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Insulet

PODD Nasdaq Health Care Equipment Financials FY2016–FY2025

Insulet's revenue rose 30.7% to $2.7 billion in fiscal 2025. Its operating margin was 17.5%, up from 14.9% a year earlier. Free cash flow was $378 million, up 23.7%. It paid out $60 million in dividends and buybacks, 16% of free cash flow. The diluted share count fell 2.7%.

Last close · Oct 23, 2026

$149.01

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$2.7B
30.7% vs prior year
Operating margin Operating income as a share of revenue.
17.5%
2.6 pts
Net income Profit after all expenses, interest and tax.
$247M
40.9%
Free cash flow Cash from operations minus capital spending.
$378M
23.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
20.4%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$10.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
27.9x
On $5.34 EPS (TTM)

What Insulet does

No business description yet.

Legal name
INSULET CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001145197-26-000028
0001145197

Revenue and margins

Insulet had $2.7B of revenue in fiscal 2025, up 30.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $378M in fiscal 2025, 14.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Insulet returned $59.6M to shareholders in fiscal 2025, 16% of free cash flow. The diluted share count fell 2.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Insulet 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 −$233M and divides by 71.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 27.9x · peers 48.4x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Insulet can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $806M$690M$704M$953M$716M
Debt incl. finance leases $1.3B$1.4B$1.4B$1.4B$949M
Net debt / EBITDA 2.6x7.1x2.4x1.1x0.4x
Debt / equity 2.3x2.9x1.9x1.1x0.6x
Interest coverage 2.0x1.0x6.1x7.2x8.0x
Current ratio 5.8x3.6x3.5x3.6x2.8x
Quick ratio 4.5x2.7x2.6x2.8x2.2x
Total assets $2.0B$2.3B$2.6B$3.1B$3.2B
Total liabilities $1.5B$1.8B$1.9B$1.9B$1.7B
Shareholders' equity $556M$476M$733M$1.2B$1.5B
Net debt (− = net cash) $468M$712M$712M$426M$233M

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

$2.9M

4 insiders

Sold, 12 months

$0.6M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 21, 2026 Ashley McEvoyPresident and CEO, Director Bought 1,100 $147.47 $0.2M Form 4
Jun 3, 2026 Elizabeth H WeathermanDirector Bought 3,450 $144.20 $0.5M Form 4
Jun 3, 2026 Luciana BorioDirector Sold 418 $143.27 $0.1M Form 4
Jun 3, 2026 Timothy C. StonesiferDirector Bought 2,790 $143.51 $0.4M Form 4
Feb 25, 2026 Michael R MinogueDirector Bought 2,030 $246.23 $0.5M Form 4
Feb 20, 2026 Ashley McEvoyPresident and CEO, Director Bought 4,300 $239.35 $1.0M Form 4
Dec 15, 2025 Wayne A.I. FrederickDirector Sold 1,851 $293.09 $0.5M Form 4
Dec 5, 2025 Timothy C. StonesiferDirector Bought 962 $311.73 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 6 / 98 / 97 / 9
Accruals ratio 2.5%−0.4%−10.3%
Altman Z'' 3.384.294.78

