Insulet Corporation

Health Care Health Care Equipment Acton, Massachusetts Last filing Feb 18, 2026 · FY2025

                    Revenue
                    FY2025
                
$2.7B
                    3y CAGR +36.9%
                    
                    P100
                    
                    +30.7%
                    
                    Net income
                    FY2025
                
$247.1M
                    Net margin +9.1%
                    
                    P45
                    
                    -40.9%
                    
                    Total assets
                    FY2025
                
$3.2B
                    ROA +7.7%
                    
                    P63
                    
                    +3.3%
                    
                    Operating cash flow
                    FY2025
                
$569.3M
                    FCF margin +13.9%
                    
                    P43
                    
                    +32.3%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $3.2B

Total liabilities $1.7B

Shareholders equity $1.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	22.4%	30.9%	27.2%	30.6%	39.4%	48.4%	18.7%	12.3%	33.4%	30.0%
Accounts Receivable	0.0%	0.0%	0.1%	6.3%	7.9%	4.5%	6.1%	6.8%	6.5%	6.3%
Inventory	14.2%	13.9%	15.6%	15.4%	14.8%	8.2%	8.8%	7.7%	4.1%	7.8%
Prepaid Expenses	7.2%	4.6%	4.5%	3.9%	3.6%	3.4%	2.7%	2.6%	1.2%	1.5%
Other Current Assets	6.5%	5.9%	7.3%	9.3%	5.2%	4.1%	—	0.2%	0.2%	0.0%
Total Current Assets	60.0%	61.3%	61.2%	58.4%	64.9%	66.7%	51.7%	49.7%	65.8%	81.0%
Property,Plant and Equipment	25.7%	23.4%	25.7%	26.6%	26.2%	25.6%	34.9%	27.8%	13.2%	10.1%
Goodwill	1.6%	1.7%	2.0%	2.3%	1.9%	2.1%	3.5%	4.3%	4.9%	8.7%
Intangible Assets	3.7%	3.2%	3.8%	3.4%	1.8%	1.5%	1.2%	1.1%	0.5%	0.1%
Long Term Investments	0.6%	0.7%	0.4%	0.4%	—	—	5.1%	15.2%	15.4%	—
Other Noncurrent Assets	6.5%	5.9%	7.3%	9.3%	5.2%	4.1%	—	0.2%	0.2%	0.0%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.4%	0.6%	0.7%	1.4%	1.8%	2.9%	4.8%	2.7%	3.0%	2.9%
Accrued Liabilities	0.0%	0.0%	0.0%	13.4%	8.1%	7.4%	9.0%	9.6%	7.3%	9.0%
Deferred Revenue	0.4%	0.4%	0.6%	0.7%	0.2%	0.3%	0.3%	0.1%	0.3%	0.3%
Current Portion of Long Term Debt	0.6%	2.7%	1.9%	1.2%	1.2%	0.8%	—	—	—	—
Other Current Liabilities	0.0%	0.0%	0.0%	2.5%	0.0%	0.0%	0.0%	0.3%	0.2%	0.4%
Total Current Liabilities	21.3%	17.1%	17.4%	16.2%	11.2%	11.1%	13.8%	12.5%	10.5%	12.2%
Long Term Debt	0.3%	0.2%	0.4%	61.1%	61.0%	55.7%	77.7%	63.7%	69.3%	72.9%
Deferred Revenue Noncurrent	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	—	0.3%	0.3%
Other Noncurrent Liabilities	2.0%	1.7%	1.5%	1.6%	0.7%	1.0%	1.9%	1.0%	0.7%	1.1%
Total Liabilities	52.5%	60.8%	71.7%	78.8%	72.8%	67.8%	93.4%	77.2%	80.6%	86.2%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	40.0%	38.4%	42.6%	46.2%	59.0%	67.5%	65.5%	96.7%	106.1%	163.0%
Retained Earnings	9.0%	1.3%	-14.6%	-26.0%	-31.7%	-35.6%	-58.8%	-73.6%	-86.6%	-149.0%
Treasury Stock	1.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Accumulated Other Comprehensive Income	0.4%	-0.4%	0.3%	0.9%	-0.1%	0.3%	-0.1%	-0.3%	-0.1%	-0.2%
Total Stockholders Equity	47.5%	39.2%	28.3%	21.2%	27.2%	32.2%	6.6%	22.8%	19.4%	13.8%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $2.7B

