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Inspire Medical Systems, Inc. (INSP) stock

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NYSE: INSP NYSE Health Care Equipment Next results ~February 10, 2027

B Fundamentals grade

Inspire Medical Systems, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$38

Valuation models combined (3)

Base case. Range ~$25–$46. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), 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.

Inspire Medical Systems, 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.

  • Insiders0 buying, 3 selling0 purchases and 7 sales by directors and officers, last 12 monthsInsider trades
  • Funds159 adding, 165 cuttingOf 58 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Inspire Medical Systems files

10-Q filed November 2: Inspire Medical Systems

Model value −64.6%

Inspire Medical Systems posted revenue of $881m for the twelve months to September 2026, slipping 0.2% on a year earlier after growth of 4.3% a quarter earlier. Free-cash-flow margin held steady at 11.1%, while operating margin narrowed to 1.8% from 4.2%. A 3.9% reduction in the diluted share count over the year has lifted the claim each remaining share holds on the business. The fundamentals grade improves from C+ to B, reflecting that firmer per-share position despite the softer top line and thinner operating margin. Even so, our model value drops sharply, from $108 to $38.04 a share, well below the current share price of $65.94. The gap suggests the market is pricing in considerably more than the underlying numbers currently support.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Inspire Medical Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $899m, up 4.3% on a year earlier, slower than the 8.9% growth a quarter earlier. Free-cash-flow margin rose to 13.0% from 9.9% a year earlier. The diluted share count is down 4.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our valuation models combined value is $108 a share, against a share price of $71.19.

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 ~February 10, 2027 (estimated)

Inspire Medical Systems, Inc.'s trailing-twelve-month revenue fell 0.2% year on year, with a free-cash-flow margin of 11.1%. Where it stands out: gross margin of 86.2% ranks 11 of 123 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 0.9% while net income grew 126.0%: a 127pp divergence.

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

  • Shrinking share count. Diluted shares fell 3.9% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.2bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 21.7% over 90 days.

Things to watch

  • Revenue shrinking. Revenue fell 0.2% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 71% and a beta of 1.0 against the S&P 500.
  • Growth easing. The growth rate is 4.5 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -4.5pp ranks 102 of 129 health care equipment companies we cover (median -0.6pp).
  • Heavily shorted. 20.3% of the shares available to trade are sold short (4.7 days of average volume to cover).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$0.14 against an average estimate of $0.09: beat by 54.1%
Revenue
$207m, down 7.9% on a year earlier
Guidance given
revenue outlook $835m to $875m (Full Year 2026); annual adjusted operating margin 4% to 6% (Full Year 2026)
Next report
November 2, 2026; average EPS estimate $0.91

Inspire Medical Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.3%
  • 1 week-5.4%
  • 1 month-3.9%
  • This year-27.1%
  • 1 year-6.8%
  • 5 years-75.0%
  • S&P 500 this year+11.2%

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

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$881M
Operating margin
1.8%
Net margin
11.4%
EPS (TTM, diluted)
$3.47

Growth

Revenue growth
−0.2%
Change in growth rate
−4.5 pts
Share count change
−3.9%

Cash

Free cash flow (TTM)
$97.9M
FCF margin
11.1%
Stock pay % of revenue
13.3%

Earnings

Last results
November 2, 2026
Next results (est.)
February 10, 2027

News & updates

Updated November 2, 2026

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

  1. Results
  2. Results
  3. Guidance
  4. Leadership
  5. Leadership

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

Inspire Medical Systems, 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 Inspire Medical Systems, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.86 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. ~$41 ~$31–$46 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. ~$25 ~$22–$39 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$6.1 ~$3.4–$11 Left out: out of range vs price (0.09x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity below long-run growth
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. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$46 ~$46–$55 Included
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. ~$38 ~$25–$46 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Inspire Medical Systems, Inc. with Health Care Equipment 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 20182019202020212022202320242025Now
Share price$42.25$74.21$188.09$230.06$251.88$203.43$185.38$92.23$67.21
Market value$616m$1.8bn$4.9bn$6.3bn$7.1bn$6.0bn$5.7bn$2.7bn$2.0bn
+ Net debt (− = net cash)−$97m$2m−$166m−$181m−$442m−$186m−$150m−$105m−$191m
Enterprise value$519m$1.8bn$4.7bn$6.1bn$6.6bn$5.8bn$5.5bn$2.6bn$1.8bn
Multiples
Price / sales 12.2x21.5x42.5x26.9x17.3x9.5x7.1x3.0x2.2x
Price / earnings ——————105.8x18.9x19.4x
Price / free cash flow ————n/mn/m62.1x35.0x19.9x
EV / EBITDA ——————129.3x40.7x51.2x

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

39 /100

Weak moat

How hard Inspire Medical Systems's competitive advantage looks for rivals to wear away, judged from 9 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 -9.6% of total assets over 9 years.

