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PENG · Semiconductors · Technology

Penguin Solutions, Inc.

$50.10+1.7%Close 11/12 · Next earnings Jan 5, 2027 (in 53 days)
Compare PENG with another stock
What it sells
Products is 86% of revenue (fiscal year to Aug 2026), up from 79% two years earlier.
Growing?
Yes: revenue up 68% on a year earlier (quarter ended Aug 2026); earnings per share up 825% over the last four quarters.
Expensive?
About usual: 19.3× trailing earnings; its five-year median is 35.2×. In line with the peer median of 19.6x (excludes 1 unprofitable peer).
Analysts?
88% of 8 say buy; average 12-month target $85.63, 71% above today's price.
Risky?
Much swingier than most large companies: its price swung 93% over the past year (the S&P 500's 14%), and it fell as much as 65% since Nov 2021.
Market cap$3.0B
Revenue (TTM)$1.7B
Net income (TTM)$181M
P/E (trailing)19.3x
52-week closing range$16 – $81
Forward P/E11.0x

Penguin Solutions, Inc. (Nasdaq: PENG) designs and delivers AI/HPC infrastructure solutions—including the OriginAI® AI factory platform, ICE ClusterWare™ management software, and associated design/build/deploy/managed services—and also sells integrated memory and LED products; revenue is generated through a mix of systems/hardware product sales and services/software.

More about Penguin Solutions

Market Position

Penguin positions itself as an “AI factory platform” provider focused on reducing deployment/operations complexity for large GPU clusters, pairing validated reference architectures with cluster management software and services; it competes with OEMs/integrators and infrastructure software providers in enterprise and hyperscale AI buildouts.

Key Segments

The company reports three primary lines of business/segments: Advanced Computing, Integrated Memory, and Optimized LED.

How has the stock done?

Over the past year PENG rose 141.3%; the technology ETF (XLK) rose 18.2% and the S&P 500 rose 10.8%.

PENG +141.3%Technology ETF (XLK) +18.2%Earnings released
How much it movesRisk
Biggest fall
−65%

From Jan 3, 2022 to Oct 20, 2022, the deepest drop from a high since Nov 2021

Volatility, past year
93%

How much the price swings in a year; the S&P 500's was 14%

Beta, past year
3.90

When the S&P 500 moves 1%, the stock has moved about 3.9% the same way

Show the earnings releases
ReleasedQuarterRevenueEPS vs estimateStock, day after5 days after
Oct 6, 2026ended Aug 2026$567M (+68% vs a year earlier)$1.00 vs $0.77 (beat)+19.6%+28.8%
Jul 7, 2026ended May 2026$479M (+48% vs a year earlier)$0.84 vs $0.56 (beat)+15.9%+14.9%
Apr 1, 2026ended Feb 2026$343M (−6% vs a year earlier)$0.52 vs $0.42 (beat)+17.6%+29.8%
Jan 6, 2026ended Nov 2025$343M (+1% vs a year earlier)$0.49 vs $0.44 (beat)−11.8%−4.4%
Oct 7, 2025ended Aug 2025$338M (+9% vs a year earlier)—−22.6%−23.0%
Jul 8, 2025ended May 2025$324M (+8% vs a year earlier)—+11.9%+18.6%
Apr 2, 2025ended Feb 2025$366M (+28% vs a year earlier)—−6.3%−0.5%
Jan 8, 2025ended Nov 2024$341M (+24% vs a year earlier)—+4.1%+1.4%
Oct 15, 2024ended Aug 2024$311M (−2% vs a year earlier)—−25.1%−25.2%
Jul 9, 2024ended May 2024$301M (−13% vs a year earlier)—+22.4%+14.6%
Apr 9, 2024ended Feb 2024$285M (−27% vs a year earlier)—−23.9%−24.7%
Jan 9, 2024ended Nov 2023$274M (−30% vs a year earlier)—+11.7%+18.4%
Oct 12, 2023ended Aug 2023$317M (−13% vs a year earlier)—−45.9%−41.1%
Jun 29, 2023ended May 2023$344M (−1% vs a year earlier)—+10.3%+4.8%
Apr 4, 2023ended Feb 2023$388M (+18% vs a year earlier)—+3.6%−6.7%
Jan 3, 2023ended Nov 2022$392M (+10% vs a year earlier)—+5.8%+11.3%
Oct 4, 2022ended Aug 2022$362M (−6% vs a year earlier)—−1.1%−16.6%
Jun 29, 2022ended May 2022$349M (+6% vs a year earlier)—−20.0%−14.9%
Apr 5, 2022ended Feb 2022$328M (+48% vs a year earlier)—−0.9%−7.2%
Jan 4, 2022ended Nov 2021$356M (+61% vs a year earlier)—−15.7%−9.9%

