PI
TechnologyImpinj, Inc. · Semiconductors · $5B
What is Impinj, Inc.?
Impinj, Inc. is a Seattle-based technology company that connects physical items to digital networks using RAIN RFID technology. Its cloud connectivity platform serves industries ranging from retail to healthcare across global markets.
Impinj generates revenue by selling endpoint ICs — miniature radios-on-a-chip that attach to physical items — alongside reader ICs, readers, gateways, and software that together form a complete RAIN RFID platform. Partners and system integrators use this platform to build solutions for retail self-checkout, warehouse tracking, aviation, automotive, healthcare, and more. The company distributes primarily through resellers, system integrators, and software solution partners rather than selling direct to end-users.
Impinj was incorporated in 2000 and is headquartered in Seattle, Washington.
- Endpoint ICs — miniature radios-on-a-chip for item identification
- Reader ICs and readers for wireless item communication
- Gateways connecting RFID data to enterprise systems
- Software and algorithms enabling retail and logistics use cases
- Cloud connectivity platform spanning multiple vertical markets
Is PI a Good Stock to Buy?
UQS Score rates PI as Poor overall, reflecting broad weakness across all five scoring pillars.
No single pillar stands out as a clear strength in the current assessment. The business does operate in a growing RAIN RFID market with real-world adoption across retail and supply chain, which provides a long-term demand backdrop — but that potential is not yet translating into pillar-level strength.
Quality, Moat, Growth, and Risk all carry Weak ratings, while Valuation is flagged as Elevated — meaning investors may be paying a premium relative to the underlying fundamentals the platform currently delivers.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does PI pay dividends?
No — Impinj, Inc. does not currently pay a dividend.
Impinj does not currently pay a dividend. As a growth-oriented technology company, it reinvests available capital into platform development, expanding its endpoint IC portfolio, and growing its partner ecosystem. Investors seeking income from this position would need to look elsewhere, as the company's capital allocation prioritizes long-run platform scale over near-term shareholder distributions.
When does PI report earnings?
Impinj reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
Quarterly results for PI tend to reflect the cyclical nature of RFID hardware demand, with revenue influenced by retail deployment cycles and supply chain activity. Profitability has been a recurring area of investor focus given the company's cost structure relative to its revenue base.
For the most recent quarter's results and forward guidance, visit Impinj's investor relations page directly.
PI Price History
+127.3% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Impinj, Inc.?
Based on Impinj, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
PI Long-term Outlook
The UQS Growth pillar for PI is rated Weak, suggesting the company's recent expansion trajectory has not met the bar for above-average quality growth. The Risk pillar is also Weak, indicating meaningful uncertainty in the business outlook. While RAIN RFID adoption across retail and logistics represents a genuine secular trend, Impinj's current pillar profile suggests execution risk remains elevated and the path to durable profitability is not yet clear.
Growth drivers
- Secular expansion of RAIN RFID adoption across retail and supply chain
- Growing partner ecosystem of system integrators and software solution providers
- Emerging verticals including healthcare, aviation, and datacenter tracking
Key risks
- Weak profitability profile limiting financial resilience
- Elevated valuation creating downside risk if growth disappoints
- Competitive pressure in the RFID semiconductor and connectivity market
PI vs Peers
Impinj operates in a niche but competitive segment of the connectivity and semiconductor space, alongside companies addressing adjacent wireless and sensor markets.
Vistance focuses on network connectivity solutions rather than RFID-specific item-level tracking, targeting different enterprise infrastructure use cases.
Knowles specializes in acoustic components and precision devices, competing in the broader semiconductor component space with a different end-market mix.
Ondas addresses industrial wireless networking and drone automation, overlapping with Impinj in industrial connectivity but through distinct technology approaches.
Frequently Asked Questions
What does Impinj do?
Impinj operates a cloud connectivity platform built on RAIN RFID technology. Its endpoint ICs attach to physical items, while readers and gateways wirelessly communicate with those items and feed data into business applications. The platform serves retail, logistics, healthcare, aviation, and other sectors through a global partner network.
Does PI pay dividends?
No, Impinj does not pay a dividend. The company reinvests capital into platform development and ecosystem expansion rather than returning cash to shareholders through distributions. Income-focused investors should factor this into their assessment.
