Penguin Solutions, Inc. (PENG) financials

NASDAQ · Technology · Semiconductors · 2,800 employees · CEO Kash Shaikh

Price: $51.93 -11.67%
Market cap: $2.66B
Enterprise value: $2.86B
Last report: Q4 '26 filed 2026-10-20
Next report: 2027-01-05 EPS est. $1.06

Revenue (TTM)$1.73B+26.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)9.8%+5.6 pp vs a year agoOperating income $170M

Net income (TTM)$180M+610.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$167M-257.4% vs a year agoCapex $11.5M

Diluted EPS (TTM)$2.59+823.7% vs a year agoSum of the last 4 quarters

Net cash-$200M+28.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $2.66B
Revenue: $1.73B
Revenue growth: +42%
Profit margin: 10.4%
P/E: 18.4×
P/S: 1.5×
EV / EBITDA: 14.1×
Free cash flow: -$167M
Net income: $180M
Revenue estimate: $2.45B
Earnings: 2027-01-05
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-06): revenue beat by 8.8%, EPS beat by 29.5%Revenue $567M vs $521M expected (+8.8%); EPS $1.00 vs $0.77 (+29.5%).
Revenue growth accelerating: 67.7% year on yearQ4 '26 revenue $567M, against an average of 12.7% over the four quarters before.
Operating margin 9.8% (TTM), +5.6 pp on a year agoOperating income grew 192.2% while revenue grew 26.5%.
11.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $152M vs operating income $170M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 0.7% of revenue (a year ago 0.7%)$11.5M invested in the last 4 quarters (+22.0% on a year earlier). Free cash flow -$167M = -92.5% of net income.
Diluted share count up 17.8% in a year64M diluted shares in Q4 '26, 54.4M a year earlier.
Net debt $200MCash + short-term investments $647M, debt incl. leases $847M; a year ago net debt $279M.

Last quarter: Q4 '26

Quarter ended 2026-08-28. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q4 '26	Year ago	Change
Revenue	$567M	$338M	+67.7%
Gross margin	27.5%	28.6%	-1.1 pp
Operating income	$69.5M	$12.4M	+458.0%
Operating margin	12.3%	3.7%	+8.6 pp
Net income	$93.2M	$9.43M	+888.3%
Diluted EPS	$1.29	$0.10	+1,190.0%
Operating cash flow	-$167M	-$67.1M	-148.3%
Capex	$4.25M	$3.24M	+31.1%
Free cash flow	-$171M	-$70.3M	-142.9%
R&D	$22M	$19.9M	+10.9%
Stock-based compensation	$6.62M	$7.81M	-15.3%

Reported vs consensus

2026-10-06

	Actual	Consensus	vs consensus
Revenue	$567M	$521M	+8.8%
EPS (as estimated)	$1.00	$0.77	+29.5%

From the report of 2026-10-06 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '25	y/y	Share	TTM	TTM y/y	12 quarters
Product	$259M	–	79.8%	–	–
Service	$65.5M	–	20.2%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Advanced Computing Segment	–	–	–	–	–	–	–
Integrated Memory Segment	–	–	–	–	–	–	–
Optimized LED Segment	–	–	–	–	–	–	–
Advanced Computing Segment	–	–	$3.9M	–	–	–	–
Integrated Memory Segment	–	–	$62.2M	–	–	–	–
Optimized LED Segment	–	–	$4.08M	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -$155M
Capex: -$11.5M
Buybacks: -$86M
Dividends: $0
Acquisitions: $0
Net debt issued: $327M
Stock-based compensation: $21.7M
Free cash flow: -$167M
Returned to shareholders / FCF: -51.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	18.4×	38.3× 3 of 5 years	14.3× – 83.2×
EV / EBITDA	14.1×	17.3×	11.4× – 21.5×
EV / Sales	1.7×	1.2×	0.9× – 1.6×
Price / FCF	-15.9×	14.1× 4 of 5 years	11.3× – 17.5×
Price / Book	4.0×	3.0×	2.2× – 4.3×
FCF yield	-6.3%	4.6%	-6.2% – 8.9%
Return on invested capital	10.4%	3.8%	-0.2% – 10.1%
Return on equity	30.7%	-10.2%	-84.3% – 25.0%

