CONMED vs Inspire Medical Systems
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KIRA’s take AI analyst
I put CONMED and Inspire Medical Systems side by side, using each one’s latest annual report. Here is what stands out:
- CONMED 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 5.2%).
- CONMED kept more of each dollar of sales as operating profit (7.5% operating margin, against 5.6%).
- CONMED turned more of its sales into free cash flow (11.0% FCF margin, against 8.6%).
- Inspire Medical Systems earned a higher return on the capital invested in it (14.2%, against 3.7%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
CONMED
CNMD
3/11
Operating marginFCF marginPiotroski F-score
Inspire Medical Systems
INSP
8/11
Revenue growth5-year growthGross marginNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CNMD FY25 | INSP FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $2.1B |
| Revenue | $1.4B | $912M |
| Free cash flow | $151M | $78.5M |
| Net income | $47.1M | $145M |
| Growth | ||
| Revenue growth | 5.2% | 13.6% |
| 5-year growth | 9.8% | 51.2% |
| Share count change | 0.0% | −2.6% |
| Profitability | ||
| Gross margin | 54.6% | 85.4% |
| Operating margin | 7.5% | 5.6% |
| Net margin | 3.4% | 16.0% |
| FCF margin | 11.0% | 8.6% |
| Return on capital | 3.7% | 14.2% |
| Return on equity | 4.7% | 19.8% |
| Balance sheet | ||
| Net debt | $794M | −$308M |
| Net debt / EBITDA | 5.1x | −4.8x |
| Dividends and buybacks | $24.7M | $175M |
| Valuation & quality | ||
| P/E | — | 15.7x |
| Piotroski F-score | 6 | 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.