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Inspire Medical Systems vs Varex Imaging

Inspire Medical Systems and Varex Imaging are similar in size: $912m and $845m of revenue in their latest fiscal years. Inspire Medical Systems grew faster (13.6% against 4.1%). Inspire Medical Systems kept more of each dollar of sales as profit: a net margin of 15.9% against -8.3%. Inspire Medical Systems carries less debt relative to equity (0.0% against 78.3%).

Latest fiscal yearInspire Medical SystemsINSP, 2025Varex ImagingVREX, 2025
Revenue $912m $845m
Revenue growth 13.6% 4.1%
Net income $145m −$70.3m
Operating margin 5.6% -3.3%
Net margin 15.9% -8.3%
Return on equity 19.8% -14.0%
Free cash flow $78.5m $18.8m
Cash $105m $145m
Total debt $0 $370m
Debt to equity 0.0% 78.3%
Dividend per share — —
Dividend yield — —
Share buybacks $175m —
Employees 1,333 2,400
Market value $1.80bn $781m
Price vs our value range — Above our value range
Moat score 39 (Weak) 52 (Moderate)
Insider trades, 12 months 0 buys, 7 sales 0 buys, 3 sales

Each figure is from the company's latest annual report and links to the page it comes from. Fiscal years can end on different dates. Market value and the value verdict use the delayed price shown on the stock pages. Not a recommendation.

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Figures from each company's latest annual report filed with the SEC (10-K or 20-F), as reported, with the fiscal year shown. Not investment advice. How we read filings: methodology.