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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
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.67
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 1 1 — — — 3 — — 1 — —
Insider Ownership 5.46%

Capital & Financial Ratios $m

Market Cap 2,030.00
Revenue 898.74
Net Income 135.04
Free Cash Flow 117.09
Net Debt (320.68)
Current Ratio 8.55 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 14.80
Fwd P/E 93.50 (above 35: high)
P/S ratio 2.21
P/B ratio 2.41
Past 5Y EPS Growth —
This Y EPS Growth (48.80%) (below 0%: weak)
Next Y EPS Growth 18.91% (at or above 15%: strong)
Next Y revenue growth (6.37%) (below 0%: weak)
Next 5Y EPS Growth (7.61%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 15.3×; over the ten years it ranged from 1.0× in 2026 to 50.8× in 2021.
P/S against its own 10 years 9.41%
10-year low 10-year high
P/B against its own 10 years 7.10%
10-year low 10-year high
EV/Sales against its own 10 years 9.31%
10-year low 10-year high
EV/FCF against its own 10 years 13.63%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 460 446 308 321
Receivables 90 93 120 103
Inventory 34 80 145 170
Other — — — —
594 631 584 609
2023 2024 2025 Q'26
Payables 39 39 37 27
ST’ Debt — — — —
Other — — — —
78 89 96 71

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%

Revenue $m

Mar Jun Sep Dec Year
’26 205 201 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.39) 0.01 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — 22.50 38.68 40.53 159.18 142.74 123.27 123.00 70.77

Analyst estimates 2026–2028

Powerpack
High — — 57.87 75.91 204.72 286.29 272.04 330.00 257.40 216.01
People
People Employees — — 165 239 317 485 755 1,011 1,246 1,333
Revenue/emp, $m 0.00 0.00 0.31 0.34 0.36 0.48 0.54 0.62 0.64 0.68
Income, $m
Income, $m Revenue 16 29 51 82 115 233 408 625 803 912
Gross margin, % 76.23 78.93 80.12 83.37 84.73 85.74 83.79 84.54 84.68 85.39
EBT (19) (18) (22) (33) (57) (42) (44) (20) 58 66
EBT margin, % (112.79) (61.30) (43.14) (40.47) (49.48) (17.98) (10.85) (3.19) 7.28 7.20
Net income (19) (18) (22) (33) (57) (42) (45) (21) 54 145
Depreciation 0 1 0 0 1 1 2 0 (2) 11
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
Earnings (16.91) (14.88) (1.50) (1.40) (2.19) (1.54) (1.60) (0.72) 1.80 4.95
Cash flow (16.38) (13.42) (1.28) (1.38) (2.03) (0.74) 0.41 0.84 4.38 3.98
Capex (0.28) (0.35) (0.02) (0.12) (0.09) (0.17) (0.32) (0.81) (1.31) (1.31)
Free cash flow (16.66) (13.77) (1.30) (1.49) (2.13) (0.91) 0.09 0.03 3.06 2.67
Book value 0.00 1.13 11.25 5.87 8.81 8.40 17.67 19.54 23.17 26.60
Shares, m 1 1 15 24 26 27 28 29 30 29
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 103.56 18.37
P/S 0.97 0.97 12.18 21.53 42.50 26.87 17.41 8.81 6.87 2.97
P/B 0.00 0.00 3.76 12.63 21.35 27.38 14.32 9.61 8.00 3.47
EV/Sales 1.14 1.14 8.95 20.01 40.69 26.02 16.33 8.09 6.33 2.64
EV/FCF (2.24) (2.24) (23.90) (46.13) (84.59) (245.03) 2,693.19 4,935.10 55.77 30.71
Cash, $m
Cash, $m Operating cash flow (18) (16) (19) (33) (53) (20) 12 25 130 117
Capex 0 0 0 (3) (2) (5) (9) (24) (39) (38)
Free cash flow (18) (16) (19) (36) (55) (25) 2 1 91 78
Balance, $m
Balance, $m Working capital 5 17 188 154 249 227 469 516 542 488
Total debt 12 16 25 25 25 16 8 — — —
Net debt 6 0 (163) (125) (210) (199) (451) (460) (446) (308)
Shareholders’ equity — 1 164 140 230 229 496 573 690 781
Returns, %
Returns, % ROA (147.69) (139.58) (19.39) (17.44) (24.74) (14.59) (10.44) (3.41) 7.21 16.95
ROIC (189.31) (608.39) (1,781.29) (146.46) (174.51) (81.98) (66.70) (22.44) 9.24 6.73
ROE 16.96 16.03 (94.45) (21.88) (30.96) (18.33) (12.38) (3.96) 8.48 19.77
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
NEOG Neogen Corporation $2.7B — (loss-making) — (loss-making) +6.51% (above 0%: growing) n/m +135.75% (above 0%: growing) 47.35% (0.81%) Compare
TMDX TransMedics Group, Inc. $2.7B 16.0× 34.1× +20.70% (above 0%: growing) −59.22% (below 0%: shrinking) −87.62% (below 0%: shrinking) 59.59% 12.50% Compare
UFPT UFP Technologies, Inc. $2.3B 31.2× 23.6× +15.07% (above 0%: growing) +20.63% (above 0%: growing) −35.77% (below 0%: shrinking) 29.27% 16.15% Compare
BFLY Butterfly Network, Inc. $2.1B — (loss-making) — (loss-making) +39.47% (above 0%: growing) n/m −113.85% (below 0%: shrinking) 71.41% (41.90%) Compare
AXGN AxoGen, Inc. $2.1B — (loss-making) — (loss-making) +23.06% (above 0%: growing) n/m −17.36% (below 0%: shrinking) 72.67% (3.09%) Compare
INSP Inspire Medical Systems, Inc. $2.0B 14.8× 93.5× −7.60% (below 0%: shrinking) n/m +322.84% (above 0%: growing) 85.48% (0.26%)
ESTA Establishment Labs Holdings Inc. $1.8B — (loss-making) — (loss-making) +31.66% (above 0%: growing) n/m +2.75% (above 0%: growing) 70.64% (6.35%) Compare
ATEC Alphatec Holdings, Inc. $1.7B — (loss-making) — (loss-making) +15.07% (above 0%: growing) n/m −146.87% (below 0%: shrinking) 72.17% (0.89%) Compare
NVCR NovoCure Limited $1.7B — (loss-making) — (loss-making) +15.60% (above 0%: growing) n/m +105.68% (above 0%: growing) 77.61% (5.75%) Compare
Median of peers $2.1B — — +18.15% — −26.56% 71.03% (1.99%)

All 149 Medical Devices stocks →

Inspire Medical Systems, Inc. (INSP) key facts

  • Strength: Inspire Medical Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $912.0 million, up 13.6% from fiscal 2024.
  • Strength: Net income was $145.4 million, or $4.95 per share (basic), a net margin of 16.0%.
  • Inspire Medical Systems, Inc. (INSP) is a Medical Devices company in the Healthcare sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, INSP traded at $68.98, a market capitalization of $2.0 billion.
  • At that price the stock trades at 14.8× trailing-twelve-month earnings and 2.2× sales.
  • Return on equity was 19.8% and debt-to-equity 0.00.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 14.49 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Inspire Medical Systems, Inc. (INSP) Latest News

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stockrow.com/INSP · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com