Cash flow generation remains volatile, evidenced by an operating cash flow to net income ratio that has swung between 0.44 and 8.73, complicating the predictability of capital deployment like the recent $300 million share repurchase.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 619.3M | 569.3M | 430.3M | 145.7M | 119M | -68.1M | 84M | 98.4M | 35.9M | 41.3M | 15.91M | -12.55M | 8.92M | 3.35M | -29.06M | -25.45M | -35.63M | -49.32M | -82.61M | -50.37M | -31.82M | -20.32M | -13.06M |
| Operating CF Margin % | - | 21.02% | 20.77% | 8.59% | 9.12% | -6.2% | 9.29% | 13.33% | 6.37% | 8.91% | 4.34% | -4.76% | 3.09% | 1.35% | -13.75% | -16.72% | -36.74% | -74.7% | -229.1% | -376.7% | -868.69% | -40642% | - |
| Operating CF Growth % | 256.47% | 32.3% | 195.33% | 22.44% | 274.74% | -181.07% | -14.63% | 174.09% | -13.08% | 159.57% | 226.76% | -240.72% | 166.43% | 111.52% | -14.17% | 28.56% | 27.77% | 40.29% | -64% | -58.3% | -56.59% | -55.64% | - |
| Net Income | 302.8M | 247.1M | 418.3M | 206.3M | 4.6M | 16.8M | 6.8M | 11.6M | 3.3M | -26.8M | -28.88M | -73.52M | -51.5M | -44.97M | -51.87M | -45.83M | -61.16M | -72.34M | -94.77M | -53.54M | -35.95M | -21.64M | -13.82M |
| Depreciation & Amortization | 101.1M | 90.4M | 80.8M | 72.8M | 63.2M | 57.4M | 55.4M | 27.9M | 15.6M | 13.9M | 13.83M | 15.84M | 12.22M | 11.81M | 11.03M | 8.5M | 5.08M | 5.22M | 6.38M | 4.92M | 2.64M | 1.24M | 323K |
| Stock-Based Compensation | 45.5M | 62.7M | 69.3M | 48.3M | 40.9M | 34.4M | 35.9M | 28.7M | 37.5M | 31.9M | 23.62M | 19.18M | 22.52M | 12.68M | 9.92M | 7.73M | 5.06M | 4.2M | 3.37M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 69.2M | 62.2M | -136.9M | 500K | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 98.6M | 130M | 15.8M | 8.4M | 13.8M | 86.9M | 49.3M | 49.9M | 32.3M | 20.6M | 20.92M | 17.95M | 36.71M | 17.31M | 13.62M | 12.9M | 22.79M | 11.28M | 16.04M | 3.76M | 2.13M | 53K | 85K |
| Working Capital Changes | 2.1M | -23.1M | -17M | -190.6M | -2.5M | -263.6M | -63.4M | -19.7M | -52.8M | 1.7M | -13.58M | 8M | -11.03M | 6.53M | -11.76M | 2.53M | -7.4M | 2.31M | -13.63M | -5.51M | -639K | 26K | 357K |
| Change in Receivables | -94.7M | -140.2M | -10.4M | -154.2M | -51.8M | -71.3M | -13.7M | -10.9M | -14.6M | -26.3M | 12.55M | -9.79M | -10.07M | -4.51M | -13.51M | -3.62M | -5.2M | -6.97M | -12.49M | -4.49M | -1.43M | -154K | 0 |
| Change in Inventory | -38M | -10.6M | -32.4M | -53.6M | -49.1M | -154.4M | -50.5M | -30.2M | -38.8M | 1.7M | -24.1M | -722K | -3.63M | 5.4M | -3.03M | 1.88M | -1.34M | 5.84M | -8.88M | -4.6M | -2.53M | -864K | 0 |
| Change in Payables | 84.1M | 49.2M | 2.2M | -11M | -2.4M | -15.6M | 7.1M | 25.6M | -5.4M | 27.3M | 639K | 17.99M | 525K | 10.43M | 3M | 4.7M | -1.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -234.7M | -222.7M | -146.2M | -119.4M | -191.1M | -82.7M | 14M | -73.6M | -184.5M | -210.8M | -178.01M | -15.32M | -11.49M | -7.31M | -10.99M | -48.97M | -6.55M | -3.14M | -10.05M | -10.09M | -12.59M | -6.02M | -2.71M |
| Capital Expenditures | -218M | -191.6M | -134M | -109.2M | -157.3M | -122.7M | -166.5M | 0 | -162.35M | -77.23M | -22.11M | -10.61M | -11.49M | -7.31M | -10.99M | -11.11M | -6.55M | -3.14M | -10.05M | -10.09M | -13.14M | -5.47M | -2.71M |
