Penumbra, Inc
PENHIGH VELOCITYFILING INTENSITYPenumbra, Inc reads as High Velocity (composite 70/100); pressure / disclosure signals dominate the posture this cycle · primary market Life Sciences.
Lens
Disclosed M&A capital (2023–2025)
$251M
vs $502M in 2020–2022
Disclosed transactions
N/A
1/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
70
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $803M disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 33d
- 90 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- Control-process language
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
Pressure Watch
Issuers facing activism, governance, or control pressure
- Control-process filings
Distress Watch
Issuers showing financial-distress filing patterns
Restatement Risk
Issuers with accounting-integrity flags from filings
- 1 auditor change
- Latest event 2.2y ago; discounted
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 90 8-Ks
- 4 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $12.6B
- 10-Q 34d ago
- 5 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $251M · Peak count: 1
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | N/A | N/A | N/A |
| 2024 | N/A | N/A | N/A | N/A |
| 2023 | N/A | $251M | N/A | N/A |
| 2022 | N/A | $251M | N/A | N/A |
| 2021 | 1 | $251M | $251M | N/A |
| 2020 | N/A | N/A | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On33%
- Geographic Expansion33%
- Technology Acquisition33%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- bolt_on
- geographic_expansion
- technology_acquisition
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“We had commissioned and subsequently evaluated the Penumbra System in our THERAPY study, a clinical study comparing the clinical outcomes in the medical management of stroke patients with IV recombinant tPA (rtPA) to stroke patients treated with a combination of IV rtPA and the Penumbra System. The THERAPY study was commenced in March 2012, and was designed to enroll up to 692 patients, but was stopped early in October 2014, because the positive results of the MR CLEAN study made it unethical to continue to treat the control group in the THERAPY study with medical management rather than with endovascular treatment. The MR CLEAN study demonstrated the superiority of endovascular treatment of stroke over medical management. As a result, the steering committee for THERAPY recommended stopping enrollment for the trial. The THERAPY study results, after the randomization of 108 patients, were presented in April 2015 at the European Stroke Organization Conference and the manuscript is being prepared for submission to a peer-reviewed journal. Despite the early termination of the study, the pre-specified per protocol analysis demonstrated a significant benefit of combined treatment with IV rtPA and the Penumbra System over IV rtPA alone.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Life Sciences
- Market spend (2023–2025)
- $68.3B
- Market spend (2020–2022)
- $107.5B
- Recent vs prior
- −36%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
PEN trades at a +43.4-turn premium to the Life Sciences peer median of 16.1×.
- EV / Revenue
- 8.7×
- Net debt / EBITDA
- N/A
- Peer median EV / EBITDA
- 16.1×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
Penumbra, IncPEN | 59.5× | 8.7× | N/A | $1.5B | $251M |
| 19.1× | 4.7× | -0.0× | $45.2B | $10.8B | |
| 18.8× | 4.3× | -0.3× | $20.6B | $8B | |
| 13.3× | 3.5× | -0.1× | $35.5B | $2.2B | |
| 13.1× | 1.9× | -0.2× | $14.1B | $2.1B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Life Sciences. Bars scaled to the highest EV/EBITDA in the set.
Buyer landscape.
Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.
Likely buyers
No public buyers surface as a strong target-side fit on current signal.
Likely sellers / divestiture partners
No reciprocal divestiture / strategic-alternatives matches identified.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)112026-02-25
- 10-Q (quarterly)332026-05-06
- 8-K (event)902026-05-07
- Proxy / DEF 14A232026-04-29
- Activism (13D / DFAN / PREC)0N/A
Signals on file
- elevated
Auditor change
2024-03-211 Item 4.01 filing on file; certifying accountant change.
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Recent transaction activity
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.