undamentalytics Newsletter
Sign in

Insmed Inc (INSM) stock

Add to watchlist

Add holding +

NASDAQ: INSM Nasdaq Biotechnology Next results ~January 25, 2027

B Fundamentals grade

Insmed Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$55

Valuation models combined (2)

Base case. Range ~$41–$59. Weighted average of 2 models (growth cash-flow model, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Insmed Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Insmed files

10-Q filed October 29: Insmed

Model value +9.9%

Revenue for the twelve months to September 2026 was $1.52bn, up 240.0% on a year earlier, faster than the 185.8% growth a quarter earlier. That growth ranks 16 of 122 among the biotechnology companies we cover. Free-cash-flow margin rose to -41.3% from -202.7% a year earlier. Operating margin widened to -37.1% from -258.9%. The diluted share count is up 13.7% on a year earlier, which dilutes existing holders. Its fundamentals grade moves from C+ to B. Our model value rises from $50.03 to $54.99 a share, against a share price of $116.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed August 6: Insmed

Insmed's revenue reached $1.52bn in the twelve months to June 2026, a rise of 240.0% on the prior year and an acceleration from the 185.8% growth recorded a quarter earlier. Among the 49 biotechnology companies we cover, that pace ranks second. Margins have also improved markedly: free-cash-flow margin climbed to -41.3% from -202.7%, while operating margin widened to -37.1% from -258.9%. Existing holders face further dilution, with the diluted share count up 13.7% year on year. These shifts lift the fundamentals grade from C to C+. Our model value has risen accordingly, from $38.67 to $50.03 a share, though this remains well below the current share price of $96.98.

10-Q on SEC EDGAR

Where Insmed stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.14bn, up 185.8% on a year earlier, faster than 115.1% a quarter earlier. That growth ranks 2 of 14 among the pharmaceutical preparations companies we cover. Free-cash-flow margin rose to -71.0% from -218.2% a year earlier. Operating margin widened to -73.9% from -252.4%. The diluted share count is up 18.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks. Our price-to-sales vs peers value is $19.35 a share, against a share price of $95.17.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Insmed Inc's trailing-twelve-month revenue grew 240.0% year on year, with a free-cash-flow margin of -41.3%. Where it stands out: revenue growth of 240.0% ranks 23 of 172 biotechnology companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 240.0% (+54.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 240.0% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 54.2 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 221.8 points on a year ago.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 451.2% over 90 days.

Things to watch

  • Loss-making. Operating margin is -37.1%: costs exceed revenue.
  • Burning cash. Free cash flow was -41.3% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 13.7% in a year.
  • High sales multiple. The shares trade at 16 times revenue while operating margins remain thin.
  • Volatile shares. Over the past year the shares showed annualised volatility of 62% and a beta of 0.6 against the S&P 500.
  • Insiders selling. 10 insiders sold $167M of stock over the past 365 days and none bought (56% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
-$0.46 against an average estimate of -$0.37: missed by 23.7%
Revenue
$524m, up 268.4% on a year earlier
Share reaction
+16.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
BRINSUPRI revenues $1.25bn to $1.4bn (full-year 2026); ARIKAYCE revenues $450m to $470m (full-year 2026)
Next report
October 29, 2026; average EPS estimate -$0.29

Insmed's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.9%
  • 1 week+17.1%
  • 1 month-1.6%
  • This year-37.2%
  • 1 year-42.3%
  • 5 years+237.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.5B
Operating margin
-37.1%
Net margin
-39.9%
EPS (TTM, diluted)
$-2.80