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Revenue was $567M in the quarter ended Aug 2026, up 68% from a year earlier.

Revenue by quarter
Change from the same quarter a year earlier
Show the data
Quarter endedRevenuevs a year earlier
Nov 2022$392M+10%
Feb 2023$388M+18%
May 2023$344M−1%
Aug 2023$317M−13%
Nov 2023$274M−30%
Feb 2024$285M−27%
May 2024$301M−13%
Aug 2024$311M−2%
Nov 2024$341M+24%
Feb 2025$366M+28%
May 2025$324M+8%
Aug 2025$338M+9%
Nov 2025$343M+1%
Feb 2026$343M−6%
May 2026$479M+48%
Aug 2026$567M+68%
Revenue by productFiscal years, from Penguin Solutions's 10-K

In the fiscal year to Aug 2026, Products was 86% and Services was 14% of revenue; Products rose from 79% in the fiscal year to Aug 2024.

ProductsServices
Show the data
Fiscal yearPartRevenueShare
FY2024Products$926M79%
FY2024Services$245M21%
FY2025Products$1.1B81%
FY2025Services$264M19%
FY2026Products$1.5B86%
FY2026Services$251M14%
Revenue by regionFiscal years, from Penguin Solutions's 10-K

In the fiscal year to Aug 2026, United States was 44% and China was 17% of revenue; United States fell from 57% in the fiscal year to Aug 2024.

United StatesChinaMexicoEuropeOther
Show the data
Fiscal yearPartRevenueShare
FY2024United States$673M57%
FY2024China$191M16%
FY2024Europe$114M10%
FY2024Mexico$27M2%
FY2024Other$166M14%
FY2025United States$777M57%
FY2025China$187M14%
FY2025Mexico$147M11%
FY2025Europe$97M7%
FY2025Other$161M12%
FY2026United States$759M44%
FY2026China$302M17%
FY2026Mexico$265M15%
FY2026Europe$102M6%
FY2026Other$303M17%
Earnings per shareDiluted, GAAP
EPS, quarter ended Aug 2026
$1.29+1190% on a year earlier

A year earlier $0.10

EPS, last four quarters
$2.59+825% on the four before

Diluted, from SEC filings

Quarters: Penguin Solutions, Inc.'s SEC filings, named by the month they end. Fiscal years: Penguin Solutions, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $10.4 ends up as net income. Net margin rose from −13.0% to 10.4% over the past 3 years.

Where each $1 of revenue goesFiscal year ended 2026-08-31
Revenue
Total sales
$1.7B100%
Gross profit
Revenue minus direct costs
$479M27.7% of revenue
Cost of revenue
Direct cost of making or buying goods
$1.3B72.3% of revenue
Operating income
Profit from the core business
$166M9.6% of revenue
Net income
What is left for shareholders after tax
$181M10.4% of revenue
Margins by quarter
Gross 27.5%Operating 12.3%Net 16.4%
Show the data
Quarter endedGrossOperatingNet
Nov 202228.6%3.8%1.3%
Feb 202328.6%−0.5%−7.0%
May 202329.2%−0.7%−7.1%
Aug 202328.9%−0.5%−44.5%
Nov 202330.2%0.5%−7.3%
Feb 202428.8%−1.2%−4.8%
May 202429.6%3.8%1.9%
Aug 202428.0%2.8%−7.9%
Nov 202428.7%5.1%1.5%
Feb 202528.6%5.1%2.2%
May 202529.3%3.0%0.8%
Aug 202528.6%3.7%2.8%
Nov 202528.0%5.7%1.5%
Feb 202627.3%7.5%10.9%
May 202627.8%10.6%9.3%
Aug 202627.5%12.3%16.4%

