Inspire Medical Systems, Inc. (INSP) Financial Ratios
10 years of historical data (2016–2025) · Healthcare · Medical - Devices
EV/EBITDA
↓
19.17
↓-78% vs avg
5yr avg: 85.60
30Y Low41.2·High41.2
P/FCF
↓
16.78
↓-99% vs avg
5yr avg: 2194.37
30Y Low35.0·High62.1
P/B Ratio
↓
1.74
↓-86% vs avg
5yr avg: 12.75
30Y Low3.5·High27.4
ROE
↑
19.8%
↓+1641% vs avg
5yr avg: -1.3%
30Y Low-31%·High20%
Debt/EBITDA
↓
0.50
↓-20% vs avg
5yr avg: 0.62
30Y Low0.5·High0.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
INSP Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Inspire Medical Systems, Inc. trades at 9.3x earnings, 85% below its 5-year average of 62.4x, sitting at the 0th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a discount of 58%. On a free-cash-flow basis, the stock trades at 16.8x P/FCF, 99% below the 5-year average of 2194.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $2.7B | $5.7B | $6.0B | $7.1B | $6.3B | $4.9B | $1.8B | $616M | — | — |
| Enterprise Value | $1.2B | $2.7B | $5.5B | $5.8B | $6.6B | $6.1B | $4.7B | $1.8B | $544M | — | — |
| P/E Ratio → | 9.35 | 18.86 | 105.93 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.44 | 3.01 | 7.05 | 9.54 | 17.34 | 26.87 | 42.50 | 21.53 | 12.18 | — | — |
| P/B Ratio | 1.74 | 3.51 | 8.21 | 10.41 | 14.26 | 27.38 | 21.35 | 12.63 | 3.76 | — | — |
| P/FCF | 16.78 | 34.97 | 62.14 | 5821.23 | 2859.16 | — | — | — | — | — | — |
| P/OCF | 11.26 | 23.46 | 43.47 | 241.79 | 611.18 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
INSP EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Inspire Medical Systems, Inc.'s enterprise value stands at 19.2x EBITDA, 78% below its 5-year average of 85.6x. The Healthcare sector median is 14.1x, placing the stock at a 36% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.93 | 6.91 | 9.28 | 16.29 | 26.10 | 41.12 | 21.56 | 10.75 | — | — |
| EV / EBITDA | 19.17 | 41.16 | 130.03 | — | — | — | — | — | — | — | — |
| EV / EBIT | 24.42 | 52.44 | 94.80 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 34.05 | 60.84 | 5664.30 | 2687.23 | — | — | — | — | — | — |
INSP Profitability
Margins and return-on-capital ratios measuring operating efficiency
Inspire Medical Systems, Inc. earns an operating margin of 5.6%. Operating margins have expanded from -6.4% to 5.6% over the past 3 years, signaling improving operational efficiency. ROE of 19.8% indicates solid capital efficiency. ROIC of 6.0% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.4% | 85.4% | 84.7% | 84.5% | 83.8% | 85.7% | 84.7% | 83.4% | 80.1% | 78.9% | 76.2% |
| Operating Margin | 5.6% | 5.6% | 4.5% | -6.4% | -11.7% | -17.1% | -48.7% | -42.5% | -40.3% | -56.0% | -105.0% |
| Net Profit Margin | 15.9% | 15.9% | 6.7% | -3.4% | -11.0% | -18.0% | -49.6% | -40.5% | -43.1% | -61.3% | -112.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.8% | 19.8% | 8.5% | -4.0% | -12.4% | -18.3% | -31.0% | -21.9% | -26.4% | -1180.0% | — |
| ROA | 17.0% | 17.0% | 7.2% | -3.4% | -10.4% | -14.6% | -24.7% | -17.4% | -19.4% | -91.7% | -141.3% |
| ROIC | 6.0% | 6.0% | 5.5% | -12.5% | -59.7% | -50.4% | -39.7% | -22.4% | -30.4% | -210.8% | — |
| ROCE | 6.7% | 6.7% | 5.5% | -7.3% | -12.6% | -15.5% | -26.5% | -19.8% | -19.7% | -134.6% | -296.1% |
INSP Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Inspire Medical Systems, Inc. carries a Debt/EBITDA ratio of 0.5x, which is very conservative (85% below the sector average of 3.3x). The company holds a net cash position — cash of $105M exceeds total debt of $32M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 371.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.05 | 0.04 | 0.03 | 0.15 | 0.13 | 0.18 | 0.15 | 11.09 | — |
| Debt / EBITDA | 0.50 | 0.50 | 0.75 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -0.17 | -0.28 | -0.86 | -0.79 | -0.70 | 0.02 | -0.44 | 5.06 | — |
