INSM
INSMED Inc
Healthcare • CIK: 0001104506
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Market Cap
$34.64B
P/E (TTM)
-27.2x
Rev Growth (TTM)
+66.7%
Net Margin (TTM)
-210.5%
FCF Yield (TTM)
-2.8%
FCF Margin (TTM)
-159.6%
Cash Flow Health
Free Cash Flow0/8 positive
TTM$-968M
Q4 '25
$-264M-19%
Q3 '25
$-222M-6%
FCF Margin
TTM-159.6%
Q4 '25-100.1%+36%
Sector: 0.0%Below Avg
OCF Margin-154.2%
OCF/NI0.73x
CapEx Coverage-28.7x
FCF Yield-2.8%
FCF Growth (2Y)–
Cash Conversion Cycle
156 days
DSO: 40+DIO: 330−DPO: 214
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-967.6M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-71.5%
Volatile
+0.0% YoY+15.4%
P25MedianP75
25th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-206.4%
8Q: -243.8%
Asset Turnover
0.28x
8Q: 0.22x
Leverage (1+D/E)
1.73x
D/E: 0.73x
DuPont: -98.7% ≈ -71.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
6.75x
8Q:5.08x
+413.7%
Invested Cap Turn
0.35x
8Q:0.28x
+8.0%
CapEx Intensity
1.9%
8Q:2.0%
CapEx/Depreciation
3.12x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $606.4M | $263.8M↑85.4% | $142.3M↑32.5% | $107.4M↑15.7% | $92.8M↓11.1% | $104.4M↑11.8% | $93.4M↑3.4% | $90.3M↑19.7% | $75.5M |
Operating Income | $-1.2B | $-319.7M↑12.6% | $-366.0M↓17.0% | $-312.9M↓26.1% | $-248.1M↓7.7% | $-230.4M↓8.0% | $-213.4M↑26.1% | $-288.9M↓98.6% | $-145.5M |
Net Income | $-1.3B | $-328.5M↑11.2% | $-370.0M↓15.0% | $-321.7M↓25.4% | $-256.6M↓8.9% | $-235.5M↓6.8% | $-220.5M↑26.6% | $-300.6M↓91.4% | $-157.1M |
Operating Cash Flow | $-935.0M | $-247.6M↓12.7% | $-219.8M↓6.9% | $-205.6M↑21.6% | $-262.1M↓33.7% | $-196.0M↓8.3% | $-180.9M↓47.1% | $-123.0M↑33.2% | $-184.0M |
Free Cash Flow | $-967.6M | $-264.2M↓18.9% | $-222.2M↓6.3% | $-209.1M↑23.2% | $-272.2M↓34.2% | $-202.8M↓9.8% | $-184.6M↓42.3% | $-129.7M↑31.3% | $-188.7M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-27.2x
Volatile
8Q: -55.6x-7180%
Valuation Lenses
Earnings
-27.2x
vs – sector
Cash Flow
-35.0x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -71.5%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$34.64B
EV$33.85B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-231/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
-1.8%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-71.5%
8Q:–
+15.4%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -206.4%
Asset Turnover: 0.28x
Earnings Quality
Cash Conversion
0.73x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin79.7%
Capital Efficiency
Invested Capital Turnover0.35x
Working Capital
Cash Conversion Cycle156 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
66.7%
OpInc Growth YoY
-38.8%
EPS Growth YoY
-14.9%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
79.7%
Operating
-205.6%
Top 25% in sector
Net
-210.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+51.0 pts
FCF: -159.6% | Net: -210.5%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $889.08M
Interest Coverage
–
+Net cash position: $889.08M
Leverage Metrics
Debt-to-Equity
0.73x
Balance sheet risk & solvency analysis