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 revenue.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 5 years

Total assets $3.2B

Total liabilities $1.7B

Shareholders equity $1.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	26.4%	46.0%	41.5%	65.3%	77.5%
Accounts Receivable	0.0%	0.1%	0.1%	13.4%	15.5%
Inventory	16.7%	20.8%	23.7%	32.9%	29.1%
Prepaid Expenses	8.4%	6.9%	6.9%	8.2%	7.1%
Other Current Assets	7.6%	8.8%	11.2%	19.9%	10.2%
Total Current Assets	70.7%	91.3%	93.3%	124.5%	127.8%
Property,Plant and Equipment	30.3%	34.9%	39.2%	56.8%	51.6%
Goodwill	1.9%	2.5%	3.0%	4.9%	3.8%
Intangible Assets	4.3%	4.8%	5.8%	7.2%	3.5%
Long Term Investments	0.7%	1.1%	0.6%	0.8%	—
Other Noncurrent Assets	7.6%	8.8%	11.2%	19.9%	10.2%
Total Assets	117.8%	149.0%	152.5%	213.3%	196.9%
Liabilities
Accounts Payable	2.8%	1.0%	1.1%	2.9%	3.6%
Accrued Liabilities	0.0%	0.0%	0.0%	28.5%	16.0%
Deferred Revenue	0.5%	0.6%	0.9%	1.5%	0.3%
Current Portion of Long Term Debt	0.7%	4.0%	2.9%	2.6%	2.4%
Other Current Liabilities	0.0%	0.0%	0.0%	5.4%	0.0%
Total Current Liabilities	25.1%	25.5%	26.6%	34.6%	22.0%
Long Term Debt	0.4%	0.4%	0.7%	130.2%	120.0%
Deferred Revenue Noncurrent	0.1%	0.1%	0.1%	0.2%	0.1%
Other Noncurrent Liabilities	2.4%	2.5%	2.2%	3.4%	1.4%
Total Liabilities	61.9%	90.6%	109.3%	168.2%	143.4%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	47.1%	57.2%	65.0%	98.6%	116.1%
Retained Earnings	10.6%	1.9%	-22.3%	-55.4%	-62.4%
Treasury Stock	2.2%	0.0%	0.0%	0.0%	0.0%
Accumulated Other Comprehensive Income	0.5%	-0.6%	0.5%	1.9%	-0.2%
Total Stockholders Equity	56.0%	58.5%	43.2%	45.1%	53.5%
Total Liabilitiesand Equity	117.8%	149.0%	152.5%	213.3%	196.9%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $2.7B

Operating income $473.8M

Net income $247.1M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	28.4%	30.2%	31.7%	47.3%	33.3%
Expenses Research and Development	11.1%	10.6%	12.1%	17.1%	15.4%
Expenses Selling,General and Administrative	43.0%	44.3%	43.3%	55.7%	44.8%
Expenses Depreciation and Amortization	3.3%	3.9%	4.3%	6.0%	5.5%
Expenses Share Based Compensation	2.3%	3.3%	2.9%	3.9%	3.3%
Other Income Expense Gross Profit	71.6%	69.8%	68.3%	76.3%	72.3%
Other Income Expense Operating Income	17.5%	14.9%	13.0%	3.6%	12.1%
Other Income Expense Interest Income	1.3%	1.9%	1.7%	0.9%	0.0%
Other Income Expense Interest Expense	2.2%	2.1%	2.1%	3.4%	5.9%
Other Income Expense Other Income/expense	0.5%	-0.3%	0.1%	-0.1%	-0.2%
Other Income Expense Income Before Tax	12.5%	14.5%	12.7%	0.9%	2.0%
Income Tax Income Tax Expense	3.4%	-5.7%	0.5%	0.5%	0.4%
net Income net Income	9.1%	20.2%	12.2%	0.4%	1.6%
net Income Comprehensive Income	10.1%	19.2%	11.5%	2.5%	0.9%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	2.6%	3.4%	4.1%	6.6%	6.5%
Earnings Per Share Weighted Average Shares Diluted	2.7%	3.6%	4.3%	6.6%	6.6%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $569.3M

Investing cash flow $-222.7M

Financing cash flow $-595.3M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	9.1%	20.2%	12.2%	0.4%	1.6%
Operating Activities Depreciation and Amortization	3.0%	3.4%	3.7%	5.3%	4.9%
Operating Activities Stock Based Compensation	2.3%	3.3%	2.9%	3.9%	3.3%
Operating Activities Deferred Income Taxes	2.3%	-6.6%	0.0%	-0.1%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	5.2%	2.7%	10.8%	9.1%	22.2%
Operating Activities Other Non Cash Items	0.3%	0.2%	0.1%	0.4%	0.1%
Operating Activities net Cash From Operating Activities	21.0%	20.8%	8.6%	11.3%	-6.5%
Investing Activities Capital Expenditures	7.1%	6.0%	4.5%	11.6%	10.8%
Investing Activities Purchases of Investments	0.0%	0.6%	0.3%	0.0%	0.0%
Investing Activities Other Investing Activities	0.1%	0.0%	0.2%	—	—
Investing Activities net Cash From Investing Activities	-8.2%	-7.1%	-7.0%	-18.1%	-7.9%
Financing Activities Proceeds From Debt	16.3%	0.0%	0.0%	—	—
Financing Activities Repurchase of Common Stock	2.2%	0.0%	0.0%	—	—
Financing Activities Proceeds From Stock Issuance	0.7%	0.4%	1.0%	0.7%	1.5%
Financing Activities Tax Withholding On Stock Based Compensation	1.0%	0.4%	0.8%	1.6%	2.7%
Financing Activities Other Financing Activities	0.0%	0.0%	-0.0%	0.0%	—
Financing Activities net Cash From Financing Activities	-22.0%	-1.4%	-0.8%	-3.8%	3.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	-0.3%	0.1%	-0.4%	-0.5%
Cash Reconciliation net Change In Cash	-8.8%	12.0%	0.8%	-11.1%	-11.1%
Cash Reconciliation Cash At Beginning of Period	26.4%	46.0%	41.5%	65.3%	77.5%
Cash Reconciliation Cash At End of Period	26.4%	46.0%	41.5%	65.3%	77.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+71.6%	+69.8%	+68.3%	+52.7%	+66.7%
Operating margin	+17.5%	+14.9%	+13.0%	+3.6%	+12.1%
Net margin	+9.1%	+20.2%	+12.2%	+0.4%	+1.6%
FCF margin	+13.9%	+14.7%	+4.1%	-0.4%	-17.3%
Growth
Revenue CAGR (3y)	+36.9%	+25.8%	+23.3%	+12.7%	+22.7%
Returns
ROE	+16.3%	+34.5%	+28.2%	+1.0%	+3.0%
ROA	+7.7%	+13.5%	+8.0%	+0.2%	+0.8%
ROIC	+41.7%	+88.3%	+237.7%	+1.5%	+10.1%
Liquidity
Current ratio	2.81x	3.58x	3.51x	3.60x	5.81x
Quick ratio	1.05x	1.81x	1.57x	2.28x	4.23x
Leverage
D/E	1.11x	1.55x	2.53x	3.73x	2.68x
Interest coverage	7.98x	7.23x	6.08x	1.04x	2.04x
Efficiency
Asset turnover	0.85x	0.67x	0.66x	0.47x	0.51x
Cash conversion cycle	+179d	+240d	+261d	+280d	+336d

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Insulet Corporation

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