Growth

Revenue growth
+240.0%
Change in growth rate
+54.2 pts
Share count change
+13.7%

Cash

Free cash flow (TTM)
-$628M
FCF margin
-41.3%
Stock pay % of revenue
11.0%

Earnings

Last results
October 29, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Product
  4. Regulatory
  5. Announcement
  6. Leadership
  7. Insider trade
  8. Insider trade
  9. Results
  10. Insider trade
  11. Guidance
  12. Insider trade
  13. Announcement
  14. Insider trade
  15. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Insmed Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Insmed Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.98 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$59 ~$32–$83 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.1 ~$8.5–$18 Left out: out of range vs price (0.08x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$41 ~$42–$160 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$16 ~$12–$22 Left out: out of range vs price (0.15x)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$55 ~$41–$59 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Insmed Inc with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$18.15$13.23$31.18$13.12$23.88$33.29$27.24$19.98$30.99$69.04$174.04$109.31
Market value$1.1bn$819m$2.1bn$1.0bn$2.0bn$3.2bn$3.1bn$2.5bn$4.4bn$11.3bn$34.6bn$23.7bn
+ Net debt (− = net cash)−$258m−$108m−$326m−$179m−$37m−$83m$83m$80m$695m$567m$36m$159m
Enterprise value$806m$711m$1.8bn$830m$2.0bn$3.2bn$3.1bn$2.5bn$5.0bn$11.9bn$34.7bn$23.8bn
Multiples
Price / sales ———102.6x14.8x19.8x16.2x10.0x14.3x31.1x57.1x15.6x
Price / earnings ————————————
Price / free cash flow ————————————
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

24 /100

Weak moat

How hard Insmed's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -40.4% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 77.4%, moving by 2.8 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -242.0%; its worst year was -2528.2%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -194.7% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 100.4% over five years; stock-based pay has been a median 25.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (29 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.51 +77% $1.8bn +205%
Next $0.75 +149% $2.9bn +59%

Next year's EPS estimate has moved +451.2% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −42.7% on 90 days ago. In the last 30 days, 1 analyst raised Insmed Inc's forecast and 4 cut it.

Consensus EPS forecast Insmed Inc, last 90 days
−$3.00 −$2.00 −$1.00 $0.00 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$2.63 Current fiscal year, 60 days ago: −$1.55 Current fiscal year, 30 days ago: −$1.54 Current fiscal year, 7 days ago: −$1.59 Current fiscal year, Now: −$1.51 −$1.51 Next fiscal year, 90 days ago: $0.14 Next fiscal year, 60 days ago: $0.80 Next fiscal year, 30 days ago: $0.77 Next fiscal year, 7 days ago: $0.80 Next fiscal year, Now: $0.75 $0.75

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$2.63$0.14
60 days ago −$1.55$0.80
30 days ago −$1.54$0.77
7 days ago −$1.59$0.80
Now −$1.51$0.75

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.37 −$0.46 −23.7%
Jun 2026 −$0.68 −$0.06 +91.2%
Mar 2026 −$1.00 −$0.76 +23.9%
Dec 2025 −$1.17 −$1.54 −31.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • BRINSUPRI revenues full-year 2026 $1.25bn to $1.4bn Raised
    “The Company raised its guidance for full-year 2026 BRINSUPRI revenues to a range of $1.25 billion to $1.40 billion from the previous guidance of at least $1 billion.” source
  • ARIKAYCE revenues full-year 2026 $450m to $470m Maintained
    “The Company continues to anticipate full-year 2026 ARIKAYCE revenues in the range of $450 million to $470 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

24 analysts, Oct 2026
Buy2396%
Hold14%
Sell00%

Monthly trend

  1. Oct 202651824
  2. Sep 202651924
  3. Aug 202651823
  4. Jul 202651823

Counts of recommendations published by analysts covering Insmed Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.9%
of tradable shares
Days to cover
4.85
at average volume
Short interest, 1 month
+25%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
1,664
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −42.3%

$189.60 on October 31, 2025 to $109.31

ThenNowEffect
Revenue (last 12 months) $398m $1.1bn +185.8%
P/S multiple 86.1x 20.6x −76.0%
Share count 181m 215m −15.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
INSM−18%−27%+55%+123%+152%−37%
Industry peers (median)−36%−57%−18%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
INSM33%50%50%42%67%18%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
INSM−49%−40%−25%−29%−23%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 65% from January 3, 2018 to December 24, 2018. Getting back needed a 184% gain, reached on February 4, 2020, 407 days after the low.

