InMode Ltd.
INMD Nasdaq Electromedical & Electrotherapeutic Apparatus Financials FY2017–FY2025
Last close · Oct 23, 2026
$13.97
0.6%
Revenue
Total sales reported in the income statement.
$370M
6.2%
vs prior year
Operating margin
Operating income as a share of revenue.
23.0%
5.5 pts
Net income
Profit after all expenses, interest and tax.
$93.8M
48.2%
Free cash flow
Cash from operations minus capital spending.
$84.3M
36.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$914M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
9.8x
On $1.43 EPS (TTM)
What InMode Ltd. does
No business description yet.
- Legal name
- InMode Ltd.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Feb 10, 2026
- Accession · CIK
- 0001178913-26-000377
0001742692
Revenue and margins
InMode Ltd. had $370M of revenue in fiscal 2025, down 6.2% on the year before.
FY17
Revenue $53.5M
FY18
Revenue $100M
FY19
Revenue $156M
FY20
Revenue $206M
FY21
Revenue $358M
FY22
Revenue $454M
FY23
Revenue $492M
FY24
Revenue $395M
FY25
Revenue $370M
FY17
Gross 83.1%
Operating 16.7%
Net 16.5%
FCF 27.0%
FY18
Gross 85.0%
Operating 23.5%
Net 22.3%
FCF 36.4%
FY19
Gross 87.1%
Operating 38.1%
Net 39.1%
FCF 39.3%
FY20
Gross 85.0%
Operating 35.3%
Net 36.4%
FCF 38.2%
FY21
Gross 85.0%
Operating 46.8%
Net 46.1%
FCF 48.6%
FY22
Gross 83.8%
Operating 43.6%
Net 35.6%
FCF 39.6%
FY23
Gross 83.6%
Operating 39.8%
Net 40.2%
FCF 35.8%
FY24
Gross 80.3%
Operating 28.5%
Net 45.9%
FCF 33.4%
FY25
Gross 78.5%
Operating 23.0%
Net 25.3%
FCF 22.7%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2017 to 2025, diluted EPS grew 23.8% a year. Loss periods are shown in red.
FY17
Net income $8.8M
FY18
Net income $22.4M
FY19
Net income $61.1M
FY20
Net income $75.0M
FY21
Net income $165M
FY22
Net income $162M
FY23
Net income $198M
FY24
Net income $181M
FY25
Net income $93.8M
FY17
Diluted EPS $0.26
FY18
Diluted EPS $0.62
FY19
Diluted EPS $0.80
FY20
Diluted EPS $0.89
FY21
Diluted EPS $1.92
FY22
Diluted EPS $1.89
FY23
Diluted EPS $2.30
FY24
Diluted EPS $2.25
FY25
Diluted EPS $1.43
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity 45.3%
Return on assets —
FY18
Return on capital —
Return on equity 71.3%
Return on assets 27.6%
FY19
Return on capital —
Return on equity 55.8%
Return on assets 40.8%
FY20
Return on capital —
Return on equity 34.9%
Return on assets 29.2%
FY21
Return on capital —
Return on equity 49.3%
Return on assets 42.6%
FY22
Return on capital —
Return on equity 33.3%
Return on assets 28.8%
FY23
Return on capital —
Return on equity 29.5%
Return on assets 26.3%
FY24
Return on capital —
Return on equity 24.3%
Return on assets 22.0%
FY25
Return on capital —
Return on equity 13.5%
Return on assets 12.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $84.3M in fiscal 2025, 22.7% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $14.4M
FY18
Free cash flow $36.5M
FY19
Free cash flow $61.5M
FY20
Free cash flow $78.8M
FY21
Free cash flow $174M
FY22
Free cash flow $180M
FY23
Free cash flow $176M
FY24
Free cash flow $132M
FY25
Free cash flow $84.3M
FY17
Cash from operations $14.6M
Capital spending $0.2M
FY18
Cash from operations $36.9M
Capital spending $0.4M
FY19
Cash from operations $62.2M
Capital spending $0.7M
FY20
Cash from operations $79.2M
Capital spending $0.5M
FY21
Cash from operations $175M
Capital spending $0.9M
FY22
Cash from operations $182M
Capital spending $1.6M
FY23
Cash from operations $177M
Capital spending $0.7M
FY24
Cash from operations $133M
Capital spending $0.7M
FY25
Cash from operations $85.3M
Capital spending $1.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
InMode Ltd. returned $127M to shareholders in fiscal 2025, 151% of free cash flow. The diluted share count fell 18.8%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks $17.2M
FY21
Dividends —
Buybacks $35.4M
FY22
Dividends —
Buybacks $42.6M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $285M
FY25
Dividends —
Buybacks $127M
Dividends
Buybacks
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.04B
FY19
Diluted shares 0.08B
FY20
Diluted shares 0.08B
FY21
Diluted shares 0.09B
FY22
Diluted shares 0.09B
FY23
Diluted shares 0.09B
FY24
Diluted shares 0.08B
FY25
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably InMode Ltd. can carry it.
