Penguin Solutions, Inc.

PENG · Semiconductors & Related Devices · 50.7M shares · +22%/yr ↑ dilution · EDGAR filings ↗

Net buyback after stock comp: -$15M (gross $25M, SBC $39M)

Reference price $62.51 · est. market cap ~$3.2B — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C58

Memory/computing solutions provider with thin margins and high leverage; revenue growth is an M&A artifact.

Strengths

Positive free cash flow — FCF $100.1M (59th)
Adequate liquidity — current ratio 2.25 (31st)

Risks

Thin margins — gross margin 28.8% (23rd), net margin 1.9%
High leverage — D/E 1.12 (97th)
Reported revenue +322% reflects M&A/rebranding, not organic — per 10-K

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Chronic dilutionShare count +22%/yr over 4y (dilution, book value/share -42%)
Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Insider sellingInsider selling — 29 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$4M, last 6mo) Form 4 ↗

Quarterly revenue

2025-05-30 · $324M2025-08-29 · $338M2025-11-28 · $343M2026-02-27 · $343M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

28.8%

Operating margin

4.2%

Net margin

1.9%

Return on equity

6.4%

Return on assets

1.6%

ROIC

5.5%

Revenue growth (QoQ)

-0.0%

Debt / equity

1.1×

Net debt / EBITDA

-0.1×

Current ratio

2.2×

Free cash flow

$100M

EBITDA

$114M

Tangible book value

$161M

Cash & investments

$454M

Stock comp / revenue

3.0%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-15	Kuykendall Anne	Sell	1.6K	$64.82
2026-06-15	Kuykendall Anne	Sell	200	$62.51
2026-06-15	Kuykendall Anne	Sell	100	$65.63
2026-06-15	Kuykendall Anne	Sell	2.1K	$64.16
2026-06-01	Clark Joseph Gates	Sell	1.0K	$55.53
2026-06-01	Clark Joseph Gates	Sell	1.1K	$56.54
2026-06-01	Clark Joseph Gates	Sell	900	$57.73
2026-06-01	Clark Joseph Gates	Sell	1.4K	$58.50
2026-06-01	Clark Joseph Gates	Sell	4.6K	$59.97
2026-06-01	Clark Joseph Gates	Sell	1.3K	$60.76
2026-05-26	Kuykendall Anne	Sell	300	$52.58
2026-05-26	Kuykendall Anne	Sell	1.6K	$54.10
2026-05-26	Kuykendall Anne	Sell	2.1K	$54.98
2026-05-18	HEARD DAVID W	Grant	4.5K	—
2026-05-14	Straub Maximiliane C	Sell	3.0K	$49.00
2026-05-12	Straub Maximiliane C	Sell	4.0K	$44.34
2026-05-12	NAYYAR SANDEEP	Sell	7.1K	$43.48
2026-05-11	Straub Maximiliane C	Sell	8.0K	$45.00
2026-05-11	NAYYAR SANDEEP	Sell	13K	$45.09
2026-05-08	Clark Joseph Gates	Sell	5.0K	$39.99
2026-05-05	Clark Joseph Gates	Sell	5.0K	$34.75
2026-04-24	Clark Joseph Gates	Sell	5.0K	$29.75
2026-04-23	Clark Joseph Gates	Sell	1.5K	$27.62
2026-04-22	Kuykendall Anne	Sell	738	$27.92
2026-04-20	Olmstead Nathan	Tax withheld	2.6K	$26.74
2026-04-20	Frey Anthony George	Tax withheld	532	$26.74
2026-04-20	Kuykendall Anne	Tax withheld	3.1K	$26.74
2026-04-20	Clark Joseph Gates	Tax withheld	2.3K	$26.74
2026-04-16	Clark Joseph Gates	Sell	5.0K	$26.82
2026-04-09	Clark Joseph Gates	Sell	13K	$22.55
2026-03-16	Kuykendall Anne	Sell	4.0K	$17.75
2026-02-25	Kuykendall Anne	Sell	4.0K	$20.80
2026-02-24	Clark Joseph Gates	Sell	10K	$20.07
2026-02-10	Clark Joseph Gates	Sell	1.3K	$19.03
2026-02-06	Straub Maximiliane C	Grant	10K	—
2026-02-06	Papermaster Mark D	Grant	10K	—
2026-02-06	HERSCHER PENNY	Grant	10K	—
2026-02-06	NAYYAR SANDEEP	Grant	10K	—
2026-02-06	PUMA MARY G	Grant	10K	—
2026-02-02	Shaikh Kashif	Grant	138K	—
2026-02-02	Shaikh Kashif	Grant	238K	—
2026-01-20	Frey Anthony George	Tax withheld	610	$19.96
2026-01-20	Clark Joseph Gates	Tax withheld	2.6K	$19.96
2026-01-20	Kuykendall Anne	Tax withheld	3.4K	$19.96
2026-01-20	Olmstead Nathan	Tax withheld	3.0K	$19.96
2026-01-20	Adams Mark	Tax withheld	13K	$19.96
2025-11-11	Olmstead Nathan	Grant	9.7K	—
2025-10-20	Clark Joseph Gates	Tax withheld	1.9K	$21.74