Price behaviour

52-week range
$91.88 – $211.41
From 52-week high
−48.3%
vs 50-day average
−2.7%
vs 200-day average
−12.7%
Volatility (1 year)
62%
Beta vs S&P 500
0.56

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±9.8%
After a week
5 up, 6 down
typical move ±8.1%
After a month
7 up, 4 down
typical move ±25.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +16.1% −2.1% — —
August 6, 2026 +32.4% +0.5% +27.6% +27.5%
May 7, 2026 −26.1% +0.5% −15.7% −31.3%
February 19, 2026 +9.1% +0.5% −0.7% −10.0%
October 30, 2025 +13.6% −0.8% +11.2% +26.6%
August 7, 2025 −1.5% +0.7% +14.8% +31.8%
May 8, 2025 −4.7% +0.6% −1.6% +3.5%
February 20, 2025 −3.3% −2.1% −5.7% −4.7%
October 31, 2024 −2.8% −1.5% +2.0% +3.0%
August 8, 2024 +4.2% +2.8% +4.4% +1.2%
May 9, 2024 −0.1% +0.7% −3.5% +130.4%
February 22, 2024 −3.4% +2.1% −1.8% −6.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Insmed Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Insmed Inc
$0 $500M $1B $1.5B $2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $305.2M Revenue (TTM), FY24 Q1: $315.5M Revenue (TTM), FY24 Q2: $328.6M Revenue (TTM), FY24 Q3: $343M Revenue (TTM), FY24 Q4: $363.7M Revenue (TTM), FY25 Q1: $381M Revenue (TTM), FY25 Q2: $398.1M Revenue (TTM), FY25 Q3: $447M Revenue (TTM), FY25 Q4: $606.4M Revenue (TTM), FY26 Q1: $819.6M Revenue (TTM), FY26 Q2: $1.1B Revenue (TTM), FY26 Q3: $1.5B $1.5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $305.2M
FY24 Q1 $315.5M
FY24 Q2 $328.6M
FY24 Q3 $343M
FY24 Q4 $363.7M
FY25 Q1 $381M
FY25 Q2 $398.1M
FY25 Q3 $447M
FY25 Q4 $606.4M
FY26 Q1 $819.6M
FY26 Q2 $1.1B
FY26 Q3 $1.5B
Revenue growth, TTM YoY Insmed Inc
0% 100% 200% 300% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 24.4% Revenue growth, TTM YoY, FY24 Q1: 22.5% Revenue growth, TTM YoY, FY24 Q2: 21.9% Revenue growth, TTM YoY, FY24 Q3: 22.1% Revenue growth, TTM YoY, FY24 Q4: 19.2% Revenue growth, TTM YoY, FY25 Q1: 20.8% Revenue growth, TTM YoY, FY25 Q2: 21.1% Revenue growth, TTM YoY, FY25 Q3: 30.3% Revenue growth, TTM YoY, FY25 Q4: 66.7% Revenue growth, TTM YoY, FY26 Q1: 115.1% Revenue growth, TTM YoY, FY26 Q2: 185.8% Revenue growth, TTM YoY, FY26 Q3: 240.0% 240.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 24.4%
FY24 Q1 22.5%
FY24 Q2 21.9%
FY24 Q3 22.1%
FY24 Q4 19.2%
FY25 Q1 20.8%
FY25 Q2 21.1%
FY25 Q3 30.3%
FY25 Q4 66.7%
FY26 Q1 115.1%
FY26 Q2 185.8%
FY26 Q3 240.0%
Operating margin (TTM) Insmed Inc
-300% -200% -100% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -232.5% Operating margin (TTM), FY24 Q1: -224.1% Operating margin (TTM), FY24 Q2: -231.4% Operating margin (TTM), FY24 Q3: -240.9% Operating margin (TTM), FY24 Q4: -241.5% Operating margin (TTM), FY25 Q1: -257.4% Operating margin (TTM), FY25 Q2: -252.4% Operating margin (TTM), FY25 Q3: -258.9% Operating margin (TTM), FY25 Q4: -205.6% Operating margin (TTM), FY26 Q1: -140.6% Operating margin (TTM), FY26 Q2: -73.9% Operating margin (TTM), FY26 Q3: -37.1% -37.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -232.5%
FY24 Q1 -224.1%
FY24 Q2 -231.4%
FY24 Q3 -240.9%
FY24 Q4 -241.5%
FY25 Q1 -257.4%
FY25 Q2 -252.4%
FY25 Q3 -258.9%
FY25 Q4 -205.6%
FY26 Q1 -140.6%
FY26 Q2 -73.9%
FY26 Q3 -37.1%
FCF margin (TTM) Insmed Inc
