INSP
Inspire Medical Systems, Inc.
Healthcare • CIK: 0001609550
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Market Cap
$2.20B
P/E (TTM)
49.1x
Rev Growth (TTM)
+16.8%
Net Margin (TTM)
5.0%
FCF Yield (TTM)
4.5%
FCF Margin (TTM)
11.2%
Cash Flow Health
Free Cash Flow4/8 positive
TTM$99M
Q3 '25
$58M+1020%
Q2 '25
$-6M+58%
FCF Margin
TTM11.2%
Q3 '2525.9%+990%
Sector: 0.0%Top 25%
OCF Margin15.1%
OCF/NI3.00x
CapEx Coverage3.8x
FCF Yield4.5%
FCF Growth (2Y)–
Cash Conversion Cycle
322 days
DSO: 44+DIO: 278−DPO: 0
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM9.1%
Div Yield0.0%
+Buyback (TTM)9.1%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$98.8M
Stock Repurchases (TTM)$200.0M
Capital Return / FCF202.4%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
4.7%
Moderate
+1.4% YoY+2.0%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
3.6%
8Q: 2.8%
Asset Turnover
1.12x
8Q: 1.11x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 4.0% ≈ 4.7% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
11.25x
8Q:13.17x
-862.1%
Invested Cap Turn
1.45x
8Q:1.34x
+23.8%
CapEx Intensity
5.7%
8Q:5.8%
CapEx/Depreciation
2.76x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $882.6M | $224.5M↑3.4% | $217.1M↑7.8% | $201.3M↓16.0% | $239.7M↑18.0% | $203.2M↑3.7% | $195.9M↑19.4% | $164.0M↓14.8% | $192.5M |
Operating Income | $36.7M | $9.6M↑390.8% | $-3.3M↓123.3% | $-1.5M↓104.7% | $31.9M↑122.7% | $14.3M↑180.8% | $5.1M↑133.5% | $-15.2M↓263.7% | $9.3M |
Net Income | $44.6M | $9.9M↑376.5% | $-3.6M↓220.1% | $3.0M↓91.5% | $35.2M↑90.4% | $18.5M↑88.9% | $9.8M↑197.9% | $-10.0M↓167.8% | $14.8M |
Operating Cash Flow | $133.7M | $68.5M↑2453.1% | $2.7M↑140.0% | $-6.7M↓109.7% | $69.2M↑32.3% | $52.3M↑67129.5% | $-78.0K↓100.9% | $8.9M↓48.7% | $17.3M |
Free Cash Flow | $98.8M | $58.1M↑1020.1% | $-6.3M↑58.2% | $-15.1M↓124.3% | $62.2M↑40.4% | $44.3M↑455.0% | $-12.5M↓339.7% | $-2.8M↓130.7% | $9.2M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
49.1x
Volatile
8Q: 279.3x-1132%
Valuation Lenses
Earnings
49.1x
vs – sector
Cash Flow
42.5x
EV/FCF vs –
Growth-Adj
1.4xPEG
Fair for growth
Quality-Adj
10.5P/E per %ROIC
ROIC: 4.7%
Shareholder Returns
Dividend
–
Buyback
9.1%
Total Yield
9.1%
Market Cap$2.20B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
59/100
Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
6.6%
8Q:–
Return on Invested Capital (ROIC)Top 25%
4.7%
8Q:–
+2.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 3.6%
Asset Turnover: 1.12x
Earnings Quality
Cash Conversion
3.00x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin84.9%
Capital Efficiency
Invested Capital Turnover1.45x
Working Capital
Cash Conversion Cycle322 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
67/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
16.8%
OpInc Growth YoY
-32.6%
EPS Growth YoY
34.9%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
84.9%
Operating
4.2%
Below Avg in sector
Net
5.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+6.1 pts
FCF: 11.2% | Net: 5.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $322.59M
Interest Coverage
–
+Net cash position: $322.59M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis