Insulet Corp.

PODD · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002
Valuation
Market cap	$19,995	$18,313	$15,151	$20,445	$18,350	$17,630	$11,807	$5,470	$4,759	$2,599	$2,608	$2,562	$2,004	$1,017	$879	$614	$425	$213	$392	–	–	–	–	$5
Enterprise value	$20,330	$18,781	$15,842	$21,137	$18,830	$17,759	$12,337	$5,774	$4,885	$2,633	$2,662	$2,586	$1,976	$1,078	$894	$570	$393	$217	$324	–	–	–	–	($12)
P/E (TTM) at period end	80.92×	43.78×	73.44×	4444.57×	1092.27×	2592.66×	1017.86×	1657.72×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	7.38×	8.84×	8.93×	15.66×	17.63×	19.49×	15.99×	9.70×	10.26×	7.08×	9.88×	11.08×	10.82×	4.81×	5.77×	6.33×	6.43×	5.91×	29.30×	–	–	–	–	–
P/B at period end	13.20×	15.11×	20.68×	42.92×	32.99×	29.21×	155.56×	25.79×	30.02×	41.18×	76.58×	30.57×	16.08×	23.02×	10.63×	9.27×	8.03×	49.87×	4.25×	–	–	–	–	–
EV / EBITDA (TTM)	36.03×	48.19×	54.09×	209.69×	102.67×	166.12×	158.37×	134.27×	751.52×	841.53×	–	772.08×	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	7.51×	9.07×	9.33×	16.19×	18.10×	19.64×	16.71×	10.24×	10.53×	7.18×	10.09×	11.18×	10.67×	5.10×	5.87×	5.88×	5.96×	6.01×	24.22×	–	–	–	–	–
Returns
Return on equity	16.3%	34.5%	28.2%	1.0%	3.0%	1.1%	15.3%	1.6%	(16.9%)	(45.8%)	(215.9%)	(61.4%)	(36.1%)	(117.4%)	(55.4%)	(92.3%)	(136.9%)	(2171.1%)	(58.0%)	–	–	–	–	–
Return on invested capital	18.6%	18.4%	14.3%	1.4%	10.0%	4.7%	5.2%	2.5%	(1.6%)	(4.1%)	(54.8%)	(8.3%)	(27.6%)	(34.2%)	(35.1%)	(172.5%)	(192.1%)	(282.6%)	(221.0%)	–	–	–	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.81×	3.58×	3.51×	3.60×	5.81×	6.01×	3.75×	3.99×	6.24×	6.64×	2.93×	4.70×	4.68×	2.28×	4.74×	7.52×	7.79×	5.22×	5.17×	1.02×	2.14×	–	393.45×	–
Debt / equity	0.63×	1.14×	1.93×	2.94×	2.29×	1.75×	11.70×	2.79×	3.57×	5.28×	5.20×	2.00×	0.91×	2.67×	1.31×	1.05×	1.83×	14.08×	0.29×	(0.29×)	(0.15×)	(0.00×)	(0.00×)	–
Effective tax rate	27.2%	(39.3%)	3.9%	53.1%	18.0%	29.9%	20.0%	36.5%	(0.8%)	(1.5%)	(0.3%)	(0.1%)	(0.1%)	(0.4%)	19.7%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	72	74	74	70	69	66	62	61	58	57	57	56	54	48	47	40	30	28	17	1	0	0	0	0

