Inspire Medical Systems, Inc. (INSP) Balance Sheet
INSP balance sheet, 2025
December 31, 2025 · U.S. dollars$907.3M assets = $126.2M liabilities + $781.2M equity
Both columns are drawn to the same scale: what INSP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
INSP financial health
Descriptive bands, not a rating. Fiscal 2025.
INSP balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $13.1M2016 | $907.3M2025 | +60.1%/yr | |
| Total liabilities | $19.7M2016 | $126.2M2025 | +22.9%/yr | |
| Shareholders’ equity | −$6.6M2016 | $781.2M2025 | — | |
| Cash & short-term investments | $6.7M2016 | $308.3M2025 | +53.1%/yr | |
| Total debt | $15.7M2016 | $32.2M2025 | +8.3%/yr | |
| Net cash (debt) | −$9.0M2016 | $276.1M2025 | +$285.1M | |
| Working capital | $5.0M2016 | $487.6M2025 | +$482.6M | |
| Book value per share | −$0.532016 | $26.252025 | — | |
| Current ratio | 1.682016 | 6.082025 | +4.40 | |
| Debt / equity | 11.092017 | 0.042025 | −11.05 | |
| Shares outstanding | 12.5M2016 | 29.8M2025 | +10.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
INSP assets
INSP liabilities and equity
INSP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
INSP balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $308.3M | $445.5M | $460.4M | $451.4M | $214.5M | $234.4M | $149.5M | $188.2M | $16.1M | $6.7M |
| Cash & equivalents | $104.8M | $150.2M | $185.5M | $441.6M | $214.5M | $190.5M | $22.9M | $97.3M | $9.0M | $6.7M |
| Short-term investments | $203.5M | $295.4M | $274.8M | $9.8M | $0 | $43.8M | $126.6M | $90.9M | $7.2M | $0 |
| Receivables | $119.7M | $93.1M | $89.9M | $61.2M | $34.2M | $25.1M | $13.1M | $6.7M | $3.9M | $2.1M |
| Inventory | $145.3M | $80.1M | $33.9M | $11.9M | $17.2M | $8.5M | $5.8M | $2.7M | $3.7M | $3.4M |
| Other current assets | $10.4M | $12.1M | $9.6M | $5.5M | $2.7M | $2.0M | $2.2M | $1.7M | $426,000 | $118,000 |
| Total current assets | $583.7M | $630.8M | $593.7M | $530.0M | $268.5M | $269.9M | $170.6M | $199.3M | $24.1M | $12.2M |
| Property, plant & equipment (net) | $121.4M | $95.2M | $62.7M | $24.1M | $16.4M | $11.1M | $4.0M | $802,000 | $994,000 | $867,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $96.3M | $71.0M | $9.1M | $0 | $9.9M | $0 | $6.3M | $0 | $0 | $0 |
| Other non-current assets | $105.9M | $11.3M | $11.3M | $10.7M | $204,000 | $204,000 | $381,000 | $0 | $0 | $0 |
| Total assets | $907.3M | $808.4M | $676.8M | $564.9M | $295.1M | $281.2M | $181.3M | $200.1M | $25.1M | $13.1M |
| Liabilities | ||||||||||
| Accounts payable | $36.6M | $38.7M | $38.8M | $26.8M | $11.7M | $7.2M | $4.5M | $3.4M | $3.0M | $1.2M |
| Short-term debt | $2.2M | $1.8M | — | $1.3M | $9.5M | $3.3M | $828,000 | — | $16.5M | $3.3M |
| Deferred revenue | — | — | — | — | — | — | −$828,000 | — | — | — |
| Total current liabilities | $96.1M | $88.5M | $78.1M | $61.2M | $41.3M | $20.7M | $16.9M | $11.2M | $7.1M | $7.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $15.8M | $24.7M | $24.5M | $24.9M | $16.5M | $12.4M |
| Lease obligations | $32.2M | $31.8M | $24.8M | $7.5M | $8.8M | $5.9M | — | — | — | — |
| Other long-term liabilities | $30.1M | $30.2M | $26.2M | $7.7M | $8.9M | $6.0M | $40,000 | $0 | $0 | $53,000 |
| Total liabilities | $126.2M | $118.7M | $104.3M | $68.9M | $66.0M | $51.4M | $41.4M | $36.1M | $23.6M | $19.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $29,000 | $30,000 | $30,000 | $29,000 | $27,000 | $27,000 | $24,000 | $23,000 | $13,000 | $1,000 |
| Retained earnings (deficit) | −$146.5M | −$291.9M | −$345.4M | −$324.3M | −$279.4M | −$237.3M | −$180.2M | −$146.9M | −$125.1M | −$107.6M |
