Inspire Medical Systems, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Inspire Medical Systems, 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	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	16.4	28.6	50.6	82.1	115	233	408	625	803	912
Cost of revenue	3.91	6.02	10.1	13.6	17.6	33.3	66.1	96.6	123	133
Gross profit	12.5	22.5	40.5	68.4	97.8	200	342	528	680	779
Research and development	7.09	6.19	7.39	12.8	26.1	37.4	68.6	117	114	103
Selling, general and administrative	22.7	32.4	53.5	90.5	128	203	321	452	530	625
Operating expenses	29.8	38.6	60.9	103	154	240	389	568
Operating income	-17.3	-16	-20.4	-34.9	-56.2	-39.9	-47.6	-40.3	36.1	51
Interest expense	1.3	1.75	3.3	2.12	2.12	2.13	1.68	0	0.02	0.14
Interest income	0.06	0.2	1.87	3.8	1.09	0.13	5.05	20.6	23.2	17.5
Other non-operating income	-1.28	-1.51	-1.45	1.69	-0.88	-2.12	3.32	20.4	22.4	14.7
Pre-tax income	-18.5	-17.5	-21.8	-33.2	-57.1	-42	-44.3	-19.9	58.5	65.7
Income tax	0	0	0	0.04	0.12	0.07	0.61	1.25	4.94	-79.7
Net income	-18.5	-17.5	-21.8	-33.2	-57.2	-42	-44.9	-21.2	53.5	145
EBITDA	-17.2	-15.7	-20	-34.4	-55.4	-38.6	-45.7	-37.4	42.6	64.9
EPS, basic	-16.90	-14.88	-1.50	-1.40	-2.19	-1.54	-1.60	-0.72	1.80	4.95
EPS, diluted	-16.90	-14.88	-1.50	-1.40	-2.19	-1.54	-1.60	-0.72	1.75	4.89
Shares, basic (weighted)	1.1	1.18	14.6	23.8	26.1	27.3	28.1	29.3	29.8	29.4
Shares, diluted (weighted)	1.1	1.18	14.6	23.8	26.1	27.3	28.1	29.3	30.5	29.8

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.69	8.96	97.3	22.9	191	214	442	186	150	105
Short-term investments		7.19	90.9	127	43.8	0	9.82	275	295	203
Receivables		3.86	6.67	13.1	25.1	34.2	61.2	89.9	93.1	120
Inventory		3.67	2.67	5.83	8.48	17.2	11.9	33.9	80.1	145
Other current assets		0.43	1.73	2.21	1.97	2.66	5.51	9.6	12.1	10.4
Total current assets		24.1	199	171	270	269	530	594	631	584
Property, plant and equipment		0.99	0.8	3.05	5.31	8.49	17.2	40	71.9	97.9
Lease right-of-use assets			0	0.92	5.81	7.92	6.88	22.7	23.3	23.5
Long-term investments		0	0	6.28	0	9.94	0	9.14	71	96.3
Other non-current assets			0	0.38	0.2	0.2	10.7	11.3	11.3	17.3
Total assets		25.1	200	181	281	295	565	677	808	907
Accounts payable		3	3.43	4.46	7.21	11.7	26.8	38.8	38.7	36.6
Accrued liabilities		4.15	7.73	12.4	13.5	20.5	34.3	39.3	49.8	59.5
Total current liabilities		7.15	11.2	16.9	20.7	41.3	61.2	78.1	88.5	96.1
Long-term debt		16.5	24.9	24.5	24.7	15.8	0
Lease liabilities				0	5.89	8.8	7.54	24.8	30	30
Other non-current liabilities			0	0.04	0.09	0.13	0.15	1.35	0.15	0.1
Total liabilities		23.8	36.1	41.4	51.4	66	68.9	104	119	126
Total debt			24.5	24.5	24.5	24.5
Paid-in capital		7.31	311	320	467	508	820	917	981	927
Retained earnings		-125	-147	-180	-237	-279	-324	-345	-292	-146
Other comprehensive income		0	-0.05	0.1	0.03	-0.06	-0.09	0.8	0.54	0.46
Shareholders' equity	-6.61	1.33	164	140	230	229	496	573	690	781
Total equity	-6.61	1.33	164	140	230	229	496	573	690	781
Total liabilities and equity		25.1	200	181	281	295	565	677	808	907
Shares outstanding		1.27	23.4	24.1	27.1	27.4	29	29.6	29.7	28.6

