Pricing Log in Create free account
Friday 6 November 2026 Export INSP’s income statement to Excel — free account

Inspire Medical Systems, Inc.

INSP Healthcare Medical Devices

Inspire Medical Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $912.0 million, up 13.6% from fiscal 2024.

Revenue
−7.93%
EPS
−348.0%
Free cash flow
−33.1%

Quarter to September 2026, against a year earlier

64.54 1.99 −2.99%
Market cap
$1.9B
P/E
19.1×
Fwd P/E
−1,627×
Dividend yield
—
F-score
6/9
Altman Z
14.49
Beneish M
−1.88
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.41
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 1 — — — 3 — — 1 — — —
Insider Ownership 5.60%

Capital & Financial Ratios $m

Size
Market Cap 1,930.00
Revenue ttm 880.94
Net income ttm 100.72
Free cash flow ttm 97.89
Net debt Q (327.97)
Valuation
P/E 19.12
Forward P/E (1,627.00) (negative: loss-making)
Price / sales 2.18
Forward P/S Powerpack
Price / FCF 19.64
Price / book 2.33
Financial health
Current ratio Q 6.45 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 365.96
Growth
Revenue growth Q −7.93% (below 0%: shrinking)
Operating income growth Q −397.76% (below 0%: shrinking)
EPS, this year −46.25% (below 0%: weak)
EPS, next year A +17.18% (at or above 15%: strong)
Revenue, next year A −6.37% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −5.45% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 15.1×; over the ten years it ranged from 1.0× in 2026 to 50.8× in 2021.
P/S against its own 10 years 8.83%
10-year low 10-year high
P/B against its own 10 years 6.53%
10-year low 10-year high
EV/Sales against its own 10 years 8.83%
10-year low 10-year high
EV/FCF against its own 10 years 14.97%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 460 446 308 328
Receivables 90 93 120 105
Inventory 34 80 145 179
Other — — — —
594 631 584 628
2023 2024 2025 Q'26
Payables 39 39 37 38
ST’ Debt — — — —
Other — — — —
78 89 96 97

Compound Annual Growth %

10y 5y 3y
Sales — 51.21% 30.77%
Cash Flow — 0.00% 116.24%
Earnings — 0.00% 0.00%
Book Value — 27.73% 16.35%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.10 Actual 0.14