When does PI report earnings?
Impinj follows a standard quarterly earnings cadence for US-listed companies. For precise dates and the most recent results, check Impinj's investor relations page, as our data source does not cover specific upcoming earnings dates.
Is PI a good stock to buy?
The UQS Score rates PI as Poor, with Weak ratings across Quality, Moat, Growth, and Risk pillars, and an Elevated Valuation signal. This profile suggests meaningful caution is warranted. The full pillar breakdown is available to UQS Pro members for a deeper view.
Is PI overvalued?
The UQS Valuation pillar for PI is rated Elevated, indicating the market price may not be well-supported by the company's current fundamental profile. When paired with Weak scores across other pillars, the valuation signal becomes a more significant consideration for prospective investors.
How does PI compare to its competitors?
Impinj occupies a specialized niche in RAIN RFID connectivity, which differentiates it from broader semiconductor or wireless networking peers. Compared to Knowles, Ondas, and Vistance, Impinj's focus on item-level identification is more specific — but its current UQS pillar profile does not show a clear competitive quality advantage at this time.
What is PI's market cap bracket?
Impinj is classified as a mid-cap stock. This places it in a segment that can offer growth potential but may also carry more volatility and less analyst coverage than large- or mega-cap peers in the technology sector.
Who founded Impinj?
Impinj was founded by Chris Diorio and Carver Mead, with the company incorporated in 2000. Founding context is widely available through public sources and the company's own history pages.
Is PI a long-term quality investment?
As a long-term quality indicator, the UQS Score currently rates PI as Poor. All five pillars — including Quality, Moat, and Growth — are rated Weak, which suggests the business has not yet demonstrated the durable characteristics typically associated with long-term compounding quality. Monitoring pillar trends over time is advisable.
What is the main competitive advantage of Impinj?
Impinj's platform integrates endpoint ICs, reader hardware, and software into a unified RAIN RFID ecosystem, creating switching costs for partners who build solutions on top of it. However, the UQS Moat pillar is currently rated Weak, suggesting this advantage has not yet translated into measurable economic durability.
What sector does PI belong to?
Impinj is classified in the Technology sector. More specifically, it operates at the intersection of semiconductors and cloud connectivity, providing the hardware and software infrastructure that enables RFID-based item tracking across multiple industries.
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Pro Analysis
PI — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 15, 2026 | 34.7 | 11.8 | 31.0 | 39.5 | 68.5 | 38.7 | +5.2 |
| May 10, 2026 | 29.5 | 0.0 | 31.0 | 39.5 | 36.9 | 55.5 | 0.0 |
| May 8, 2026 | 29.5 | 0.0 | 31.0 | 39.5 | 36.9 | 55.6 | +2.3 |
| May 7, 2026 | 27.2 | 11.8 | 31.0 | 39.5 | 26.6 | 30.5 | 0.0 |
| May 3, 2026 | 27.2 | 11.8 | 31.0 | 39.5 | 26.6 | 30.7 | -0.2 |
| May 2, 2026 | 27.4 | 11.8 | 31.0 | 39.5 | 26.6 | 31.8 | +0.2 |
| Apr 26, 2026 | 27.2 | 11.8 | 31.0 | 38.9 | 26.6 | 31.6 | -0.1 |
| Apr 19, 2026 | 27.3 | 11.8 | 31.0 | 38.9 | 26.6 | 32.3 | -0.1 |
| Apr 18, 2026 | 27.4 | 11.8 | 31.0 | 38.9 | 26.6 | 32.8 | -1.2 |
| Apr 14, 2026 | 28.6 | 11.8 | 31.0 | 38.9 | 26.6 | 41.1 | -0.1 |
PI — Pillar Breakdown
Quality
— 11.7/100 (25%)Impinj, Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 39.5/100 (20%)Impinj, Inc. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 68.5/100 (15%)Impinj, Inc. maintains a reasonable risk profile with manageable debt levels.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 38.3/100 (15%)Impinj, Inc. has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Moat
— 31/100 (25%)Impinj, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for PI.
Score Composition
Financial Data
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How is the PI UQS Score Calculated?
The UQS (Unified Quality Score) for Impinj, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Impinj, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Impinj, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.