INSM Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
INSMED Inc had $606M of revenue in fiscal 2025, up 66.7% on the year before. Over five years, revenue changed +29.8% a year on average.
Last close Β· Oct 23, 2026
$93.39
1.8%Hi! I read INSMED Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+66.7%
Yes. Sales grew 66.7% last year.
Does it make a profit?
β210.5%
No. It lost money last year.
Does profit turn into cash?
β159.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days INSMED Inc did it, and the next one. Share prices often move a lot on those days.
Next results
October 29, 2026
Thursday Β· in 3 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 7, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Feb 17, 2026 | Q4 '25 | Time not announced | 8-K β |
| Oct 30, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 7, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 8, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Feb 18, 2025 | Q4 '24 | Time not announced | 8-K β |
| Oct 31, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· INSMED Inc had $606M of revenue in fiscal 2025, up 66.7% on the year before. Over five years, revenue changed +29.8% a year on average. Its operating margin was β205.6%, up 35.9Β pts: of every 100 in sales, about β206 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· INSMED Inc lost $1.3B in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$968M in fiscal 2025, β159.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· INSMED Inc has $859M more cash than debt.
Cash, debt and the ratios that show how comfortably INSMED Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $717M | $1.1B | $780M | $1.4B | $1.4B |
| Debt incl. finance leases | $815M | $1.2B | $1.2B | $1.1B | $571M |
| Debt / equity | 1.9x | 13.1x | β | 3.9x | 0.7x |
| Interest coverage | β9.3x | β17.3x | β8.7x | β10.3x | β14.9x |
| Current ratio | 6.2x | 6.7x | 4.1x | 5.5x | 3.8x |
| Quick ratio | 5.7x | 6.3x | 3.7x | 5.1x | 3.5x |
| Total assets | $1.2B | $1.7B | $1.3B | $2.0B | $2.3B |
| Total liabilities | $833M | $1.6B | $1.7B | $1.7B | $1.5B |
| Shareholders' equity | $410M | $88.0M | β$332M | $285M | $739M |
| Net debt (β = net cash) | $97.9M | $36.7M | $427M | β$285M | β$859M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· INSMED Inc passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 8 | 2 / 8 | 6 / 9 | 3 / 9 | 4 / 9 | 4 / 9 | 3 / 9 | 4 / 9 | 4 / 9 |
| Accruals ratio | β12.4% | β9.4% | β12.4% | β0.5% | β9.7% | β7.0% | β5.6% | β14.3% | β13.7% | β15.9% |
| Altman Z'' | β9.57 | β0.86 | β5.01 | β4.15 | β5.02 | β3.75 | β2.81 | β8.77 | β5.47 | β7.47 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.0M | $0.0M | $9.8M | $136M | $164M | $188M | $245M | $305M | $364M | $606M |
| Gross profit | $0.0M | $0.0M | $7.4M | $112M | $125M | $144M | $190M | $240M | $278M | $483M |
| Research and development | $123M | $110M | $145M | $132M | $181M | $273M | $398M | $571M | $598M | $771M |
| Operating income | β$173M | β$189M | β$307M | β$235M | β$265M | β$375M | β$457M | β$710M | β$878M | β$1.2B |
| Interest expense | $3.5M | $5.9M | $25.5M | $27.7M | $29.6M | $40.5M | $26.4M | $81.7M | $84.9M | $83.8M |
| Pretax income | β$176M | β$193M | β$324M | β$254M | β$293M | β$436M | β$480M | β$747M | β$910M | β$1.3B |
| Income tax | $0.1M | β$0.3M | $0.2M | $0.8M | $1.4M | β$1.8M | $1.4M | $2.6M | $3.7M | $5.0M |
| Net income | β$176M | β$193M | β$324M | β$254M | β$294M | β$435M | β$482M | β$750M | β$914M | β$1.3B |
| Net income to common | β$176M | β$193M | β$324M | β$254M | β$294M | β$435M | β$482M | β$750M | β$914M | β$1.3B |
| Diluted EPS | β$2.85 | β$2.89 | β$4.22 | β$3.01 | β$3.01 | β$3.88 | β$3.91 | β$5.34 | β$5.57 | β$6.42 |
| Diluted shares | 0.06B | 0.07B | 0.08B | 0.08B | 0.10B | 0.11B | 0.12B | 0.14B | 0.16B | 0.20B |
| Cash flow | ||||||||||
| Cash from operations | β$147M | β$160M | β$258M | β$251M | β$219M | β$363M | β$400M | β$536M | β$684M | β$935M |