  • Pricing power 20 / 20

    Gross margin has been a median 84.7%, moving by 1.7 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -14.1%; its worst year was -60.7%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 9 years, at a median -3.9% of revenue.

  • Discipline 4 / 20

    The diluted share count rose 6.9% over five years; stock-based pay has been a median 12.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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 $1.25 −48% $854m −6%
Next $1.54 +23% $887m +4%

Next year's EPS estimate has moved +21.7% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +39.5% on 90 days ago. In the last 30 days, 2 analysts raised Inspire Medical Systems, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Inspire Medical Systems, Inc., last 90 days
$0.80 $1.00 $1.20 $1.40 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.90 Current fiscal year, 60 days ago: $1.25 Current fiscal year, 30 days ago: $1.25 Current fiscal year, 7 days ago: $1.25 Current fiscal year, Now: $1.25 $1.25 Next fiscal year, 90 days ago: $1.26 Next fiscal year, 60 days ago: $1.54 Next fiscal year, 30 days ago: $1.54 Next fiscal year, 7 days ago: $1.54 Next fiscal year, Now: $1.54 $1.54

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.90$1.26
60 days ago $1.25$1.54
30 days ago $1.25$1.54
7 days ago $1.25$1.54
Now $1.25$1.54

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.09 $0.14 +54.1%
Jun 2026 −$0.25 $0.14 +157.1%
Mar 2026 −$0.26 $0.10 +138.4%
Dec 2025 $0.68 $1.65 +142.1%

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

Management guidance

Earnings release, August 3, 2026
  • revenue outlook Full Year 2026 $835m to $875m Raised
    “The Company is raising its previously announced revenue outlook to be in the range of $835 million to $875 million.” source
  • diluted EPS Full Year 2026 $-0.42 to $0.17 GAAP Raised
    “Additionally, the Company now expects annual adjusted operating margin to be in the range of 4% to 6%, diluted EPS to be in the range of $(0.42) to $0.17 and adjusted diluted EPS to be in the range of $1.05 to $1.45.” source
  • adjusted diluted EPS Full Year 2026 $1.05 to $1.45 Non-GAAP Raised
    “Additionally, the Company now expects annual adjusted operating margin to be in the range of 4% to 6%, diluted EPS to be in the range of $(0.42) to $0.17 and adjusted diluted EPS to be in the range of $1.05 to $1.45.” source
  • annual adjusted operating margin Full Year 2026 4% to 6% Non-GAAP Raised
    “Additionally, the Company now expects annual adjusted operating margin to be in the range of 4% to 6%, diluted EPS to be in the range of $(0.42) to $0.17 and adjusted diluted EPS to be in the range of $1.05 to $1.45.” source
  • effective tax rate Full Year 2026 95% to 100% GAAP
    “The Company's outlook assumes an effective tax rate of approximately 95% to 100% and an adjusted effective tax rate of 30% to 35%, estimated weighted average diluted shares outstanding of approximately 29.4 million, and capital expenditures between $35 million to $40 million.” source
  • adjusted effective tax rate Full Year 2026 30% to 35% Non-GAAP
    “The Company's outlook assumes an effective tax rate of approximately 95% to 100% and an adjusted effective tax rate of 30% to 35%, estimated weighted average diluted shares outstanding of approximately 29.4 million, and capital expenditures between $35 million to $40 million.” source
Show 2 more items
  • estimated weighted average diluted shares outstanding Full Year 2026 about 29.4m
    “The Company's outlook assumes an effective tax rate of approximately 95% to 100% and an adjusted effective tax rate of 30% to 35%, estimated weighted average diluted shares outstanding of approximately 29.4 million, and capital expenditures between $35 million to $40 million.” source
  • capital expenditures Full Year 2026 $35m to $40m
    “The Company's outlook assumes an effective tax rate of approximately 95% to 100% and an adjusted effective tax rate of 30% to 35%, estimated weighted average diluted shares outstanding of approximately 29.4 million, and capital expenditures between $35 million to $40 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