Circled: Aug 2023 (net −44.5%, operating −0.5%). Net margin is usually about 3 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Gross margin, fiscal year
27.7%

−1.1 pts over 3 years

Operating margin, fiscal year
9.6%

+9.0 pts over 3 years

Net margin, fiscal year
10.4%

+23.4 pts over 3 years

Each margin is that line of the income statement divided by revenue. Fiscal year: Penguin Solutions, Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Penguin Solutions buys from Samsung Semiconductor, Micron Technology, SK hynix and 12 more; three customers it does not name account for 20.0% and 14.1% and 18.2% of its revenue.

Along the supply chainTwo steps either way, as each company’s latest annual report names the others
Largest customersShare of revenue by year, as each filing labels them

Penguin Solutions's 10-K for the year to Aug 2026 gives one customer's share of its revenue: Customer One (20%). Separately, it gives a group of customers: Ten Largest Customers (56%).

Customer One 20%Ten Largest Customers (group) 56%
Show the filings' numbers
PeriodCustomerShare of revenueFiling
Year ended Aug 2024Customer One18.4%10-K filed Oct 20, 2026
Year ended Aug 2024Ten Largest Customers (group)58%10-K filed Oct 20, 2026
Year ended Aug 2025Customer One14.1%10-K filed Oct 20, 2026
Year ended Aug 2025Ten Largest Customers (group)66%10-K filed Oct 20, 2026
Year ended Aug 2026Customer One20%10-K filed Oct 20, 2026
Year ended Aug 2026Ten Largest Customers (group)56%10-K filed Oct 20, 2026

From Penguin Solutions, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Partners

SKT SKMinvested in Penguin Solutions · Preferred equity investment through an affiliate$200.0 million investment closed December 13, 2024
Astra AI Infrainvested in Penguin Solutions · Holds convertible preferred shares200,000 convertible preferred shares for $200.0 million, December 13, 2024
San’an 600703.SSCo-owns LED manufacturing joint venture49% ownership interest in Cree Joint Venture

Changes since the previous annual report (10-K filed Oct 21, 2025)

