InMode Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data InMode Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	53.5	100	156	206	358	454	492	395	370
Cost of revenue	9.05	15.1	20.2	30.8	53.6	73.5	80.7	77.8	79.5
Gross profit	44.4	85.1	136	175	304	381	411	317	291
Research and development	2.58	4.18	5.7	9.47	9.53	12.4	13.4	13.1	13.3
Selling and marketing	28.5	44.6	66.8	86.5	119	161	193	181	181
General and administrative	4.36	4.81	3.96	6.42	8.41	9.93	9.23	10	11.7
Operating expenses	35.5	61.6	76.5	102	136	183	216	205	206
Operating income	8.95	23.5	59.6	72.8	167	198	196	113	85.4
Pre-tax income	9.8	23.6	62	76.1	168	201	217	143	110
Income tax	0.98	1.26	0.88	1.11	2.93	39.9	19.3	-37.8	16.5
Net income to minority interests		-0.01	0.01	-0.01	0.1	0	0
Net income	8.82	22.4	61.1	75	165	162	198	181	93.8
EBITDA	9.15	23.7	59.9	73.3	168	199	196	113	86.1
EPS, basic	0.15	0.41	1.04	1.04	2.03	1.96	2.37	2.29	1.45
EPS, diluted	0.13	0.31	0.80	0.89	1.92	1.89	2.30	2.25	1.43
Shares, basic (weighted)	52.6	53.2	58.5	72.1	81.4	82.5	83.5	79.3	64.6
Shares, diluted (weighted)	59.3	70	76.1	84.2	86	85.4	86	80.6	65.4

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	17.6	24.7	44.7	68.9	68.1	97.5	144	155	303
Short-term investments		26.5	120	142	295	375	374	268	83.6
Receivables		7.01	6.63	10.5	20.2	27	42.4	36.3	43.5
Inventory		6.96	9.41	15	21	39.9	45.1	59.5	74.1
Total current assets		77.8	213	290	470	629	845	714	699
Property, plant and equipment		0.54	0.94	0.98	1.4	2.3	2.38	2.32	2.6
Lease right-of-use assets			1.37	1.15	4.32	5.07	9.7	8.73	8.27
Other non-current assets						4.57	4.37	3.88	3.71
Total assets		81.1	218	296	479	644	863	786	766
Accounts payable		4.51	3.7	6.41	8.78	16.2	14	13.8	17.9
Accrued liabilities		10	8.16	10	17.8	19.4	21	16.7	18.2
Deferred revenue		5.76	15.6	11.9	13.8	13.8	10.9	16.8	12.1
Total current liabilities		29.4	32.5	35	51.9	82	64.1	69.9	70.7
Lease liabilities			0.74	0.36	3.31	3.51	6.61	5.31	5.01
Other non-current liabilities		0.77	1.49	2.91	4.83	0.3	1.4	3.36	4.44
Total liabilities		34.2	38.6	40.3	62.7	89.8	75.9	81.9	83.2
Paid-in capital		10.2	81.9	102	123	149	178	197	210
Retained earnings		33	94	169	334	496	693	875	969
Treasury stock				-17.2	-39.8	-82.4	-82.4	-368	-495
Other comprehensive income		0.07	0.12	0.36	-1.32	-7.49	-1.68	-0.34	0.07
Shareholders' equity		43.3	176	254	416	555	787	704	683
Minority interests		1.41	3.74	1.51
Total equity	19.5	44.7	180	255	416	555	787	704	683
Total liabilities and equity		81.1	218	296	479	644	863	786	766
Shares outstanding		53.4	32.8	75.6	83	82.5	84	69.6	63.4

