Inspire Medical Systems
INSP NYSE Health Care Equipment Financials FY2016–FY2025
Inspire Medical Systems' revenue rose 13.6% to $912 million in fiscal 2025. Its operating margin was 5.6%, up from 4.5% a year earlier. Free cash flow was $78 million, down 13.9%. It paid out $175 million in dividends and buybacks, 223% of free cash flow. The diluted share count fell 2.6%.
Revenue
Total sales reported in the income statement.
$912M
13.6%
vs prior year
Operating margin
Operating income as a share of revenue.
5.6%
1.1 pts
Net income
Profit after all expenses, interest and tax.
$145M
171.8%
Free cash flow
Cash from operations minus capital spending.
$78.5M
13.9%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.2%
4.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$2.1B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
15.7x
On $4.54 EPS (TTM)
What Inspire Medical Systems does
No business description yet.
- Legal name
- Inspire Medical Systems, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001609550-26-000016
0001609550
Revenue and margins
Inspire Medical Systems had $912M of revenue in fiscal 2025, up 13.6% on the year before.
FY16
Revenue $16.4M
FY17
Revenue $28.6M
FY18
Revenue $50.6M
FY19
Revenue $82.0M
FY20
Revenue $115M
FY21
Revenue $233M
FY22
Revenue $408M
FY23
Revenue $625M
FY24
Revenue $803M
FY25
Revenue $912M
Q3 '23
Revenue $153M
Q4 '23
Revenue $193M
Q1 '24
Revenue $164M
Q2 '24
Revenue $196M
Q3 '24
Revenue $203M
Q4 '24
Revenue $240M
Q1 '25
Revenue $201M
Q2 '25
Revenue $217M
Q3 '25
Revenue $225M
Q4 '25
Revenue $269M
Q1 '26
Revenue $205M
Q2 '26
Revenue $201M
FY16
Gross 76.2%
Operating −105.0%
Net −112.8%
FCF −111.1%
FY17
Gross 78.9%
Operating −56.0%
Net −61.3%
FCF −56.7%
FY18
Gross 80.1%
Operating −40.3%
Net −43.1%
FCF −37.4%
FY19
Gross 83.4%
Operating −42.5%
Net −40.5%
FCF −43.4%
FY20
Gross 84.7%
Operating −48.7%
Net −49.6%
FCF −48.1%
FY21
Gross 85.7%
Operating −17.1%
Net −18.0%
FCF −10.6%
FY22
Gross 83.8%
Operating −11.7%
Net −11.0%
FCF 0.6%
FY23
Gross 84.5%
Operating −6.5%
Net −3.4%
FCF 0.2%
FY24
Gross 84.7%
Operating 4.5%
Net 6.7%
FCF 11.4%
FY25
Gross 85.4%
Operating 5.6%
Net 16.0%
FCF 8.6%
Gross
Operating
Net
FCF
Q3 '23
Gross 84.1%
Operating −8.8%
Net −5.6%
FCF −2.2%
Q4 '23
Gross 85.4%
Operating 4.8%
Net 7.7%
FCF 4.8%
Q1 '24
Gross 84.9%
Operating −9.3%
Net −6.1%
FCF −1.7%
Q2 '24
Gross 84.8%
Operating 2.6%
Net 5.0%
FCF −6.4%
Q3 '24
Gross 84.1%
Operating 7.1%
Net 9.1%
FCF 21.8%
Q4 '24
Gross 85.0%
Operating 13.3%
Net 14.7%
FCF 25.9%
Q1 '25
Gross 84.8%
Operating −0.7%
Net 1.5%
FCF −7.5%
Q2 '25
Gross 84.0%
Operating −1.5%
Net −1.7%
FCF −2.9%
Q3 '25
Gross 85.9%
Operating 4.3%
Net 4.4%
FCF 25.9%
Q4 '25
Gross 86.6%
Operating 17.1%
Net 50.6%
FCF 15.5%
Q1 '26
Gross 86.5%
Operating −0.6%
Net −5.5%
FCF 1.5%
Q2 '26
Gross 85.5%
Operating −0.3%
Net 0.2%
FCF 7.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$18.5M
FY17
Net income −$17.5M
FY18
Net income −$21.8M
FY19
Net income −$33.2M
FY20
Net income −$57.2M
FY21
Net income −$42.0M
FY22
Net income −$44.9M
FY23
Net income −$21.2M
FY24
Net income $53.5M
FY25
Net income $145M
Q3 '23
Net income −$8.5M
Q4 '23
Net income $14.8M
Q1 '24
Net income −$10.0M
Q2 '24
Net income $9.8M
Q3 '24
Net income $18.5M
Q4 '24
Net income $35.2M
Q1 '25
Net income $3.0M
Q2 '25
Net income −$3.6M
Q3 '25
Net income $9.9M
Q4 '25
Net income $136M
Q1 '26
Net income −$11.3M
Q2 '26
Net income $0.3M
FY16
Diluted EPS −$16.90
FY17
