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Stock research / United States / INSP · Surgical & Medical Instruments & Apparatus · NYSE

Inspire Medical Systems, Inc. (INSP)

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Inspire Medical Systems, Inc. (INSP) reported revenue of $201 million for Q2 FY2026, the quarter ended 30 June 2026, down 7.6% on the same quarter a year earlier. Net income was $314,000, and diluted earnings per share $0.01. The figures are the company's own, from the 10-Q it filed with the SEC on 3 August 2026.

Revenue$201 milliondown 7.6%
Net income$314,000
Diluted EPS$0.01
QuarterQ2 FY2026ended 30 June 2026

Inspire Medical Systems (INSP) in brief

Inspire Medical Systems (INSP) reported revenue of $912 million for fiscal 2025, the year ended 31 December 2025, up 13.6% on the year before.
Read moreNet income was $145 million and diluted earnings per share $4.89. Revenue was $803 million in fiscal 2024, $625 million in fiscal 2023, $408 million in fiscal 2022 and $233 million in fiscal 2021. Net income in the same years was $54 million, a loss of $21 million, a loss of $45 million and a loss of $42 million. Over the twelve months to 30 June 2026, Inspire Medical Systems reported revenue of $899 million and net income of $135 million. Revenue grew 51.2% a year, compounded, over the five years to fiscal 2025. Inspire Medical Systems had 29 million shares outstanding at the latest filed count. At 30 June 2026 it carried $0 million of debt and $128 million of cash. At the close of 9 October 2026 the market cap of Inspire Medical Systems was $2.0 billion, 14.9 times its earnings over the last twelve months.

Ratios

From the filings

ROE16.4%
ROCE6.6%
Operating margin6.0%
Net margin15.0%
FCF margin13.0%
Interest covern/a
Debt to equity0.00
Cash conversion1.16
Share count, 1 year-2.2%
Sales CAGR, 3 years30.8%
Profit CAGR, 3 yearsn/a
EPS, TTM$4.62

At the close of 9 October 2026

Price$68.91
Market cap$2.0 billion
Stock P/E14.92
Price to book2.41
EV / EBITDA26.13
Dividend yieldn/a
Market cap / sales2.22
52-week high$143.99
52-week low$40.05
Price, 1 year-14.0%
Price CAGR, 3 years-28.1%
Price CAGR, 5 years-21.5%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Inspire Medical Systems, Inc.'s balance sheet shows no borrowings, so debt here is nil; lease liabilities are a separate line. Nothing here is a valuation or a view.
INSPgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on INSP

Filings20 in twelve months: 10 current reports (8-K), about 6 regulation FD disclosure; 5 results of operations; 4 officer or director change; 2 charter or bylaw amendment, or fiscal year change; 1 shareholder vote
Planned insider sales8 Form 144 notices in twelve months, $654,083; latest 24 August 2026
Options tapeput/call 0.43 by open interest at the 9 October 2026 close; the straddle prices a 5.8% move to 16 October 2026
13F holders6 of the followed funds hold it; largest Geode Capital Management; 17 Schedule 13D or 13G filings in twelve months
Insider trading9 sales and 2 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest4.2 million shares short, 4.63 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue153193164196203240201217225269205201
Cost of revenue24.428.124.829.832.436.030.734.731.836.127.729.1
Gross profit129164139166171204171182193233177171
Gross margin84%85%85%85%84%85%85%84%86%87%86%85%
R&D29.131.128.928.926.130.327.826.224.224.925.824.7
SG&An/an/a126132130142144160159162152147
Operating income-13.59.3-15.25.114.331.9-1.5-3.39.646.1-1.1-0.5
Operating margin-9%5%-9%3%7%13%-1%-2%4%17%-1%-0%
Interest expense0.00.0n/a0.00.0n/an/a0.00.0n/an/an/a
Pre-tax income-8.215.2-9.410.820.336.64.2-2.313.650.32.43.1
Tax raten/a3%n/a10%9%4%28%n/a27%-170%571%90%
Net income-8.514.8-10.09.818.535.23.0-3.69.9136-11.30.3
Net margin-6%8%-6%5%9%15%1%-2%4%51%-6%0%
Diluted EPS-$0.29$0.49-$0.34$0.32$0.60$1.15$0.10-$0.12$0.34$4.66-$0.39$0.01
Operating cash flow3.617.38.9-0.152.369.2-6.72.768.552.512.823.2
Capital expenditure7.08.011.712.48.07.08.49.010.410.79.79.2
Free cash flow-3.49.2-2.8-12.544.362.2-15.1-6.358.141.83.114.1
Buybacksn/an/a0.00.00.075.075.00.050.0n/a0.00.0
Shares outstanding29m30m30m30m30m30m29m30m29m29m29m29m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 10 fiscal years and the trailing twelve months

