Inspire Medical Systems vs LivaNova
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KIRAβs take AI analyst
I put Inspire Medical Systems and LivaNova side by side, using each oneβs latest annual report. Here is what stands out:
- LivaNova is the larger business, with $1.4B of revenue in fiscal 2025 against $912M for Inspire Medical Systems, about 1.5 times as much.
- Inspire Medical Systems grew revenue faster (13.6%, against 10.7%).
- LivaNova kept more of each dollar of sales as operating profit (14.4% operating margin, against 5.6%).
- LivaNova turned more of its sales into free cash flow (12.5% FCF margin, against 8.6%).
- Inspire Medical Systems earned a higher return on the capital invested in it (14.2%, against 12.8%).
- Investors pay more for each dollar of LivaNovaβs earnings: a P/E of 23.9x against 15.7x for Inspire Medical Systems.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Inspire Medical Systems
INSP
7/10
Revenue growth5-year growthGross marginNet marginReturn on capitalReturn on equityShare count change
LivaNova
LIVN
2/10
Operating marginFCF margin
Side by side
Best in the row
| Latest fiscal year | INSP FY25 | LIVN FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | $4.6B |
| Revenue | $912M | $1.4B |
| Free cash flow | $78.5M | $173M |
| Net income | $145M | β$243M |
| Growth | ||
| Revenue growth | 13.6% | 10.7% |
| 5-year growth | 51.2% | 8.2% |
| Share count change | β2.6% | β0.1% |
| Profitability | ||
| Gross margin | 85.4% | 67.7% |
| Operating margin | 5.6% | 14.4% |
| Net margin | 16.0% | β17.5% |
| FCF margin | 8.6% | 12.5% |
| Return on capital | 14.2% | 12.8% |
| Return on equity | 19.8% | β19.2% |
| Balance sheet | ||
| Net debt | β$308M | β$260M |
| Net debt / EBITDA | β4.8x | β |
| Dividends and buybacks | $175M | $0.0M |
| Valuation & quality | ||
| P/E | 15.7x | 23.9x |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.