Diluted EPS −$14.88
FY18
Diluted EPS −$1.50
FY19
Diluted EPS −$1.40
FY20
Diluted EPS −$2.19
FY21
Diluted EPS −$1.54
FY22
Diluted EPS −$1.60
FY23
Diluted EPS −$0.72
FY24
Diluted EPS $1.75
FY25
Diluted EPS $4.89
Q3 '23
Diluted EPS −$0.29
Q4 '23
Diluted EPS $0.51
Q1 '24
Diluted EPS −$0.34
Q2 '24
Diluted EPS $0.32
Q3 '24
Diluted EPS $0.61
Q4 '24
Diluted EPS $1.15
Q1 '25
Diluted EPS $0.10
Q2 '25
Diluted EPS −$0.12
Q3 '25
Diluted EPS $0.34
Q4 '25
Diluted EPS $4.58
Q1 '26
Diluted EPS −$0.39
Q2 '26
Diluted EPS $0.01
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets —
FY17
Return on capital —
Return on equity —
Return on assets —
FY18
Return on capital —
Return on equity −26.4%
Return on assets −19.4%
FY19
Return on capital —
Return on equity −21.9%
Return on assets −17.4%
FY20
Return on capital —
Return on equity −31.0%
Return on assets −24.7%
FY21
Return on capital −106.8%
Return on equity −18.3%
Return on assets −14.6%
FY22
Return on capital —
Return on equity −12.4%
Return on assets −10.4%
FY23
Return on capital −40.6%
Return on equity −4.0%
Return on assets −3.4%
FY24
Return on capital 18.5%
Return on equity 8.5%
Return on assets 7.2%
FY25
Return on capital 14.2%
Return on equity 19.8%
Return on assets 17.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $78.5M in fiscal 2025, 8.6% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$18.3M
FY17
Free cash flow −$16.2M
FY18
Free cash flow −$18.9M
FY19
Free cash flow −$35.6M
FY20
Free cash flow −$55.5M
FY21
Free cash flow −$24.8M
FY22
Free cash flow $2.5M
FY23
Free cash flow $1.0M
FY24
Free cash flow $91.1M
FY25
Free cash flow $78.5M
Q3 '23
Free cash flow −$3.4M
Q4 '23
Free cash flow $9.2M
Q1 '24
Free cash flow −$2.8M
Q2 '24
Free cash flow −$12.5M
Q3 '24
Free cash flow $44.3M
Q4 '24
Free cash flow $62.2M
Q1 '25
Free cash flow −$15.1M
Q2 '25
Free cash flow −$6.3M
Q3 '25
Free cash flow $58.1M
Q4 '25
Free cash flow $41.8M
Q1 '26
Free cash flow $3.1M
Q2 '26
Free cash flow $14.1M
FY16
Cash from operations −$17.9M
Capital spending $0.3M
FY17
Cash from operations −$15.8M
Capital spending $0.4M
FY18
Cash from operations −$18.7M
Capital spending $0.2M
FY19
Cash from operations −$32.8M
Capital spending $2.7M
FY20
Cash from operations −$53.0M
Capital spending $2.5M
FY21
Cash from operations −$20.1M
Capital spending $4.7M
FY22
Cash from operations $11.6M
Capital spending $9.1M
FY23
Cash from operations $24.7M
Capital spending $23.6M
FY24
Cash from operations $130M
Capital spending $39.1M
FY25
Cash from operations $117M
Capital spending $38.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations $3.6M
Capital spending $7.0M
Q4 '23
Cash from operations $17.3M
Capital spending $8.0M
Q1 '24
Cash from operations $8.9M
Capital spending $11.7M
Q2 '24
Cash from operations −$0.1M
Capital spending $12.4M
Q3 '24
Cash from operations $52.3M
Capital spending $8.0M
Q4 '24
Cash from operations $69.2M
Capital spending $7.0M
Q1 '25
Cash from operations −$6.7M
Capital spending $8.4M
Q2 '25
Cash from operations $2.7M
Capital spending $9.0M
Q3 '25
Cash from operations $68.5M
Capital spending $10.4M
Q4 '25
Cash from operations $52.5M
Capital spending $10.7M
Q1 '26
Cash from operations $12.8M
Capital spending $9.7M
Q2 '26
Cash from operations $23.2M
Capital spending $9.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Inspire Medical Systems returned $175M to shareholders in fiscal 2025, 223% of free cash flow. The diluted share count fell 2.6%.
