Assessing Impinj (PI) Valuation After Q3 Beat and New Gen2X Anti‑Counterfeiting Launch

Impinj (PI) just cleared a key hurdle in its third quarter, beating earnings and revenue expectations while rolling out new Gen2X features designed to tackle counterfeiting and messy tag data across large enterprise deployments.

See our latest analysis for Impinj.

The upbeat quarter appears to be breathing life back into the story, with a 1 month share price return of nearly 15% helping offset a weaker 3 month patch and backing up a 5 year total shareholder return near 291%. This suggests momentum is starting to rebuild rather than roll over.

If this kind of rebound has your attention, it may be a moment to explore other high growth tech and connectivity names using our high growth tech and AI stocks as a starting point.

But with the share price already rebounding, analyst targets implying further upside, and growth still outpacing reported profits, is Impinj an underappreciated compounder, or is the market already baking in its next leg of expansion?

Most Popular Narrative Narrative: 30.9% Undervalued

With Impinj last closing at 166.49 dollars versus a narrative fair value of about 241.11 dollars, the story assumes a lot more upside still to come.

Expanding deployment of RFID solutions for food traceability and freshness, especially at the item level driven by pilots with major retailers, presents a multi-year growth opportunity. This trend is underpinned by regulatory and consumer demand for improved traceability and waste reduction, which is already leading to additional pilot programs and is expected to ramp into meaningful unit volumes in 2026 and beyond, supporting outsized future revenue growth.

Read the complete narrative.

Curious how that kind of long runway, rising margins, and a punchy future earnings multiple can still point to upside from here? See how the narrative connects the dots.

Result: Fair Value of $241.11 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this upside depends on food and logistics pilots scaling smoothly and on key retail customers avoiding inventory pauses that could pressure growth and margins.

Find out about the key risks to this Impinj narrative.

Another Angle on Valuation

Setting aside the narrative fair value, Impinj appears expensive on a revenue basis. At roughly 13.9 times sales, it trades at more than double the US semiconductor average of 5.3 times and well above a fair ratio of 7.1 times. This raises the question of how much execution risk is already priced in.

See what the numbers say about this price — find out in our valuation breakdown.

Build Your Own Impinj Narrative

If this perspective does not quite match your own view, dig into the numbers yourself and craft a personalized thesis in minutes, Do it your way.

A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding Impinj.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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