-300% -200% -100% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -180.1% FCF margin (TTM), FY24 Q1: -186.5% FCF margin (TTM), FY24 Q2: -179.7% FCF margin (TTM), FY24 Q3: -185.5% FCF margin (TTM), FY24 Q4: -194.1% FCF margin (TTM), FY25 Q1: -207.1% FCF margin (TTM), FY25 Q2: -218.2% FCF margin (TTM), FY25 Q3: -202.7% FCF margin (TTM), FY25 Q4: -159.6% FCF margin (TTM), FY26 Q1: -112.5% FCF margin (TTM), FY26 Q2: -71.0% FCF margin (TTM), FY26 Q3: -41.3% -41.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -180.1%
FY24 Q1 -186.5%
FY24 Q2 -179.7%
FY24 Q3 -185.5%
FY24 Q4 -194.1%
FY25 Q1 -207.1%
FY25 Q2 -218.2%
FY25 Q3 -202.7%
FY25 Q4 -159.6%
FY26 Q1 -112.5%
FY26 Q2 -71.0%
FY26 Q3 -41.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 10 7 4 0 12 0 0 0 10 136 164 188 245 305 364 606 1,520
Gross profit — — — — — — 0 0 7 112 125 144 190 240 278 483 1,283
EBITDA −8 −8 −61 −42 −54 −116 −171 −186 −304 −230 −256 −366 −452 −704 −872 −1,236 −551
Operating income −9 −8 −62 −42 −55 −117 −173 −189 −307 −235 −265 −375 −457 −710 −878 −1,247 −564
Net income 118 −6 −60 −41 −56 −118 −176 −193 −324 −254 −294 −435 −482 −750 −914 −1,277 −606
Diluted EPS $9.30 −$0.49 −$2.95 −$1.56 −$1.60 −$2.02 −$2.85 −$2.89 −$4.22 −$3.01 −$3.01 −$3.88 −$3.91 −$5.34 −$5.57 −$6.42 −$2.80
Growth (year on year)
Revenue — −33.3% −36.2% −100.0% — −100.0% — — — +>999% +20.5% +14.6% +30.2% +24.4% +19.2% +66.7% +240.0%
Net income — −105.4% — — — — — — — — — — — — — — —
Diluted EPS — −105.3% — — — — — — — — — — — — — — —
Margins
Gross margin — — — — — — — — 75.4% 82.3% 75.7% 76.6% 77.5% 78.5% 76.4% 79.7% 84.4%
EBITDA margin −76.8% −116.1% <−999% — −472.5% — — — <−999% −168.6% −155.8% −194.2% −184.2% −230.7% −239.8% −203.9% −36.3%
Operating margin −83.6% −116.9% <−999% — −478.4% — — — <−999% −172.4% −161.3% −199.0% −186.4% −232.5% −241.5% −205.6% −37.1%
Net margin >999% −93.0% <−999% — −487.6% — — — <−999% −186.4% −178.9% −230.6% −196.3% −245.6% −251.2% −210.5% −39.9%
Free-cash-flow margin −106.2% −111.6% −706.0% — −413.0% — — — <−999% −214.6% −137.2% −196.6% −167.2% −180.1% −194.1% −159.6% −41.3%
Cash flow
Cash from operations −11 −8 −30 −31 −47 −101 −147 −160 −258 −251 −219 −363 −400 −536 −684 −935 −596
Capital spending 0 0 1 0 1 3 4 3 13 42 6 7 10 13 22 33 32
Free cash flow −11 −8 −31 −31 −47 −104 −151 −163 −271 −293 −226 −371 −410 −550 −706 −968 −628
Stock-based pay 3 0 2 3 9 16 18 18 26 27 36 46 58 75 97 153 167
Free cash flow after stock pay −14 −8 −33 −34 −56 −120 −169 −181 −297 −320 −262 −417 −468 −624 −803 −1,120 −795
Balance sheet
Cash — 11 15 91 114 283 163 381 495 487 533 717 1,074 482 555 510 397
Total debt — 0 0 20 20 25 55 56 317 450 450 800 1,154 1,178 1,122 547 555
Net debt (negative = net cash) — −11 −15 −71 −94 −258 −108 −326 −179 −37 −83 83 80 695 567 36 159
Diluted shares — 13m 23m 27m 35m 59m 62m 67m 77m 85m 98m 112m 123m 140m 164m 199m 216m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $2.2bn
Short-term assets $1.7bnLonger-term assets $520m
What it owes, and who funded it · $2.2bn
Short-term liabilities $597mLonger-term liabilities $903mShareholders' equity $726m
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $597m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.7bn short-term assets against $903m of longer-dated liabilities.
  • More cash than debt $397m of cash against $555m of debt.
  • Debt below 40% of shareholders' equity Debt is 76% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 653% to 76% over five years.
  • A year's operating cash flow covers at least 20% of debt −$596m of operating cash flow against $555m of debt.
  • Operating profit covers interest at least five times over Operating income of −$564m against $81m of interest.

