Impinj, Inc. — Earnings Quality Grade F
PI · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 15 days
AR growth 24.6% exceeds revenue growth -1.4%
Revenue -1.4%, CFFO -54.2%. Cash follows revenue
Expense Quality
Inventory -14.5% vs COGS -3.3%. Normal
CapEx growth -24.8% vs revenue -1.4%. Normal
SG&A/Gross Profit = 45.2%. Normal
Gross margin 52.5%, change +0.9pp. Stable
Cash Flow Quality
CFFO/NI = -5.42. Below 1.0
FCF $0.0B, FCF/NI = -4.23
Accruals ratio = -12.8%. Low accruals
Cash $0.2B covers 58% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 14% of equity. Manageable
Debt/EBITDA = 42.4x (>4x). Interest coverage = -0.2x (<2x). Financial stress
Other assets -23.9% vs revenue -1.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 4% YoY. Normal
Manipulation Score
M-Score = -2.72 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25