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024 †FY2025TTM
Revenue16.428.650.682.0115233408625803912899
Cost of revenue3.96.010.113.617.633.366.196.6123133125
Gross profit12.522.540.568.497.8200342528680779774
Gross margin76.2%78.9%80.1%83.4%84.7%85.7%83.8%84.5%84.7%85.4%86.1%
Research and development7.16.27.412.826.137.468.611711410399.7
Selling, general and administrative22.732.453.590.5128203321452530625620
Operating income-17.3-16.0-20.4-34.9-56.2-39.9-47.6-40.336.151.054.1
Operating margin-105.0%-56.0%-40.3%-42.5%-48.7%-17.1%-11.7%-6.4%4.5%5.6%6.0%
Interest expense1.31.83.32.12.12.11.70.00.00.1n/a
Pre-tax income-18.5-17.5-21.8-33.2-57.1-42.0-44.3-19.958.565.769.4
Income tax0.00.00.00.00.10.10.61.24.9-79.7-65.7
Effective tax raten/an/an/an/an/an/an/an/a8.5%-121.4%-94.6%
Net income-18.5-17.5-21.8-33.2-57.2-42.0-44.9-21.253.5145135
Net margin-112.8%-61.3%-43.1%-40.5%-49.6%-18.0%-11.0%-3.4%6.7%15.9%15.0%
Diluted EPS-$16.90-$14.88-$1.50-$1.40-$2.19-$1.54-$1.60-$0.72$1.75$4.89$4.62
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States60677187295.6%
All other countries18.631.839.94.4%
United StatesAll other countries
625FY2023803FY2024912FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024 †FY2025TTM
Operating cash flow-17.9-15.8-18.7-32.8-53.0-20.111.624.7130117157
Capital expenditure0.30.40.22.72.54.79.123.639.138.540.0
Free cash flow-18.3-16.2-18.9-35.6-55.5-24.82.51.091.178.5117
Free cash flow margin-111.1%-56.7%-37.4%-43.4%-48.1%-10.6%0.6%0.2%11.4%8.6%13.0%
Cash from investing-0.3-7.6-83.4-43.686.629.1-19.6-295-11321.4-31.3
Cash from financing12.825.71902.013414.923513.9-52.4-183-105
Depreciation and amortisation0.10.30.40.50.81.21.92.86.514.017.2
Share-based compensation0.20.21.26.212.826.252.082.5116130119
Buybacksn/an/an/an/an/an/a0.00.00.0175n/a
Diluted shares, weightedn/an/an/a24m26m27m28m29m31m30m29m
Shares outstanding at period endn/a1m23m24m27m27m29m30m30m29m29m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024 †FY2025TTM
Funded by
Shareholders' equity-6.61.3164140230229496573690781826
Debtn/a16.524.524.524.524.50.00.00.00.00.0
Operating lease liabilitiesn/an/an/a0.05.98.87.524.830.030.029.1
Other liabilitiesn/a7.311.616.921.132.761.379.588.696.271.3
Total liabilities and equityn/a25.1200181281295565677808907926
Owned
Fixed assetsn/a1.00.83.05.38.517.240.071.997.9104
Investmentsn/a7.290.913343.89.99.8284366300287
Cash and equivalents6.79.097.322.9191214442186150105128
Receivablesn/a3.96.713.125.134.261.289.993.1120103
Inventoryn/a3.72.75.88.517.211.933.980.1145170
Other assetsn/a0.41.73.58.010.823.143.546.7140133
Total assetsn/a25.1200181281295565677808907926
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a51.2%30.8%4.3%
Profit growth, compoundedn/an/an/a154.2%
Return on equity, average-154.0%-0.9%7.6%18.6%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Inspire Medical Systems' revenue in fiscal 2025?

