Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INSMED Inc 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
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0
9.84
136
164
188
245
305
364
606
Cost of revenue
0
0
2.42
24.2
39.9
44.2
55.1
65.6
85.7
123
Gross profit
0
0
7.41
112
125
144
190
240
278
483
Research and development
123
110
145
132
181
273
398
571
598
771
Selling, general and administrative
266
345
461
701
General and administrative
50.7
79.2
168
211
204
234
266
345
Operating expenses
173
189
Operating income
-173
-189
-307
-235
-265
-375
-457
-710
-878
-1,247
Interest expense
3.5
5.93
25.5
27.7
29.6
40.5
26.4
81.7
84.9
83.8
Other non-operating income
0.12
0.3
0.6
-0.53
0.41
-3.33
-5.94
1.86
0.03
-1.84
Pre-tax income
-176
-193
-324
-254
-293
-436
-480
-747
-910
-1,272
Income tax
0.1
-0.27
0.2
0.78
1.4
-1.76
1.38
2.56
3.71
5.03
Net income
-176
-193
-324
-254
-294
-435
-482
-750
-914
-1,277
EBITDA
-171
-186
-304
-230
-256
-366
-452
-704
-872
-1,236
EPS, basic
-2.85
-2.89
-4.22
-3.01
-3.01
-3.88
-3.91
-5.34
-5.57
-6.42
EPS, diluted
-2.85
-2.89
-4.22
-3.01
-3.01
-3.88
-3.91
-5.34
-5.57
-6.42
Shares, basic (weighted)
61.9
66.6
76.9
84.6
97.6
112
123
140
164
199
Shares, diluted (weighted)
61.9
66.6
76.9
84.6
97.6
112
123
140
164
199
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
163
381
495
487
533
717
1,074
482
555
510
Short-term investments
0
74.2
298
879
920
Receivables
0
5.52
19.2
16.6
24.4
29.7
41.2
52
141
Inventory
0
7.03
28.3
49.6
67
69.9
83.2
98.6
132
Other current assets
5.82
8.28
11.3
20.2
24
28.9
25.5
24.2
37.2
91.2
Total current assets
168
389
519
555
623
837
1,273
929
1,622
1,794
Property, plant and equipment
10
12.4
22.6
60.2
54
53
56.5
65.4
80.1
103
Lease right-of-use assets
37.7
32.9
33.3
21.9
18
17.3
20.7
Goodwill
0
136
136
136
136
136
Intangible assets
58.2
58.7
53.7
49.3
73.8
68.8
63.7
58.7
97.7
Long-term investments
50
0
Total assets
238
462
605
742
796
1,244
1,656
1,330
2,025
2,265
Accounts payable
10.4
14.7
17.7
13.2
42.9
35.8
50.5
65.4
73
79.9
Accrued liabilities
16.8
17.1
38.3
40.4
37.8
60.7
32
48.9
80.3
112
Short-term debt
0
0
Total current liabilities
28
44.7
79.7
85.2
119
135
190
226
298
469
Long-term debt
54.8
55.6
317
336
356
567
1,125
1,155
1,103
541
Lease liabilities
29.3
21.3
21.4
14.9
11
9.11
12.2
Other non-current liabilities
0.69
0.77
0
10.6
9.18
20.1
9.39
3.15
0.5
5.65
Total liabilities
83.5
101
396
481
520
833
1,568
1,662
1,740
1,526
Total debt
55
55
450
450
450
800
1,154
1,178
1,122
547
Paid-in capital
919
1,318
1,490
1,797
2,105
2,674
2,782
3,113
4,646
6,372
Retained earnings
-765
-958
-1,282
-1,536
-1,831
-2,265
-2,697
-3,446
-4,360
-5,637
Other comprehensive income
-0.07
-0
-0.01
-0.01
0.19
0.97
0.76
-0.75
-2.29
1.46
Shareholders' equity
154
361
208
262
276
410
88
-332
285
739
Total equity
154
361
208
262
276
410
88
-332
285
739
Total liabilities and equity
238
462
605
742
796
1,244
1,656
1,330
2,025
2,265
Shares outstanding
62
76.6
77.3
89.7
103
119
136
148
179
214
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-176
-193
-324
-254
-294
-435
-482
-750
-914
-1,277
Depreciation and amortization
2.4
2.9
3.6
5.2
9.1
9.1
5.3
5.5
5.96
10.4
Stock-based compensation
18
18.1
26.2
27
36.2
46
57.7
74.8
96.8
153
Deferred income tax
0
-0.42
0
0
0
-3.45
-0.23
-0.05
-0.03
-0.03
Change in receivables
0
0
-5.52
-13.7
2.67
-8.12
-6.42
-12
-12.9
-88.3
Change in inventory
0
0
-7.03
-21.3
-21.2
-17.5
-1.71
-13.6
-17
-31.5
Change in payables
2.77
3.6
3.87
-4.97
29.8
-7.58
50
15.2
44.6
100
Cash from operations
-147
-160
-258
-251
-219
-363
-400
-536
-684
-935
Capital expenditures
-4.2
-3
-13.1
-42.3
-6.24
-7.29
-9.88
-13.3
-21.9
-32.6
Acquisitions
0
0
-6.7
0
0
Purchases of investments
0
0
-50.3
-99.7
-589
-1,577
-2,092
Sales and maturities of investments
0
0
75
375
1,016
2,090
Cash from investing
-4.2
-3
-14.8