An Integrated Memory customer (unnamed)Customer, share of revenue14.1% → 20%
Show the filing's words
CompanyRoleIn the filing's words
Samsung Semiconductorsupplier“Our semiconductor suppliers include many of the world’s largest memory manufacturers, including Samsung Semiconductor, Inc., Micron Technology, Inc., SK hynix, Inc., International Business Machines Corporation, and Kioxia Holdings Corporation.”
Micron Technologysupplier“Our semiconductor suppliers include many of the world’s largest memory manufacturers, including Samsung Semiconductor, Inc., Micron Technology, Inc., SK hynix, Inc., International Business Machines Corporation, and Kioxia Holdings Corporation.”
SK hynixsupplier“Our semiconductor suppliers include many of the world’s largest memory manufacturers, including Samsung Semiconductor, Inc., Micron Technology, Inc., SK hynix, Inc., International Business Machines Corporation, and Kioxia Holdings Corporation.”
IBMsupplier“Our semiconductor suppliers include many of the world’s largest memory manufacturers, including Samsung Semiconductor, Inc., Micron Technology, Inc., SK hynix, Inc., International Business Machines Corporation, and Kioxia Holdings Corporation.”
Kioxia Holdingssupplier“Our semiconductor suppliers include many of the world’s largest memory manufacturers, including Samsung Semiconductor, Inc., Micron Technology, Inc., SK hynix, Inc., International Business Machines Corporation, and Kioxia Holdings Corporation.”
Intelsupplier“They also include some of the world’s largest providers of computing, communications and graphics processors, including Intel Corporation (“Intel”), Advanced Micro Devices, Inc. and TD SYNNEX Corporation; as well as providers of subsystems including Intel; networking products including Super Micro Computer, Inc. and Juniper Networks, Inc.; and suppliers of software products.”
AMDsupplier“They also include some of the world’s largest providers of computing, communications and graphics processors, including Intel Corporation (“Intel”), Advanced Micro Devices, Inc. and TD SYNNEX Corporation; as well as providers of subsystems including Intel; networking products including Super Micro Computer, Inc. and Juniper Networks, Inc.; and suppliers of software products.”
TD Synnexsupplier“They also include some of the world’s largest providers of computing, communications and graphics processors, including Intel Corporation (“Intel”), Advanced Micro Devices, Inc. and TD SYNNEX Corporation; as well as providers of subsystems including Intel; networking products including Super Micro Computer, Inc. and Juniper Networks, Inc.; and suppliers of software products.”
Super Micro Computersupplier“They also include some of the world’s largest providers of computing, communications and graphics processors, including Intel Corporation (“Intel”), Advanced Micro Devices, Inc. and TD SYNNEX Corporation; as well as providers of subsystems including Intel; networking products including Super Micro Computer, Inc. and Juniper Networks, Inc.; and suppliers of software products.”
Hewlett-Packard Enterprisesupplier“They also include some of the world’s largest providers of computing, communications and graphics processors, including Intel Corporation (“Intel”), Advanced Micro Devices, Inc. and TD SYNNEX Corporation; as well as providers of subsystems including Intel; networking products including Super Micro Computer, Inc. and Juniper Networks, Inc.; and suppliers of software products.”
NECsupplier“Our contract manufacturers include NEC Corporation, Advantech Co., Ltd. and Celestica Inc.”
Advantechsupplier“Our contract manufacturers include NEC Corporation, Advantech Co., Ltd. and Celestica Inc.”
Celesticasupplier“Our contract manufacturers include NEC Corporation, Advantech Co., Ltd. and Celestica Inc.”
Wolfspeedsupplier“•the risk that suppliers (such as Wolfspeed, Inc.) or customers of an acquired business are unable or unwilling to do business with us following the acquisition;”
An Integrated Memory customer (unnamed)customer“In 2026, net sales to an Integrated Memory customer were approximately $346.1 million or 20.0% of total net sales.”
A different Integrated Memory customer (unnamed)customer“In 2025, net sales to a different Integrated Memory customer were approximately $192.5 million or 14.1% of total net sales.”
An Advanced Computing customer (unnamed)customer“Net sales to an Advanced Computing customer were approximately $249.6 million and $215.0 million in 2025 and 2024, respectively, representing 18.2% and 18.4% of total net sales.”
SKTpartner · invested in Penguin Solutions“On December 13, 2024, we closed the SKT Investment (as defined below) by SK Telecom Co., Ltd. (“SKT”). Pursuant to the SKT Purchase Agreement, we sold to Astra AI Infra LLC, an affiliate of SKT (“Astra AI Infra”), 200,000 convertible preferred shares, par value $0.03 per share (the “Issued Cayman CPS”) at a price of $1,000 per share or an aggregate price of $200.0 million (the “SKT Investment”).”
Astra AI Infrapartner · invested in Penguin Solutions“On December 13, 2024, we closed the SKT Investment (as defined below) by SK Telecom Co., Ltd. (“SKT”). Pursuant to the SKT Purchase Agreement, we sold to Astra AI Infra LLC, an affiliate of SKT (“Astra AI Infra”), 200,000 convertible preferred shares, par value $0.03 per share (the “Issued Cayman CPS”) at a price of $1,000 per share or an aggregate price of $200.0 million (the “SKT Investment”).”
San’anpartner · joint venture with it“We have a 51% ownership interest in Cree Venture LED Company Limited (“Cree Joint Venture”), with the remaining 49% ownership interest held by San’an Optoelectronics Co., Ltd (“San’an”).”
San’ansupplier“The Cree Joint Venture has a manufacturing agreement pursuant to which San’an supplies it with mid-power LED products and we and the Cree Joint Venture have a sales agent agreement pursuant to which we are the independent sales representative of the Cree Joint Venture.”