18 analysts, Nov 2026
Buy422%
Hold1161%
Sell317%

Monthly trend

  1. Nov 2026411218
  2. Oct 202641117
  3. Sep 202641117

Counts of recommendations published by analysts covering Inspire Medical Systems, 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
20.3%
of tradable shares
Days to cover
4.74
at average volume
Short interest, 1 month
+14%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
1,333
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 −6.8%

$72.08 on October 31, 2025 to $67.21

ThenNowEffect
Revenue (last 12 months) $861m $899m +4.3%
Net margin 6.2% 15.0% +143.6%
P/E multiple 41.4x 14.5x −64.9%
Share count 30m 29m +4.4%

Biggest factor: p/e multiple.

Last 3 years −60.4%

$169.70 on November 3, 2023 to $67.21

ThenNowEffect
Revenue (last 12 months) $526m $899m +70.8%
P/S multiple 9.3x 2.2x −76.5%
Share count 29m 29m −1.2%

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
INSP+22%+10%−19%−9%−50%−27%
Industry peers (median)−9%−37%−8%−20%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
INSP58%58%50%50%17%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
INSP−34%−45%−62%−50%−67%−60%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since May 3, 2018: 88% from July 14, 2023 to May 15, 2026. Getting back needed a 714% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$40.05 – $143.99
From 52-week high
−53.3%
vs 50-day average
−2.2%
vs 200-day average
+15.0%
Volatility (1 year)
71%
Beta vs S&P 500
1.02

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
6 up, 5 down
typical move ±14.7%
After a week
4 up, 7 down
typical move ±15.0%
After a month
4 up, 7 down
typical move ±26.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +27.7% +3.3% +18.9% +22.5%
May 4, 2026 −14.9% +0.4% −23.5% −28.7%
February 11, 2026 −12.5% −1.6% −12.3% −14.0%
January 12, 2026 −6.0% 0.0% −4.0% −30.7%
November 3, 2025 +17.9% −1.0% +19.4% +86.9%
August 4, 2025 −30.3% +1.0% −36.9% −32.1%
May 5, 2025 +1.3% −1.4% −2.1% −13.7%
February 10, 2025 +1.0% +0.8% −1.1% −10.8%
January 13, 2025 −16.0% +0.3% −8.6% −7.6%
November 4, 2024 +4.3% +1.0% +5.9% +3.3%
August 6, 2024 +29.5% +0.2% +32.1% +35.6%

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.

Inspire Medical Systems, 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) Inspire Medical Systems, Inc.
$600M $700M $800M $900M $1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $624.8M Revenue (TTM), FY24 Q1: $660.9M Revenue (TTM), FY24 Q2: $705.7M Revenue (TTM), FY24 Q3: $755.6M Revenue (TTM), FY24 Q4: $802.8M Revenue (TTM), FY25 Q1: $840.1M Revenue (TTM), FY25 Q2: $861.3M Revenue (TTM), FY25 Q3: $882.6M Revenue (TTM), FY25 Q4: $912M Revenue (TTM), FY26 Q1: $915.2M Revenue (TTM), FY26 Q2: $898.7M Revenue (TTM), FY26 Q3: $880.9M $880.9M