-42.3
-6.82
-64.3
-34.6
-224
-583
-64.6
Debt issued
30
0
0
Debt repaid
0
0
-57.8
0
0
Stock issued
0
378
0
261
246
270
292
152
1,084
823
Cash from financing
30.7
381
387
285
271
613
793
168
1,341
954
Exchange rate effect
-0.05
0.1
-0.05
-0
0.49
-0.93
-1
-0.25
-1.31
0.93
Net change in cash
-120
219
114
-7.64
45.3
184
357
-592
72.7
-44.6
Free cash flow
-151
-163
-271
-293
-226
-371
-410
-550
-706
-968
Interest paid
3.61
5.17
6.29
7.88
9.19
10.9
10.2
35.8
40.6
55.4
Income taxes paid
0.09
0.17
0.15
0.34
0.81
1.56
1.72
1.96
2.5
4.14
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $117.83 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
83.5%
Gross profit / revenue.
Operating margin
-73.9%
Operating income / revenue.
EBITDA margin
-72.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-76.4%
Pre-tax income / revenue.
Net margin
-76.9%
Net income / revenue.
FCF margin
-71.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-68.5%
Cash from operations / revenue.
Return on equity (ROE)
-115.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-41.6%
Net income / average total assets.
Return on invested capital (ROIC)
-87.4%
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
75.7%
Research and development expense / revenue.
SG&A / revenue
78.5%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
13.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.5%
Capital expenditures / revenue.
D&A / revenue
1.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
66.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
35.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
29.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
73.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
36.5%
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
31.2%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
158.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
103.3%
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
21.8%
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
11.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
11.0%
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
23.3%
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
21.3%
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
17.4%
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
15.3%
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
3.72x
Current assets / current liabilities.
Quick ratio
3.14x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.64x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.72x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
26.0%
Total debt / total assets.
Liabilities / assets
64.0%
Total liabilities / total assets.
Net debt
-$613.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$4.03
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.
Revenue per share
$5.23
Revenue / diluted weighted shares.
FCF per share
-$3.72
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$3.58
Cash from operations / diluted weighted shares.
Book value per share
$3.47
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
22.6x
Market cap / revenue.
P/B
34.0x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
48.7x
Market cap / tangible book value, when positive.
EV/Sales
22.1x
Enterprise value / revenue.
FCF yield
-3.1%
Free cash flow / market cap.
Earnings yield
-3.4%
Net income / market cap (the inverse of P/E).
What was INSMED Inc's revenue in fiscal 2025?
INSMED Inc reported revenue of $606.4M for fiscal 2025, 66.7% higher than the year before.
Was INSMED Inc profitable in fiscal 2025?
No. It reported a net loss of $1.28B.
How much free cash flow did INSMED Inc generate in fiscal 2025?
Cash from operations of $935.0M minus capital expenditures of $32.6M left free cash flow of -$967.6M.
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.