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. In the quarter to June 2026, revenue fell 7.60%, EPS grew 108.3% and free cash flow grew 322.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years.

68.98 1.14 −1.63%
Market cap
$2.0B
P/E
14.8×
Fwd P/E
93.5×
Dividend yield
—
F-score
6/9
Altman Z
14.49
Beneish M
−1.88
Dividend safety
n/a

Inspire Medical Systems, Inc. (INSP) Altman Z-score

Alert me on Altman Z-score

Inspire Medical Systems, Inc.'s Altman Z-score for fiscal 2025 is 14.49, in the safe zone (above 2.99).

Altman Z-score, annual

Embed this chart

Annual newest first

Period Altman Z-score Change (points)
FY2025 14.49 (14.84)
FY2024 29.33 (5.89)
FY2023 35.22 (27.02)
FY2022 62.24 5.31
FY2021 56.93 0.10
FY2020 56.83 31.80
FY2019 25.03 14.77
FY2018 10.26 —

How fiscal 2025’s score is made up

Component This year Year before Result Points
Working capital / total assets 0.54 — 0.64
Retained earnings / total assets (0.16) — −0.23
EBIT / total assets 0.06 — 0.19
Market value of equity / total liabilities 21.47 — 12.88
Sales / total assets 1.01 — 1.01
Altman Z-score Safe zone 14.49
Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) Safe zone 9.88

How the Altman Z-score works

Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.

Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.

Zone Z Z″
Safe zoneabove 2.99above 2.60
Grey zone1.81–2.991.10–2.60
Distress zonebelow 1.81below 1.10

Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.

Altman Z-score against peers

What Altman Z-score is

The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.

1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets

The full definition of Altman Z-score →

More on INSP