Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Impinj Inc.PI · business equipment | |
|---|---|
| Grade |  Bsecond fifth of 497 graded peers; percentile 36.1, sampling error 2.2 points; lower is stronger |
| Rank | 180 of 497 |
| Profitability | Bpercentile 31.5 |
| Solvency | C/Dpercentile 57.9 |
| Growth and financing | Cpercentile 44.0 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $545.2M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active |
| Inputs computable | 11 of 14 |
| Graded from | filings received through Feb 9, 2026242 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $183.712026-10-08; market equity $5.6B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 9, 2026; the document on sec.gov.
Our vision is a world in which every item that enterprises manufacture, transport and sell, and that people own, use and recycle, is wirelessly and ubiquitously connected to the cloud. And a world in which the ownership, history and linked information for every one of those items is seamlessly available to enterprises and people. We call our expansive vision a Boundless Internet of Things, or IoT. We design and sell a platform that enables that wireless item-to-cloud connectivity and with which we and our partners innovate IoT solutions. Our mission is to connect every thing.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 31.5 | |||||||
| Gross profitability | 34.8% | [1,3] | 28.5% | 35.0 | 558 | 2025-12-31 | |
| Return on invested capital | not computable | 10.9% | |||||
| prior invested-capital observation is 1096 days earlier | |||||||
| Accruals ratio | (13.5%) | [1,4-6] | (7.4%) | 31.9 | 621 | 2025-12-31 | |
| Gross margin stability, five years | 1.4 pts | [2-3,7-14] | 2.4 pts | 27.6 | 429 | 2025-12-31 | |
| Solvency, sleeve percentile 57.9 | |||||||
| Twelve-month failure probability | 0.04% | 0.05% | 40.0 | 101 | 2026-06-30 | ||
| Altman Z double-prime | 0.81 | [1,15-20] | 2.18 | 53.1 | 566 | 2025-12-31 | |
| Net debt to EBITDA | 16.27x | [18,21-23] | 1.11x | 97.3 | 147 | 2025-12-31 | |
| Interest coverage | (0.17x) | [18,24] | 3.77x | 64.0 | 90 | 2025-12-31 | |
| Current ratio | 2.68x | [15-16] | 2.02x | 35.2 | 666 | 2025-12-31 | |
| Growth and financing, sleeve percentile 44.0 | |||||||
| Revenue growth, three-year compound | 11.9% | [2,8,10,12] | 6.4% | 34.3 | 538 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 17.2% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 14.3% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | 15.9% | [1,6,25-26] | 5.0% | 23.5 | 563 | 2025-12-31 | |
| Net share issuance, one year | 5.9% | [27-28] | 0.5% | 74.1 | 407 | 2026-01-30 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.119; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 175 | Kewaunee Scientific Corp. (KEQU) Kewaunee Scientific Corp. (KEQU) Bsecond fifth; percentile 35.1 Nasdaq · Laboratory Apparatus & Furniture market equity $97.9M; last close $35.90 No active warnings; 11 of 14 inputs | 35.1 | B | |
| 176 | Fabrinet (FN) Fabrinet (FN) Bsecond fifth; percentile 35.3 NYSE · Telephone & Telegraph Apparatus market equity $17.5B; last close $487.65 Warnings: fortress balance sheet; 11 of 14 inputs | 35.3 | B | fortress balance sheet |
| 177 | Apple Inc. (AAPL) Apple Inc. (AAPL) Bsecond fifth; percentile 35.5 Nasdaq · Electronic Computers market equity $5.0T; last close $340.43 No active warnings; 13 of 14 inputs | 35.5 | B | |
| 178 | Match Group, Inc. (MTCH) Match Group, Inc. (MTCH) Bsecond fifth; percentile 35.7 Nasdaq · Services-Computer Programming, Data Processing, Etc. market equity $9.5B; last close $41.51 No active warnings; 11 of 14 inputs | 35.7 | B | |
| 179 | Ziprecruiter, Inc. (ZIP) Ziprecruiter, Inc. (ZIP) Bsecond fifth; percentile 35.9 NYSE · Services-Computer Programming, Data Processing, Etc. market equity $284.1M; last close $3.99 No active warnings; 8 of 14 inputs | 35.9 | B | |
| 180 | Impinj Inc. (PI) Impinj Inc. (PI) Bsecond fifth; percentile 36.1 Nasdaq · Electronic Components, NEC market equity $5.6B; last close $183.71 No active warnings; 11 of 14 inputs | 36.1 | B | |
| 181 | indie Semiconductor, Inc. (INDI) indie Semiconductor, Inc. (INDI) Bsecond fifth; percentile 36.3 Nasdaq · Semiconductors & Related Devices last close $2.61 No active warnings; 8 of 14 inputs | 36.3 | B | |
| 182 | Legalzoom.Com, Inc. (LZ) Legalzoom.Com, Inc. (LZ) Bsecond fifth; percentile 36.5 Nasdaq · Services-Computer Processing & Data Preparation market equity $1.0B; last close $5.92 No active warnings; 10 of 14 inputs | 36.5 | B | |
| 183 | Tyler Technologies Inc. (TYL) Tyler Technologies Inc. (TYL) Bsecond fifth; percentile 36.7 NYSE · Services-Prepackaged Software market equity $13.6B; last close $331.24 Warnings: fortress balance sheet; 14 of 14 inputs | 36.7 | B | fortress balance sheet |
| 184 | Roblox Corp. (RBLX) Roblox Corp. (RBLX) Bsecond fifth; percentile 36.9 NYSE · Services-Prepackaged Software market equity $32.5B; last close $45.54 Warnings: fortress balance sheet; 9 of 14 inputs | 36.9 | B | fortress balance sheet |
| 185 | Intest Corp. (INTT) Intest Corp. (INTT) Bsecond fifth; percentile 37.1 NYSE · Instruments For Meas & Testing of Electricity & Elec Signals market equity $180.8M; last close $14.47 Warnings: fortress balance sheet; 8 of 14 inputs | 37.1 | B | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | B | 28.8 | 2204 |