Only the companies Penguin Solutions names in its 10-K filed Oct 20, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 19.3x, in line with the peer median of 19.6x, with earnings still growing.

19.3×P/E (trailing)

In line with the peer median of 19.6x (excludes 1 unprofitable peer).

Vs. peersP/E, trailing (x)
PENGPeersPeer median 19.6x
Show the data
CompanyP/E (trailing)
BR · Broadridge Financial Solutions, Inc.21.2×
IBM · International Business Machines Corporation20.9×
PENG · Penguin Solutions, Inc.19.3×
ACN · Accenture plc18.4×
CTSH · Cognizant Technology Solutions Corporation11.6×
FISV · Fiserv, Inc.Loss
Against its own past five yearsTrailing P/E

At 19.3× trailing earnings PENG is inside the middle of its five-year range; the five-year median is 35.2×.

Trailing P/EMiddle half of five years 17.6×–64.2×Median 35.2×
Show the data
DateTrailing P/E
Nov 8, 202156.0×
Feb 8, 202233.2×
May 10, 202228.9×
Aug 10, 202213.9×
Nov 8, 202212.2×
Feb 9, 202318.4×
May 11, 202342.4×
Nov 13, 202567.2×
Feb 17, 202688.0×
May 18, 202664.4×
Aug 18, 202641.7×
Nov 12, 202619.3×

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $85.63, 71% above the current price; 88% of 8 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

12-month price targetsCurrent price $50.10
12 mo agoTodayIn 12 mo
High target
$100+100%
Average target
$85.63+71%
Low target
$60.00+20%
Ratings8 analysts
Strong Buy 2Buy 5Hold 0Sell 0Strong Sell 1

Buy or Strong Buy: 7 analysts (88%). Sell or Strong Sell: 1.

Targets and ratings over the past year25 changes by 5 firms

Over the past year the average of the analysts' latest price targets went from $28.14 to $83.00 (+195%), while PENG went from $18.83 to $50.10 (+166%). In the past three months targets were raised 4 times and never cut. No upgrades and 2 downgrades over the year; the latest: Barclays moved it to Underweight from Equal-Weight on Jul 20, 2026.

Average target $83.00PENGMiddle half of targetsDowngrade
Targets raised, by monthTargets cut
Show every change
DateFirmChangeRatingTarget
Nov 4, 2026RosenblattTarget keptBuy$100.00
Oct 7, 2026RosenblattTarget raisedBuy$100.00, was $80.00
Oct 7, 2026BarclaysTarget raisedUnderweight$60.00, was $40.00
Oct 7, 2026StifelTarget raisedBuy$85.00, was $75.00
Oct 7, 2026NeedhamTarget raisedBuy$85.00, was $80.00
Oct 2, 2026RosenblattTarget keptBuy$80.00
Jul 20, 2026BarclaysDowngradeUnderweight, was Equal-Weight$40.00
Jul 9, 2026BarclaysTarget raisedEqual-Weight$40.00, was $27.00
Jul 8, 2026StifelTarget raisedBuy$75.00, was $66.00
Jul 8, 2026RosenblattTarget raisedBuy$80.00, was $75.00
Jul 8, 2026CitizensTarget raisedMarket Outperform$85.00, was $65.00
Jul 8, 2026NeedhamTarget raisedBuy$80.00, was $60.00
Jul 6, 2026RosenblattTarget raisedBuy$75.00, was $65.00
Jun 2, 2026RosenblattTarget raisedBuy$65.00, was $54.00
Jun 2, 2026StifelTarget raisedBuy$66.00, was $24.00
May 12, 2026RosenblattTarget raisedBuy$54.00, was $32.00
Apr 22, 2026BarclaysDowngradeEqual-Weight, was Overweight$27.00, was $23.00
Apr 2, 2026StifelTarget cutBuy$24.00, was $27.00
Apr 2, 2026RosenblattTarget raisedBuy$32.00, was $30.00
Apr 2, 2026NeedhamTarget raisedBuy$27.00, was $25.00
Mar 30, 2026RosenblattTarget keptBuy$30.00
Feb 3, 2026RosenblattTarget keptBuy$30.00
Feb 3, 2026NeedhamTarget keptBuy$25.00
Jan 7, 2026RosenblattTarget keptBuy$30.00
Dec 31, 2025RosenblattTarget keptBuy$30.00
Earnings against estimatesLast 4 quarters, per share
Average estimateReported, beat
Show the data
QuarterEstimateReportedSurprise
Nov ’25$0.44$0.49+11.4%
Feb ’26$0.42$0.52+23.8%
May ’26$0.56$0.84+50.0%
Aug ’26$0.77$1.00+29.9%

