Inspire Medical Systems, Inc. (INSP) Key Metrics
INSP valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $1.99B
- Enterprise value
- $1.70B
- P/E (TTM)
- 15.2
- Forward P/E
- 59.2
- PEG ratio
- —
- Price / sales
- 2.2 10-yr median 14.8
- Price / book
- 2.4 10-yr median 11.5
- EV / EBITDA
- 19.8
- Dividend yield
- —
- Beta
- 0.73
INSP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsINSP valuation Price multiples at each fiscal year-end price.
INSP returns How much profit the business earns on the capital it uses.
INSP per-share figures Results divided by the shares outstanding at year-end.
INSP financial health Debt, liquidity and how easily interest is covered.
INSP efficiency & capital use Working capital cycle and where the cash goes.
INSP valuation history
INSP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
INSP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
INSP cash returned to shareholders
INSP price vs earnings per share
INSP key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.74B | $5.66B | $5.96B | $7.07B | $6.27B | $4.90B | $1.77B | $616.0M | — | — |
| Enterprise value | $2.47B | $5.25B | $5.53B | $6.64B | $6.09B | $4.70B | $1.64B | $452.7M | — | — |
| P/E ratio | 18.9 | 105.8 | — | — | — | — | — | — | — | — |
| Price / sales | 3.0 | 7.1 | 9.5 | 17.3 | 26.9 | 42.5 | 21.5 | 12.2 | — | — |
| Price / book | 3.5 | 8.2 | 10.4 | 14.3 | 27.4 | 21.3 | 12.6 | 3.8 | — | — |
| Price / free cash flow | 35.0 | 62.1 | — | — | — | — | — | — | — | — |
| Price / operating cash flow | 23.5 | 43.5 | 241.8 | 611.2 | — | — | — | — | — | — |
| EV / sales | 2.7 | 6.5 | 8.8 | 16.3 | 26.1 | 40.7 | 20.0 | 8.9 | — | — |
| EV / EBITDA | 30.9 | 80.7 | — | — | — | — | — | — | — | — |
| EV / free cash flow | 31.5 | 57.6 | — | — | — | — | — | — | — | — |
| Earnings yield | 5.3% | 0.9% | −0.4% | −0.6% | −0.7% | −1.2% | −1.9% | −3.5% | — | — |
| Free cash flow yield | 2.9% | 1.6% | 0.0% | 0.0% | −0.4% | −1.1% | −2.0% | −3.1% | — | — |
| Shareholder yield (dividends + buybacks) | 6.4% | 1.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Share price at fiscal year-end | $92.23 | $185.38 | $203.43 | $251.88 | $230.06 | $188.09 | $74.21 | $42.25 | — | — |
| Per share | ||||||||||
| Revenue per share | $30.65 | $26.28 | $21.32 | $14.53 | $8.56 | $4.43 | $3.45 | $3.47 | $2.12 | $1.32 |
| Earnings per share | $4.89 | $1.75 | −$0.72 | −$1.60 | −$1.54 | −$2.19 | −$1.40 | −$1.50 | −$1.30 | −$1.49 |
| Operating cash flow per share | $3.93 | $4.26 | $0.84 | $0.41 | −$0.74 | −$2.03 | −$1.40 | −$1.28 | −$1.17 | −$1.44 |
| Free cash flow per share | $2.64 | $2.98 | $0.03 | $0.09 | −$0.91 | −$2.13 | −$1.49 | −$1.30 | −$1.20 | −$1.46 |
| Cash per share | $10.36 | $14.59 | $15.71 | $16.08 | $7.87 | $8.99 | $6.28 | $12.91 | $1.20 | $0.54 |
| Book value per share | $26.25 | $22.58 | $19.54 | $17.67 | $8.40 | $8.81 | $5.87 | $11.25 | $0.11 | −$0.53 |
| Tangible book value per share | $26.25 | $22.58 | $19.54 | $17.67 | $8.40 | $8.81 | $5.87 | $11.25 | $0.11 | −$0.53 |
| Capex per share | $1.29 | $1.28 | $0.81 | $0.32 | $0.17 | $0.09 | $0.12 | $0.02 | $0.03 | $0.02 |
| Debt per share | $1.08 | $1.04 | $0.85 | $0.58 | $1.25 | $1.17 | $1.06 | $1.71 | $1.22 | $1.26 |
| Shares outstanding | 29.8M | 30.5M | 29.3M | 28.1M | 27.3M | 26.1M | 23.8M | 14.6M | 13.5M | 12.5M |