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Insulet PODD $10.3B 30.7% 17.5% 14.0% 20.4% 27.9x 7
Revvity RVTY $17.7B 3.7% 12.5% 17.8% 3.3% 76.0x 5 Compare →
Globus Medical GMED $11.2B 16.7% 16.3% 20.0% 11.0% 20.9x 9 Compare →
AdaptHealth AHCO $819M −0.5% 2.8% 6.8% 2.1% — 4 Compare →
Enovis ENOV $1.2B 6.7% −50.0% 0.9% −26.9% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $367M $464M $564M $738M $904M $1.1B $1.3B $1.7B $2.1B $2.7B
Gross profit $211M $277M $370M $480M $582M $752M $806M $1.2B $1.4B $1.9B
Research and development $55.7M $75.7M $94.8M $132M $147M $160M $180M $205M $220M $301M
Operating income −$10.7M −$7.4M $27.4M $50.0M $51.5M $126M $37.6M $220M $309M $474M
Interest expense $14.4M $21.2M $28.9M $34.6M $48.1M $61.7M $36.0M $36.2M $42.7M $59.4M
Pretax income −$26.8M −$26.6M $5.2M $14.5M $9.7M $20.5M $9.8M $215M $300M $340M
Income tax $0.4M $0.2M $1.9M $2.9M $2.9M $3.7M $5.2M $8.3M −$118M $92.4M
Net income −$28.9M −$26.8M $3.3M $11.6M $6.8M $16.8M $4.6M $206M $418M $247M
Diluted EPS −$0.48 −$0.46 $0.05 $0.19 $0.10 $0.24 $0.07 $2.94 $5.78 $3.48
Diluted shares 0.06B 0.06B 0.06B 0.06B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $15.9M $41.3M $35.9M $98.4M $84.0M −$68.1M $119M $146M $430M $569M
Capital expenditure $22.1M $73.8M $157M $164M $129M $112M $123M $75.6M $125M $192M
Free cash flow −$6.2M −$32.5M −$122M −$65.3M −$45.0M −$180M −$3.9M $70.1M $305M $378M
Depreciation and amortization $13.8M $13.9M $15.6M $27.9M $55.4M $57.4M $63.2M $72.8M $80.8M $90.4M
Stock-based compensation $23.6M $31.9M $37.5M $28.7M $35.9M $34.4M $40.9M $48.4M $69.3M $62.7M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $26.0M $3.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $59.6M
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 $59.6M
Balance sheet
Cash and short-term investments $137M $273M $289M $376M $948M $806M $690M $704M $953M $716M
Total debt $333M $566M $592M $888M $1.1B $1.3B $1.4B $1.4B $1.4B $949M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $22.9M $42.1M $0.0M
Current assets $370M $537M $461M $591M $1.2B $1.3B $1.3B $1.6B $1.9B $1.9B
Current liabilities $55.7M $86.0M $116M $158M $208M $229M $365M $451M $528M $680M
Inventory $35.5M $33.8M $71.4M $101M $154M $303M $347M $403M $430M $453M
Property and equipment, net $44.8M $108M $258M $399M $479M $537M $600M $665M $723M $820M
Total assets $457M $817M $929M $1.1B $1.9B $2.0B $2.3B $2.6B $3.1B $3.2B
Total liabilities $394M $658M $717M $1.1B $1.3B $1.5B $1.8B $1.9B $1.9B $1.7B
Shareholders' equity $63.1M $159M $212M $75.9M $604M $556M $476M $733M $1.2B $1.5B
Margins
Gross margin 57.5% 59.8% 65.7% 65.1% 64.4% 68.5% 61.7% 68.4% 69.8% 71.6%
Operating margin −2.9% −1.6% 4.9% 6.8% 5.7% 11.5% 2.9% 13.0% 14.9% 17.5%
EBITDA margin 0.9% 1.4% 7.6% 10.6% 11.8% 16.7% 7.7% 17.3% 18.8% 20.8%
Net margin −7.9% −5.8% 0.6% 1.6% 0.8% 1.5% 0.4% 12.2% 20.2% 9.1%
FCF margin −1.7% −7.0% −21.6% −8.9% −5.0% −16.4% −0.3% 4.1% 14.7% 14.0%
Returns
Return on capital −5.0% −1.6% 3.6% 7.3% 5.5% 11.9% 1.7% 16.1% 20.0% 20.4%
Return on capital employed −3.5% −1.3% 3.6% 5.6% 3.9% 7.2% 2.0% 10.9% 13.2% 18.7%
Return on equity −59.5% −24.2% 1.8% 8.1% 2.0% 2.9% 0.9% 34.1% 43.0% 18.1%
Return on assets −7.9% −4.2% 0.4% 1.1% 0.5% 0.9% 0.2% 8.5% 14.7% 7.9%
Growth
Revenue growth 39.1% 26.4% 21.6% 30.9% 22.5% 21.5% 18.8% 30.0% 22.1% 30.7%
Net income growth — — — 251.5% −41.4% 147.1% −72.6% 4,384.8% 102.8% −40.9%
EPS growth — — — 280.0% −47.4% 140.0% −70.8% 4,100.0% 96.6% −39.8%
FCF growth — — — — — — — — 335.5% 23.7%
Share count change 0.8% 1.3% 5.2% 2.1% 5.9% 4.0% 1.9% 5.3% 0.4% −2.7%
Financial health
Net debt / EBITDA 62.5x 45.2x 7.1x 6.6x 1.0x 2.6x 7.1x 2.4x 1.1x 0.4x
Debt / equity 5.3x 3.6x 2.8x 11.7x 1.8x 2.3x 2.9x 1.9x 1.1x 0.6x
Interest coverage −0.7x −0.4x 1.0x 1.5x 1.1x 2.0x 1.0x 6.1x 7.2x 8.0x
Current ratio 6.6x 6.2x 4.0x 3.8x 6.0x 5.8x 3.6x 3.5x 3.6x 2.8x
Quick ratio 6.0x 5.9x 3.4x 3.1x 5.3x 4.5x 2.7x 2.6x 2.8x 2.2x
Capital allocation
Capex / revenue 6.0% 15.9% 27.9% 22.2% 14.3% 10.2% 9.4% 4.5% 6.0% 7.1%
Stock comp / revenue 6.4% 6.9% 6.7% 3.9% 4.0% 3.1% 3.1% 2.9% 3.4% 2.3%
Payouts / FCF — — — — — — — 0.0% 0.0% 15.8%
Quality scores
Piotroski F-score 6.0 5.0 6.0 5.0 5.0 4.0 4.0 6.0 8.0 7.0
Altman Z'' −0.3 1.0 0.6 0.9 3.2 3.3 2.3 3.4 4.3 4.8
Accruals ratio −12.2% −10.7% −3.7% −8.4% −5.1% 4.3% −5.3% 2.5% −0.4% −10.3%

Source: SEC EDGAR XBRL filings (CIK 0001145197). Data updated October 9, 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.

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