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IMPINJ INC（PI）与Varex Imaging Corp（VREX）财务数据对比。点击上方公司名可切换其他公司
Varex Imaging Corp的季度营收约是IMPINJ INC的2.3倍（$209.6M vs $92.8M）。Varex Imaging Corp净利率更高（1.1% vs -1.2%，领先2.3%）。Varex Imaging Corp同比增速更快（4.9% vs 1.4%）。IMPINJ INC自由现金流更多（$13.6M vs $-26.8M）。过去两年IMPINJ INC的营收复合增速更高（9.9% vs 0.8%）
Impinj Inc.是一家美国射频识别（RFID）设备及软件提供商，成立于2000年，总部位于华盛顿州西雅图，源自加州理工学院Carver Mead与Chris Diorio的研究成果。公司主营EPC Class 1 Gen 2无源超高频RFID芯片、读写器、读写器芯片、天线，以及芯片编码、业务数据采集相关的软件应用，为各行业RFID应用提供全链路产品支持。
Varex Imaging是全球知名的影像组件及解决方案供应商，核心产品涵盖X射线管、数字平板探测器和图像处理软件，广泛应用于医疗诊断、放射肿瘤治疗及工业无损检测等领域，客户覆盖全球主要市场。
PI vs VREX — 直观对比
营收规模更大
VREX
是对方的2.3倍
$92.8M
营收增速更快
VREX
高出3.5%
1.4%
净利率更高
VREX
高出2.3%
-1.2%
自由现金流更多
PI
多$40.4M
$-26.8M
两年增速更快
PI
近两年复合增速
0.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $92.8M | $209.6M |
| 净利润 | $-1.1M | $2.3M |
| 毛利率 | 51.8% | 33.3% |
| 营业利润率 | -2.9% | 7.3% |
| 净利率 | -1.2% | 1.1% |
| 营收同比 | 1.4% | 4.9% |
| 净利润同比 | 57.7% | 866.7% |
| 每股收益（稀释后） | $-0.02 | $0.05 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收PIVREX
| Q1 26 | — | $209.6M | ||
| Q4 25 | $92.8M | $228.9M | ||
| Q3 25 | $96.1M | $203.0M | ||
| Q2 25 | $97.9M | $212.9M | ||
| Q1 25 | $74.3M | $199.8M | ||
| Q4 24 | $91.6M | — | ||
| Q3 24 | $95.2M | $205.7M | ||
| Q2 24 | $102.5M | $209.1M |
净利润PIVREX
| Q1 26 | — | $2.3M | ||
| Q4 25 | $-1.1M | $12.2M | ||
| Q3 25 | $-12.8M | $-89.1M | ||
| Q2 25 | $11.6M | $6.9M | ||
| Q1 25 | $-8.5M | $-300.0K | ||
| Q4 24 | $-2.7M | — | ||
| Q3 24 | $221.0K | $-51.1M | ||
| Q2 24 | $10.0M | $1.4M |
毛利率PIVREX
| Q1 26 | — | 33.3% | ||
| Q4 25 | 51.8% | 34.0% | ||
| Q3 25 | 50.3% | 33.3% | ||
| Q2 25 | 57.8% | 36.0% | ||
| Q1 25 | 49.4% | 34.3% | ||
| Q4 24 | 50.5% | — | ||
| Q3 24 | 50.0% | 32.6% | ||
| Q2 24 | 56.1% | 32.0% |
营业利润率PIVREX
| Q1 26 | — | 7.3% | ||
| Q4 25 | -2.9% | 8.6% | ||
| Q3 25 | 0.7% | -39.8% | ||
| Q2 25 | 11.1% | 10.4% | ||
| Q1 25 | -12.9% | 5.6% | ||
| Q4 24 | -3.9% | — | ||
| Q3 24 | -0.8% | 5.3% | ||
| Q2 24 | 8.8% | 4.4% |
净利率PIVREX
| Q1 26 | — | 1.1% | ||
| Q4 25 | -1.2% | 5.3% | ||
| Q3 25 | -13.3% | -43.9% | ||
| Q2 25 | 11.8% | 3.2% | ||
| Q1 25 | -11.4% | -0.2% | ||
| Q4 24 | -2.9% | — | ||
| Q3 24 | 0.2% | -24.8% | ||
| Q2 24 | 9.7% | 0.7% |
每股收益（稀释后）PIVREX
| Q1 26 | — | $0.05 | ||
| Q4 25 | $-0.02 | $0.29 | ||
| Q3 25 | $-0.44 | $-2.15 | ||
| Q2 25 | $0.39 | $0.17 | ||
| Q1 25 | $-0.30 | $-0.01 | ||
| Q4 24 | $-0.06 | — | ||
| Q3 24 | $0.01 | $-1.25 | ||
| Q2 24 | $0.34 | $0.03 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $175.3M | $125.6M |
| 总债务越低越好 | $280.9M | $367.6M |
| 股东权益账面价值 | $209.2M | $476.9M |
| 总资产 | $545.2M | $1.1B |
| 负债/权益比越低杠杆越低 | 1.34× | 0.77× |
8季度趋势，按日历期对齐
现金及短期投资PIVREX