FY16
Dividends $0.0M
Buybacks $0.0M
FY17
Dividends $0.0M
Buybacks $0.0M
FY18
Dividends $0.0M
Buybacks $0.0M
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends $0.0M
Buybacks $175M
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $0.0M
Q1 '24
Dividends $0.0M
Buybacks $0.0M
Q2 '24
Dividends $0.0M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $0.0M
Q4 '24
Dividends $0.0M
Buybacks $0.0M
Q1 '25
Dividends $0.0M
Buybacks $75.0M
Q2 '25
Dividends $0.0M
Buybacks $0.0M
Q3 '25
Dividends $0.0M
Buybacks $50.0M
Q4 '25
Dividends $0.0M
Buybacks $50.0M
Q1 '26
Dividends $0.0M
Buybacks $0.0M
Q2 '26
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.00B
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Value Inspire Medical Systems yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $308M and divides by 29.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 15.7x · peers 51.3x · sector 28.4x.
Balance sheet
Cash, debt and the ratios that show how comfortably Inspire Medical Systems can carry it.
FY16
Cash $6.7M
Debt —
FY17
Cash $16.1M
Debt $16.5M
FY18
Cash $188M
Debt $24.5M
FY19
Cash $150M
Debt $24.5M
FY20
Cash $234M
Debt $24.5M
FY21
Cash $215M
Debt $24.5M
FY22
Cash $451M
Debt $0.0M
FY23
Cash $460M
Debt $0.0M
FY24
Cash $446M
Debt $0.0M
FY25
Cash $308M
Debt $0.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $215M | $451M | $460M | $446M | $308M |
| Debt incl. finance leases | $24.5M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net debt / EBITDA | — | — | — | −10.5x | −4.8x |
| Debt / equity | 0.1x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | −18.7x | −28.4x | — | 1,640.1x | 371.9x |
| Current ratio | 6.5x | 8.7x | 7.6x | 7.1x | 6.1x |
| Quick ratio | 6.1x | 8.5x | 7.2x | 6.2x | 4.6x |
| Total assets | $295M | $565M | $677M | $808M | $907M |
| Total liabilities | $66.0M | $68.9M | $104M | $119M | $126M |
| Shareholders' equity | $229M | $496M | $573M | $690M | $781M |
| Net debt (− = net cash) | −$190M | −$451M | −$460M | −$446M | −$308M |
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
$0.7M
3 insiders
Of sales under plans
70%
$0.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Jason P KellySee Remarks | Sold | 963 | $59.55 | $0.1M | Form 4 |
| May 15, 2026 | John RondoniSee Remarks | Sold | 2,641 | $43.28 | $0.1M | Form 4 |
| May 14, 2026 | John RondoniSee Remarks | Sold | 700 | $43.01 | $0.0M | Form 4 |
| May 8, 2026 | Shawn mcCormickDirector | Sold plan | 696 | $45.31 | $0.0M | Form 4 |
| Jan 9, 2026 | John RondoniSee Remarks | Sold plan | 109 | $100.00 | $0.0M | Form 4 |
| Dec 2, 2025 | Shawn mcCormickDirector | Sold plan | 1,200 | $139.00 | $0.2M | Form 4 |
| Nov 28, 2025 | Shawn mcCormickDirector | Sold plan | 2,000 | $127.48 | $0.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | 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 | 4 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | −7.4% | −10.3% | 3.3% |