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $624.8M
FY24 Q1 $660.9M
FY24 Q2 $705.7M
FY24 Q3 $755.6M
FY24 Q4 $802.8M
FY25 Q1 $840.1M
FY25 Q2 $861.3M
FY25 Q3 $882.6M
FY25 Q4 $912M
FY26 Q1 $915.2M
FY26 Q2 $898.7M
FY26 Q3 $880.9M
Revenue growth, TTM YoY Inspire Medical Systems, Inc.
-20% 0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 53.2% Revenue growth, TTM YoY, FY24 Q1: 41.7% Revenue growth, TTM YoY, FY24 Q2: 34.1% Revenue growth, TTM YoY, FY24 Q3: 32.5% Revenue growth, TTM YoY, FY24 Q4: 28.5% Revenue growth, TTM YoY, FY25 Q1: 27.1% Revenue growth, TTM YoY, FY25 Q2: 22.0% Revenue growth, TTM YoY, FY25 Q3: 16.8% Revenue growth, TTM YoY, FY25 Q4: 13.6% Revenue growth, TTM YoY, FY26 Q1: 8.9% Revenue growth, TTM YoY, FY26 Q2: 4.3% Revenue growth, TTM YoY, FY26 Q3: -0.2% -0.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 53.2%
FY24 Q1 41.7%
FY24 Q2 34.1%
FY24 Q3 32.5%
FY24 Q4 28.5%
FY25 Q1 27.1%
FY25 Q2 22.0%
FY25 Q3 16.8%
FY25 Q4 13.6%
FY26 Q1 8.9%
FY26 Q2 4.3%
FY26 Q3 -0.2%
Operating margin (TTM) Inspire Medical Systems, Inc.
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -6.4% Operating margin (TTM), FY24 Q1: -5.4% Operating margin (TTM), FY24 Q2: -2.0% Operating margin (TTM), FY24 Q3: 1.8% Operating margin (TTM), FY24 Q4: 4.5% Operating margin (TTM), FY25 Q1: 5.9% Operating margin (TTM), FY25 Q2: 4.8% Operating margin (TTM), FY25 Q3: 4.2% Operating margin (TTM), FY25 Q4: 5.6% Operating margin (TTM), FY26 Q1: 5.6% Operating margin (TTM), FY26 Q2: 6.0% Operating margin (TTM), FY26 Q3: 1.8% 1.8%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -6.4%
FY24 Q1 -5.4%
FY24 Q2 -2.0%
FY24 Q3 1.8%
FY24 Q4 4.5%
FY25 Q1 5.9%
FY25 Q2 4.8%
FY25 Q3 4.2%
FY25 Q4 5.6%
FY26 Q1 5.6%
FY26 Q2 6.0%
FY26 Q3 1.8%
FCF margin (TTM) Inspire Medical Systems, Inc.
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 0.2% FCF margin (TTM), FY24 Q1: 0.5% FCF margin (TTM), FY24 Q2: -1.3% FCF margin (TTM), FY24 Q3: 5.1% FCF margin (TTM), FY24 Q4: 11.4% FCF margin (TTM), FY25 Q1: 9.4% FCF margin (TTM), FY25 Q2: 9.9% FCF margin (TTM), FY25 Q3: 11.2% FCF margin (TTM), FY25 Q4: 8.6% FCF margin (TTM), FY26 Q1: 10.6% FCF margin (TTM), FY26 Q2: 13.0% FCF margin (TTM), FY26 Q3: 11.1% 11.1%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 0.2%
FY24 Q1 0.5%
FY24 Q2 -1.3%
FY24 Q3 5.1%
FY24 Q4 11.4%
FY25 Q1 9.4%
FY25 Q2 9.9%
FY25 Q3 11.2%
FY25 Q4 8.6%
FY26 Q1 10.6%
FY26 Q2 13.0%
FY26 Q3 11.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. 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 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 16 29 51 82 115 233 408 625 803 912 881
Gross profit 13 23 41 68 98 200 342 528 680 779 759
EBITDA −17 −16 −20 −34 −55 −39 −46 −37 43 65 34
Operating income −17 −16 −20 −35 −56 −40 −48 −40 36 51 16
Net income −19 −18 −22 −33 −57 −42 −45 −21 54 145 101
Diluted EPS −$16.90 −$14.88 −$1.50 −$1.40 −$2.19 −$1.54 −$1.60 −$0.72 $1.75 $4.89 $3.47
Growth (year on year)
Revenue — +73.9% +77.1% +62.2% +40.6% +102.3% +74.8% +53.2% +28.5% +13.6% −0.2%
EBITDA — — — — — — — — — +52.3% −30.3%
Operating income — — — — — — — — — +41.2% −57.1%
Net income — — — — — — — — — +171.8% +126.0%
Diluted EPS — — — — — — — — — +179.4% +135.3%
Margins
Gross margin 76.2% 78.9% 80.1% 83.4% 84.7% 85.7% 83.8% 84.5% 84.7% 85.4% 86.2%
EBITDA margin −104.4% −55.0% −39.5% −41.9% −48.0% −16.6% −11.2% −6.0% 5.3% 7.1% 3.9%
Operating margin −105.0% −56.0% −40.3% −42.5% −48.7% −17.1% −11.7% −6.4% 4.5% 5.6% 1.8%
Net margin −112.8% −61.3% −43.1% −40.5% −49.6% −18.0% −11.0% −3.4% 6.7% 15.9% 11.4%
Free-cash-flow margin −111.1% −56.7% −37.4% −43.4% −48.1% −10.6% 0.6% 0.2% 11.4% 8.6% 11.1%
Cash flow
Cash from operations −18 −16 −19 −33 −53 −20 12 25 130 117 135
Capital spending 0 0 0 3 2 5 9 24 39 38 37
Free cash flow −18 −16 −19 −36 −56 −25 2 1 91 78 98
Stock-based pay 0 0 1 6 13 26 52 82 116 130 117
Free cash flow after stock pay −19 −16 −20 −42 −68 −51 −49 −81 −25 −52 −19
Balance sheet
Cash 7 9 97 23 191 214 442 186 150 105 191
Total debt 0 16 — 25 25 34 0 0 0 0 0
Net debt (negative = net cash) −7 8 −97 2 −166 −181 −442 −186 −150 −105 −191
Diluted shares 1m 1m 15m 24m 26m 27m 28m 29m 31m 30m 29m
Returned to shareholders
Buybacks — — — — — — 0 0 0 175 50
Total returned — — — — — — 0 0 0 175 50