FY17
Cash $17.6M
Debt —
FY18
Cash $51.3M
Debt —
FY19
Cash $165M
Debt —
FY20
Cash $211M
Debt —
FY21
Cash $363M
Debt —
FY22
Cash $472M
Debt —
FY23
Cash $518M
Debt —
FY24
Cash $423M
Debt —
FY25
Cash $386M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $363M | $472M | $518M | $423M | $386M |
| Current ratio | 9.1x | 7.7x | 13.2x | 10.2x | 9.9x |
| Quick ratio | 8.7x | 7.2x | 12.5x | 9.4x | 8.8x |
| Total assets | $479M | $644M | $863M | $786M | $766M |
| Total liabilities | $62.7M | $89.8M | $75.9M | $81.9M | $83.2M |
| Shareholders' equity | $416M | $555M | $787M | $704M | $683M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — |
| Current ratio rose | — | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| F-score | — / 3 | — / 5 | 6 / 8 | 4 / 8 | 6 / 8 | 4 / 8 | 3 / 8 | 4 / 8 | 3 / 8 |
| Accruals ratio | — | −17.9% | −0.7% | −1.6% | −2.6% | −3.6% | 2.8% | 5.9% | 1.1% |
| Altman Z'' | — | 8.51 | 13.46 | 15.78 | 17.32 | 16.63 | 20.97 | 19.00 | 18.86 |
9 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $53.5M | $100M | $156M | $206M | $358M | $454M | $492M | $395M | $370M |
| Net interest income | — | — | — | — | −$1.2M | $1.2M | $4.7M | — | — |
| Gross profit | $44.4M | $85.1M | $136M | $175M | $304M | $381M | $411M | $317M | $291M |
| Research and development | $2.6M | $4.2M | $5.7M | $9.5M | $9.5M | $12.4M | $13.4M | $13.1M | $13.3M |
| Operating income | $9.0M | $23.5M | $59.6M | $72.8M | $167M | $198M | $196M | $113M | $85.4M |
| Pretax income | $9.8M | $23.6M | $62.0M | $76.1M | $168M | $201M | $217M | $143M | $110M |
| Income tax | $1.0M | $1.3M | $0.9M | $1.1M | $2.9M | $39.9M | $19.3M | −$37.8M | $16.5M |
| Net income | $8.8M | $22.4M | $61.1M | $75.0M | $165M | $162M | $198M | $181M | $93.8M |
| Diluted EPS | $0.26 | $0.62 | $0.80 | $0.89 | $1.92 | $1.89 | $2.30 | $2.25 | $1.43 |
| Diluted shares | 0.03B | 0.04B | 0.08B | 0.08B | 0.09B | 0.09B | 0.09B | 0.08B | 0.07B |
| Cash flow | |||||||||
| Cash from operations | $14.6M | $36.9M | $62.2M | $79.2M | $175M | $182M | $177M | $133M | $85.3M |
| Capital expenditure | $0.2M | $0.4M | $0.7M | $0.5M | $0.9M | $1.6M | $0.7M | $0.7M | $1.0M |
| Free cash flow | $14.4M | $36.5M | $61.5M | $78.8M | $174M | $180M | $176M | $132M | $84.3M |
| Depreciation and amortization | $0.2M | $0.2M | $0.3M | $0.4M | $0.5M | $0.7M | $0.6M | $0.7M | $0.7M |
| Stock-based compensation | $2.4M | $1.9M | $1.6M | $12.8M | $12.0M | $24.5M | $23.6M | $16.6M | $11.1M |
| Share buybacks | — | — | — | $17.2M | $35.4M | $42.6M | $0.0M | $285M | $127M |
| Dividends and buybacks | — | — | — | $17.2M | $35.4M | $42.6M | $0.0M | $285M | $127M |
| Balance sheet | |||||||||
| Cash and short-term investments | $17.6M | $51.3M | $165M | $211M | $363M | $472M | $518M | $423M | $386M |
| Current assets | — | $77.8M | $213M | $290M | $470M | $629M | $845M | $714M | $699M |
