Latest Ratios: P/E Ratio 10.2x · EV/EBITDA 7.3x · ROE 13.5%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $921M | $961M | $1.3B | $1.9B | $3.0B | $6.1B | $2.0B | $1.5B | — | — | — |
| Enterprise Value | $632M | $672M | $1.2B | $1.8B | $3.0B | $6.0B | $1.9B | $1.4B | — | — | — |
| P/E Ratio → | 10.17 | 10.27 | 7.42 | 9.67 | 18.89 | 36.76 | 26.67 | 24.50 | — | — | — |
| P/S Ratio | 2.49 | 2.59 | 3.41 | 3.89 | 6.71 | 16.98 | 9.70 | 9.54 | — | — | — |
| P/B Ratio | 1.39 | 1.41 | 1.91 | 2.43 | 5.50 | 14.60 | 7.82 | 8.30 | — | — | — |
| P/FCF | 10.93 | 11.41 | 10.20 | 10.85 | 16.94 | 34.90 | 25.37 | 24.25 | — | — | — |
| P/OCF | 10.81 | 11.28 | 10.15 | 10.81 | 16.79 | 34.71 | 25.23 | 23.98 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.81 | 3.04 | 3.61 | 6.51 | 16.80 | 9.37 | 9.26 | — | — | — |
| EV / EBITDA | 7.34 | 7.81 | 10.58 | 9.05 | 14.89 | 35.76 | 26.36 | 24.16 | — | — | — |
| EV / EBIT | 7.40 | 6.09 | 10.65 | 9.08 | 14.94 | 35.87 | 26.51 | 24.29 | — | — | — |
| EV / FCF | — | 7.97 | 9.08 | 10.09 | 16.42 | 34.54 | 24.51 | 23.54 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 78.5% | 78.5% | 80.3% | 83.6% | 83.8% | 85.0% | 85.0% | 87.1% | 85.0% | 83.1% | 75.5% |
| Operating Margin | 23.0% | 23.0% | 28.5% | 39.8% | 43.6% | 46.8% | 35.3% | 38.1% | 23.5% | 16.7% | 2.9% |
| Net Profit Margin | 25.3% | 25.3% | 45.9% | 40.2% | 35.6% | 46.1% | 36.4% | 39.1% | 22.3% | 16.5% | 1.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.5% | 13.5% | 24.3% | 29.5% | 33.3% | 49.2% | 34.5% | 54.5% | 66.6% | 55.8% | 3.7% |
| ROA | 12.1% | 12.1% | 22.0% | 26.3% | 28.8% | 42.6% | 29.2% | 40.8% | 37.1% | 31.5% | 2.0% |
| ROIC | 13.5% | 13.5% | 14.0% | 26.3% | 36.4% | 46.5% | 33.8% | 57.4% | 141.6% | 183.1% | 20.8% |
| ROCE | 12.1% | 12.1% | 14.9% | 28.7% | 40.0% | 48.7% | 32.6% | 50.2% | 60.5% | 51.0% | 7.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | — | — | — |
| Debt / EBITDA | 0.15 | 0.15 | 0.07 | 0.05 | 0.02 | 0.03 | 0.02 | 0.01 | — | — | — |
| Net Debt / Equity | — | -0.42 | -0.21 | -0.17 | -0.17 | -0.15 | -0.26 | -0.24 | -0.55 | -0.78 | -0.74 |
| Net Debt / EBITDA | -3.36 | -3.36 | -1.30 | -0.69 | -0.47 | -0.38 | -0.92 | -0.73 | -1.04 | -1.92 | -8.17 |
| Debt / FCF | — | -3.43 | -1.12 | -0.77 | -0.51 | -0.37 | -0.86 | -0.72 | -0.68 | -1.22 | -2.38 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($303M) exceeds total debt ($13M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.88 | 9.88 | 10.23 | 13.18 | 7.67 | 9.07 | 8.27 | 6.56 | 2.64 | 2.76 | 1.94 |
| Quick Ratio | 8.61 | 8.61 | 9.38 | 12.48 | 7.19 | 8.66 | 7.84 | 6.27 | 2.41 | 2.39 | 1.57 |
| Cash Ratio | 7.85 | 7.85 | 8.54 | 11.56 | 6.67 | 8.02 | 7.44 | 5.95 | 2.08 | 1.86 | 1.12 |
| Asset Turnover | — | 0.48 | 0.50 | 0.57 | 0.70 | 0.75 | 0.70 | 0.72 | 1.24 | 1.36 | 1.40 |
| Inventory Turnover | 0.89 | 0.89 | 1.31 | 1.79 | 1.84 | 2.55 | 2.06 | 2.15 | 2.16 | 1.80 | 2.05 |
| Days Sales Outstanding | — | 48.55 | 37.95 | 32.36 | 22.71 | 25.29 | 24.92 | 24.37 | 34.63 | 48.30 | 45.78 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.8% | 9.7% | 13.5% | 10.3% | 5.3% | 2.7% | 3.7% | 4.1% | — | — | — |
| FCF Yield | 9.1% | 8.8% | 9.8% | 9.2% | 5.9% | 2.9% | 3.9% | 4.1% | — | — | — |
| Buyback Yield | 13.8% | 13.3% | 21.2% | 0.0% | 1.4% | 0.6% | 0.9% | 0.0% | — | — | — |
| Total Shareholder Yield | 13.8% | 13.3% | 21.2% | 0.0% | 1.4% | 0.6% | 0.9% | 0.0% | — | — | — |
| Shares Outstanding | — | $65M | $81M | $86M | $85M | $86M | $84M | $76M | $64M | $64M | $53M |
