INSULET CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INSULET CORP 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	367	464	564	738	904	1,099	1,305	1,697	2,072	2,708
Cost of revenue	156	187	194	258	322	347	500	537	626	768
Gross profit	211	277	370	480	582	752	806	1,160	1,446	1,940
Research and development	55.7	75.7	94.8	132	147	160	180	205	220	301
Selling, general and administrative			248	298	384	466	588	735	917	1,165
Selling and marketing	94.5	124	146	185
General and administrative	71.6	84.7	106	116
Operating expenses	222	285	343	430
Operating income	-10.7	-7.4	27.4	50	51.5	126	37.6	220	309	474
Interest expense	14.4	21.2	28.9	34.6	48.1	61.7	36	36.2	42.7	59.4
Interest income						0.5	9.3	28.6	39.5	34.7
Other non-operating income	-16.1	-19.2	-22.2	0.9	3.3	-1.9	-1.1	2.2	-5.5	14.3
Pre-tax income	-26.8	-26.6	5.2	14.5	9.7	20.5	9.8	215	300	340
Income tax	0.39	0.2	1.9	2.9	2.9	3.7	5.2	8.3	-118	92.4
Net income	-28.9	-26.8	3.3	11.6	6.8	16.8	4.6	206	418	247
EBITDA	3.13	6.5	43	77.9	107	183	101	293	390	564
EPS, basic	-0.48	-0.46	0.06	0.19	0.11	0.25	0.07	2.96	5.97	3.51
EPS, diluted	-0.48	-0.46	0.05	0.19	0.10	0.24	0.07	2.94	5.78	3.48
Shares, basic (weighted)	57.3	58	58.9	60.6	64.7	67.7	69.4	69.8	70.1	70.3
Shares, diluted (weighted)	57.3	58	61	62.3	65.9	68.6	69.9	73.6	73.9	71.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	137	273	114	214	907	806	690	704	953	716
Short-term investments			175	162	40.4	0
Receivables	28.8	53.4	63.3	69.3	95.3	135	141			517
Inventory	35.5	33.8	71.4	101	154	303	347	403	430	453
Other current assets	7.07	9.95	24.3	44.6	51.5	74	86.9	116	91.5	228
Total current assets	370	537	461	591	1,249	1,330	1,314	1,583	1,891	1,914
Property, plant and equipment	44.8	108	258	399	479	537	600	665	723	820
Lease right-of-use assets				16.1	14.9	9.9	26	27.9	36.7	43.7
Goodwill	39.7	39.8	39.6	39.8	39.8	39.8	51.7	51.7	51.5	51.6
Intangible assets	2.04	4.35	10.4	13.2	28.7	36.6	75.5	98.7	98.5	117
Long-term investments	0	126	141	58.4	0
Other non-current assets	0.22	1.97	2.28	41.1	77	106	210	188	182	288
Total assets	457	817	929	1,143	1,873	2,049	2,251	2,588	3,088	3,190
Accounts payable	13.2	24.4	25.5	54.5	54.1	37.7	30.8	19.2	19.8	75
Accrued liabilities	41.2	59.3	90.2	103	138	164	301			587
Deferred revenue	1.31	2.36	1.2	3.2	5.4	3.5	16.1	15.4	12	14
Short-term debt		0		0	15.6	25.1	27.5	49.4	83.8	18.4
Total current liabilities	55.7	86	116	158	208	229	365	451	528	680
Long-term debt	333	566	592	888	1,044	1,249	1,374	1,366	1,296	931
Lease liabilities				14.4	12	7.6	27.4	29.5	40	48.9
Other non-current liabilities	5.03	6.03	8.9	21.4	17.8	14.9	35.7	37.9	51.7	64.4
Total liabilities	393	658	717	1,067	1,269	1,493	1,775	1,856	1,876	1,675
Total debt	333	566	592	888	1,059	1,274	1,402	49.4	83.8	18.4
Paid-in capital	744	866	899	749	1,264	1,208	1,041	1,103	1,184	1,275
Retained earnings	-680	-707	-684	-672	-666	-650	-584	-378	40.3	287
Treasury stock									0	-60.4
Other comprehensive income	-0.73	-0.49	-2.9	-1.2	5.5	-2.2	20	8	-13.2	12.5
Shareholders' equity	63.1	159	212	75.9	604	556	476	733	1,212	1,515
Total equity	63.1	159	212	75.9	604	556	476	733	1,212	1,515
Total liabilities and equity	457	817	929	1,143	1,873	2,049	2,251	2,588	3,088	3,190
Shares outstanding	57.5	58.3	59.2	62.7	66	69.2	69.5	69.9	70.2	70.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-28.9	-26.8	3.3	11.6	6.8	16.8	4.6	206	418	247
Depreciation and amortization	13.8	13.9	15.6	27.9	55.4	57.4	63.2	72.8	80.8	90.4
Stock-based compensation	23.6	31.9	37.5	28.7	35.9	34.4	40.9	48.4	69.3	62.7
Deferred income tax	-0.2	-0.5	-0.4	-0.7	-1.3	1.2	-0.9	0.5	-137	62.3
Change in receivables	12.6	-26.3	-14.6	-10.9	-13.7	-45.5	-12.9	-99.4
Change in inventory	-24.1	1.7	-38.8	-30.2	-50.5	-154	-49.1	-53.6	-32.4	-10.6
Change in payables			-5.4	25.6	7.1	-15.6	-2.4	-11	2.2	49.2
Cash from operations	15.9	41.3	35.9	98.4	84	-68.1	119	146	430	569
Capital expenditures	-22.1	-73.8	-157	-164	-129	-112	-123	-75.6	-125	-192
Acquisitions	0	0			0	0	-26	-3	0
Purchases of investments	-178	-298	-191	-151	-37.9	0	-7.8	-7.2	-12.2	0
Sales and maturities of investments					218	40	0	0
Cash from investing	-178	-211	-185	-73.6	14	-82.7	-191	-119	-146	-223
Debt issued	334	392	0	780				0	0	441
Stock issued	4.85		0	0	478	0	0	16.3	8.2	19
Share buybacks								0	0	-59.6
Cash from financing	177	305	-8.7	73.5	606	40.7	-40.3	-13.6	-28	-595
Exchange rate effect	0.03	0.4	-1.4	1.5	4.8	-5.5	-4.3	1.8	-6.8	11.5
Net change in cash	14.5	135	-159	99.8	708	-116	-117	14.4	249	-237
Free cash flow	-6.2	-32.5	-122	-65.3	-45	-180	-3.9	70.1	305	378
Interest paid	3.69	2.5	0	0	2.6	21.5	34.2	49.9	47.1	50.8
Income taxes paid	0.93	0.5	0.8	2.5	3	7	5.5	8.1	20.6	38.5