Inspire Medical Systems (INSP) reported revenue of $912 million for fiscal 2025, the year ended 31 December 2025, up 13.6% on the year before.

How much did Inspire Medical Systems earn in fiscal 2025?

Net income was $145 million for fiscal 2025, and diluted earnings per share $4.89.

What is Inspire Medical Systems' P/E ratio?

At the close of 9 October 2026, Inspire Medical Systems traded at 14.9 times its earnings over the twelve months to 30 June 2026.

What is Inspire Medical Systems' market cap?

The market cap of Inspire Medical Systems was $2.0 billion at the close of 9 October 2026.

How much debt does Inspire Medical Systems have?

At 30 June 2026 Inspire Medical Systems carried $0 million of debt and $128 million of cash.

Peers: Medical Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Stryker Corp. SYK$106.4 billion28.7315.5%21.4%8.5%0.621.3%
3M Co. MMM$82.5 billion28.41101.5%18.4%2.3%3.691.8%
Boston Scientific Corp. BSX$61.9 billion17.3114.7%19.8%13.5%0.44n/a
Becton Dickinson & Co. BDX$50.0 billion55.343.9%9.6%-2.6%0.552.3%
Resmed Inc. RMD$33.2 billion22.0523.1%33.4%9.9%0.101.0%
Dexcom Inc. DXCM$31.7 billion33.2438.1%22.9%15.5%0.47n/a
West Pharmaceutical Services Inc. WST$25.8 billion46.8818.9%20.5%12.4%0.070.2%
Solventum Corp. SOLV$14.9 billion10.6829.9%25.0%-0.9%1.06n/a
Baxter International Inc. BAX$12.6 billionn/a-17.1%-2.4%5.4%1.522.1%
Penumbra Inc. PEN$12.6 billion78.4810.5%12.4%17.6%0.00n/a
Globus Medical Inc. GMED$10.0 billion19.0911.2%20.3%19.7%0.00n/a
Glaukos Corp. GKOS$9.7 billionn/a-27.6%-31.6%41.5%0.00n/a
All 44 in Medical Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Intuitive Surgical Inc. ISRG$150.0 billion48.5617.3%31.3%20.7%0.00n/a
Medtronic plc MDT$113.3 billion21.7910.4%18.1%9.8%0.513.2%
Stryker Corp. SYK$106.4 billion28.7315.5%21.4%8.5%0.621.3%
3M Co. MMM$82.5 billion28.41101.5%18.4%2.3%3.691.8%
Boston Scientific Corp. BSX$61.9 billion17.3114.7%19.8%13.5%0.44n/a
Becton Dickinson & Co. BDX$50.0 billion55.343.9%9.6%-2.6%0.552.3%
Edwards Lifesciences Corp. EW$49.1 billion48.979.5%22.3%14.6%0.06n/a
Resmed Inc. RMD$33.2 billion22.0523.1%33.4%9.9%0.101.0%
Dexcom Inc. DXCM$31.7 billion33.2438.1%22.9%15.5%0.47n/a
GE HealthCare Technologies Inc. GEHC$29.9 billion15.0818.1%12.9%6.5%0.920.2%
West Pharmaceutical Services Inc. WST$25.8 billion46.8818.9%20.5%12.4%0.070.2%
Koninklijke Philips N.V. PHG *$23.3 billion23.158.2%8.0%-1.0%0.741.6%
Steris plc STE$20.9 billion26.2111.2%18.9%8.4%0.261.1%
Zimmer Biomet Holdings, Inc. ZBH$17.0 billion21.636.4%14.2%8.6%0.501.1%