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.69 1.65 Beat by 0.96
Q1 FY26 −0.36 0.10 Beat by 0.46
Q2 FY26 −0.22 0.14 Beat by 0.36
Q3 FY26 0.10 0.14 Beat by 0.04
Q4 FY26 0.88 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.39) 0.01 (0.84) — —
’25 0.10 (0.12) 0.34 4.66 4.89
’24 (0.34) 0.32 0.60 1.15 1.75
’23 (0.53) (0.41) (0.29) 0.49 (0.72)
’22 (0.61) (0.53) (0.60) 0.10 (1.60)
’21 (0.60) (0.48) (0.38) (0.09) (1.54)
’20 (0.67) (0.88) (0.39) (0.28) (2.19)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 205 201 207 — —
’25 201 217 225 269 912
’24 164 196 203 240 803
’23 128 151 153 193 625
’22 69 91 109 138 408
’21 40 53 62 78 233
’20 21 12 36 46 115
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 13 23 46 — —
’25 (7) 3 69 52 117
’24 9 0 52 69 130
’23 (1) 5 4 17 25
’22 (13) (6) 11 19 12
’21 (10) (10) 0 1 (20)
’20 (15) (25) (9) (4) (53)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 3 14 39 — —
’25 (15) (6) 58 42 78
’24 (3) (12) 44 62 91
’23 (5) 0 (3) 9 1
’22 (14) (7) 7 16 2
’21 (12) (12) (1) 0 (25)
’20 (15) (26) (10) (5) (55)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 16 29 51 82 115 233 408 625 803 912 881 +56.3% 854 887 947 +1.3%
Gross margin, % 76.23 78.93 80.12 83.37 84.73 85.74 83.79 84.54 84.68 85.39 86.19 +9.2 pt
EBT (19) (18) (22) (33) (57) (42) (44) (20) 58 66 31 n/m
EBT margin, % (112.79) (61.30) (43.14) (40.47) (49.48) (17.98) (10.85) (3.19) 7.28 7.20 3.50 +120.0 pt
Net income (19) (18) (22) (33) (57) (42) (45) (21) 54 145 101 n/m
Per share, $
Per share, $ Revenue 14.99 24.27 3.47 3.45 4.43 8.56 14.53 21.32 26.97 31.05 30.45 +8.4%
Earnings (16.91) (14.88) (1.50) (1.40) (2.19) (1.54) (1.60) (0.72) 1.80 4.95 3.48 n/m
Cash flow (16.38) (13.42) (1.28) (1.38) (2.03) (0.74) 0.41 0.84 4.38 3.98 4.67 n/m
Capex (0.28) (0.35) (0.02) (0.12) (0.09) (0.17) (0.32) (0.81) (1.31) (1.31) (1.28) +18.7%
Free cash flow (16.66) (13.77) (1.30) (1.49) (2.13) (0.91) 0.09 0.03 3.06 2.67 3.38 n/m
Book value 0.00 1.13 11.25 5.87 8.81 8.40 17.67 19.54 23.17 26.60 28.59 n/m
Shares, m 1 1 15 24 26 27 28 29 30 29 29 +44.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 103.56 18.37 19.12 12.2
P/S 0.97 0.97 12.18 21.53 42.50 26.87 17.41 8.81 6.87 2.97 2.18 14.1
P/B 0.00 0.00 3.76 12.63 21.35 27.38 14.32 9.61 8.00 3.47 2.33 10.1
EV/Sales 1.14 1.14 8.95 20.01 40.69 26.02 16.33 8.09 6.33 2.64 1.82 13.1
EV/FCF (2.24) (2.24) (23.90) (46.13) (84.59) (245.03) 2,693.19 4,935.10 55.77 30.71 16.39 731.1
Cash, $m
Cash, $m Operating cash flow (18) (16) (19) (33) (53) (20) 12 25 130 117 135 n/m
Capex 0 0 0 (3) (2) (5) (9) (24) (39) (38) (37) +71.1%
Free cash flow (18) (16) (19) (36) (55) (25) 2 1 91 78 98 n/m
Balance, $m
Balance, $m Working capital 5 17 188 154 249 227 469 516 542 488 530 +66.5%
Net debt 6 0 (163) (125) (210) (199) (451) (460) (446) (308) (328) n/m
Shareholders’ equity — 1 164 140 230 229 496 573 690 781 827 +121.9%
Returns, %
Returns, % ROA (147.69) (139.58) (19.39) (17.44) (24.74) (14.59) (10.44) (3.41) 7.21 16.95 11.44 +164.6 pt
ROIC (189.31) (608.39) (1,781.29) (146.46) (174.51) (81.98) (66.70) (22.44) 9.24 6.73 1.97 +196.0 pt
ROE 16.96 16.03 (94.45) (21.88) (30.96) (18.33) (12.38) (3.96) 8.48 19.77 13.49 +2.8 pt
People
People Employees — — 165 239 317 485 755 1,011 1,246 1,333 — +34.8%
Revenue/emp, $m 0.00 0.00 0.31 0.34 0.36 0.48 0.54 0.62 0.64 0.68 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Inspire Medical Systems, Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TMDX TransMedics Group, Inc. $2.4B 16.4× 49.4× +41.15% (above 0%: growing) −30.99% (below 0%: shrinking) −55.44% (below 0%: shrinking) 58.45% 13.86% Compare
UFPT UFP Technologies, Inc. $2.3B 30.1× 29.2× +11.57% (above 0%: growing) +25.55% (above 0%: growing) −35.77% (below 0%: shrinking) 29.44% 16.01% Compare
INSP Inspire Medical Systems, Inc. $1.9B 19.1× — (loss-making) −7.93% (below 0%: shrinking) n/m −33.06% (below 0%: shrinking) 86.05% (13.89%)
ESTA Establishment Labs Holdings Inc. $1.9B — (loss-making) — (loss-making) +31.66% (above 0%: growing) n/m +2.75% (above 0%: growing) 70.64% (6.35%) Compare
ALMR Alamar Biosciences, Inc. $1.9B — (loss-making) — (loss-making) +156.24% (above 0%: growing) n/m −20.26% (below 0%: shrinking) 61.54% (45.13%) Compare
ENOV Enovis Corporation $1.7B — (loss-making) 98.6× +1.79% (above 0%: growing) n/m +20.30% (above 0%: growing) 60.83% 0.60% Compare
BFLY Butterfly Network, Inc. $1.6B — (loss-making) — (loss-making) +51.70% (above 0%: growing) n/m +12.61% (above 0%: growing) 73.02% (41.66%) Compare
NVCR NovoCure Limited $1.6B — (loss-making) — (loss-making) +15.67% (above 0%: growing) n/m +5.54% (above 0%: growing) 76.98% (3.19%) Compare
CNMD CONMED Corporation $1.6B 21.7× 11.7× −0.70% (below 0%: shrinking) +635.00% (above 0%: growing) −3.65% (below 0%: shrinking) 56.37% 11.07% Compare
Median of peers $1.8B 21.7× 39.3× +23.67% +25.55% −0.45% 61.19% (1.29%)

All 149 Medical Devices stocks →

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.71m (869.71k) 49.04
2024 8.11m 2.50m 98.56
2023 7.49m 876.35k 108.16
2022 5.68m 8.35m 133.91
2021 1.27m 10.64m 122.41

Ownership

Directors and executive officers, together 2.20%
BlackRock, Inc. 11.50%
The Vanguard Group 11.10%
Wellington Management Group LLP 7.60%
Deerfield Partners, L.P. 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Inspire Medical Systems, Inc. (INSP) Latest News

5 Nov

Impact 3 · · Simply Wall St.

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · Simply Wall St.

3 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · Moby
Impact 3 · · The Motley Fool transcript

2 Nov

Impact 3 · · Associated Press
Impact 3 · · MarketBeat transcript
Impact 3 · · StockStory
Impact 3 · · GlobeNewswire

26 Oct

Impact 3 · · StockStory

23 Oct

Impact 4 · · Zacks

12 Oct

Impact 4 · · Business Wire

6 Oct

Impact 3 · · StockStory

5 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks

4 Oct

Impact 4 · · Insider Monkey

1 Oct

Impact 4 · · GlobeNewswire

30 Sep

Impact 3 ·

28 Sep

Impact 3 · · Simply Wall St.

23 Sep

Impact 4 · · Zacks

4 Sep

Impact 3 ·

21 Aug

Impact 3 ·

16 Aug

Impact 3 ·

14 Aug

Impact 4 · · Trefis

10 Aug

Impact 3 · · The Motley Fool transcript

5 Aug

Impact 4 ·
Impact 3 ·

4 Aug

Impact 4 ·
Impact 3 · · Moby transcript
stockrow.com/INSP · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com