INMDNasdaqElectromedical & Electrotherapeutic ApparatusFiscal year ends December 31
InMode Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Feb 10, 2026
$14.07−0.09 (-0.64%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 9.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
78.5%−6.5 pts over 5 years
Operating margin
23.0%−12.3 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -6.2% | -6.6% | +12.4% | – | |
| Gross profit | -8.2% | -8.6% | +10.7% | – | |
| Operating income | -24.1% | -24.4% | +3.2% | – | |
| EPS, diluted | -36.4% | -8.9% | +9.9% | – | |
| Free cash flow | -36.1% | -22.3% | +1.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 34.9% | – | |
| Return on assets | – | 29.2% | – | |
| Current ratio | – | 8.27 | 9.88 | |
| Inventory turnover | – | 2.5× | 1.2× | |
| Capex to revenue | – | 0.2% | 0.3% | |
| Diluted shares | – | 84M | 65M |
Where the cash went
Fiscal 2021 to 2025, five years combined
InMode generated $751.21M from operations and spent $495.69M on capital expenditure, dividends and share buybacks. 1% of that went back into the business.
Generated
$751.21M
Used
$495.69M
Capital expenditure$4.86M1%Dividends$00%Share buybacks$490.83M99%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin40.2%
×Asset turnover0.65×
×Equity multiplier1.12×
=Return on equity, FY202329.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2023 | 40.2% | 0.65× | 1.12× | 29.5% |
| FY2022 | 35.6% | 0.81× | 1.16× | 33.3% |
| FY2021 | 46.1% | 0.92× | 1.16× | 49.3% |
| FY2020 | 36.4% | 0.80× | 1.20× | 34.9% |
| FY2019 | 39.1% | 1.04× | 1.37× | 55.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$85.26M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$85.26M vs –
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose10.23 → 9.88
- No dilutionShare count did not rise81M → 65M
- Gross margin improvedGross margin up on the prior year80.31% → 78.54%
- More efficientAsset turnover rose0.46 → 0.47