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	8.82	22.4	61.2	75	165	162	198	181	93.8
Depreciation and amortization	0.2	0.18	0.3	0.42	0.52	0.68	0.62	0.73	0.7
Stock-based compensation	2.44	1.95	1.56	12.8	12	24.5	23.6	16.6	11.1
Deferred income tax	-0.58	-0.59	-0.59	1.73	-0.77	0.08	-0.15	-55.2	2.93
Change in receivables	-2.7	-0.57	0.45	-4.42	-10.5	-10.4	-16.1	5.95	-7.45
Change in inventory	-2.34	-1.89	-2.45	-5.58	-6.04	-18.9	-5.2	-14.5	-14.5
Change in payables	1.51	0.54	0.09	2.71	2.37	7.46	-2.28	-0.18	4.13
Cash from operations	14.6	36.9	62.2	79.2	175	182	177	133	85.3
Capital expenditures	-0.19	-0.38	-0.69	-0.46	-0.94	-1.58	-0.71	-0.67	-0.97
Purchases of investments	-5.7	-38.3	-165	-170	-274	-169	-245	-336	-20.9
Sales and maturities of investments	0.2	19	72.6	111	93.7	2.3	5	90.8	17.2
Cash from investing	-5.68	-29.7	-112	-43.3	-160	-109	-136	162	186
Stock issued	0.06	0.19	0.39	4.78	20.3	1.55	5.5	2.61	1.39
Share buybacks				-17.2	-35.4	-42.6	0	-285	-127
Cash from financing	1.79	0.19	70.2	-12.4	-15	-41.1	5.5	-283	-126
Exchange rate effect	0.19	-0.21	0.08	0.73	-0.56
Net change in cash	10.9	7.13	20	24.2	-0.8	29.4	46.9	10.9	147
Free cash flow	14.4	36.5	61.5	78.8	174	180	176	132	84.3
Income taxes paid	0.74	1.8	1.42	0.22	1.66	25.8	31.6	17.7	14.9

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $14.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	78.5%	Gross profit / revenue.
Operating margin	23.0%	Operating income / revenue.
EBITDA margin	23.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	29.8%	Pre-tax income / revenue.
Net margin	25.3%	Net income / revenue.
FCF margin	22.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.0%	Cash from operations / revenue.
Effective tax rate	15.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.1%	Net income / average total assets.
Return on invested capital (ROIC)	15.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.6%	Research and development expense / revenue.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-8.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-8.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-24.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-24.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-24.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-24.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-48.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-16.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-36.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-35.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-22.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-36.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-22.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	21.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-18.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-8.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	9.88x	Current assets / current liabilities.
Quick ratio	6.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	5.46x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	10.9%	Total liabilities / total assets.
Working capital	$627.9M	Current assets - current liabilities.
Tangible book value	$683.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	151x	Revenue / average property, plant and equipment.
Inventory turnover	1.19x	Cost of revenue / average inventory.
Days inventory	307 days	365 x average inventory / cost of revenue.
Receivables turnover	9.28x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.
Days payables	73 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	273 days	Days inventory + days sales outstanding - days payables.
FCF conversion	89.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.43	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.45	Net income per basic share, as reported (split-adjusted).
Revenue per share	$5.66	Revenue / diluted weighted shares.
FCF per share	$1.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.30	Cash from operations / diluted weighted shares.
Book value per share	$10.78	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.78	Tangible book value / shares outstanding.
Cash per share	$6.10	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	151.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$903.5M	Share price x shares outstanding.
Enterprise value	$517.3M	Market cap + total debt - cash - short-term investments.
P/E	9.63x	Market cap / net income. Only when net income is positive.
P/S	2.44x	Market cap / revenue.
P/B	1.32x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.32x	Market cap / tangible book value, when positive.
P/FCF	10.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.6x	Market cap / cash from operations, when positive.
EV/Sales	1.40x	Enterprise value / revenue.
EV/EBIT	6.06x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.01x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.14x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.3%	Free cash flow / market cap.
Earnings yield	10.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	14.1%	(Dividends paid + share buybacks) / market cap.

What was InMode Ltd.'s revenue in fiscal 2025?

InMode Ltd. reported revenue of $370.5M for fiscal 2025, 6.2% lower than the year before.

Was InMode Ltd. profitable in fiscal 2025?

Yes. Net income was $93.8M, a net margin of 25.3%.

How much free cash flow did InMode Ltd. generate in fiscal 2025?

Cash from operations of $85.3M minus capital expenditures of $972.0K left free cash flow of $84.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to InMode Ltd.