| Altman Z'' | 8.70 | 9.63 | 9.88 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Inspire Medical Systems INSP | $2.1B | 13.6% | 5.6% | 8.6% | 14.2% | 15.7x | 5 | |
| CONMED CNMD | $1.5B | 5.2% | 7.5% | 11.0% | 3.7% | 32.6x | 6 | Compare → |
| LivaNova LIVN | $4.6B | 10.7% | 14.4% | 12.5% | 12.8% | 23.9x | 5 | Compare → |
| Penumbra PEN | $12.8B | 17.5% | 13.5% | 12.5% | 18.8% | 79.7x | 7 | Compare → |
| Integra Lifesciences IART | $936M | 1.5% | −30.2% | −1.9% | −22.0% | 70.1x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $16.4M | $28.6M | $50.6M | $82.0M | $115M | $233M | $408M | $625M | $803M | $912M |
| Gross profit | $12.5M | $22.5M | $40.5M | $68.4M | $97.8M | $200M | $342M | $528M | $680M | $779M |
| Research and development | $7.1M | $6.2M | $7.4M | $12.8M | $26.1M | $37.4M | $68.6M | $117M | $114M | $103M |
| Operating income | −$17.3M | −$16.0M | −$20.4M | −$34.9M | −$56.2M | −$39.9M | −$47.6M | −$40.3M | $36.1M | $51.0M |
| Interest expense | $1.3M | $1.8M | $3.3M | $2.1M | $2.1M | $2.1M | $1.7M | $0.0M | $0.0M | $0.1M |
| Pretax income | −$18.5M | −$17.5M | −$21.8M | −$33.2M | −$57.1M | −$42.0M | −$44.3M | −$19.9M | $58.5M | $65.7M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | $0.1M | $0.6M | $1.2M | $4.9M | −$79.7M |
| Net income | −$18.5M | −$17.5M | −$21.8M | −$33.2M | −$57.2M | −$42.0M | −$44.9M | −$21.2M | $53.5M | $145M |
| Diluted EPS | −$16.90 | −$14.88 | −$1.50 | −$1.40 | −$2.19 | −$1.54 | −$1.60 | −$0.72 | $1.75 | $4.89 |
| Diluted shares | 0.00B | 0.00B | 0.01B | 0.02B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | −$17.9M | −$15.8M | −$18.7M | −$32.8M | −$53.0M | −$20.1M | $11.6M | $24.7M | $130M | $117M |
| Capital expenditure | $0.3M | $0.4M | $0.2M | $2.7M | $2.5M | $4.7M | $9.1M | $23.6M | $39.1M | $38.5M |
| Free cash flow | −$18.3M | −$16.2M | −$18.9M | −$35.6M | −$55.5M | −$24.8M | $2.5M | $1.0M | $91.1M | $78.5M |
| Depreciation and amortization | $0.1M | $0.3M | $0.4M | $0.5M | $0.8M | $1.2M | $1.9M | $2.8M | $6.5M | $14.0M |
| Stock-based compensation | $0.2M | $0.2M | $1.2M | $6.2M | $12.8M | $26.2M | $52.0M | $82.5M | $116M | $130M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $175M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $175M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $6.7M | $16.1M | $188M | $150M | $234M | $215M | $451M | $460M | $446M | $308M |
| Total debt | — | $16.5M | $24.5M | $24.5M | $24.5M | $24.5M | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $24.1M | $199M | $171M | $270M | $269M | $530M | $594M | $631M | $584M |
| Current liabilities | — | $7.1M | $11.2M | $16.9M | $20.7M | $41.3M | $61.2M | $78.1M | $88.5M | $96.1M |
| Inventory | $0.0M | $3.7M | $2.7M | $5.8M | $8.5M | $17.2M | $11.9M | $33.9M | $80.1M | $145M |