| Change in shares outstanding | −2.6% | +4.2% | +4.4% | +3.0% | +4.6% | +9.5% | +63.3% | +8.1% | +8.3% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 19.8% | 8.5% | −4.0% | −12.4% | −18.3% | −31.0% | −21.9% | −26.4% | — | — |
| Return on invested capital (ROIC) | 13.0% | 16.0% | −32.1% | −68.6% | −84.3% | −212.8% | −335.5% | — | −602.2% | −568.4% |
| Return on assets (ROA) | 17.0% | 7.2% | −3.4% | −10.4% | −14.6% | −24.7% | −17.4% | −19.4% | −91.7% | −141.3% |
| Return on tangible assets | 16.0% | 6.6% | −3.1% | −7.9% | −14.2% | −20.3% | −18.3% | −10.9% | −69.8% | −141.3% |
| Free cash flow margin | 8.6% | 11.4% | 0.2% | 0.6% | −10.6% | −48.1% | −43.4% | −37.4% | −56.7% | −111.1% |
| Income quality (OCF / net income) | 0.80 | 2.43 | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $32.2M | $31.8M | $24.8M | $16.4M | $34.1M | $30.6M | $25.4M | $24.9M | $16.5M | $15.7M |
| Cash & short-term investments | $308.3M | $445.5M | $460.4M | $451.4M | $214.5M | $234.4M | $149.5M | $188.2M | $16.1M | $6.7M |
| Net debt | −$276.1M | −$413.8M | −$435.5M | −$435.0M | −$180.4M | −$203.7M | −$124.1M | −$163.3M | $317,000 | $9.0M |
| Debt / equity | 0.04 | 0.05 | 0.04 | 0.03 | 0.15 | 0.13 | 0.18 | 0.15 | 11.09 | — |
| Debt / assets | 0.04 | 0.04 | 0.04 | 0.03 | 0.12 | 0.11 | 0.14 | 0.12 | 0.66 | 1.20 |
| Net debt / EBITDA | −3.46 | −6.36 | — | — | — | — | — | — | — | — |
| Current ratio | 6.08 | 7.13 | 7.60 | 8.66 | 6.50 | 13.02 | 10.12 | 17.86 | 3.37 | 1.68 |
| Quick ratio | 4.56 | 6.22 | 7.17 | 8.47 | 6.08 | 12.61 | 9.78 | 17.63 | 2.86 | 1.22 |
| Interest coverage | 371.9 | — | — | -28.4 | -18.7 | -26.6 | -16.5 | -6.2 | -9.1 | -13.2 |
| Working capital | $487.6M | $542.3M | $515.6M | $468.8M | $227.2M | $249.1M | $153.8M | $188.1M | $16.9M | $5.0M |
| Invested capital | $505.0M | $275.9M | $137.0M | $61.0M | $48.7M | $26.0M | $15.7M | $715,000 | $1.8M | $2.4M |
| Tangible asset value | $781.2M | $689.7M | $572.5M | $496.0M | $229.0M | $229.7M | $139.8M | $164.0M | $1.5M | −$6.6M |
| Net current asset value | $457.5M | $512.1M | $489.4M | $461.2M | $202.5M | $218.4M | $129.2M | $163.2M | $490,000 | −$7.5M |
| Graham number | $53.73 | $29.83 | — | — | — | — | — | — | — | — |
| Graham net-net per share | $11.58 | $14.30 | $15.03 | $15.47 | $6.70 | $7.90 | $5.08 | $10.87 | −$0.20 | −$0.79 |
| Capital allocation | ||||||||||
| Share buybacks (net) | $175.0M | $75.0M | $17.2M | $43,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | 223.0% | 82.3% | — | 1.7% | — | — | — | — | — | — |
| Capex / revenue | 4.2% | 4.9% | 3.8% | 2.2% | 2.0% | 2.1% | 3.3% | 0.5% | 1.4% | 1.9% |
| Capex / operating cash flow | 32.9% | 30.0% | 95.8% | 78.6% | — | — | — | — | — | — |
| Capex / depreciation | 2.76 | 5.97 | 8.30 | 4.90 | 3.83 | 2.92 | 1.96 | 0.64 | 1.45 | 2.97 |
| Stock-based compensation / revenue | 14.3% | 14.5% | 13.2% | 12.7% | 11.2% | 11.1% | 7.6% | 2.4% | 0.9% | 1.5% |
| R&D / revenue | 11.3% | 14.2% | 18.7% | 16.8% | 16.0% | 22.6% | 15.6% | 14.6% | 21.7% | 43.2% |
| SG&A / revenue | 68.5% | 66.0% | 67.7% | 78.6% | 86.8% | 110.8% | 110.3% | 105.8% | 113.3% | 138.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 42.6 | 41.6 | 44.1 | 42.7 | 46.3 | 60.4 | 44.0 | 38.0 | 38.0 | 46.5 |
| Days of inventory on hand | 308.8 | 169.2 | 86.5 | 80.4 | 141.0 | 148.2 | 113.7 | 115.0 | 213.0 | 313.6 |