Operating income $473.8M

Net income $247.1M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	84.9%	67.1%	65.6%	46.9%	50.8%	48.3%	64.6%	60.7%	56.8%	80.4%
Expenses Cost of Revenue	24.1%	20.3%	20.8%	22.2%	16.9%	17.2%	22.6%	20.8%	22.8%	34.1%
Expenses Research and Development	9.4%	7.1%	7.9%	8.0%	7.8%	7.8%	11.6%	10.2%	9.3%	12.2%
Expenses Selling,General and Administrative	36.5%	29.7%	28.4%	26.1%	22.7%	20.5%	26.1%	26.7%	10.4%	15.7%
Expenses Depreciation and Amortization	2.8%	2.6%	2.8%	2.8%	2.8%	3.0%	2.4%	1.7%	1.7%	3.0%
Expenses Share Based Compensation	2.0%	2.2%	1.9%	1.8%	1.7%	1.9%	2.5%	4.0%	3.9%	5.2%
Other Income Expense Gross Profit	60.8%	46.8%	44.8%	35.8%	36.7%	31.1%	42.0%	39.9%	33.9%	46.2%
Other Income Expense Operating Income	14.9%	10.0%	8.5%	1.7%	6.1%	2.7%	4.4%	3.0%	-0.9%	-2.3%
Other Income Expense Interest Income	1.1%	1.3%	1.1%	0.4%	0.0%	0.2%	0.6%	0.8%	—	—
Other Income Expense Interest Expense	1.9%	1.4%	1.4%	1.6%	3.0%	2.6%	3.0%	3.1%	2.6%	3.2%
Other Income Expense Other Income/expense	0.4%	-0.2%	0.1%	-0.0%	-0.1%	0.2%	0.1%	-0.1%	0.3%	0.2%
Other Income Expense Income Before Tax	10.6%	9.7%	8.3%	0.4%	1.0%	0.5%	1.3%	0.6%	-3.3%	-5.9%
Income Tax Income Tax Expense	2.9%	-3.8%	0.3%	0.2%	0.2%	0.2%	0.3%	0.2%	0.0%	0.1%
net Income net Income	7.7%	13.5%	8.0%	0.2%	0.8%	0.4%	1.0%	0.4%	-3.3%	-6.3%
net Income Comprehensive Income	8.6%	12.9%	7.5%	1.2%	0.4%	0.7%	1.2%	0.1%	-3.3%	-6.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Weighted Average Shares Basic	2.2%	2.3%	2.7%	3.1%	3.3%	3.5%	5.3%	6.3%	7.1%	12.5%
Earnings Per Share Weighted Average Shares Diluted	2.3%	2.4%	2.8%	3.1%	3.3%	3.5%	5.5%	6.6%	7.1%	12.5%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $569.3M