| Current liabilities | — | $29.4M | $32.5M | $35.0M | $51.9M | $82.0M | $64.1M | $69.9M | $70.7M |
| Inventory | — | $7.0M | $9.4M | $15.0M | $21.0M | $39.9M | $45.1M | $59.5M | $74.1M |
| Property and equipment, net | — | $0.5M | $0.9M | $1.0M | $1.4M | $2.3M | $2.4M | $2.3M | $2.6M |
| Total assets | — | $81.1M | $218M | $296M | $479M | $644M | $863M | $786M | $766M |
| Total liabilities | — | $34.2M | $38.6M | $40.3M | $62.7M | $89.8M | $75.9M | $81.9M | $83.2M |
| Shareholders' equity | $19.5M | $43.3M | $176M | $254M | $416M | $555M | $787M | $704M | $683M |
| Margins | |||||||||
| Gross margin | 83.1% | 85.0% | 87.1% | 85.0% | 85.0% | 83.8% | 83.6% | 80.3% | 78.5% |
| Operating margin | 16.7% | 23.5% | 38.1% | 35.3% | 46.8% | 43.6% | 39.8% | 28.5% | 23.0% |
| EBITDA margin | 17.1% | 23.6% | 38.3% | 35.5% | 47.0% | 43.7% | 39.9% | 28.7% | 23.2% |
| Net margin | 16.5% | 22.3% | 39.1% | 36.4% | 46.1% | 35.6% | 40.2% | 45.9% | 25.3% |
| FCF margin | 27.0% | 36.4% | 39.3% | 38.2% | 48.6% | 39.6% | 35.8% | 33.4% | 22.7% |
| Net interest share of revenue | — | — | — | — | −0.3% | 0.3% | 1.0% | — | — |
| Returns | |||||||||
| Return on capital employed | — | 45.5% | 32.1% | 27.9% | 39.3% | 35.2% | 24.5% | 15.7% | 12.3% |
| Return on equity | 45.3% | 71.3% | 55.8% | 34.9% | 49.3% | 33.3% | 29.5% | 24.3% | 13.5% |
| Return on assets | — | 27.6% | 40.8% | 29.2% | 42.6% | 28.8% | 26.3% | 22.0% | 12.1% |
| Return on tangible equity | 45.3% | 51.7% | 34.7% | 29.5% | 39.7% | 29.1% | 25.1% | 25.8% | 13.7% |
| Growth | |||||||||
| Revenue growth | — | 87.4% | 56.1% | 31.8% | 73.5% | 27.0% | 8.3% | −19.8% | −6.2% |
| Net income growth | — | 153.7% | 173.3% | 22.7% | 119.9% | −2.1% | 22.5% | −8.4% | −48.2% |
| EPS growth | — | 138.5% | 29.0% | 11.3% | 115.7% | −1.6% | 21.7% | −2.2% | −36.4% |
| FCF growth | — | 153.2% | 68.5% | 28.0% | 120.9% | 3.5% | −2.2% | −25.1% | −36.1% |
| Share count change | — | 18.0% | 117.4% | 10.6% | 2.2% | −0.7% | 0.6% | −6.2% | −18.8% |
| Financial health | |||||||||
| Current ratio | — | 2.6x | 6.6x | 8.3x | 9.1x | 7.7x | 13.2x | 10.2x | 9.9x |
| Quick ratio | — | 2.4x | 6.3x | 7.8x | 8.7x | 7.2x | 12.5x | 9.4x | 8.8x |
| Capital allocation | |||||||||
| Capex / revenue | 0.4% | 0.4% | 0.4% | 0.2% | 0.3% | 0.3% | 0.1% | 0.2% | 0.3% |
| Stock comp / revenue | 4.6% | 1.9% | 1.0% | 6.2% | 3.3% | 5.4% | 4.8% | 4.2% | 3.0% |
| Payouts / FCF | — | — | — | 21.9% | 20.3% | 23.7% | 0.0% | 216.2% | 151.2% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | 6.0 | 4.0 | 6.0 | 4.0 | 3.0 | 4.0 | 3.0 |
| Altman Z'' | — | 8.5 | 13.5 | 15.8 | 17.3 | 16.6 | 21.0 | 19.0 | 18.9 |
| Accruals ratio | — | −17.9% | −0.7% | −1.6% | −2.6% | −3.6% | 2.8% | 5.9% | 1.1% |
Source: SEC EDGAR XBRL filings (CIK 0001742692). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.