Glaukos vs Inspire Medical Systems
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The short version
- Inspire Medical Systems is the larger business, with $912M of revenue in fiscal 2025 against $507M for Glaukos, about 1.8 times as much.
- Glaukos grew revenue faster (32.3%, against 13.6%).
- Inspire Medical Systems kept more of each dollar of sales as operating profit (5.6% operating margin, against β39.3%).
- Inspire Medical Systems turned more of its sales into free cash flow (8.6% FCF margin, against β4.4%).
| Latest fiscal year | GKOS Β· FY25 | INSP Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.5B | $2.1B |
| Revenue | $507M | $912M |
| Free cash flow | β$22.5M | $78.5M |
| Net income | β$188M | $145M |
| Growth | ||
| Revenue growth | 32.3% | 13.6% |
| 5-year growth | 17.7% | 51.2% |
| Share count change | 8.4% | β2.6% |
| Profitability | ||
| Gross margin | 55.7% | 85.4% |
| Operating margin | β39.3% | 5.6% |
| Net margin | β37.0% | 16.0% |
| FCF margin | β4.4% | 8.6% |
| Return on capital | β | 14.2% |
| Return on equity | β26.4% | 19.8% |
| Balance sheet | ||
| Net debt | β | β$308M |
| Net debt / EBITDA | β | β4.8x |
| Dividends and buybacks | $0.0M | $175M |
| Valuation & quality | ||
| P/E | β | 15.7x |
| Piotroski F-score | β | 5 |
Revenue
FY16
GKOS $114M
INSP $16.4M
FY17
GKOS $159M
INSP $28.6M
FY18
GKOS $181M
INSP $50.6M
FY19
GKOS $237M
INSP $82.0M
FY20
GKOS $225M
INSP $115M
FY21
GKOS $294M
INSP $233M
FY22
GKOS $283M
INSP $408M
FY23
GKOS $315M
INSP $625M
FY24
GKOS $384M
INSP $803M
FY25
GKOS $507M
INSP $912M
GKOS
INSP
Operating margin
FY16
GKOS 3.7%
INSP β105.0%
FY17
GKOS β1.4%
INSP β56.0%
FY18
GKOS β7.2%
INSP β40.3%
FY19
GKOS β21.2%
INSP β42.5%
FY20
GKOS β54.9%
INSP β48.7%
FY21
GKOS β11.2%
INSP β17.1%
FY22
GKOS β29.1%
INSP β11.7%
FY23
GKOS β40.9%
INSP β6.5%
FY24
GKOS β31.9%
INSP 4.5%
FY25
GKOS β39.3%
INSP 5.6%
GKOS
INSP
Free cash flow
FY16
GKOS $6.0M
INSP β$18.3M
FY17
GKOS $19.8M
INSP β$16.2M
FY18
GKOS $8.6M
INSP β$18.9M
FY19
GKOS β$5.1M
INSP β$35.6M
FY20
GKOS β$29.9M
INSP β$55.5M
FY21
GKOS β$23.1M
INSP β$24.8M
FY22
GKOS β$63.4M
INSP $2.5M
FY23
GKOS β$78.0M
INSP $1.0M
FY24
GKOS β$67.6M
INSP $91.1M
FY25
GKOS β$22.5M
INSP $78.5M
GKOS
INSP
Return on capital
FY16
GKOS β
INSP β
FY17
GKOS β
INSP β
FY18
GKOS β
INSP β
FY19
GKOS β
INSP β
FY20
GKOS β
INSP β
FY21
GKOS β5.1%
INSP β106.8%
FY22
GKOS β10.2%
INSP β
FY23
GKOS β13.7%
INSP β40.6%
FY24
GKOS β
INSP 18.5%
FY25
GKOS β
INSP 14.2%
GKOS
INSP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.