Glaukos vs Inspire Medical Systems
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KIRAβs take AI analyst
I put Glaukos and Inspire Medical Systems side by side, using each oneβs latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Glaukos
GKOS
1/8
Revenue growth
Inspire Medical Systems
INSP
7/8
5-year growthGross marginOperating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | GKOS FY25 | INSP 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 |
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.