INSPNYSESurgical & Medical Instruments & ApparatusFiscal year ends December 31
Inspire Medical Systems, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 3, 2026
$70.15+1.36 (+1.98%)
Close on Oct 19, 2026
- Market cap
- $2.03B
- P/E (TTM)
- 15.2
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
85.4%+0.7 pts over 5 years
Operating margin
5.6%+54.3 pts over 5 years
Net margin
15.9%+65.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.6% | +30.8% | +51.2% | – | |
| Gross profit | +14.6% | +31.6% | +51.4% | – | |
| Operating income | +41.2% | – | – | – | |
| Net income | +171.8% | – | – | – | |
| EPS, diluted | +179.4% | – | – | – | |
| Free cash flow | -13.9% | +216.6% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -31.0% | 19.8% | |
| Return on assets | – | -24.7% | 17.0% | |
| Current ratio | – | 13.02 | 6.08 | |
| Debt to equity | – | 0.11 | – | |
| Net debt to EBITDA | – | 2.99× | – | |
| Interest coverage | -13.2× | -26.6× | 371.9× | |
| Inventory turnover | – | 2.5× | 1.2× | |
| Capex to revenue | 1.9% | 2.1% | 4.2% | |
| Diluted shares | 1M | 26M | 30M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Inspire Medical Systems generated $303.56M from operations and spent $290.03M on capital expenditure, dividends and share buybacks. 40% of that went back into the business.
Generated
$303.56M
Used
$290.03M
Capital expenditure$115.02M40%Dividends$00%Share buybacks$175.02M60%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin15.9%
×Asset turnover1.06×
×Equity multiplier1.17×
=Return on equity, FY202519.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 15.9% | 1.06× | 1.17× | 19.8% |
| FY2024 | 6.7% | 1.08× | 1.18× | 8.5% |
| FY2023 | -3.4% | 1.01× | 1.16× | -4.0% |
| FY2022 | -11.0% | 0.95× | 1.19× | -12.4% |
| FY2021 | -18.0% | 0.81× | 1.26× | -18.3% |
| FY2020 | -49.6% | 0.50× | 1.25× | -31.0% |
| FY2019 | -40.5% | 0.43× | 1.26× | -21.9% |
| FY2018 | -43.1% | 0.45× | 1.36× | -26.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$145.42M
- Cash generatingOperating cash flow above zero$116.98M
- Return on assets improvedROA up on the prior year7.9% → 18.0%
- Earnings backed by cashOperating cash flow above net income$116.98M vs $145.42M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose7.13 → 6.08
- No dilutionShare count did not rise31M → 30M
- Gross margin improvedGross margin up on the prior year84.68% → 85.39%
- More efficientAsset turnover rose1.19 → 1.13