Inspire Medical Systems, Inc. (INSP) intrinsic value & 10-year financials
Inspire Medical Systems, Inc. (INSP) has a Graham intrinsic value of $162.42 per share. At $68.79 on Oct 17, 2026, the stock trades 58% below that value. Over the last 10 fiscal years revenue grew 56.2% a year to $912.0M, with an average return on invested capital of -18.9%.
- Graham intrinsic value
- $162.42
- Share price (Oct 17, 2026)
- $68.79
- Price vs Graham value
- 58% below
- Market cap
- $2.0B
- Revenue (FY2025)
- $912.0M
- Revenue growth (10-yr CAGR)
- 56.2%
- ROIC (10-yr avg)
- -18.9%
- Free cash flow (FY2025)
- $78.5M
INSP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $912.0M | $145.4M | $4.89 | $78.5M | 5.6% | 8.0% |
| FY2024 | $802.8M | $53.5M | $1.75 | $91.1M | 4.5% | 6.7% |
| FY2023 | $624.8M | -$21.2M | -$0.72 | $1.0M | -6.4% | -17.0% |
| FY2022 | $407.9M | -$44.9M | -$1.60 | $2.5M | -11.7% | -80.0% |
| FY2021 | $233.4M | -$42.0M | -$1.54 | -$24.8M | -17.1% | -62.9% |
| FY2020 | $115.4M | -$57.2M | -$2.19 | -$55.5M | -48.7% | -53.3% |
| FY2019 | $82.0M | -$33.2M | -$1.40 | -$35.6M | -42.5% | -30.0% |
| FY2018 | $50.6M | -$21.8M | — | -$18.9M | -40.3% | -40.7% |
| FY2017 | $28.6M | -$17.5M | — | -$16.2M | -56.0% | -181.2% |
| FY2016 | $16.4M | -$18.5M | — | -$18.3M | -105.0% | 261.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Inspire Medical Systems, Inc. is a consistent compounder, expanding top-line revenue at 56.3% annually over the past decade.
Inspire Medical Systems, Inc. has historically struggled to out-earn its cost of capital, averaging just -30.1% ROIC.
Inspire Medical Systems, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Inspire Medical Systems, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $162.42 per share.