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The Moat Index

Impinj, Inc.

PI · Technology · $4.2B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

30/ 100
No moat

The four filters

Pricing power85

Median gross margin 51.7% over 10y, very stable.

Returns on capital0

Median ROIC -13.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 16.3x, interest coverage -0x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$138.17
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

13 years of fundamentals

The business, in plain English

Impinj, Inc. booked $361.1M of revenue in FY2025 in the Technology sector and kept 52.5% of it as gross profit — a solid-margin business by that measure. After every other cost, −3.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $63.8M (FY2014) to $361.1M (FY2025) — about 17.1% a year compounded over 11 years.

It earned −0.1% on invested capital in FY2025, with a median of −13.9% across 10 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $280.9M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 589.7% between FY2015 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (85/100) and Returns on Capital the weakest (0/100), which is how PI lands at 30/100 — a None 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.

FY2013–FY2025 · 13 fiscal years, normalized from PI’s SEC filings

RevenueSales, as filed$361.1M FY2025
$0$200M2013201720212025
Gross marginRevenue kept after cost of goods52.5% FY2025
0%20%40%2013201720212025
Return on invested capitalOperating profit on the capital employed−0.1% FY2025
−20%−10%0%2013201720212025
Owner earningsCash an owner could take out−$8.7M FY2025
−$50M$02013201720212025

Gaps in a line mean that item isn’t in PI’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

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale30.4 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

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 — PI has read No 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.

Technology context

#416 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #414PRSO Peraso Inc.30.8No moat
  2. #415CREX CREATIVE REALITIES, INC.30.5No moat
  3. #417TWAV TaoWeave, Inc.30.2No moat
  4. #418VISL VISLINK TECHNOLOGIES, INC.30.2No moat

Compare PI with its nearest peers →All Technology companies on the Index →

Common questions about PI

Does Impinj, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Impinj, Inc. (PI) 30.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 85, returns on capital 0, balance-sheet safety 0, capital discipline 24.
How has PI's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 30.4 out of 100 (no 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 PI. See the disclaimer.

Impinj, Inc. (PI) Moat Score — The Moat Index · Buy Like Buffett