The day after each of these reports the stock moved −11.8% (Nov 2025, beat); +17.6% (Feb 2026, beat); +15.9% (May 2026, beat); +19.6% (Aug 2026, beat).

Expected nextConsensus of Nov 10, 2026

For the quarter ending Nov 2026 (Penguin Solutions reports on Jan 5, 2027), analysts expect adjusted earnings of $1.04 a share, 113% more than the $0.49 of a year earlier, and revenue of $569M, up 66% on a year earlier. For the fiscal year ending Aug 2027, they expect adjusted earnings of $4.56 a share, 60% more than the $2.85 of the year before, and revenue of $2.5B, up 42% on the year before.

EPS, quarter ending Nov 2026
$1.04+113% on a year earlier

Adjusted. Nov 2025: $0.49; range $0.91 to $1.13; 8 analysts

Revenue, quarter ending Nov 2026
$569M+66% on a year earlier

Nov 2025: $343M; range $525M to $607M; 7 analysts

EPS, year ending Aug 2027
$4.56+60% on the year before

Adjusted. The year to Aug 2026: $2.85; range $4.45 to $4.81; 8 analysts

Revenue, year ending Aug 2027
$2.5B+42% on the year before

The year to Aug 2026: $1.7B; range $2.4B to $2.6B; 7 analysts

Show the data
PeriodFigureExpectedLow to highAnalystsA year earlierChange
Quarter ending Nov 2026, results Jan 5, 2027EPS (adjusted)$1.04$0.91 to $1.138$0.49 (Nov 2025)+113%
Quarter ending Nov 2026, results Jan 5, 2027Revenue$569M$525M to $607M7$343M (Nov 2025)+66%
Quarter ending Feb 2027EPS (adjusted)$1.10$0.98 to $1.188$0.52 (Feb 2026)+111%
Quarter ending Feb 2027Revenue$589M$551M to $623M7$343M (Feb 2026)+72%
Year ending Aug 2027EPS (adjusted)$4.56$4.45 to $4.818$2.85 (year to Aug 2026)+60%
Year ending Aug 2027Revenue$2.5B$2.4B to $2.6B7$1.7B (year to Aug 2026)+42%
Year ending Aug 2028EPS (adjusted)$5.26$4.85 to $5.735$4.56 (expected, year to Aug 2027)+15%
Year ending Aug 2028Revenue$2.8B$2.6B to $2.9B5$2.5B (expected, year to Aug 2027)+12%

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $11M exceeds operating cash flow of −$152M, leaving free cash flow of −$163M. It still paid $74M to shareholders (dividends plus buybacks), so $237M had to come from cash on hand or borrowing.

Where a year of cash went4 quarters to Aug 2026
Show the data
LineAmount
Op. cash flow−$152M
Capex−$11M
Free cash flow−$163M
Dividends—
Buybacks−$74M
Cash retained−$237M
Free cash flow yield
−5.4%

Free cash flow is negative, so the company is burning cash.

Dividend yield
No dividend

No dividend today; cash goes to growth and share buybacks.

Shareholder yield
2.5%

Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $2.5 went back to shareholders.