Geopolitical and cyclical exposure
According to current market data, InMode trades at a TTM P/E of 10.23, which suggests that investors are pricing in significant long-term growth deceleration rather than the historical premium typically afforded to high-margin medical technology firms with substantial cash reserves and minimal debt obligations.
The current forward P/E of 10.95 indicates that the market expects earnings to remain under pressure, likely reflecting the transition from a high-growth phase to a more mature, cyclical revenue model. This valuation appears to discount the company's proprietary RFAL technology moat, potentially mispricing the durability of its recurring consumable revenue stream.
Based on reported financial statements, InMode's ROIC has trended downward from 6.2% in 2023Q4 to 2.3% in 2026Q1, indicating that the company is struggling to maintain its historical ability to compound returns on invested capital as the core aesthetic market faces saturation and increased competitive intensity.
The decline in ROIC suggests that the marginal utility of capital deployed into sales and marketing infrastructure is diminishing. Investors should monitor whether management can pivot toward higher-return medical verticals to reverse this trend, as the current efficiency levels are significantly below the company's historical performance benchmarks.
As reported in recent filings, the company's cash conversion cycle has expanded significantly to 326 days in 2026Q1, driven primarily by a ballooning days inventory outstanding metric that reached 354 days, signaling a potential mismatch between production output and actual clinical demand for aesthetic platforms.
This sharp increase in inventory holding periods suggests that the company's 'razor/blade' model is facing friction, as hardware units are not moving through the channel as efficiently as in prior periods. Such a trend may indicate that the installed base is not generating the expected consumable pull-through, warranting further investigation into end-market utilization rates.
The P/E ratio is frequently misapplied to InMode, as it obscures the impact of the company's massive cash balance and the volatility of its hardware-heavy revenue model, which often leads to an inaccurate assessment of the firm's true underlying earning power during cyclical downturns.
Analysts should instead focus on EV/EBITDA or P/FCF, which better account for the company's net cash position and the quality of cash conversion. Relying solely on P/E ignores the significant capital allocation decisions, such as share repurchases, which can artificially inflate EPS while the core operational efficiency of the business is actually deteriorating.
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Quick answers to the most common questions about buying INMD stock.
InMode Ltd.'s current P/E ratio is 10.2x. The historical average is 19.2x. This places it at the 29th percentile of its historical range.
InMode Ltd.'s current EV/EBITDA is 7.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.4x.
InMode Ltd.'s return on equity (ROE) is 13.5%. The historical average is 36.5%.
Based on historical data, InMode Ltd. is trading at a P/E of 10.2x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
InMode Ltd. has 78.5% gross margin and 23.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
InMode Ltd.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.