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

2 of 2 checks passed · September 30, 2026
What it owns · $953m
Short-term assets $628mLonger-term assets $325m
What it owes, and who funded it · $953m
Short-term liabilities $97mLonger-term liabilities $29mShareholders' equity $827m
  • Short-term assets cover short-term liabilities $628m of assets due within a year against $97m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $628m short-term assets against $29m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Inspire Medical Systems, 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

FY2026 Q3 TTM
Buybacks (TTM)
$50M
Returned to shareholders
51%
of free cash flow
Buybacks, last 3 fiscal years
$175M
Diluted share count
−3.9%
year over year
Total shareholder yield
2.6%
dividends 0.0% + buybacks 2.6% of market value
R&D spending
11.1%
of revenue
Sales & admin spending
73.3%
of revenue
Days sales outstanding
43 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated INSP VREX ATEC OFIX IRTC MYGN Median
Revenue, last 12 months $881m $865m $840m $833m $825m $807m $99m
Revenue growth, last 12 months −0.2% 5.3% 15.3% 3.0% 25.6% −3.2% 9.2%
Revenue growth, 3-year average 15.6% −1.2% 23.1% 11.7% 22.2% 4.9% 13.5%
Revenue growth, latest quarter −7.9% 3.7% 12.6% 3.8% 20.1% −10.5% 10.2%
Gross margin 86.2% 34.3% 71.3% 71.3% 71.5% 68.8% 61.2%
Operating margin 1.8% 8.3% −3.6% −4.7% −3.0% −12.2% −8.5%
Operating margin, 3-year average 2.6% 3.1% −14.8% −9.7% −14.3% −27.2% −17.9%
Net margin 11.4% 2.6% −10.3% −7.4% −1.7% −14.0% −12.0%
Cash from operations / revenue 15.3% 1.3% 7.3% 2.0% 10.4% 1.0% −1.9%
Free-cash-flow margin 11.1% −2.3% −1.2% −3.3% 4.7% −4.2% −3.9%
Free-cash-flow margin, 3-year average 9.1% 2.4% −12.1% −4.2% −3.0% −10.5% −7.0%
Stock pay / revenue 13.3% 1.7% 9.0% 3.4% 10.1% 3.6% 6.1%
Change in share count −3.9% −8.8% 4.6% 3.6% 2.9% 2.5% 4.0%

Median of all 134 companies we cover in health care equipment. 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

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth -0.2% 9.1% 101 of 129
Change in growth rate Growth -4.5pp -0.6pp 102 of 129
Gross margin Profitability 86.2% 61.9% 11 of 123
Operating margin Profitability 1.8% -8.3% 46 of 132
Net margin Profitability 11.4% -12.0% 24 of 133
Free-cash-flow margin Cash generation 11.1% -3.4% 29 of 128
Stock pay as % of revenue Cash generation 13.3% 6.1% 85 of 123
Change in share count Balance sheet -3.9% 3.3% 11 of 115
Days sales outstanding Balance sheet 43 days 57 days 27 of 118

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
Geography
Region Revenue Share YoY
United States $872M 95.6% ▲ 13.1%
Outside the US $39.9M 4.4% ▲ 25.6%

From Inspire Medical Systems, Inc.'s 10-K filed February 13, 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
$1.7B
Institutions reporting
275
Shares held vs prior quarter
▲ 9.4%
Positions opened / closed
63 / 89