| CapEx % of Revenue | 7.51% | 7.08% | 6.47% | 6.43% | 12.05% | 11.17% | 18.41% | 23.15% | 28.8% | 16.65% | 6.03% | 4.02% | 3.98% | 2.96% | 5.2% | 7.3% | 6.75% | 4.76% | 27.86% | 75.45% | 358.64% | 10944% | - |
| Acquisitions | 0 | 0 | 0 | -3M | -26M | 0 | 0 | 0 | 0 | 0 | 5.71M | -4.71M | 0 | 0 | 0 | -37.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -16.7M | -31.1M | 0 | 0 | 0 | 0 | 0 | -170.9M | -46K | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 550K | -550K | 0 |
| Cash from Financing | -1.19B | -595.3M | -28.1M | -13.6M | -40.3M | 40.7M | 605.5M | 73.5M | -8.7M | 304.5M | 176.57M | -371K | 4.03M | 96.39M | 3.39M | 55.1M | 27.45M | 123.8M | 54.73M | 121.82M | 69.98M | 10M | 35.44M |
| Debt Issued (Net) | -986M | -708.1M | -40.6M | -27M | -39.8M | 49.4M | 126.6M | 116.6M | -6.7M | 292.8M | 174.58M | -5.58M | 1.11M | -2.99M | 0 | 50.59M | -32.97M | 29.38M | 53.32M | -2.73M | 20M | 9.99M | -11K |
| Equity Issued (Net) | -355.5M | -25.7M | 20.1M | 26.9M | 16.3M | 23.5M | 509.2M | -34.5M | 15.81M | 15.8M | 4.85M | 7.85M | 11.59M | 102.65M | 4.93M | 4.51M | 60.42M | 94.42M | 1.41M | 124.53M | 49.97M | 15K | 35.45M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -359.6M | -59.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 148.5M | 138.5M | -7.6M | -13.5M | -16.8M | -32.2M | -30.3M | -8.6M | -17.82M | -4.1M | -2.87M | -2.65M | -8.66M | -3.27M | -1.54M | 0 | 0 | 0 | 0 | 10K | 11K | 0 | 0 |
| Net Change in Cash | -802.7M | -237.3M | 249.2M | 14.5M | -116.7M | -115.6M | 708.3M | 99.8M | -158.7M | 135.4M | 14.5M | -28.52M | 1.47M | 92.43M | -36.66M | -19.32M | -14.72M | 71.33M | -37.92M | 61.36M | 25.57M | -16.34M | 19.67M |
| Free Cash Flow | 412.2M | 377.7M | 305.4M | 70.1M | -38.3M | -190.8M | -82.5M | -72.5M | -126.45M | -36.02M | -6.2M | -23.16M | -2.57M | -3.96M | -40.05M | -36.57M | -42.17M | -52.46M | -92.66M | -60.46M | -44.96M | -25.79M | -15.76M |
| FCF Margin % | 14.21% | 13.95% | 14.74% | 4.13% | -2.93% | -17.36% | -9.12% | -9.82% | -22.43% | -7.77% | -1.69% | -8.78% | -0.89% | -1.6% | -18.95% | -24.02% | -43.49% | -79.45% | -256.96% | -452.15% | -1227.33% | -51586% | - |
| FCF Growth % | 47.58% | 23.67% | 335.66% | 283.03% | 79.93% | -131.27% | -13.79% | 42.67% | -251.08% | -480.58% | 73.21% | -802.57% | 35.19% | 90.11% | -9.53% | 13.3% | 19.61% | 43.38% | -53.25% | -34.49% | -74.3% | -63.62% | - |
| FCF per Share | 5.87 | 5.25 | 4.13 | 0.95 | -0.55 | -2.78 | -1.25 | -1.16 | -2.07 | -0.62 | -0.11 | -0.41 | -0.05 | -0.07 | -0.84 | -0.78 | -1.06 | -1.76 | -3.36 | -3.62 | -49.01 | -84.58 | -54.33 |
| FCF Conversion (FCF/Net Income) | 1.36x | 2.30x | 1.03x | 0.71x | 25.87x | -4.05x | 12.35x | 8.48x | 10.91x | -1.54x | -0.55x | 0.17x | -0.17x | -0.07x | 0.56x | 0.45x | 0.58x | 0.62x | 0.89x | 0.94x | 0.89x | 0.94x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 49.9M | 34.2M | 21.5M | 2.6M | 0 | 0 | 2.5M | 3.69M | 4.03M | 4.66M | 5.7M | 6.2M | 5.17M | 8.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 8.1M | 5.5M | 7M | 3M | 2.5M | 800K | 500K | 932K | 109K | 124K | 321K | 11K | 263K | 11K | 0 | 0 | 0 | 0 | 0 | 0 |
Manufacturing scale and competition
As reported in financial statements, Insulet's operating cash flow to net income ratio has exhibited extreme volatility, ranging from 0.44 to 8.73 over the last ten quarters, suggesting that reported net income is a poor proxy for the company's actual ability to generate cash from operations.