By quarter: free cash flow and what went back to shareholdersLast 12 quarters
Free cash flowDividendsBuybacks
Show the data
Quarter endedFree cash flowDividendsBuybacks
Nov 2023$27M—$13M
Feb 2024−$27M—$2.7M
May 2024$76M—$2.1M
Aug 2024−$18M—$3.3M
Nov 2024$12M—$11M
Feb 2025$71M—$6.5M
May 2025$91M—$32M
Aug 2025−$73M—$3.1M
Nov 2025$28M—$20M
Feb 2026$53M—$37M
May 2026−$78M—$12M
Aug 2026−$167M—$5.5M
Diluted sharesUp 17.8% in a year

Penguin Solutions had 64M diluted shares in the quarter ended Aug 2026, 17.8% more than a year earlier, and 5.9% more each year on average since Feb 2022. It spent $74M on buybacks over the last four quarters.

Show the data
Quarter endedDiluted shares
Feb 202250M
May 202255M
Aug 202251M
Nov 202249M
Feb 202349M
May 202349M
Aug 202356M
Nov 202352M
Feb 202452M
May 202454M
Aug 202453M
Nov 202454M
Feb 202554M
May 202554M
Aug 202554M
Nov 202555M
Feb 202653M
May 202655M
Aug 202664M

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.9, no pressure to repay short-term debt; shareholder equity is only 19% of assets, so debt-to-equity (1.5) says little; it has net debt and its operations used cash over the last four quarters.

Current ratio
1.9Strong liquidity

Assets that can be turned into cash soon are 1.9x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.

Debt-to-equity
1.5Small equity

Shareholder funds are only 19% of assets, so $1.5 of debt per $1 of them says little about whether the debt can be carried. The years of operating cash flow it would take to repay it say more.

Net debt
$142MMore debt than cash

Cash and short-term investments of $647M against debt of $789M. Lease obligations of $58M are not counted: they are rent owed, not money borrowed.

Net debt ÷ cash flow
—No cash from operations

Its operations used $152M of cash over the last four quarters, so the net debt of $142M is not being paid down from the business.

AssetsTotal ~$2.8B
Cash
$650M23.3%
Receivables
$800M28.7%
Inventory
$750M27.0%
Property & equipment
$140M5.0%
Goodwill
$150M5.3%
Intangibles
$60M2.2%
Other
$230M8.5%
Liabilities & equityTotal ~$2.8B
Current
$1.2B43.0%
Long-term
$800M30.3%
Equity
$800M26.7%

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 funds whose copy leaves PENG out (on the exchange, not in the app yet): Polen Capital Management, Swiss National Bank, Fisher Asset Management.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 6 held PENG at the end of their latest quarter (for most, Q2 2026). Over that quarter 2 added shares, 2 cut, 2 bought new and 1 sold all. The largest of them is Renaissance Technologies, 221,300 shares worth $12.1M at Sep 30, 2026, 767.8% more than a quarter earlier.

Funds that added shares
4

2 of them new holders

Funds that cut
3

1 of them sold all

Each fund's change in sharesChange in shares over the latest quarter
Added or newCut or sold all
Show every fund
FundQuarterSharesValueChange in sharesChangeFiled
Renaissance TechnologiesQ3 2026221,300$12.1M+195,800+768%Nov 12, 2026
Swiss National BankQ3 202695,900$5.2M+4,200+4.6%Nov 12, 2026
Polen Capital ManagementQ2 202628,293$2.2M+28,293NewAug 4, 2026
Nomura HoldingsQ2 202616,395$1.2M−255,605−94%Aug 14, 2026
Fisher Asset ManagementQ3 202622,243$1.2M−2,161−8.9%Nov 6, 2026
Maverick CapitalQ2 20260—−43,794Sold allAug 14, 2026
Tudor Investment Corp Et AlQ2 20265,013$381K+5,013NewAug 14, 2026

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of PENG at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $5.0M of PENG on the open market in the 12 months to Nov 12, 2026; none bought. 69% of the sales were made under 10b5-1 plans, set up in advance. The largest was Joseph Gates Clark (SVP and Pres, Optimized LED), who sold $2.2M in 21 sales.