From Insmed Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+13.7%
year over year
R&D spending
62.1%
of revenue
Sales & admin spending
63.2%
of revenue
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated INSM HALO ALKS MDGL LKFT PTCT Median
Revenue, last 12 months $1.5bn $1.7bn $1.7bn $1.3bn $1.3bn $1.2bn $56m
Revenue growth, last 12 months 240.0% 41.2% 10.8% 149.0% 321.6% −35.1% 12.6%
Revenue growth, 3-year average 75.6% 29.1% 4.5% — — 13.1% 13.7%
Revenue growth, latest quarter 268.4% 47.7% 27.0% 71.2% — 69.6% 10.2%
Gross margin 84.4% 82.4% 84.6% — 97.3% 96.0% 82.9%
Operating margin −37.1% 35.9% 7.0% −25.1% 26.5% 12.8% −189.4%
Operating margin, 3-year average −179.0% 46.6% 17.2% <−999% −39.1% 13.8% −363.5%
Net margin −39.9% 24.9% 4.0% −25.3% 28.9% −9.2% −169.8%
Cash from operations / revenue −39.2% 49.2% 15.1% −15.4% −23.1% 0.9% −168.0%
Free-cash-flow margin −41.3% 48.5% 13.3% −16.1% −24.4% 0.2% −162.4%
Free-cash-flow margin, 3-year average −143.2% 47.0% 22.3% <−999% −127.4% 6.4% −310.0%
Stock pay / revenue 11.0% 3.8% 7.1% 9.5% 2.2% 7.7% 20.0%
Change in share count 13.7% −4.2% 1.1% 14.8% 0.0% 9.3% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 240.0% 12.6% 23 of 172
Change in growth rate Growth +54.2pp -0.1pp 26 of 172
Gross margin Profitability 84.4% 82.4% 34 of 75
Operating margin Profitability -37.1% -189.4% 59 of 175
Net margin Profitability -39.9% -157.3% 59 of 180
Free-cash-flow margin Cash generation -41.3% -145.4% 62 of 176
Stock pay as % of revenue Cash generation 11.0% 19.2% 64 of 179
Long-term debt as % of assets Balance sheet 24.5% 20.6% 46 of 78
Change in share count Balance sheet 13.7% 7.9% 100 of 156
Days sales outstanding Balance sheet 62 days 75 days 47 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
ARIKAYCE $434M 71.5% ▲ 19.3%
BRINSUPRI $173M 28.5% —
Geography
Region Revenue Share YoY
United States $453M 74.7% ▲ 77.8%
Outside the US $153M 25.3% ▲ 40.9%

From Insmed Inc's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$23.9B
Institutions reporting
662
Shares held vs prior quarter
▲ 0.8%
Positions opened / closed
110 / 120