Analysts

Consensus target $85.83 (+65.3%)
range $60.00 – $100.00 · rating Buy

Strong buy0

Buy7

Hold1

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$2.45B	+41.7%	$4.56	+75.3%	11.4×	4
FY2028	$2.75B	+12.3%	$5.26	+15.3%	9.9×	2
FY2029	$3.36B	+22.1%	$6.50	+23.7%	8.0×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 304 figures Penguin Solutions, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	-$400K	–	–
	–	–	–	-0.3%	–	–
	–	–	–	$3.86M	–	–
	–	–	–	2.5%	–	–
	–	–	–	$1.65M	–	–
	–	–	–	$1.95M	–	–
	$93M	–	–	$93M	–	–
Accounts Payable and Accrued Liabilities, Current	$890M	$319M	+179.4%	$890M	$319M	+179.4%
Accounts Payable and Other Accrued Liabilities, Current	$3.14M	$1.79M	+75.3%	$3.14M	$1.79M	+75.3%
Accounts Payable, Current	$817M	$267M	+205.4%	$817M	$267M	+205.4%
Accounts Receivable, after Allowance for Credit Loss, Current	$796M	$308M	+158.6%	$796M	$308M	+158.6%
Accounts Receivable, Sale	$0	–	–	$0	$0	–
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$138M	$129M	+7.3%	$138M	$129M	+7.3%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$211K	$18K	+1,072.2%	$211K	$18K	+1,072.2%
Additional Paid in Capital, Common Stock	$584M	$552M	+5.8%	$584M	$552M	+5.8%
Amortization of Debt Issuance Costs	–	–	–	$3.49M2025-08-29	$3.72M	-6.2%
Amortization of Debt Issuance Costs and Discounts	$836K	$674K	+24.0%	$2.73M	$3.49M	-21.9%
Amortization of Intangible Assets	$7.5M	$8M	-6.3%	$30.4M	$35.6M	-14.6%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	-610K	-350K	-74.3%	6.38M	7.04M	-9.3%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$10M2026-05-29	$10.3M	-2.5%	$31.8M	$41.2M	-22.7%
Assets	$2.78B	$1.62B	+71.8%	$2.78B	$1.62B	+71.8%
Assets, Current	$2.25B	$1.06B	+111.3%	$2.25B	$1.06B	+111.3%
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	–	–	–	$02025-08-29	$0	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$2.5M	$1.9M	+31.6%	$2.5M	$1.9M	+31.6%
Cash and Cash Equivalents, at Carrying Value	$647M	$454M	+42.6%	$647M	$454M	+42.6%
Cash Provided by (Used in) Financing Activities, Discontinued Operations	$02025-08-29	$0	–	$0	$0	–
Cash Provided by (Used in) Investing Activities, Discontinued Operations	$0	$0	–	$0	$28.4M	-100.0%
Cash Provided by (Used in) Operating Activities, Discontinued Operations	$0	$0	–	$0	-$4.1M	+100.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$648M	$454M	+42.6%	$648M	$454M	+42.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$169M	-$256M	+165.9%	$193M	$70.6M	+174.0%
Common Stock, Capital Shares Reserved for Future Issuance	9M2026-05-29	8.4M	+7.1%	–	–	–
Common Stock, Par or Stated Value Per Share	$0.03	$0.03	0.0%	$0.03	$0.03	0.0%
Common Stock, Shares Authorized	200M	200M	0.0%	200M	200M	0.0%
Common Stock, Shares, Issued	73.8M	62.8M	+17.6%	73.8M	62.8M	+17.6%
Common Stock, Shares, Outstanding	60.2M	52.7M	+14.1%	60.2M	52.7M	+14.1%
Common Stock, Value, Outstanding	$2.22M	$1.88M	+17.6%	$2.22M	$1.88M	+17.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$1.81M	$1.12M	+61.3%	$5.17M	$3.44M	+50.2%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$93.4M	$9.43M	+890.9%	$181M	$25.4M	+611.9%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$95.2M	$10.5M	+802.9%	$186M	$28.8M	+544.8%
Contract with Customer, Asset, after Allowance for Credit Loss	$2.02M	$1.93M	+4.5%	$2.02M	$1.93M	+4.5%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$1.93M2025-08-29	$1.8M	+7.1%	$1.93M2025-08-29	$1.8M	+7.1%
Contract with Customer, Liability	$170M	$111M	+52.3%	$170M	$111M	+52.3%
Contract with Customer, Liability, Current	$157M	$89.9M	+74.8%	$157M	$89.9M	+74.8%
Contract with Customer, Liability, Noncurrent	$12.5M	$21.5M	-41.9%	$12.5M	$21.5M	-41.9%
Contract with Customer, Liability, Revenue Recognized	$1.7M	$3.6M	-52.8%	$73.9M	$63.1M	+17.1%
Contract with Customer, Receivable, after Allowance for Credit Loss	$2.34B	$894M	+161.9%	$2.34B	$894M	+161.9%
Contract with Customer, Refund Liability	$13.7M	$17.7M	-22.6%	$13.7M	$17.7M	-22.6%
Contract with Customer, Refund Liability, Current	$17.7M2025-08-29	$12.2M	+45.1%	$17.7M2025-08-29	$12.2M	+45.1%
Cost of Goods and Services Sold	$411M	$241M	+70.3%	$1.25B	$975M	+28.5%
Current Federal Tax Expense (Benefit)	–	–	–	-$39K	$17.4M	-100.2%
Current Foreign Tax Expense (Benefit)	–	–	–	$27.6M	$12.8M	+116.3%
Current Income Tax Expense (Benefit)	–	–	–	$28.4M	$34.2M	-16.9%
Current State and Local Tax Expense (Benefit)	–	–	–	$863K	$4M	-78.4%
Customer Refund Liability, Current	$9.1M	$15.3M	-40.5%	$9.1M	$15.3M	-40.5%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$15.6M	$8.16M	+91.1%	$15.6M	$8.16M	+91.1%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$61.8M	-$12.2M	-405.1%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$460K	-$820K	+156.1%
Deferred Income Tax Assets, Net	$173M	$99.1M	+75.0%	$173M	$99.1M	+75.0%
Deferred Income Tax Expense (Benefit)	–	–	–	-$62.3M	-$14.1M	-340.5%
Deferred Revenue, Current	$123M	$73.9M	+66.8%	$123M	$73.9M	+66.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-08-28, 10-Q 2026-05-29, 10-Q 2026-02-27, 10-Q 2025-11-28, 10-K 2025-08-29, 10-Q 2025-05-30, 10-Q 2025-02-28, 10-Q 2024-11-29, 10-K 2024-08-30

Data as of 2026-11-02