| Net Debt / EBITDA | -1.12 | -1.12 | -2.78 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.93 | -1.30 | -156.92 | -171.93 | — | — | — | — | — | — |
| Interest Coverage | 371.93 | 371.93 | 2657.95 | — | -25.40 | -18.72 | -25.97 | -14.67 | -5.61 | -8.99 | -13.22 |
Net cash position: cash ($105M) exceeds total debt ($32M)
INSP Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Inspire Medical Systems, Inc.'s current ratio of 6.08x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 4.56x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 7.60x to 6.08x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.08 | 6.08 | 7.13 | 7.60 | 8.66 | 6.50 | 13.02 | 10.12 | 17.86 | 3.37 | 1.68 |
| Quick Ratio | 4.56 | 4.56 | 6.22 | 7.17 | 8.47 | 6.08 | 12.61 | 9.78 | 17.63 | 2.86 | 1.22 |
| Cash Ratio | 3.21 | 3.21 | 5.03 | 5.89 | 7.38 | 5.19 | 11.31 | 8.87 | 16.87 | 2.26 | 0.92 |
| Asset Turnover | — | 1.01 | 0.99 | 0.92 | 0.72 | 0.79 | 0.41 | 0.45 | 0.25 | 1.14 | 1.25 |
| Inventory Turnover | 0.92 | 0.92 | 1.54 | 2.85 | 5.56 | 1.93 | 2.08 | 2.34 | 3.77 | 1.64 | 1.16 |
| Days Sales Outstanding | — | 47.90 | 42.31 | 52.51 | 54.79 | 53.45 | 79.29 | 58.41 | 48.10 | 49.29 | 46.46 |
INSP Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Inspire Medical Systems, Inc. returns 13.3% to shareholders annually primarily through share buybacks. The earnings yield of 10.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.7% | 5.3% | 0.9% | — | — | — | — | — | — | — | — |
| FCF Yield | 6.0% | 2.9% | 1.6% | 0.0% | 0.0% | — | — | — | — | — | — |
| Buyback Yield | 13.3% | 6.4% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 13.3% | 6.4% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $30M | $31M | $29M | $28M | $27M | $26M | $24M | $15M | $13M | $12M |
Peer Comparison
Compare INSP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 INSPYou | $1B | 9.3 | 19.2 | 16.8 | 85.4% | 5.6% | 19.8% | 6.0% | 0.5 |
 NVCR | $2B | -13.5 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
 TNDM | $1B | -5.9 | — | — | 52.3% | -7.7% | -97.9% | -10.0% | — |
 IRTC | $4B | -84.7 | — | 112.0 | 70.6% | -4.9% | -36.6% | -5.2% | — |
 MDT | $99B | 21.5 | 14.3 | 19.2 | 65.3% | 17.8% | 9.4% | 6.0% | 3.2 |
 ABT | $150B | 11.3 | 15.7 | 23.6 | 50.8% | 16.3% | 30.9% | 9.9% | 1.5 |
 BSX | $83B | 28.9 | 25.1 | 22.8 | 69.0% | 19.8% | 12.4% | 8.8% | 3.3 |
 LVS | $35B | 22.6 | 10.3 | 21.4 | 28.2% | 23.7% | 63.9% | 16.9% | 3.5 |
 RGEN | $7B | 146.2 | 52.2 | 75.5 | 47.1% | 8.1% | 2.4% | 2.2% | 5.0 |
 MMSI | $4B | 28.9 | 12.9 | 17.0 | 48.7% | 12.2% | 8.7% | 7.2% | 2.8 |
 ITGR | $3B | 29.9 | 13.0 | 28.2 | 23.1% | 11.3% | 6.1% | 5.4% | 4.2 |
| Healthcare Median | — | 22.1 | 14.1 | 18.7 | 63.9% | -5.3% | -33.7% | -10.8% | 3.3 |
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Download Financial Ratios Data
Includes 30+ ratios · 10 years · Updated daily
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Start ComparisonINSP — Frequently Asked Questions
Quick answers to the most common questions about buying INSP stock.
What is Inspire Medical Systems, Inc.'s P/E ratio?
Inspire Medical Systems, Inc.'s current P/E ratio is 9.3x. The historical average is 62.4x.
What is Inspire Medical Systems, Inc.'s EV/EBITDA?
Inspire Medical Systems, Inc.'s current EV/EBITDA is 19.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 41.2x.
What is Inspire Medical Systems, Inc.'s ROE?
Inspire Medical Systems, Inc.'s return on equity (ROE) is 19.8%. The historical average is -10.7%.
Is INSP stock overvalued?
Based on historical data, Inspire Medical Systems, Inc. is trading at a P/E of 9.3x. Compare with industry peers and growth rates for a complete picture.
What are Inspire Medical Systems, Inc.'s profit margins?
Inspire Medical Systems, Inc. has 85.4% gross margin and 5.6% operating margin.
How much debt does Inspire Medical Systems, Inc. have?
Inspire Medical Systems, Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.