| Property and equipment, net | — | $1.0M | $0.8M | $3.0M | $5.3M | $8.5M | $17.2M | $40.0M | $71.9M | $97.9M |
| Total assets | — | $25.1M | $200M | $181M | $281M | $295M | $565M | $677M | $808M | $907M |
| Total liabilities | — | $23.8M | $36.1M | $41.4M | $51.4M | $66.0M | $68.9M | $104M | $119M | $126M |
| Shareholders' equity | −$6.6M | $1.3M | $164M | $140M | $230M | $229M | $496M | $573M | $690M | $781M |
| Margins | ||||||||||
| Gross margin | 76.2% | 78.9% | 80.1% | 83.4% | 84.7% | 85.7% | 83.8% | 84.5% | 84.7% | 85.4% |
| Operating margin | −105.0% | −56.0% | −40.3% | −42.5% | −48.7% | −17.1% | −11.7% | −6.5% | 4.5% | 5.6% |
| EBITDA margin | −104.4% | −55.0% | −39.5% | −41.9% | −48.0% | −16.6% | −11.2% | −6.0% | 5.3% | 7.1% |
| Net margin | −112.8% | −61.3% | −43.1% | −40.5% | −49.6% | −18.0% | −11.0% | −3.4% | 6.7% | 16.0% |
| FCF margin | −111.1% | −56.7% | −37.4% | −43.4% | −48.1% | −10.6% | 0.6% | 0.2% | 11.4% | 8.6% |
| Returns | ||||||||||
| Return on capital | — | — | — | — | — | −106.8% | — | −40.6% | 18.5% | 14.2% |
| Return on capital employed | — | — | −19.7% | −19.8% | −26.5% | −15.5% | −12.6% | −7.3% | 5.5% | 6.7% |
| Return on equity | — | — | −26.4% | −21.9% | −31.0% | −18.3% | −12.4% | −4.0% | 8.5% | 19.8% |
| Return on assets | — | — | −19.4% | −17.4% | −24.7% | −14.6% | −10.4% | −3.4% | 7.2% | 17.0% |
| Growth | ||||||||||
| Revenue growth | — | 73.9% | 77.1% | 62.2% | 40.6% | 102.3% | 74.8% | 53.2% | 28.5% | 13.6% |
| Net income growth | — | — | — | — | — | — | — | — | — | 171.8% |
| EPS growth | — | — | — | — | — | — | — | — | — | 179.4% |
| FCF growth | — | — | — | — | — | — | — | −58.6% | 8,798.7% | −13.9% |
| Share count change | — | 7.4% | 1,139.1% | 63.3% | 9.5% | 4.6% | 3.0% | 4.4% | 4.2% | −2.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | — | — | — | — | — | −10.5x | −4.8x |
| Debt / equity | — | 12.4x | 0.2x | 0.2x | 0.1x | 0.1x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | −13.2x | −9.1x | −6.2x | −16.5x | −26.6x | −18.7x | −28.4x | — | 1,640.1x | 371.9x |
| Current ratio | — | 3.4x | 17.9x | 10.1x | 13.0x | 6.5x | 8.7x | 7.6x | 7.1x | 6.1x |
| Quick ratio | — | 2.9x | 17.6x | 9.8x | 12.6x | 6.1x | 8.5x | 7.2x | 6.2x | 4.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.9% | 1.4% | 0.5% | 3.3% | 2.1% | 2.0% | 2.2% | 3.8% | 4.9% | 4.2% |
| Stock comp / revenue | 1.5% | 0.9% | 2.4% | 7.6% | 11.1% | 11.2% | 12.7% | 13.2% | 14.5% | 14.3% |
| Payouts / FCF | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 223.0% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | 4.0 | 5.0 | 5.0 | 5.0 | 4.0 | 6.0 | 5.0 |
| Altman Z'' | — | −16.1 | 7.9 | 4.6 | 6.4 | 4.7 | 10.6 | 8.7 | 9.6 | 9.9 |
| Accruals ratio | — | — | −2.8% | −0.2% | −1.8% | −7.6% | −13.1% | −7.4% | −10.3% | 3.3% |
Source: SEC EDGAR XBRL filings (CIK 0001609550). Data updated October 22, 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.