Is the business good?
How good a business is INSP?
Inspire Medical Systems, Inc. earns 8.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
8.0%
Return on invested capital · cost of capital 9.0% · 1.0 points below what the capital costs: growth destroys value
- Operating margin
- 5.6%
Operating margin · Medical Devices median 11% · 12 months to Q1 2026
- Cash conversion
- 0.74×
Cash conversion · 1.19× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- −5.3%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −49% |
| FY2021 | −17% |
| FY2022 | −12% |
| FY2023 | −6.5% |
| FY2024 | 4.5% |
| FY2025 | 5.6% |
Details›
- Gross margin12 months to Q1 2026
- 86%
- Operating margin12 months to Q1 2026
- 5.6%
- Net margin12 months to Q1 2026
- 14%
- Free cash flow margin
- 11%
- R&D as % of revenue
- 11%
- Revenue, trailing twelve months
- $915M
- Free cash flow, trailing twelve months
- $97M
- Net income, trailing twelve months
- $131M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.