| sector peers, equal sleeves (the grade) | B | 36.1 | 497 |
| same exchange, equal sleeves | B | 28.2 | 1219 |
| sector peers, equal inputs | C | 45.6 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (3.6%) | 2.2% | 47 | hotter than 47 of 100 peers |
| Distance from 52-week high | (24.2%) | (30.0%) | 59 | closer to its high than 59 of 100 peers |
| EBIT to enterprise value | (0.01%) | 1.5% | 35 | pricier than 65 of 100 peers |
| Free cash flow yield | 0.8% | 2.7% | 31 | pricier than 69 of 100 peers |
| Book value to price | 0.04 | 0.23 | 13 | pricier than 87 of 100 peers |
| Sales to price | 0.06 | 0.30 | 12 | pricier than 88 of 100 peers |
| Composite equity issuance, five years | 26.7% | 3.9% | 77 | more equity-funded than 77 of 100 peers |
| Relative strength against the sector, log excess return | (0.32) | (0.26) | 47 | ahead of 47 of 100 peers |
Inputs: market equity $5.6B; EBIT -$737,000; free cash flow $45.9M; book equity $231.6M; sales $361.1M; debt $241.9M; cash $38.6M[29].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (2.2%) | ✗ fail[4,6] |
| Operating cash flow above zero | $58.7M | ✓ pass[5] |
| Return on assets improved | (13.6 pts) | ✗ fail[4,6,25,30] |
| Operating cash flow exceeds net income | $69.6M | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6,25,31] | |
| Current ratio improved | 169.5 pts | ✓ pass[15-16,32-33] |
| No new shares issued | 5.9% | ✗ fail[27-28] |
| Gross margin improved | 0.9 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | (28.0 pts) | ✗ fail[2,6,8,25] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $38.6M[34] |
| Operating cash flow, four quarters | $71.6M[5,34-38] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 72 |
| 10-Q received Jul 29, 2026 | |
| Median daily dollar volume | $63.5M |
| 63 sessions | |
| Days since newest grade input | 242 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $545.2M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $361.1M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $189.7M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$10.8M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $58.7M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $489.1M | 2024-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $188.9M | 2024-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $366.1M | 2024-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $152.0M | 2023-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $307.5M | 2023-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $137.9M | 2022-12-31 | 2025-02-10 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $257.8M | 2022-12-31 | 2025-02-10 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $99.0M | 2021-12-31 | 2024-02-12 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $190.3M | 2021-12-31 | 2024-02-12 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $339.2M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $126.5M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$400.2M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | -$737,000 | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $209.2M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $336.0M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 21 | total debt | us-gaap:LongTermDebt | $280.9M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 22 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $48.2M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 23 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $15.0M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 24 | interest expense | us-gaap:InterestExpense | $4.4M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $359.4M | 2023-12-31 | 2025-02-10 | 10-K | filing · viewer · series |
| 26 | assets | us-gaap:Assets | $349.7M | 2022-12-31 | 2024-02-12 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,231,686 | 2026-01-30 | 2026-02-09 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 28,538,125 | 2025-01-31 | 2025-02-10 | 10-K | filing · viewer · series |
| 29 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,554,413 | 2026-07-17 | 2026-07-29 | 10-Q | filing · viewer · series |
| 30 | net income | us-gaap:NetIncomeLoss | $40.8M | 2024-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 31 | long term debt | us-gaap:LongTermDebtNoncurrent | $184.1M | 2025-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 32 | current assets | us-gaap:AssetsCurrent | $326.4M | 2024-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 33 | current liabilities | us-gaap:LiabilitiesCurrent | $331.2M | 2024-12-31 | 2026-02-09 | 10-K | filing · viewer · series |
| 34 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $38.6M | 2026-06-30 | 2026-07-29 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $35.6M | 2026-06-30 | 2026-07-29 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $4.0M | 2026-03-31 | 2026-04-29 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $43.6M | 2025-09-30 | 2025-10-29 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $22.7M | 2025-06-30 | 2026-07-29 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 36.1 is 3.9 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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