Inspire Medical Systems vs Penumbra
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The short version
- Penumbra is the larger business, with $1.4B of revenue in fiscal 2025 against $912M for Inspire Medical Systems, about 1.5 times as much.
- Penumbra grew revenue faster (17.5%, against 13.6%).
- Penumbra kept more of each dollar of sales as operating profit (13.5% operating margin, against 5.6%).
- Penumbra turned more of its sales into free cash flow (12.5% FCF margin, against 8.6%).
- Penumbra earned a higher return on the capital invested in it (18.8%, against 14.2%).
- Investors pay more for each dollar of Penumbra’s earnings: a P/E of 79.7x against 15.7x for Inspire Medical Systems.
| Latest fiscal year | INSP · FY25 | PEN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | $12.8B |
| Revenue | $912M | $1.4B |
| Free cash flow | $78.5M | $175M |
| Net income | $145M | $178M |
| Growth | ||
| Revenue growth | 13.6% | 17.5% |
| 5-year growth | 51.2% | 20.2% |
| Share count change | −2.6% | 0.1% |
| Profitability | ||
| Gross margin | 85.4% | 67.1% |
| Operating margin | 5.6% | 13.5% |
| Net margin | 16.0% | 12.7% |
| FCF margin | 8.6% | 12.5% |
| Return on capital | 14.2% | 18.8% |
| Return on equity | 19.8% | 13.8% |
| Balance sheet | ||
| Net debt | −$308M | −$522M |
| Net debt / EBITDA | −4.8x | −2.5x |
| Dividends and buybacks | $175M | $0.0M |
| Valuation & quality | ||
| P/E | 15.7x | 79.7x |
| Piotroski F-score | 5 | 7 |
FY16
INSP $16.4M
PEN $263M
FY17
INSP $28.6M
PEN $334M
FY18
INSP $50.6M
PEN $445M
FY19
INSP $82.0M
PEN $547M
FY20
INSP $115M
PEN $560M
FY21
INSP $233M
PEN $748M
FY22
INSP $408M
PEN $847M
FY23
INSP $625M
PEN $1.1B
FY24
INSP $803M
PEN $1.2B
FY25
INSP $912M
PEN $1.4B
INSP
PEN
FY16
INSP −105.0%
PEN −0.5%
FY17
INSP −56.0%
PEN 0.4%
FY18
INSP −40.3%
PEN −0.2%
FY19
INSP −42.5%
PEN 8.7%
FY20
INSP −48.7%
PEN −7.0%
FY21
INSP −17.1%
PEN −1.0%
FY22
INSP −11.7%
PEN 0.7%
FY23
INSP −6.5%
PEN 7.0%
FY24
INSP 4.5%
PEN 0.8%
FY25
INSP 5.6%
PEN 13.5%
INSP
PEN
FY16
INSP −$18.3M
PEN −$26.4M
FY17
INSP −$16.2M
PEN $0.2M
FY18
INSP −$18.9M
PEN $19.2M
FY19
INSP −$35.6M
PEN $4.5M
FY20
INSP −$55.5M
PEN −$58.0M
FY21
INSP −$24.8M
PEN −$11.7M
FY22
INSP $2.5M
PEN −$75.0M
FY23
INSP $1.0M
PEN $82.1M
FY24
INSP $91.1M
PEN $147M
FY25
INSP $78.5M
PEN $175M
INSP
PEN
FY16
INSP —
PEN −0.5%
FY17
INSP —
PEN 0.4%
FY18
INSP —
PEN −0.2%
FY19
INSP —
PEN 11.2%
FY20
INSP —
PEN −7.3%
FY21
INSP −106.8%
PEN −1.1%
FY22
INSP —
PEN 0.4%
FY23
INSP −40.6%
PEN 8.4%
FY24
INSP 18.5%
PEN 0.7%
FY25
INSP 14.2%
PEN 18.8%
INSP
PEN
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.