PI vs ZBRA: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: ZBRA is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. PI and ZBRA share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined PI and ZBRA exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Impinj is a Seattle-based semiconductor and software company that builds the core technology for RAIN RFID, the ultra-high-frequency wireless standard used to identify and locate individual physical items. Its platform has two main parts: tiny endpoint ICs (the chips embedded in RFID tags and inlays that go on apparel, parcels, food, and other goods, shipped in the tens of billions per year) and systems products (reader ICs, readers, and gateways that power the antennas which read those tags), plus connectivity software. Partners like Avery Dennison turn Impinj's chips into the inlays and labels that brands actually apply, while reader makers like Zebra Technologies build hardware around Impinj silicon. The company frames its opportunity as enormous: RAIN connected roughly 52 billion items in 2024, which it estimates is only about 0.5% of all connectable items worldwide.

Full PI guide

Zebra Technologies makes the barcode scanners, mobile computers, RFID systems and label printers used to track inventory and workers across warehouses, retail stores and hospitals.

Full ZBRA guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• PI drivers: Item-level RFID adoption; M800 ramp and Gen2X differentiation.
• ZBRA drivers: Warehouse and logistics automation; RFID adoption in retail.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is customer concentration and lumpy demand: a handful of large inlay partners and end customers drive most volume, so an inventory drawdown at one of them can flatten revenue for several quarters, as roughly flat Q1 2026 sales showed. For ZBRA, demand is capital-spending driven and was heavily pulled forward during the e-commerce surge, which led to a sharp subsequent slowdown.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick PI if you believe its drivers more; ZBRA if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the PI and ZBRA guides.

PI. Figures are approximate and tied to the asOf date; verify live numbers before acting. Impinj trades as a growth stock, so it is valued on a rich multiple of sales rather than earnings, which means the price is sensitive to revenue growth and guidance more than to any single quarter's profit. Analyst 12-month targets in mid-2026 sat well above the recent price (for example Susquehanna near $200 and Barclays near $169 after trims), reflecting optimism on RFID adoption that is a bet on the theme continuing to compound.

ZBRA. Zebra's results have been shaped by a demand pull-forward and the correction that followed, which makes multi-year comparisons more useful than single quarters. Verify current order trends and inventory levels in the channel.

Headline figures (approximate, July 2026): PI shows revenue (fy2025) ~$361 million (GAAP gross margin ~52.5%), revenue (q1 2026) ~$74 million (roughly flat year over year), q1 2026 profitability GAAP net loss ~$25 million (incl. an ~$11.9 million convertible-note charge); non-GAAP net income ~$4.4 million; adjusted EBITDA ~$3.4 million, q2 2026 guidance Revenue ~$103 million to ~$106 million; non-GAAP EPS ~$0.77 to ~$0.82; ZBRA shows business model Rugged scanning and mobile computing hardware plus software, end markets Warehousing and logistics, retail, healthcare, manufacturing, demand pattern Capital spending driven, with a pandemic pull-forward and correction, recurring element Replacement cycles on a large installed base.

PI and ZBRA are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined PI and ZBRA exposure against your real portfolio. It is not an investment adviser.