| Days payables outstanding | 103.1 | 115.0 | 124.1 | 106.3 | 103.5 | 120.8 | 105.5 | 116.6 | 126.5 | 109.6 |
| Cash conversion cycle (days) | 248.3 | 95.7 | 6.5 | 16.8 | 83.8 | 87.8 | 52.2 | 36.3 | 124.6 | 250.4 |
| Receivables turnover | 8.57 | 8.78 | 8.27 | 8.55 | 7.88 | 6.04 | 8.29 | 9.61 | 9.60 | 7.86 |
| Payables turnover | 3.54 | 3.17 | 2.94 | 3.43 | 3.53 | 3.02 | 3.46 | 3.13 | 2.89 | 3.33 |
| Inventory turnover | 1.18 | 2.16 | 4.22 | 4.54 | 2.59 | 2.46 | 3.21 | 3.17 | 1.71 | 1.16 |
| Asset turnover | 1.06 | 1.08 | 1.01 | 0.95 | 0.81 | 0.50 | 0.43 | 0.45 | 1.50 | 1.25 |
| Average receivables | $106.4M | $91.5M | $75.6M | $47.7M | $29.6M | $19.1M | $9.9M | $5.3M | $3.0M | $2.1M |
| Average payables | $37.6M | $38.8M | $32.8M | $19.3M | $9.4M | $5.8M | $3.9M | $3.2M | $2.1M | $1.2M |
| Average inventory | $112.7M | $57.0M | $22.9M | $14.6M | $12.9M | $7.2M | $4.3M | $3.2M | $3.5M | $3.4M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from INSP's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
INSP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Inspire Medical Systems traded at 18.9 times earnings. Based on the latest twelve months, the trailing P/E is 15.2 and the forward P/E is 59.2. Inspire Medical Systems earned a return on equity of 19.8% and a return on invested capital of 13.0% in fiscal 2025. It ended the year with $32.2 million of debt and $308.3 million in cash and short-term investments, a net cash position of $276.1 million. It returned $175.0 million to shareholders: $0 in dividends and $175.0 million in share buybacks, 223% of free cash flow. The share count rose 138.8% from 12.5M to 29.8M over 9 years.
See the INSP income statement, the INSP chart for price history, or the INSP stock overview for the latest quote and news.
INSP key metrics FAQ
What is Inspire Medical Systems's P/E ratio?
Inspire Medical Systems's trailing P/E ratio is 15.2 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 59.2. At the end of fiscal 2025 it was 18.9.
What is Inspire Medical Systems's EV/EBITDA?
Inspire Medical Systems's enterprise value was 30.9 times EBITDA at the end of fiscal 2025 (enterprise value $2.5 billion, EBITDA $79.8 million); the current EV/EBITDA is 19.8.
What is Inspire Medical Systems's return on equity?
Inspire Medical Systems's return on equity (ROE) was 19.8% in fiscal 2025: net income of $145.4 million on average shareholders' equity of $735.4 million.
What is Inspire Medical Systems's ROIC?
Inspire Medical Systems's return on invested capital was 13.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Inspire Medical Systems have?
Inspire Medical Systems had total debt of $32.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.04 and more cash than debt.
Does Inspire Medical Systems buy back its shares?
Yes. Inspire Medical Systems spent $175.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.6% over the year, to 29.8M..
What is Inspire Medical Systems's free cash flow yield?
Inspire Medical Systems generated $78.5 million of free cash flow in fiscal 2025, a free cash flow yield of 2.9% on its market value at year-end ($2.7 billion).
What is Inspire Medical Systems's current ratio?
Inspire Medical Systems's current ratio was 6.08 at the end of fiscal 2025: current assets were 6.08 times current liabilities.