INSP
Inspire Medical Systems, Inc.
INSP's fundamentals are mixed, but it looks cheap: trading at 18x earnings, about a third of its usual 58x. Analysts expect strong earnings growth, though they disagree widely on how much.
INSP Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| Healthy | |
| Strong |
INSP's profitability, cash flow and balance sheet are currently healthy, but its revenue is under pressure.
INSP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $39.83 | -34% |
| Current | 18x | $60.54 | — |
| Forward | 43x | $60.54 | — |
| Fair | 58x | $194 | +220% |
| Expensive | 173x | $579 | +857% |
Historical ranges are pointers, not guarantees.
INSP's PE is in its cheap range at 18x. On analysts' estimates for next year's earnings, today's price would be 43x, in its fair range.
INSP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect INSP's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
INSP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.41 | -58% |
| Q3 2026 | $3.35 | +125% |
| Q2 2026 | $4.53 | +159% |
| Q1 2026 | $4.40 | +101% |
| Q4 2025 | $4.89 | +179% |
| Q3 2025 | $1.49 | +37% |
| Q2 2025 | $1.75 | +775% |
| Q1 2025 | $2.19 | +$2.72 |
| Q4 2024 | $1.75 | +$2.47 |
INSP's earnings per share have climbed steadily: $3.35 over the past year, up 125% from the year before, and higher year over year for 15 quarters in a row.
INSP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $206.7M | -7.9% |
| Q2 2026 | $200.6M | -7.6% |
| Q1 2026 | $204.6M | +1.6% |
| Q4 2025 | $269.1M | +12% |
| Q3 2025 | $224.5M | +10% |
| Q2 2025 | $217.1M | +11% |
| Q1 2025 | $201.3M | +23% |
| Q4 2024 | $239.7M | +25% |
INSP's revenue has held roughly level: $207M last quarter, down 7.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -14% | -18 points |
| Q2 2026 | -0.3% | +1.3 points |
| Q1 2026 | -0.6% | +0.2 points |
| Q4 2025 | 17% | +3.8 points |
| Q3 2025 | 4.3% | -2.8 points |
| Q2 2025 | -1.5% | -4.1 points |
| Q1 2025 | -0.7% | +8.5 points |
| Q4 2024 | 13% | +8.5 points |
INSP's operating margin was −14% last quarter, down 18 points from the same quarter a year ago.
INSP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $38.9M | -33% |
| Q2 2026 | $14.1M | +$20.4M |
| Q1 2026 | $3.1M | +$18.2M |
| Q4 2025 | $41.8M | -33% |
| Q3 2025 | $58.1M | +31% |
| Q2 2025 | -$6.3M | +$6.2M |
| Q1 2025 | -$15.1M | -$12.3M |
| Q4 2024 | $62.2M | +573% |
INSP generated $98M in free cash flow over the past year, about the same as the year before.
INSP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -11.5K shares |
| 1 year | -2.3% | -671K shares |
| 3 years | -1.5% | -437K shares |
| 5 years | +6% | +1.6M shares |
| Available history | +22% | +5.1M shares |
INSP has 29M diluted shares, down 2.3% from a year ago, with $50M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $50M |
| Q3 2025 | $50M |
| Q2 2025 | — |
| Q1 2025 | $75M |
INSP spent $50M buying back its own shares over the past year.
INSP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -5.6x | Net Cash |
| Q2 2026 | -1.8x | Net Cash |
| Q1 2026 | -1.5x | Net Cash |
| Q4 2025 | -1.6x | Net Cash |
| Q3 2025 | -2.3x | Net Cash |
| Q2 2025 | -2.1x | Net Cash |
| Q1 2025 | -0.9x | Net Cash |
| Q4 2024 | -3.5x | Net Cash |
INSP has more cash than debt.
INSP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.7 | Neutral |
| Stochastic | 44.4 | Neutral |
INSP's weekly RSI is 47 (neutral) and its Stochastic is 44 (neutral).
INSP PE vs Healthcare Sector
| Metric | INSP | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 26x | 30% below |
| PE % | 32 | 29 | 3 pts above |
INSP is trading at 18x earnings, a 30% discount to the Healthcare sector's median of 26x.
INSP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $67.7 | 11% below |
| 20 week MA | $62.2 | 2.7% below |
| 50 week MA | $64.8 | 6.5% below |
| 100 week MA | $99.3 | 39% below |
| 200 week MA | $156.2 | 61% below |
INSP is in a downtrend: it's below all five of its weekly moving averages, and 61% below its 200-week average.
INSP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $74.2 | $190.7 | +157% |
| 2021 | $190.7 | $239.2 | +25% |
| 2022 | $239.2 | $257.5 | +7.7% |
| 2023 | $257.5 | $203.4 | -21% |
| 2024 | $203.4 | $188.5 | -7.3% |
| 2025 | $188.5 | $95.5 | -49% |
| 2026 YTD | $95.5 | $60.5 | -37% |
INSP has finished three years in a row lower, and it's down 37% so far in 2026.