| Accumulated other comprehensive income | $464,000 | $536,000 | $800,000 | −$86,000 | −$55,000 | $29,000 | $102,000 | −$52,000 | −$810,000 | $0 |
| Total shareholders' equity | $781.2M | $689.7M | $572.5M | $496.0M | $229.0M | $229.7M | $139.8M | $164.0M | $1.5M | −$6.6M |
| Key figures | ||||||||||
| Total debt | $32.2M | $31.8M | $24.8M | $16.4M | $34.1M | $30.6M | $25.4M | $24.9M | $16.5M | $15.7M |
| Net cash (debt) | $276.1M | $413.8M | $435.5M | $435.0M | $180.4M | $203.7M | $124.1M | $163.3M | −$317,000 | −$9.0M |
| Working capital | $487.6M | $542.3M | $515.6M | $468.8M | $227.2M | $249.1M | $153.8M | $188.1M | $16.9M | $5.0M |
| Tangible book value | $781.2M | $689.7M | $572.5M | $496.0M | $229.0M | $229.7M | $139.8M | $164.0M | $1.5M | −$6.6M |
| Book value per share | $26.25 | $22.58 | $19.54 | $17.67 | $8.40 | $8.81 | $5.87 | $11.25 | $0.11 | −$0.53 |
| Shares outstanding | 29.8M | 30.5M | 29.3M | 28.1M | 27.3M | 26.1M | 23.8M | 14.6M | 13.5M | 12.5M |
| Current ratio | 6.08 | 7.13 | 7.60 | 8.66 | 6.50 | 13.02 | 10.12 | 17.86 | 3.37 | 1.68 |
| Quick ratio | 4.46 | 6.09 | 7.05 | 8.38 | 6.02 | 12.52 | 9.65 | 17.47 | 2.80 | 1.20 |
| Debt / equity | 0.04 | 0.05 | 0.04 | 0.03 | 0.15 | 0.13 | 0.18 | 0.15 | 11.09 | — |
| Equity / assets | 86.1% | 85.3% | 84.6% | 87.8% | 77.6% | 81.7% | 77.1% | 82.0% | 5.9% | −50.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $320.7M | $283.8M | $308.3M | $322.6M | $300.9M | $369.2M | $445.5M | $411.0M | $439.7M | $441.4M | $460.4M | $464.2M |
| Cash & equivalents | $127.8M | $98.9M | $104.8M | $112.8M | $106.9M | $53.9M | $150.2M | $147.5M | $188.0M | $175.4M | $185.5M | $329.9M |
| Short-term investments | $192.9M | $184.9M | $203.5M | $209.7M | $194.0M | $315.3M | $295.4M | $263.5M | $251.6M | $265.9M | $274.8M | $134.3M |
| Receivables | $103.3M | $105.1M | $119.7M | $108.0M | $137.7M | $92.6M | $93.1M | $89.7M | $79.7M | $72.3M | $89.9M | $71.5M |
| Inventory | $170.5M | $166.2M | $145.3M | $141.8M | $121.6M | $99.7M | $80.1M | $67.4M | $59.0M | $49.0M | $33.9M | $26.1M |
| Other current assets | $14.2M | $11.7M | $10.4M | $14.1M | $13.0M | $10.1M | $12.1M | $14.4M | $28.8M | $9.5M | $9.6M | $7.8M |
| Total current assets | $608.7M | $566.8M | $583.7M | $586.5M | $573.2M | $571.7M | $630.8M | $582.5M | $607.2M | $572.2M | $593.7M | $569.6M |
| Property, plant & equipment (net) | $126.9M | $123.8M | $121.4M | $115.6M | $109.8M | $102.1M | $95.2M | $89.3M | $83.9M | $74.5M | $62.7M | $55.3M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $94.5M | $115.9M | $96.3M | $88.4M | $109.8M | $44.8M | $71.0M | $113.4M | $26.3M | $27.8M | $9.1M | $3.0M |
| Other non-current assets | $95.9M | $104.9M | $117.1M | $17.3M | $9.4M | $12.2M | $11.3M | $11.0M | $11.0M | $11.3M | $11.3M | $11.6M |
| Total assets | $926.0M | $911.4M | $918.5M | $807.7M | $802.2M | $730.8M | $808.4M | $796.2M | $728.4M | $685.8M | $676.8M | $639.5M |
| Liabilities | ||||||||||||
| Accounts payable | $27.1M | $41.8M | $36.6M | $59.2M | $53.2M | $29.1M | $38.7M | $34.9M | $33.6M | $43.8M | $38.8M | $40.0M |
| Short-term debt | — | — | $2.2M | $2.3M | $2.1M | $2.0M | $1.8M | $109,000 | — | — | — | — |
| Deferred revenue | — | — | — | — | — | — | — | −$109,000 | — | — | — | — |
| Total current liabilities | $71.2M | $89.4M | $96.1M | $110.8M | $93.4M | $63.5M | $88.5M | $74.3M | $65.7M | $72.2M | $78.1M | $70.0M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $29.1M | $29.6M | $32.2M | $32.6M | $33.1M | $33.5M | $31.8M | $25.3M | $24.5M | $24.5M | $24.8M | $25.2M |
| Other long-term liabilities | $29.2M | $29.6M | $41.3M | $30.4M | $31.0M | $31.6M | $30.2M | $25.4M | $24.7M | $24.6M | $26.2M | $25.3M |