Top buyers and sellers, Q2 2026: 355 institutions bought and 350 sold ; the biggest buyer was Orbis Allan Gray Ltd (+4.2M shares) and the biggest seller Jpmorgan Chase & Co (−13.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $1.7B 16.1M 7.2% ▲ 22.7%
Blackrock, Inc. $1.7B 15.8M 7.1% ▼ 5.2%
Vanguard Portfolio Management LLC $1.1B 10.4M 4.7% ▲ 0.3%
Jpmorgan Chase & Co $1.1B 10.4M 4.6% ▼ 56.8%
Vanguard Capital Management LLC $1B 9.8M 4.4% ▲ 1.5%
Baker Bros. Advisors LP $938M 8.8M 3.9% ▲ 18.5%
Capital International Investors $878M 8.2M 3.7% ▲ 47.2%
Darwin Global Management, Ltd. $674M 6.4M 2.8% ▼ 61.7%
Ameriprise Financial Inc $659M 6.2M 2.8% ▲ 102.1%
Orbis Allan Gray Ltd $648M 6.1M 2.7% ▲ 224.5%
State Street Corp $645M 6.1M 2.7% ▲ 9.0%
D. E. Shaw & Co., Inc. $627M 5.9M 2.6% ▲ 4.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Insmed Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $167M 169 trades by 10 insiders · 56% under pre-set plans
Net ▼ $167M net selling
Insider Date Trade Shares Price Value
Brennan David R Director September 9, 2026 Sell 25,000 $124.00 $3.1M
Sharoky Melvin Md Director August 17, 2026 Sell 5,000 $127.53 $637,650
Adsett Roger Chief Operating Officer August 10, 2026 Sell 239,850 $133.27 $32M
Flammer Martina M.D. Chief Medical Officer August 6, 2026 Sell pre-set plan 18,278 $129.40 $2.4M
Flammer Martina M.D. Chief Medical Officer August 6, 2026 Sell pre-set plan 8,895 $127.00 $1.1M
Lewis William Chair and CEO July 23, 2026 Sell pre-set plan 5,872 $106.43 $624,957
Lewis William Chair and CEO July 23, 2026 Sell pre-set plan 4,828 $105.62 $509,933
Lewis William Chair and CEO July 9, 2026 Sell pre-set plan 5,005 $116.55 $583,333
Lewis William Chair and CEO July 9, 2026 Sell pre-set plan 3,359 $118.52 $398,109
Lewis William Chair and CEO July 9, 2026 Sell pre-set plan 2,335 $117.62 $274,643
Flammer Martina M.D. Chief Medical Officer July 6, 2026 Sell pre-set plan 4,854 $109.02 $529,183
Flammer Martina M.D. Chief Medical Officer July 6, 2026 Sell pre-set plan 7,448 $110.60 $823,749

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 10 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Insmed Inc shares.

  • Josh Gottheimer(D-NJ 5):Sale (partial), $1,001 - $15,000, traded June 10, 2026, filed July 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded October 3, 2025, filed November 18, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded September 22, 2025, filed October 10, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 6, 2026
  • May 7, 2026
  • February 19, 2026
  • October 30, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Insmed Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Insmed Inc in brief

What does Insmed Inc do?
Insmed Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Insmed Inc's stock ticker?
Insmed Inc trades under the ticker INSM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Insmed Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Insmed Inc reported revenue of $1.5B, 240.0% higher than a year earlier, according to its SEC filings.
What is Insmed Inc's free cash flow?
Insmed Inc's free-cash-flow margin is -41.3% of revenue over the trailing twelve months, ranking 62 of the 176 biotechnology companies we cover.
Who are Insmed Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Insmed Inc's market cap?
On November 2, 2026, Insmed Inc's market capitalisation was about $23.7B and net debt of $159M. Market figures come from third-party market data and may be delayed.
How much debt does Insmed Inc have?
Insmed Inc's debt-to-equity ratio is 76.4%, from its latest balance sheet (653.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Insmed Inc's competitors?
In our Biotechnology peer group, the companies closest to Insmed Inc are Halozyme Therapeutics, Inc., Alkermes plc., Madrigal Pharmaceuticals, Inc., Lakefront Biotherapeutics NV and PTC Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Insmed Inc's.
Are insiders buying or selling Insmed Inc stock?
Over the last 12 months, Insmed Inc's directors and officers reported 0 open-market purchases and 169 sales on Form 4. The insider trading page charts every trade.
When is Insmed Inc's next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Insmed Inc announces its own schedule.