Latest Ratios: P/E Ratio 10.2x · EV/EBITDA 21.1x · ROE 19.8%. (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 | $1.4B | $2.7B | $5.7B | $6.0B | $7.1B | $6.3B | $4.9B | $1.8B | $616M | — | — |
| Enterprise Value | $1.4B | $2.7B | $5.5B | $5.8B | $6.6B | $6.1B | $4.7B | $1.8B | $544M | — | — |
| P/E Ratio → | 10.24 | 18.86 | 105.93 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.58 | 3.01 | 7.05 | 9.54 | 17.34 | 26.87 | 42.50 | 21.53 | 12.18 | — | — |
| P/B Ratio | 1.91 | 3.51 | 8.21 | 10.41 | 14.26 | 27.38 | 21.35 | 12.63 | 3.76 | — | — |
| P/FCF | 18.39 | 34.97 | 62.14 | 5821.23 | 2859.16 | — | — | — | — | — | — |
| P/OCF | 12.34 | 23.46 | 43.47 | 241.79 | 611.18 | — | — | — | — | — | — |
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 | — | 2.93 | 6.91 | 9.28 | 16.29 | 26.10 | 41.12 | 21.56 | 10.75 | — | — |
| EV / EBITDA | 21.11 | 41.16 | 130.03 | — | — | — | — | — | — | — | — |
| EV / EBIT | 26.89 | 52.44 | 94.80 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 34.05 | 60.84 | 5664.30 | 2687.23 | — | — | — | — | — | — |
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 | 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% |
| 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% |
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 | 0.04 | 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)
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 | 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 |
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% | 5.3% | 0.9% | — | — | — | — | — | — | — | — |
| FCF Yield | 5.4% | 2.9% | 1.6% | 0.0% | 0.0% | — | — | — | — | — | — |
| Buyback Yield | 12.1% | 6.4% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 12.1% | 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 |
Elective procedure demand sensitivity
According to current market data, INSP trades at a forward P/E of 51.04, a multiple that appears increasingly difficult to justify as year-over-year revenue growth has decelerated to 1.6% in 2026Q1, signaling a potential disconnect between historical growth expectations and the current reality of market saturation.
The current valuation suggests investors are pricing in a return to high-growth trajectories that may not materialize given the competitive landscape and the elective nature of the procedure. The compression in forward multiples relative to historical peaks warrants caution, as the market may be overestimating the company's ability to maintain its premium status without accelerating top-line expansion.
Based on reported financial statements, INSP's ROIC has fluctuated significantly, dropping to -0.1% in 2026Q1 from a peak of 5.2% in 2025Q4, which indicates that the company is currently struggling to generate consistent, value-accretive returns on its invested capital as it scales its commercial infrastructure.
The erratic nature of these returns reflects the heavy reliance on aggressive SG&A spending to drive patient adoption, which often outweighs the incremental gross profit generated. Investors should monitor whether the transition to the Inspire V platform can improve capital efficiency by reducing the complexity of the surgical workflow and lowering the cost of customer acquisition.
As reported in recent filings, the company's cash conversion cycle has expanded to 429 days in 2026Q1, a significant increase from 130 days in 2024Q4, suggesting that inventory management and collection processes are becoming increasingly inefficient as the firm attempts to navigate a more complex U.S. commercial footprint.
The sharp rise in days inventory outstanding (DIO) to 507 days warrants further investigation, as it may indicate a buildup of older generation hardware that could necessitate future write-downs. This trend suggests that the company's operational leverage is currently being hampered by bloated working capital requirements that tie up cash and reduce overall liquidity.
According to the most recent balance sheet, INSP maintains a current ratio of 6.34 as of 2026Q1, providing a substantial liquidity cushion that appears more than sufficient to cover short-term obligations and fund the company's ongoing direct-to-consumer marketing efforts despite the recent deceleration in top-line growth.
While the company's liquidity position is strong, the reliance on equity-based financing to maintain this buffer is evident in the minimal debt-to-equity ratio of 0.04. This conservative capital structure provides flexibility, but investors should be wary of the potential for future dilution if the company continues to prioritize aggressive marketing spend over achieving sustainable, self-funded profitability.
The market frequently misapplies the Price-to-Sales (P/S) ratio to INSP, which obscures the significant impact of stock-based compensation and high SG&A costs on the company's true earning power, leading to an incomplete assessment of the firm's actual cash-generating potential in a competitive medical device market.
Because the company is in a transition phase toward profitability, P/S ratios fail to account for the quality of revenue and the sustainability of the margins. Analysts should instead focus on free cash flow margins and adjusted operating income, which provide a clearer picture of whether the company can eventually convert its high gross margins into long-term shareholder value.
Includes 30+ ratios · 10 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying INSP stock.
Inspire Medical Systems, Inc.'s current P/E ratio is 10.2x. The historical average is 62.4x.
Inspire Medical Systems, Inc.'s current EV/EBITDA is 21.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 41.2x.
Inspire Medical Systems, Inc.'s return on equity (ROE) is 19.8%. The historical average is -10.7%.
Based on historical data, Inspire Medical Systems, Inc. is trading at a P/E of 10.2x. Compare with industry peers and growth rates for a complete picture.
Inspire Medical Systems, Inc. has 85.4% gross margin and 5.6% operating margin.
Inspire Medical Systems, Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.