| Q1 26 | — | $125.6M | ||
| Q4 25 | $175.3M | $155.1M | ||
| Q3 25 | $190.1M | $152.6M | ||
| Q2 25 | $193.2M | $223.0M | ||
| Q1 25 | $147.9M | $212.6M | ||
| Q4 24 | $164.7M | — | ||
| Q3 24 | $170.3M | $200.5M | ||
| Q2 24 | $220.2M | $190.0M |
总债务PIVREX
| Q1 26 | — | $367.6M | ||
| Q4 25 | $280.9M | $367.5M | ||
| Q3 25 | $280.4M | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | $283.5M | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
股东权益PIVREX
| Q1 26 | — | $476.9M | ||
| Q4 25 | $209.2M | $472.6M | ||
| Q3 25 | $195.0M | $455.3M | ||
| Q2 25 | $187.7M | $549.7M | ||
| Q1 25 | $160.6M | $540.2M | ||
| Q4 24 | $149.9M | — | ||
| Q3 24 | $136.1M | $529.1M | ||
| Q2 24 | $117.0M | $581.2M |
总资产PIVREX
| Q1 26 | — | $1.1B | ||
| Q4 25 | $545.2M | $1.1B | ||
| Q3 25 | $516.5M | $1.1B | ||
| Q2 25 | $508.8M | $1.4B | ||
| Q1 25 | $479.8M | $1.3B | ||
| Q4 24 | $489.1M | — | ||
| Q3 24 | $476.4M | $1.2B | ||
| Q2 24 | $446.1M | $1.3B |
负债/权益比PIVREX
| Q1 26 | — | 0.77× | ||
| Q4 25 | 1.34× | 0.78× | ||
| Q3 25 | 1.44× | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 1.89× | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $15.1M | $-16.1M |
| 自由现金流经营现金流 - 资本支出 | $13.6M | $-26.8M |
| 自由现金流率自由现金流/营收 | 14.7% | -12.8% |
| 资本支出强度资本支出/营收 | 1.6% | 5.1% |
| 现金转化率经营现金流/净利润 | — | -7.00× |
| 过去12个月自由现金流最近4个季度 | $45.9M | $-13.3M |
8季度趋势，按日历期对齐
经营现金流PIVREX
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $15.1M | $7.9M | ||
| Q3 25 | $20.9M | $7.7M | ||
| Q2 25 | $33.9M | $16.6M | ||
| Q1 25 | $-11.1M | $9.5M | ||
| Q4 24 | $12.6M | — | ||
| Q3 24 | $10.1M | $25.9M | ||
| Q2 24 | $45.5M | $8.0M |
自由现金流PIVREX
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $13.6M | $2.3M | ||
| Q3 25 | $18.0M | $1.4M | ||
| Q2 25 | $27.3M | $9.8M | ||
| Q1 25 | $-13.0M | $5.3M | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $4.7M | $19.9M | ||
| Q2 24 | $44.1M | $3.3M |
自由现金流率PIVREX
| Q1 26 | — | -12.8% | ||
| Q4 25 | 14.7% | 1.0% | ||
| Q3 25 | 18.7% | 0.7% | ||
| Q2 25 | 27.9% | 4.6% | ||
| Q1 25 | -17.5% | 2.7% | ||
| Q4 24 | 9.3% | — | ||
| Q3 24 | 4.9% | 9.7% | ||
| Q2 24 | 43.0% | 1.6% |
资本支出强度PIVREX
| Q1 26 | — | 5.1% | ||
| Q4 25 | 1.6% | 2.4% | ||
| Q3 25 | 3.1% | 3.1% | ||
| Q2 25 | 6.7% | 3.2% | ||
| Q1 25 | 2.5% | 2.1% | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 5.7% | 2.9% | ||
| Q2 24 | 1.3% | 2.2% |
现金转化率PIVREX
| Q1 26 | — | -7.00× | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.93× | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.56× | — | ||
| Q2 24 | 4.56× | 5.71× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
PI
| Endpoint I Cs | $75.2M | 81% |
| Systems | $17.7M | 19% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