2025-10-20	Kuykendall Anne	Tax withheld	2.6K	$21.74
2025-10-20	Olmstead Nathan	Tax withheld	1.9K	$21.74
2025-10-20	Adams Mark	Tax withheld	11K	$21.74
2025-10-20	Pacheco Jack A	Tax withheld	12K	$21.74
2025-10-14	Clark Joseph Gates	Grant	54K	—
2025-10-14	Clark Joseph Gates	Tax withheld	24K	$22.32
2025-10-14	Kuykendall Anne	Grant	43K	—
2025-10-14	Kuykendall Anne	Tax withheld	22K	$22.32
2025-10-14	Adams Mark	Grant	108K	—
2025-10-14	Adams Mark	Tax withheld	55K	$22.32
2025-10-14	Pacheco Jack A	Grant	49K	—
2025-10-14	Pacheco Jack A	Tax withheld	25K	$22.32
2025-09-29	Clark Joseph Gates	Grant	15K	—
2025-09-29	Kuykendall Anne	Grant	24K	—
2025-09-29	Olmstead Nathan	Grant	20K	—
2025-09-29	Frey Anthony George	Grant	24K	—
2025-09-29	Adams Mark	Grant	109K	—
2025-08-25	Frey Anthony George	Grant	52K	—
2025-07-21	Pacheco Jack A	Option exercise	60K	$10.78
2025-07-21	Pacheco Jack A	Option exercise	3.4K	$9.20
2025-07-21	Pacheco Jack A	Sell	3.4K	$24.84
2025-07-21	Pacheco Jack A	Sell	60K	$24.83
2025-07-20	Pacheco Jack A	Tax withheld	2.2K	$24.43
2025-07-20	Olmstead Nathan	Tax withheld	6.1K	$24.43
2025-07-20	Manca Peter J	Tax withheld	3.8K	$24.43
2025-07-20	Kuykendall Anne	Tax withheld	2.6K	$24.43
2025-07-20	Clark Joseph Gates	Tax withheld	1.9K	$24.43
2025-07-20	Adams Mark	Tax withheld	11K	$24.43
2025-07-17	HERSCHER PENNY	Sell	682	$25.00
2025-07-15	HERSCHER PENNY	Sell	2.0K	$25.42
2025-05-02	Clark Joseph Gates	Sell	2.3K	$17.50
2025-04-20	Kuykendall Anne	Tax withheld	2.7K	$15.88
2025-04-20	Pacheco Jack A	Tax withheld	2.2K	$15.88
2025-04-20	Olmstead Nathan	Tax withheld	557	$15.88
2025-04-20	Manca Peter J	Tax withheld	8.2K	$15.88
2025-04-20	Clark Joseph Gates	Tax withheld	4.0K	$15.88
2025-04-20	Adams Mark	Tax withheld	11K	$15.88
2025-03-24	Pacheco Jack A	Sell	3.2K	$20.00
2025-03-24	Pacheco Jack A	Option exercise	3.2K	$9.20
2025-02-20	Pacheco Jack A	Sell	6.7K	$22.14
2025-02-20	Pacheco Jack A	Option exercise	6.7K	$9.20
2025-02-07	NAYYAR SANDEEP	Grant	8.4K	—
2025-02-07	Ingram Bryan	Grant	8.4K	—
2025-02-07	HERSCHER PENNY	Grant	8.4K	—
2025-02-07	Straub Maximiliane C	Grant	8.4K	—
2025-02-07	PUMA MARY G	Grant	8.4K	—
2025-02-07	Papermaster Mark D	Grant	8.4K	—
2025-01-23	Clark Joseph Gates	Sell	2.1K	$20.94
2025-01-21	Pacheco Jack A	Option exercise	6.7K	$9.20
2025-01-21	Pacheco Jack A	Sell	6.7K	$20.55
2025-01-20	Manca Peter J	Tax withheld	555	$20.51
2025-01-20	Kuykendall Anne	Tax withheld	3.1K	$20.51
2025-01-20	Clark Joseph Gates	Tax withheld	4.4K	$20.51
2025-01-20	Adams Mark	Tax withheld	12K	$20.51
2025-01-20	Pacheco Jack A	Tax withheld	4.4K	$20.51
2025-01-20	Olmstead Nathan	Tax withheld	649	$20.51

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-06-01	Exec/director changeReg FDExhibits	filing ↗
2026-05-18	Exec/director changeReg FDExhibits	filing ↗
2026-04-01	ResultsExhibits	filing ↗
2026-04-01	Reg FDOtherExhibits	filing ↗
2026-02-11	Shareholder vote	filing ↗
2026-02-02	Exec/director changeReg FDExhibits	filing ↗
2026-01-06	ResultsExhibits	filing ↗
2025-12-30	Material agreement	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-01	2026-05-26	0001193125-26-251467 ↗
8-K	2026-05-18	2026-05-18	0001616533-26-000036 ↗
8-K	2026-04-01	2026-03-30	0001193125-26-135770 ↗
8-K	2026-04-01	2026-04-01	0001616533-26-000028 ↗
10-Q	2026-04-01	2026-02-27	0001616533-26-000030 ↗
8-K	2026-02-11	2026-02-06	0001616533-26-000013 ↗
8-K	2026-02-02	2026-01-30	0001193125-26-033616 ↗
10-Q	2026-01-06	2025-11-28	0001616533-26-000010 ↗
8-K	2026-01-06	2026-01-06	0001616533-26-000008 ↗
8-K	2025-12-30	2025-12-29	0001193125-25-337077 ↗
10-K	2025-10-21	2025-08-29	0001616533-25-000061 ↗
8-K	2025-10-07	2025-10-06	0001616533-25-000057 ↗