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-18.5	-17.5	-21.8	-33.2	-57.2	-42	-44.9	-21.2	53.5	145
Depreciation and amortization	0.1	0.29	0.39	0.5	0.84	1.22	1.86	2.85	6.55	14
Stock-based compensation	0.25	0.24	1.22	6.2	12.8	26.2	52	82.5	116	130
Deferred income tax							0	0	-0.01	-88.8
Change in receivables	-0.76	-1.77	-2.84	-6.48	-11.8	-9.24	-27	-30.2	-2.6	-26.2
Change in inventory	0.61	-0.32	1	-3.17	-2.65	-8.75	5.35	-22	-46.2	-65.2
Change in payables	-0.48	1.83	0.44	1.03	2.05	4.78	14.4	9.3	0.6	-3.75
Cash from operations	-17.9	-15.8	-18.7	-32.8	-53	-20.1	11.6	24.7	130	117
Capital expenditures	-0.31	-0.41	-0.25	-2.74	-2.46	-4.67	-9.1	-23.6	-39.1	-38.5
Purchases of investments	0	-8.97	-115	-178	-52.7	-9.99	0	-281	-418	-240
Sales and maturities of investments	0	1.78	32.3	137	142	43.8	0	10.2	345	310
Cash from investing	-0.31	-7.6	-83.4	-43.6	86.6	29.1	-19.6	-295	-113	21.4
Debt repaid					0	0	-24.5	0	0
Stock issued	0	0	182	0	125	0	244	0	0	9.6
Share buybacks							0	0	0	-175
Cash from financing	12.8	25.7	190	1.96	134	14.9	235	14	-52.4	-183
Exchange rate effect	0	0	0.03	0.01	0.01	-0.02	0.08	0.16	-0.12	-0.31
Net change in cash	-5.44	2.27	88.3	-74.4	168	23.9	227	-256	-35.4	-45.3
Free cash flow	-18.3	-16.2	-18.9	-35.6	-55.5	-24.8	2.47	1.02	91.1	78.5
Interest paid	1.23	1.32	2.02	2.03	1.89	1.89	2.32	0	0.02	0.14
Income taxes paid										8.32

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 $70.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	86.1%	Gross profit / revenue.
Operating margin	6.0%	Operating income / revenue.
EBITDA margin	7.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.7%	Pre-tax income / revenue.
Net margin	15.0%	Net income / revenue.
FCF margin	13.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.5%	Cash from operations / revenue.
Effective tax rate	-94.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	14.6%	Net income / average total assets.
Return on invested capital (ROIC)	6.1%	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	11.1%	Research and development expense / revenue.
SG&A / revenue	69.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	13.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.4%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	30.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	51.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	31.6%	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	51.4%	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	41.2%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	52.3%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	171.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	179.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-10.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	116.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-13.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	216.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	13.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.3%	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	27.7%	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	12.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.1%	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	26.4%	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	-2.6%	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	2.0%	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	2.7%	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	8.55x	Current assets / current liabilities.
Quick ratio	5.96x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.51x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	10.8%	Total liabilities / total assets.
Working capital	$537.5M	Current assets - current liabilities.
Tangible book value	$825.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.97x	Revenue / average total assets.
Fixed asset turnover	8.61x	Revenue / average property, plant and equipment.
Inventory turnover	0.73x	Cost of revenue / average inventory.
Days inventory	499 days	365 x average inventory / cost of revenue.
Receivables turnover	8.70x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	79 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	462 days	Days inventory + days sales outstanding - days payables.
FCF conversion	86.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	25.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.67	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	$31.05	Revenue / diluted weighted shares.
FCF per share	$4.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.43	Cash from operations / diluted weighted shares.
Book value per share	$28.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$28.56	Tangible book value / shares outstanding.
Cash per share	$11.09	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	85.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.04B	Share price x shares outstanding.
Enterprise value	$1.72B	Market cap + total debt - cash - short-term investments.
P/E	15.1x	Market cap / net income. Only when net income is positive.
P/S	2.27x	Market cap / revenue.
P/B	2.47x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.47x	Market cap / tangible book value, when positive.
P/FCF	17.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.0x	Market cap / cash from operations, when positive.
EV/Sales	1.91x	Enterprise value / revenue.
EV/EBIT	31.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.7%	Free cash flow / market cap.
Earnings yield	6.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.9%	(Dividends paid + share buybacks) / market cap.

What was Inspire Medical Systems, Inc.'s revenue in fiscal 2025?

Inspire Medical Systems, Inc. reported revenue of $912.0M for fiscal 2025, 13.6% higher than the year before.

Was Inspire Medical Systems, Inc. profitable in fiscal 2025?

Yes. Net income was $145.4M, a net margin of 15.9%.

How much free cash flow did Inspire Medical Systems, Inc. generate in fiscal 2025?

Cash from operations of $117.0M minus capital expenditures of $38.5M left free cash flow of $78.5M.

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.

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