Top buyers and sellers, Q2 2026: 159 institutions bought and 165 sold ; the biggest buyer was AQR Capital Management LLC (+1.5M shares) and the biggest seller Deerfield Management Company, L.P (−1.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $211M 4.7M 12.4% ▲ 33.5%
Wellington Management Group LLP $106M 2.4M 6.3% ▼ 6.0%
Vanguard Portfolio Management LLC $93.2M 2.1M 5.5% ▲ 27.6%
Soleus Capital Management, L.P. $86.2M 1.9M 5.1% ▲ 235.1%
AQR Capital Management LLC $80.9M 1.9M 4.8% ▲ 501.6%
Assenagon Asset Management S.A. $77.1M 1.7M 4.5% ▲ 232.3%
UBS Group AG $73.4M 1.6M 4.3% ▲ 157.5%
D. E. Shaw & Co., Inc. $65.6M 1.5M 3.9% ▲ 23.7%
Nomura Holdings Inc $61.1M 1.4M 3.6% New
Deerfield Management Company, L.P. $57.9M 1.3M 3.4% ▼ 52.0%
Vanguard Capital Management LLC $56.7M 1.3M 3.3% ▲ 0.3%
State Street Corp $53.8M 1.2M 3.2% ▲ 26.2%

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 Inspire Medical Systems, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $665,952 7 trades by 3 insiders · 70% under pre-set plans
Net ▼ $665,952 net selling
Insider Date Trade Shares Price Value
Kelly Jason P See Remarks August 7, 2026 Sell 963 $59.55 $57,347
Rondoni John See Remarks May 15, 2026 Sell 2,641 $43.28 $114,302
Rondoni John See Remarks May 14, 2026 Sell 700 $43.01 $30,107
Mccormick Shawn Director May 8, 2026 Sell pre-set plan 696 $45.31 $31,536
Rondoni John See Remarks January 9, 2026 Sell pre-set plan 109 $100.00 $10,900
Mccormick Shawn Director December 2, 2025 Sell pre-set plan 1,200 $139.00 $166,800
Mccormick Shawn Director November 28, 2025 Sell pre-set plan 2,000 $127.48 $254,960

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 1 trade and filings

No trades in Inspire Medical Systems, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Daniel S. Goldman(D-NY 10):Sale (partial), $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023

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

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 11, 2026
  • January 12, 2026
  • November 3, 2025

Recent SEC filings

Data status

When each part of this page on Inspire Medical Systems, 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.

Inspire Medical Systems, Inc. in brief

What does Inspire Medical Systems, Inc. do?
Inspire Medical Systems, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Inspire Medical Systems, Inc.'s stock ticker?
Inspire Medical Systems, Inc. trades under the ticker INSP on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Inspire Medical Systems, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Inspire Medical Systems, Inc. reported revenue of $881M, 0.2% lower than a year earlier, according to its SEC filings.
What is Inspire Medical Systems, Inc.'s free cash flow?
Inspire Medical Systems, Inc.'s free-cash-flow margin is 11.1% of revenue over the trailing twelve months, ranking 29 of the 128 health care equipment companies we cover.
Who are Inspire Medical Systems, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wellington Management Group LLP and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Inspire Medical Systems, Inc. buying back stock, and does it pay a dividend?
Inspire Medical Systems, Inc. spent $50M on share repurchases over the trailing twelve months, and its diluted share count fell 3.9% over the year.
What is Inspire Medical Systems, Inc.'s market cap?
On November 2, 2026, Inspire Medical Systems, Inc.'s market capitalisation was about $2B, with a price-to-earnings ratio of 19.4 and net debt of -$191M. Market figures come from third-party market data and may be delayed.
Who are Inspire Medical Systems, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Inspire Medical Systems, Inc. are Varex Imaging Corp, Alphatec Holdings, Inc., Orthofix Medical Inc., Irhythm Holdings, Inc. and Myriad Genetics Inc. The side-by-side comparison below sets their revenue, margins and growth against Inspire Medical Systems, Inc.'s.
Are insiders buying or selling Inspire Medical Systems, Inc. stock?
Over the last 12 months, Inspire Medical Systems, Inc.'s directors and officers reported 0 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Inspire Medical Systems, Inc.'s next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Inspire Medical Systems, Inc. announces its own schedule.