moatShallow moat
#79BSX BOSTON SCIENTIFIC CORP59.0 out of 100, Shallow moatShallow moat
#81STE STERIS plc58.5 out of 100, Shallow moatShallow moat
#82SNYR Synergy CHC Corp.58.3 out of 100, Shallow moatShallow moat

Compare PEN with its nearest peers →All Healthcare companies on the Index →

Common questions about PEN

Does Penumbra, Inc have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Penumbra, Inc (PEN) 58.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 7, balance-sheet safety 73, capital discipline 60.
Is PEN stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $7.59 per share versus a recent price of $318.32 — 4096% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has PEN's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 58.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PEN. See the disclaimer.