Sold
$5.0M

43 sales

Bought
None

0 purchases

Under 10b5-1 plans
69%

Share of the sales' value

Trades on the priceA dot a day, sized by value
PENGSaleSale under a 10b5-1 plan
Who tradedOpen-market trades, last 12 months
Joseph Gates Clark
SVP and Pres, Optimized LED · 100% under a 10b5-1 plan
−$2.2M21 trades
Anne Kuykendall
SVP and Chief Legal Officer · 100% under a 10b5-1 plan
−$935K15 trades
Sandeep Nayyar
Director
−$890K2 trades
Maximiliane C Straub
Director
−$684K3 trades
Anthony George Frey
SVP and Chief Revenue Officer · 100% under a 10b5-1 plan
−$273K2 trades
Show every trade
DateInsiderRoleTradeSharesPriceValueFiled
Nov 2, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)1,573$47.80$75KNov 4, 2026
Nov 2, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)1,000$48.88$49KNov 4, 2026
Nov 2, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)1,400$49.97$70KNov 4, 2026
Nov 2, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)900$51.03$46KNov 4, 2026
Nov 2, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)900$51.93$47KNov 4, 2026
Oct 29, 2026Anthony George FreySVP and Chief Revenue OfficerSale (10b5-1 plan)3,131$58.64$184KOct 30, 2026
Oct 29, 2026Anthony George FreySVP and Chief Revenue OfficerSale (10b5-1 plan)1,500$59.48$89KOct 30, 2026
Oct 23, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)869$51.52$45KOct 26, 2026
Oct 22, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)738$55.08$41KOct 22, 2026
Aug 24, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)600$49.62$30KAug 26, 2026
Aug 24, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)3,300$50.73$167KAug 26, 2026
Aug 24, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)100$51.34$5,134Aug 26, 2026
Jul 23, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)1,327$57.47$76KJul 27, 2026
Jul 22, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)739$56.12$41KJul 22, 2026
Jun 15, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)200$62.51$13KJun 16, 2026
Jun 15, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)2,104$64.16$135KJun 16, 2026
Jun 15, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)1,596$64.82$103KJun 16, 2026
Jun 15, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)100$65.63$6,563Jun 16, 2026
Jun 1, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)1,000$55.53$56KJun 2, 2026
Jun 1, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)1,100$56.54$62KJun 2, 2026
Jun 1, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)900$57.73$52KJun 2, 2026
Jun 1, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)1,439$58.50$84KJun 2, 2026
Jun 1, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)4,612$59.97$277KJun 2, 2026
Jun 1, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)1,300$60.76$79KJun 2, 2026
May 26, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)300$52.58$16KMay 28, 2026
May 26, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)1,600$54.10$87KMay 28, 2026
May 26, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)2,100$54.98$115KMay 28, 2026
May 14, 2026Maximiliane C StraubDirectorSale3,000$49.00$147KMay 18, 2026
May 12, 2026Sandeep NayyarDirectorSale7,107$43.48$309KMay 13, 2026
May 12, 2026Maximiliane C StraubDirectorSale4,000$44.34$177KMay 13, 2026
May 11, 2026Sandeep NayyarDirectorSale12,893$45.09$581KMay 13, 2026
May 11, 2026Maximiliane C StraubDirectorSale8,000$45.00$360KMay 13, 2026
May 8, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)5,000$39.99$200KMay 12, 2026
May 5, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)5,000$34.75$174KMay 7, 2026
Apr 24, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)5,000$29.75$149KApr 27, 2026
Apr 23, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)1,485$27.62$41KApr 27, 2026
Apr 22, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)738$27.92$21KApr 22, 2026
Apr 16, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)5,000$26.82$134KApr 20, 2026
Apr 9, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)12,546$22.55$283KApr 10, 2026
Mar 16, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)4,000$17.75$71KMar 17, 2026
Feb 25, 2026Anne KuykendallSVP and Chief Legal OfficerSale (10b5-1 plan)4,000$20.80$83KFeb 27, 2026
Feb 24, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)10,046$20.07$202KFeb 25, 2026
Feb 10, 2026Joseph Gates ClarkSVP and Pres, Optimized LEDSale (10b5-1 plan)1,346$19.03$26KFeb 12, 2026

From the Form 4s filed with the SEC about Penguin Solutions, Inc. (51 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 33 other transactions (grants and shares withheld for tax).

Logo: Nvidia, Apache License 2.0.