Solventum Corp. SOLV$14.9 billion10.6829.9%25.0%-0.9%1.06n/a
Baxter International Inc. BAX$12.6 billionn/a-17.1%-2.4%5.4%1.522.1%
Penumbra Inc. PEN$12.6 billion78.4810.5%12.4%17.6%0.00n/a
Smith & Nephew plc SNN *$12.0 billion19.0211.8%12.9%6.1%0.592.8%
Cooper Companies, Inc. COO$10.3 billion18.566.8%12.8%4.7%0.310.0%
Align Technology Inc. ALGN$10.2 billion24.839.8%13.2%4.4%0.00n/a
Globus Medical Inc. GMED$10.0 billion19.0911.2%20.3%19.7%0.00n/a
Glaukos Corp. GKOS$9.7 billionn/a-27.6%-31.6%41.5%0.00n/a
Insulet Corp. PODD$9.4 billion25.2826.4%16.9%29.4%0.65n/a
MSA Safety Inc. MSA$7.0 billion22.4622.4%21.2%6.5%0.431.2%
Haemonetics Corp. HAE$5.4 billion58.2011.5%11.9%0.4%1.42n/a
Teleflex Inc. TFX$5.3 billionn/a-35.5%2.0%30.7%0.971.1%
Merit Medical Systems Inc. MMSI$5.2 billion36.048.7%12.8%10.2%0.44n/a
Integer Holdings Corp. ITGR$4.3 billion34.597.5%9.7%2.7%0.72n/a
LivaNova plc LIVN$4.2 billion22.6014.2%12.7%12.4%0.22n/a
ICU Medical Inc. ICUI$4.0 billion135.931.4%3.3%-9.0%0.57n/a
Envista Holdings Corp. NVST$3.7 billion39.643.1%9.6%11.9%0.47n/a
Warby Parker Inc. WRBY$3.2 billion361.362.0%0.2%11.0%0.00n/a
TransMedics Group, Inc. TMDX$2.7 billion20.1629.3%12.2%25.8%0.880.0%
UFP Technologies Inc. UFPT$2.2 billion31.1215.6%15.3%7.3%0.25n/a
Inspire Medical Systems, Inc. INSP$2.0 billion14.9216.4%6.0%4.3%0.00n/a
Lemaitre Vascular Inc. LMAT$1.8 billion28.3115.6%29.5%11.8%0.401.0%
Dentsply Sirona Inc. XRAY$1.8 billionn/a-40.4%-8.5%-0.8%1.487.2%
Conmed Corp. CNMD$1.3 billion24.015.4%8.0%3.4%0.631.4%
National Vision Holdings, Inc. EYE$1.3 billion27.315.6%4.1%7.8%0.26n/a
Tandem Diabetes Care Inc. TNDM$1.1 billionn/a-48.6%-4.4%4.0%4.62n/a
Staar Surgical Co. STAA$1.1 billion309.711.1%4.0%51.3%0.00n/a
Integra Lifesciences Holdings Corp. IART$1.0 billionn/a-0.7%4.0%1.6%1.79n/a
Artivion, Inc. AORT$1.0 billionn/a-0.7%4.4%16.4%0.820.0%
Enovis Corp. ENOV$1.0 billionn/a-74.6%-45.1%4.9%0.87n/a
22 companies share its SEC industry code (Surgical & Medical Instruments & Apparatus); the rest are the names nearest in size in its wider industry, Medical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20263 August 2026EDGAR
10-Q31 March 20264 May 2026EDGAR
10-K31 December 202513 February 2026EDGAR
10-Q30 September 20253 November 2025EDGAR
10-Q30 June 20254 August 2025EDGAR
10-Q31 March 20255 May 2025EDGAR
10-K31 December 202410 February 2025EDGAR
10-Q30 September 20244 November 2024EDGAR
10-Q30 June 20246 August 2024EDGAR
10-Q31 March 20247 May 2024EDGAR

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