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002
Revenue and gross profit
Revenue	$3,054	$2,708	$2,072	$1,697	$1,305	$1,041	$904	$738	$564	$464	$367	$264	$231	$185	$211	$152	$97	$66	$36	$13	$4	$0	–	–	–
Cost of revenue	($883)	($768)	($626)	($537)	($500)	($347)	($322)	($258)	($194)	($187)	($156)	($131)	($104)	($95)	($119)	($86)	($53)	($48)	($41)	($26)	($16)	($2)	–	–	–
Gross profit	$2,170	$1,940	$1,446	$1,160	$806	$752	$582	$480	$370	$277	$211	$133	$127	$90	$92	$67	$44	$18	($5)	($12)	($12)	($1)	–	–	–
Operating expenses
Research and development	($346)	($301)	($220)	($205)	($180)	($160)	($147)	($132)	($95)	($76)	($56)	($43)	($28)	($22)	($24)	($22)	($17)	($13)	($13)	($10)	($8)	($11)	($9)	($9)	($9)
Selling, general and administrative	($1,309)	($1,165)	($917)	($735)	($588)	($466)	($384)	($116)	($106)	($85)	($72)	($60)	($58)	($50)	($51)	($44)	($27)	($27)	($63)	($30)	($15)	($9)	($5)	($1)	($3)
Total operating expenses	($1,655)	($1,466)	($1,137)	($940)	($768)	($626)	($531)	($430)	($343)	($285)	($222)	($182)	($136)	($116)	($128)	($109)	($82)	($78)	($85)	($41)	($23)	($20)	–	–	–
Total costs and expenses	($2,538)	($2,234)	($1,763)	($1,477)	($1,268)	($915)	($853)	($688)	($536)	($471)	($378)	($313)	($240)	($212)	($247)	($195)	($136)	($125)	($125)	($67)	($38)	($22)	($14)	($12)	($13)
Operating income	$516	$474	$309	$220	$38	$126	$52	$50	$27	($7)	($11)	($49)	($9)	($27)	($36)	($42)	($39)	($59)	($89)	($54)	($35)	($22)	($14)	($12)	($13)
Earnings
EBITDA	$615	$564	$390	$293	$101	$183	$107	$78	$43	$6	$3	($33)	$3	($15)	($25)	($34)	($34)	($54)	($83)	($49)	($32)	($20)	($14)	–	–
Interest income	$23	$35	$40	$29	$9	$0	$3	–	$7	$3	$1	$0	$0	$0	$0	$0	$0	$0	$2	–	–	–	–	–	–
Interest expense	($59)	($59)	($43)	($36)	($36)	($62)	($48)	($35)	($29)	($21)	($14)	($13)	($15)	($17)	($16)	($15)	($23)	($13)	($7)	–	–	–	–	–	–
Pre-tax income	$495	$340	$300	$215	$10	$20	$10	$14	$5	($27)	($27)	($61)	($48)	($42)	($52)	($57)	($61)	($72)	–	–	–	–	–	–	–
Income tax expense	($119)	($92)	$118	($8)	($5)	($4)	($3)	($3)	($2)	($0)	($0)	($0)	($0)	($0)	($0)	$11	–	–	–	–	–	–	$0	($12)	($13)
Net income	$375	$247	$418	$206	$5	$17	$7	$12	$3	($27)	($29)	($74)	($52)	($45)	($52)	($46)	($61)	($72)	($93)	($54)	($36)	($22)	($14)	($12)	($13)
Per share
Diluted EPS (GAAP)	$5.35	$3.48	$5.78	$2.94	$0.07	$0.24	$0.10	$0.19	$0.05	($0.46)	($0.48)	($1.29)	($0.93)	($0.83)	($1.08)	($0.98)	($1.54)	($2.43)	($3.36)	($3.21)	($39.19)	($70.95)	($47.64)	($43.88)	($42.30)
Basic EPS (GAAP)	$5.36	$3.51	$5.97	$2.96	$0.07	$0.25	$0.11	$0.19	$0.06	($0.46)	($0.48)	($1.29)	($0.93)	($0.83)	($1.08)	($0.98)	($1.54)	($2.43)	($3.36)	($3.21)	($99.10)	($70.95)	($47.64)	($43.88)	($42.30)
Basic shares outstanding	70	70	70	70	69	68	65	61	59	58	57	57	56	54	48	47	40	30	28	17	1	0	0	0	0
Margins
Gross margin	71.1%	71.6%	69.8%	68.3%	61.7%	72.3%	64.4%	65.1%	65.7%	59.8%	57.5%	50.5%	55.0%	48.5%	43.7%	43.8%	45.1%	27.7%	(12.7%)	(92.4%)	(327.5%)	(2960.0%)	–	–	–
Operating margin	16.9%	17.5%	14.9%	13.0%	2.9%	12.1%	5.7%	6.8%	4.9%	(1.6%)	(2.9%)	(18.5%)	(3.8%)	(14.4%)	(17.0%)	(27.9%)	(39.8%)	(89.9%)	(247.8%)	(402.6%)	(945.8%)	(43010.0%)	–	–	–
Net margin	12.3%	9.1%	20.2%	12.2%	0.4%	1.6%	0.8%	1.6%	0.6%	(5.8%)	(7.9%)	(27.9%)	(22.3%)	(24.3%)	(24.5%)	(30.1%)	(63.1%)	(109.6%)	(257.3%)	(400.4%)	(981.4%)	(43272.0%)	–	–	–

Analyst consensus

Buy50 analysts

Bearish · 3 · Hold · 19 · Bullish · 28

Earnings history

	EPS	Estimate
Q3 2024	$0.90	$0.76	Beat
Q4 2024	$1.15	$1.00	Beat
Q1 2025	$1.02	$0.79	Beat
Q2 2025	$1.17	$0.92	Beat
Q3 2025	$1.24	$1.14	Beat
Q4 2025	$1.55	$1.47	Beat
Q1 2026	$1.42	$1.19	Beat
Q2 2026	$1.66	$1.47	Beat

Peers

Company overview

IPO dateMay 15, 2007

CEOAshley McEvoy

Employees5,400

SectorHealthcare

IndustryMedical - Devices

CountryUS

ExchangeNASDAQ

Websitewww.insulet.com

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes in the United States and internationally. The company offers Omnipod platform products comprising Omnipod 5 automated insulin delivery system, which includes a proprietary AID algorithm embedded in the pod that integrates with a third-party continuous glucose monitor to obtain glucose values through wireless Bluetooth communication; Omnipod DASH insulin management system that features a Bluetooth enabled pod that is controlled by a smartphone-like personal diabetes manager with a color touch screen user interface; and the Omnipod Insulin Management System. It also provides pods for Amgen for use in the Neulasta Onpro kit, which is a delivery system to help reduce the risk of infection after intense chemotherapy. The company sells its products to end-users through the pharmacy channel; and independent distributors. Insulet Corporation was incorporated in 2000 and is headquartered in Acton, Massachusetts.

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