The significant divergence between net income and operating cash flow indicates that non-cash charges and working capital fluctuations heavily influence the bottom line. Investors should monitor whether this volatility stems from the timing of pharmacy channel revenue recognition or underlying inefficiencies in converting accounting profits into liquid assets.
Based on recent quarterly filings, Insulet's free cash flow margins have fluctuated significantly between 6.1% and 26.7%, reflecting a lack of consistent cash generation despite the company's strong top-line growth and the recurring nature of its disposable pod-based business model.
The inconsistency in free cash flow margins suggests that the company's capital requirements are not yet fully optimized relative to its revenue scale. This variability may indicate that the business is still in a high-investment phase where cash flow is periodically suppressed by operational scaling needs.
According to the provided data, Insulet's capital expenditure as a percentage of revenue reached a peak of 19.1% in 2025Q4, highlighting the substantial investment required to maintain and expand the automated manufacturing capacity necessary for its high-volume, disposable insulin delivery product lines.
The elevated capital intensity suggests that the company is prioritizing long-term manufacturing resilience over immediate cash flow maximization. Analysts should evaluate whether these investments are successfully driving unit cost reductions or if they represent a permanent, high-cost burden on the company's long-term cash flow profile.
As evidenced by the quarterly data, working capital changes have been highly erratic, swinging from a $65.0 million outflow in 2025Q1 to a $53.1 million inflow in 2025Q2, which complicates the predictability of the company's short-term cash flow generation and liquidity management.
These sharp swings in working capital likely reflect the complexities of managing inventory levels for a global, multi-channel distribution strategy. Such fluctuations warrant further investigation into whether they are driven by seasonal demand patterns or potential inefficiencies in the supply chain and collection cycles.
Based on reported figures, Insulet has utilized its cash reserves to execute significant share repurchases, including a $300 million buyback in 2026Q1, despite the inherent volatility in its underlying operating cash flow and the ongoing need for substantial capital investment in manufacturing infrastructure.
The decision to prioritize share repurchases while operating cash flow remains inconsistent suggests a management focus on supporting equity valuation. Investors should consider whether these capital returns are sustainable or if they may eventually constrain the company's ability to fund future R&D or competitive expansion.
Quick answers to the most common questions about buying PODD stock.
Insulet Corporation (PODD) generated $569.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Insulet Corporation (PODD) generated $377.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Insulet Corporation (PODD) spent $191.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Insulet Corporation (PODD) spent $59.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.