INMD
InMode Ltd.
INMD's fundamentals are weak: its operating margin fell 10 points to 18% and earnings per share fell 50%, though it turned 23% of its revenue into free cash flow. At 11x earnings, it's trading below its usual 15x. Analysts expect earnings to hold roughly steady.
INMD Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Strong |
INMD's cash flow and balance sheet are currently healthy, and its revenue and profitability are stable.
INMD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9x | $11.06 | -16% |
| Forward | 9.8x | $13.19 | — |
| Current | 11x | $13.19 | — |
| Fair | 15x | $18.29 | +39% |
| Expensive | 35x | $43.04 | +226% |
Historical ranges are pointers, not guarantees.
INMD's PE is in its fair range at 11x. On analysts' estimates for next year's earnings, today's price would be 9.8x, in its cheap range.
INMD Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect INMD's profitability to weaken, with its earnings and revenue holding steady.
INMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.35 | +10% |
| Q2 2026 | $1.23 | -50% |
| Q2 2025 | $2.47 | +42% |
| Q2 2024 | $1.74 | -19% |
| Q1 2024 | $2.11 | +5% |
| Q4 2023 | $2.30 | +21% |
| Q3 2023 | $2.10 | +1.4% |
| Q2 2023 | $2.14 | +6.5% |
| Q1 2023 | $2.01 | +2% |
INMD's earnings per share have fallen from their peak: $1.23 over the past year, against $2.47 in mid-2025.
INMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $95.6M | 0% |
| Q1 2026 | $82M | +5.3% |
| Q4 2025 | $103.9M | +6.1% |
| Q3 2025 | $93.2M | -28% |
| Q2 2025 | $95.6M | +11% |
| Q1 2025 | $77.9M | -3% |
| Q4 2024 | $97.9M | -23% |
| Q4 2024 | $130.2M | +5.8% |
INMD's revenue has slid since its 2023 peak: $96M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 13% | -11 points |
| Q1 2026 | 12% | -7.8 points |
| Q4 2025 | 25% | -3.4 points |
| Q3 2025 | 22% | -15 points |
| Q2 2025 | 24% | +2.8 points |
| Q1 2025 | 20% | -2.5 points |
| Q4 2024 | 28% | -12 points |
| Q4 2024 | 37% | -0.6 points |
INMD's operating margin was 13% last quarter, down 11 points from the same quarter a year ago, near the bottom of its range since 2019.
INMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $20.8M | -13% |
| Q1 2026 | $15.2M | +9% |
| Q4 2025 | $24.4M | -24% |
| Q3 2025 | $27M | -21% |
| Q2 2025 | $24M | -43% |
| Q1 2025 | $14M | -42% |
| Q4 2024 | $32.2M | -45% |
| Q4 2024 | $34M | -13% |
INMD's free cash flow has been positive every quarter for seven years: $87M over the past year, down 16% from the year before.
INMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -7.1% | -4.6M shares |
| 1 year | -6.7% | -4.3M shares |
| 3 years | -31% | -26.3M shares |
| 5 years | -31% | -26.4M shares |
| Available history | -24% | -18.6M shares |
INMD has 59M diluted shares, down 6.7% from a year ago, with $95M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $56.5M |
| Q1 2026 | $31.2M |
| Q4 2025 | $1.9M |
| Q3 2025 | $5.2M |
| Q2 2025 | $28.1M |
| Q1 2025 | $100M |
| Q4 2024 | $119.8M |
| Q4 2024 | $76.6M |
INMD spent $95M buying back its own shares over the past year, down 71% from the year before.
INMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -4.7x | Net Cash |
| Q1 2026 | -3.8x | Net Cash |
| Q4 2025 | -2.6x | Net Cash |
| Q3 2025 | -2.2x | Net Cash |
| Q2 2025 | -1.5x | Net Cash |
| Q2 2024 | -0.5x | Net Cash |
| Q1 2024 | -0.6x | Net Cash |
| Q4 2023 | -0.6x | Net Cash |
INMD has more cash than debt.
INMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.2 | Neutral |
| Stochastic | 4.9 | Oversold |
INMD's weekly RSI is 34 (neutral) and its Stochastic is 5 (oversold).
INMD PE vs Healthcare Sector
| Metric | INMD | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 26x | 59% below |
| PE % | 35 | 29 | 6 pts above |
INMD is trading at 11x earnings, a 59% discount to the Healthcare sector's median of 26x.
INMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $13.8 | 4.4% below |
| 20 week MA | $14.5 | 9.3% below |
| 50 week MA | $14.3 | 7.8% below |
| 100 week MA | $14.9 | 12% below |
| 200 week MA | $20.3 | 35% below |
INMD is in a downtrend: it's below all five of its weekly moving averages, and 35% below its 200-week average.
INMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.5 | $23.8 | +22% |
| 2021 | $23.8 | $72.1 | +203% |
| 2022 | $72.1 | $35.4 | -51% |
| 2023 | $35.4 | $22.2 | -37% |
| 2024 | $22.2 | $17.0 | -23% |
| 2025 | $17.0 | $14.6 | -14% |
| 2026 YTD | $14.6 | $13.2 | -9.8% |
INMD has finished four years in a row lower, and it's down 9.8% so far in 2026.