Investing cash flow $-222.7M

Financing cash flow $-595.3M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	7.7%	13.5%	8.0%	0.2%	0.8%	0.4%	1.0%	0.4%	-3.3%	-6.3%
Operating Activities Depreciation and Amortization	2.5%	2.3%	2.4%	2.5%	2.5%	2.0%	2.2%	1.5%	1.6%	2.8%
Operating Activities Stock Based Compensation	2.0%	2.2%	1.9%	1.8%	1.7%	1.9%	2.5%	4.0%	3.9%	5.2%
Operating Activities Deferred Income Taxes	2.0%	-4.4%	0.0%	-0.0%	0.1%	-0.1%	-0.1%	-0.0%	-0.1%	-0.0%
Operating Activities Changes In Operating Assets and Liabilities	4.4%	1.8%	7.1%	4.3%	11.3%	5.6%	7.8%	7.3%	3.5%	2.9%
Operating Activities Other Non Cash Items	0.2%	0.2%	0.1%	0.2%	0.1%	0.0%	0.1%	-0.0%	0.0%	0.2%
Operating Activities net Cash From Operating Activities	17.8%	13.9%	5.6%	5.3%	-3.3%	4.5%	8.6%	3.9%	5.1%	3.5%
Investing Activities Capital Expenditures	6.0%	4.0%	2.9%	5.5%	5.5%	6.9%	14.3%	16.9%	9.0%	4.8%
Investing Activities Purchases of Investments	0.0%	0.4%	0.2%	0.0%	0.0%	2.0%	13.2%	20.6%	36.5%	38.9%
Investing Activities Other Investing Activities	0.1%	0.0%	0.1%	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-7.0%	-4.7%	-4.6%	-8.5%	-4.0%	0.7%	-6.4%	-19.9%	-25.8%	-39.0%
Financing Activities Proceeds From Debt	13.8%	0.0%	0.0%	—	—	—	68.3%	0.0%	47.9%	73.1%
Financing Activities Repurchase of Common Stock	1.9%	0.0%	0.0%	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	0.6%	0.3%	0.6%	0.3%	0.8%	1.4%	4.1%	1.7%	—	1.1%
Financing Activities Tax Withholding On Stock Based Compensation	0.8%	0.2%	0.5%	0.7%	1.4%	1.6%	0.8%	1.9%	0.5%	0.6%
Financing Activities Other Financing Activities	0.0%	0.0%	-0.0%	0.0%	—	-0.1%	0.0%	0.0%	—	—
Financing Activities net Cash From Financing Activities	-18.7%	-0.9%	-0.5%	-1.8%	2.0%	32.3%	6.4%	-0.9%	37.3%	38.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	-0.2%	0.1%	-0.2%	-0.3%	0.3%	0.1%	-0.2%	0.0%	0.0%
Cash Reconciliation net Change In Cash	-7.4%	8.1%	0.6%	-5.2%	-5.6%	37.8%	8.7%	-17.1%	16.6%	3.2%
Cash Reconciliation Cash At Beginning of Period	22.4%	30.9%	27.2%	30.6%	39.4%	49.2%	18.7%	12.3%	33.4%	30.0%
Cash Reconciliation Cash At End of Period	22.4%	30.9%	27.2%	30.6%	39.4%	49.2%	18.7%	12.3%	33.4%	30.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+71.6%	+69.8%	+68.3%	+52.7%	+66.7%	+64.4%	+65.1%	+65.7%	+59.8%	+57.5%
Operating margin	+17.5%	+14.9%	+13.0%	+3.6%	+12.1%	+5.7%	+6.8%	+4.9%	-1.6%	-2.9%
Net margin	+9.1%	+20.2%	+12.2%	+0.4%	+1.6%	+0.8%	+1.6%	+0.6%	-5.8%	-7.9%
FCF margin	+13.9%	+14.7%	+4.1%	-0.4%	-17.3%	-5.0%	-8.8%	-21.6%	-7.0%	-1.7%
Growth
Revenue CAGR (3y)	+36.9%	+25.8%	+23.3%	+12.7%	+22.7%	+24.9%	+26.2%	+28.8%	+26.1%	+14.1%
Returns
ROE	+16.3%	+34.5%	+28.2%	+1.0%	+3.0%	+1.1%	+15.3%	+1.6%	-16.9%	-45.7%
ROA	+7.7%	+13.5%	+8.0%	+0.2%	+0.8%	+0.4%	+1.0%	+0.4%	-3.3%	-6.3%
ROIC	+41.7%	+88.3%	+237.7%	+1.5%	+10.1%	+4.8%	+5.3%	+2.5%	-1.6%	-4.1%
Liquidity
Current ratio	2.81x	3.58x	3.51x	3.60x	5.81x	6.01x	3.75x	3.99x	6.24x	6.64x
Quick ratio	1.05x	1.81x	1.57x	2.28x	4.23x	4.77x	1.79x	1.53x	3.79x	2.98x
Leverage
D/E	1.11x	1.55x	2.53x	3.73x	2.68x	2.10x	14.06x	3.38x	4.15x	6.23x
Interest coverage	7.98x	7.23x	6.08x	1.04x	2.04x	1.07x	1.45x	0.95x	-0.35x	-0.74x
Efficiency
Asset turnover	0.85x	0.67x	0.66x	0.47x	0.51x	0.48x	0.65x	0.61x	0.57x	0.80x
Cash conversion cycle	+179d	+240d	+261d	+280d	+336d	+147d	+100d	+128d	+60d	+81d

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Insulet Corporation

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