| Total liabilities | $100.4M | $119.0M | $137.3M | $141.3M | $124.4M | $95.1M | $118.7M | $99.6M | $90.3M | $96.8M | $104.3M | $95.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $29,000 | $29,000 | $29,000 | $29,000 | $29,000 | $29,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $29,000 |
| Retained earnings (deficit) | −$157.5M | −$157.8M | −$146.5M | −$282.6M | −$292.5M | −$288.9M | −$291.9M | −$327.1M | −$345.6M | −$355.4M | −$345.4M | −$360.2M |
| Accumulated other comprehensive income | −$645,000 | −$352,000 | $464,000 | $639,000 | $396,000 | $227,000 | $536,000 | $1.7M | −$115,000 | $124,000 | $800,000 | $44,000 |
| Total shareholders' equity | $825.6M | $792.3M | $781.2M | $666.5M | $677.8M | $635.7M | $689.7M | $696.6M | $638.1M | $589.0M | $572.5M | $544.2M |
| Key figures | ||||||||||||
| Total debt | $29.1M | $29.6M | $62.2M | $32.6M | $33.1M | $33.5M | $31.8M | $25.3M | $24.5M | $24.5M | $24.8M | $25.2M |
| Net cash (debt) | $291.6M | $254.3M | $246.1M | $290.0M | $267.8M | $335.7M | $413.8M | $385.7M | $415.2M | $416.9M | $435.5M | $439.0M |
| Working capital | $537.5M | $477.4M | $487.6M | $475.6M | $479.8M | $508.2M | $542.3M | $508.3M | $541.5M | $500.0M | $515.6M | $499.6M |
| Tangible book value | $825.6M | $792.3M | $781.2M | $666.5M | $677.8M | $635.7M | $689.7M | $696.6M | $638.1M | $589.0M | $572.5M | $544.2M |
| Book value per share | $28.53 | $27.61 | $26.74 | $22.52 | $22.97 | $20.97 | $22.43 | $22.74 | $20.98 | $19.89 | $18.93 | $18.53 |
| Shares outstanding | 28.9M | 28.7M | 29.2M | 29.6M | 29.5M | 30.3M | 30.8M | 30.6M | 30.4M | 29.6M | 30.2M | 29.4M |
| Current ratio | 8.55 | 6.34 | 6.08 | 5.29 | 6.14 | 9.01 | 7.13 | 7.84 | 9.25 | 7.93 | 7.60 | 8.14 |
| Quick ratio | 5.96 | 4.35 | 4.46 | 3.88 | 4.70 | 7.28 | 6.09 | 6.74 | 7.91 | 7.12 | 7.05 | 7.65 |
| Debt / equity | 0.04 | 0.04 | 0.08 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 |
| Equity / assets | 89.2% | 86.9% | 85.0% | 82.5% | 84.5% | 87.0% | 85.3% | 87.5% | 87.6% | 85.9% | 84.6% | 85.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
INSP financial position
At the end of fiscal 2025 (December 31, 2025), Inspire Medical Systems had total assets of $907.3 million (up 12.2% from a year earlier), total liabilities of $126.2 million and shareholders' equity of $781.2 million. It held $308.3 million in cash and short-term investments against $32.2 million of debt, a net cash position of $276.1 million. Its current ratio was 6.08. In the latest quarter (ended June 30, 2026) total assets were $926.0 million and equity $825.6 million.
Related: INSP income statement, INSP cash flow statement, INSP key metrics. See the INSP stock overview for the latest quote and news.
INSP balance sheet FAQ
What are Inspire Medical Systems's total assets?
Inspire Medical Systems reported total assets of $907.3 million at the end of fiscal 2025 (December 31, 2025), compared with $808.4 million a year earlier.
How much debt does Inspire Medical Systems have?
Inspire Medical Systems had $32.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.04.
How much cash does Inspire Medical Systems have?
Inspire Medical Systems held $308.3 million in cash and short-term investments at the end of fiscal 2025; with $32.2 million of debt that is net cash of $276.1 million.
What is Inspire Medical Systems's book value?
Inspire Medical Systems's shareholders' equity (book value) was $781.2 million at the end of fiscal 2025, or $26.25 per share.
What is Inspire Medical Systems's current ratio?
Inspire Medical Systems had current assets of $583.7 million and current liabilities of $96.1 million, a current ratio of 6.08 (it can cover its short-term obligations).