| Capital expenditure | $4.2M | $3.0M | $13.1M | $42.3M | $6.2M | $7.3M | $9.9M | $13.3M | $21.9M | $32.6M |
| Free cash flow | β$151M | β$163M | β$271M | β$293M | β$226M | β$371M | β$410M | β$550M | β$706M | β$968M |
| Depreciation and amortization | $2.4M | $2.9M | $3.6M | $5.2M | $9.1M | $9.1M | $5.3M | $5.5M | $6.0M | $10.4M |
| Stock-based compensation | $18.0M | $18.1M | $26.2M | $27.0M | $36.2M | $46.0M | $57.7M | $74.8M | $96.8M | $153M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $163M | $381M | $495M | $487M | $533M | $717M | $1.1B | $780M | $1.4B | $1.4B |
| Total debt | $55.0M | $55.0M | $450M | $450M | $450M | $800M | $1.2B | $1.2B | $1.1B | $547M |
| Finance lease liabilities | β | β | β | $20.8M | $15.8M | $14.7M | $30.9M | $29.6M | $27.0M | $24.1M |
| Current assets | $168M | $389M | $519M | $555M | $623M | $837M | $1.3B | $929M | $1.6B | $1.8B |
| Current liabilities | $28.0M | $44.7M | $79.7M | $85.2M | $119M | $135M | $190M | $226M | $298M | $469M |
| Inventory | β | $0.0M | $7.0M | $28.3M | $49.6M | $67.0M | $69.9M | $83.2M | $98.6M | $132M |
| Property and equipment, net | $10.0M | $12.4M | $22.6M | $60.2M | $54.0M | $53.0M | $56.5M | $65.4M | $80.1M | $103M |
| Goodwill | β | β | β | β | $0.0M | $136M | $136M | $136M | $136M | $136M |
| Intangible assets | β | $58.2M | $58.7M | $53.7M | $49.3M | $73.8M | $68.8M | $63.7M | $58.7M | $97.7M |
| Total assets | $238M | $462M | $605M | $742M | $796M | $1.2B | $1.7B | $1.3B | $2.0B | $2.3B |
| Total liabilities | $83.5M | $101M | $396M | $481M | $520M | $833M | $1.6B | $1.7B | $1.7B | $1.5B |
| Shareholders' equity | $154M | $361M | $208M | $262M | $276M | $410M | $88.0M | β$332M | $285M | $739M |
| Margins | ||||||||||
| Gross margin | β | β | 75.4% | 82.3% | 75.7% | 76.6% | 77.5% | 78.5% | 76.4% | 79.7% |
| Operating margin | β | β | β3,124.9% | β172.4% | β161.3% | β199.0% | β186.4% | β232.5% | β241.5% | β205.6% |
| EBITDA margin | β | β | β3,088.3% | β168.6% | β155.8% | β194.2% | β184.2% | β230.7% | β239.8% | β203.9% |
| Net margin | β | β | β3,297.2% | β186.4% | β178.9% | β230.6% | β196.3% | β245.6% | β251.2% | β210.5% |
| FCF margin | β | β | β2,756.1% | β214.6% | β137.2% | β196.6% | β167.2% | β180.1% | β194.1% | β159.6% |
| Returns | ||||||||||
| Return on capital | β292.1% | β427.7% | β148.8% | β82.9% | β108.5% | β60.0% | β385.0% | β860.3% | β | β |
| Return on capital employed | β82.6% | β45.3% | β58.6% | β35.8% | β39.2% | β33.8% | β31.2% | β64.3% | β50.8% | β69.4% |
| Return on equity | β114.1% | β74.7% | β113.9% | β108.2% | β109.4% | β126.7% | β193.2% | β | β | β249.3% |
| Return on assets | β74.1% | β55.0% | β60.8% | β37.8% | β38.2% | β42.6% | β33.2% | β50.2% | β54.5% | β59.5% |
| Return on tangible equity | β114.1% | β63.6% | β216.8% | β122.3% | β129.8% | β216.7% | β | β | β1,008.4% | β252.7% |
| Growth | ||||||||||
| Revenue growth | β | β | β | 1,287.6% | 20.5% | 14.6% | 30.2% | 24.4% | 19.2% | 66.7% |
| Share count change | β | 7.6% | 15.5% | 10.0% | 15.4% | 14.9% | 9.7% | 14.1% | 16.8% | 21.3% |
| Financial health | ||||||||||
| Debt / equity | 0.4x | 0.2x | 2.2x | 1.7x | 1.6x | 1.9x | 13.1x | β | 3.9x | 0.7x |
| Interest coverage | β49.6x | β31.9x | β12.1x | β8.5x | β9.0x | β9.3x | β17.3x | β8.7x | β10.3x | β14.9x |
| Current ratio | 6.0x | 8.7x | 6.5x | 6.5x | 5.2x | 6.2x | 6.7x | 4.1x | 5.5x | 3.8x |
| Quick ratio | 6.0x | 8.7x | 6.4x | 6.2x | 4.8x | 5.7x | 6.3x | 3.7x | 5.1x | 3.5x |
| Capital allocation | ||||||||||
| Capex / revenue | β | β | 133.1% | 31.0% | 3.8% | 3.9% | 4.0% | 4.4% | 6.0% | 5.4% |
| Stock comp / revenue | β | β | 266.8% | 19.8% | 22.0% | 24.4% | 23.5% | 24.5% | 26.6% | 25.2% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 2.0 | 6.0 | 3.0 | 4.0 | 4.0 | 3.0 | 4.0 | 4.0 |
| Altman Z'' | β9.6 | β0.9 | β5.0 | β4.2 | β5.0 | β3.7 | β2.8 | β8.8 | β5.5 | β7.5 |
| Accruals ratio | β12.4% | β9.4% | β12.4% | β0.5% | β9.7% | β7.0% | β5.6% | β14.3% | β13.7% | β15.9% |
Source: SEC EDGAR XBRL filings (CIK 0001104506). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
