Penguin Solutions
ConvictionModerate
Design, integrate and service AI/HPC computing platforms (Advanced Computing), plus specialty DRAM/Flash memory modules for harsh/embedded environments (Integrated Memory) and LED components (Optimized LED). Asset-light integrator/services mix: hardware + software (cluster management, fault-tolerant Stratus) + managed services; revenue tied to AI data-center buildout and the memory pricing cycle.
Revenue
~$1.35B TTM$1.37B FY2025 (vs $1.17B FY2024Rev growth
+12% FY2026Eraised guide, +/-5%) vs FY2025 +17% YoY; Q2 FY2026 net sales -6% YoY at $343MGross margin
Q2 FY26: 27.3% GAAP / 31.2% non-GAAPFY2025 28.8% GAAP / 31.0% non-GAAP; FY26E ~28% non-GAAP guideOp margin
Q2 FY26: 13.2% non-GAAPGAAP lower); FY26E opex ~$250M +/- $5MCapex intensity
low -- integrator/services modelnot a fab owner (specific capex not broken out in quarterMarket cap
~$3.12BNasdaq: PENG, as of 2026-07-02The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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