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 $136.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.1%	Gross profit / revenue.
Operating margin	16.9%	Operating income / revenue.
EBITDA margin	20.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.2%	Pre-tax income / revenue.
Net margin	12.3%	Net income / revenue.
FCF margin	9.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.7%	Cash from operations / revenue.
Effective tax rate	24.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.9%	Net income / average total assets.
Return on invested capital (ROIC)	43.2%	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	11.3%	Research and development expense / revenue.
SG&A / revenue	42.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.1%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	30.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	34.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	34.0%	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	27.2%	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	53.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	132.7%	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	55.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	44.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	77.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	39.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-40.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	277.3%	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	105.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-39.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	267.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	103.4%	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	32.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	68.5%	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	46.6%	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	23.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	25.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	47.1%	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	20.2%	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	3.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.3%	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	11.2%	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	-2.7%	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	0.9%	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	1.7%	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	2.48x	Current assets / current liabilities.
Quick ratio	1.51x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.72x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.6%	Total debt / total assets.
Liabilities / assets	55.1%	Total liabilities / total assets.
Net debt	-$516.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.84x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.79x	Operating income / interest expense.
Working capital	$1.10B	Current assets - current liabilities.
Goodwill and intangibles / assets	5.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.26B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.96x	Revenue / average total assets.
Fixed asset turnover	3.56x	Revenue / average property, plant and equipment.
Inventory turnover	1.82x	Cost of revenue / average inventory.
Days inventory	200 days	365 x average inventory / cost of revenue.
Receivables turnover	5.19x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	51 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	220 days	Days inventory + days sales outstanding - days payables.
FCF conversion	78.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	42.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.41	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	$44.00	Revenue / diluted weighted shares.
FCF per share	$4.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.37	Cash from operations / diluted weighted shares.
Book value per share	$20.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.09	Tangible book value / shares outstanding.
Cash per share	$7.71	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	112.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.44B	Share price x shares outstanding.
Enterprise value	$8.93B	Market cap + total debt - cash - short-term investments.
P/E	25.2x	Market cap / net income. Only when net income is positive.
P/S	3.09x	Market cap / revenue.
P/B	6.64x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.52x	Market cap / tangible book value, when positive.
P/FCF	32.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.5x	Market cap / cash from operations, when positive.
EV/Sales	2.92x	Enterprise value / revenue.
EV/EBIT	17.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.09x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was INSULET CORP's revenue in fiscal 2025?

INSULET CORP reported revenue of $2.71B for fiscal 2025, 30.7% higher than the year before.

Was INSULET CORP profitable in fiscal 2025?

Yes. Net income was $247.1M, a net margin of 9.1%.

How much free cash flow did INSULET CORP generate in fiscal 2025?

Cash from operations of $569.3M minus capital expenditures of $191.6M left free cash flow of $377.7M.

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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