INSMED Inc
INSM· Nasdaq· Pharmaceutical Preparations
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- -159.6%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +29.8%
We record prices for the companies we cover; INSM is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 199.0M
- Revenue
- $606.4M
- Free cash flow
- -$967.6M
- Owner earnings
- -$1.1B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- -205.6%
- Net
- -210.5%
- Free cash flow
- -159.6%
- Owner earnings
- -184.7%
- Stock pay
- 25.2%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- -172.8%
- ROE, 5 yr avg
- –
Growth (CAGR)
- Revenue, 3 yr
- 35.2%
- Revenue, 5 yr
- 29.8%
- Revenue, 9 yr
- –
- Diluted EPS, 3 yr
- –
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- –
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- –
Financial health · FY2025
- Cash and investments
- $1.4B
- Total debt
- $541.0M
- Net cash
- $889.1M
- Debt/Equity
- 0.7x
- Debt/FCF
- –
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 15.3%
Financials: ten years from the 10-Ks
Revenue
$606.4M
FY2025
FY2016FY2025
Margins
Gross–Operating-205.6%Net-210.5%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow-$967.6MOwner earnings-$1.1B
FY2025
FY2016FY2025
Diluted shares
199.0M
+221.6% over 9 years, net dilution
FY2016FY2025
Net cash
$889.1M
$889.1M more cash than debt
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $0 | $0 | $9.8M | $136.5M | $164.4M | $188.5M | $245.4M | $305.2M | $363.7M | $606.4M |
| Revenue growth | – | – | – | 1287.6% | 20.5% | 14.6% | 30.2% | 24.4% | 19.2% | 66.7% |
| Gross margin | – | – | 75.4% | 82.3% | – | – | – | – | – | – |
| Operating margin | – | – | -3124.9% | -172.4% | -161.3% | -199.0% | -186.4% | -232.5% | -241.5% | -205.6% |
| Net income | -$176.3M | -$192.6M | -$324.3M | -$254.3M | -$294.1M | -$434.7M | -$481.5M | -$749.6M | -$913.8M | -$1.3B |
| Net margin | – | – | -3297.2% | -186.4% | -178.9% | -230.6% | -196.3% | -245.6% | -251.2% | -210.5% |
| Diluted EPS | – | – | – | $-3.01 | $-3.01 | $-3.88 | $-3.91 | $-5.34 | $-5.57 | $-6.42 |
| Return on invested capital? | – | – | – | – | – | – | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | -$146.7M | -$159.6M | -$258.0M | -$250.6M | -$219.3M | -$363.3M | -$400.4M | -$536.2M | -$683.9M | -$935.0M |
| Capital expenditure | $4.2M | $3.0M | $13.1M | $42.3M | $6.2M | $7.3M | $9.9M | $13.3M | $21.9M | $32.6M |
| Free cash flow | -$150.9M | -$162.6M | -$271.1M | -$292.9M | -$225.6M | -$370.6M | -$410.3M | -$549.5M | -$705.8M | -$967.6M |
| Stock-based compensation | $18.0M | $18.1M | $26.2M | $27.0M | $36.2M | $46.0M | $57.7M | $74.8M | $96.8M | $152.7M |
| Owner earnings? | -$168.9M | -$180.7M | -$297.3M | -$319.9M | -$261.7M | -$416.6M | -$468.0M | -$624.3M | -$802.6M | -$1.1B |
| Free cash flow per share | $-2.44 | $-2.44 | $-3.53 | $-3.46 | $-2.31 | $-3.31 | $-3.33 | $-3.91 | $-4.30 | $-4.86 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | – | – | – | – | – | – |
| Diluted shares | 61.9M | 66.6M | 76.9M | 84.6M | 97.6M | 112.1M | 123.0M | 140.4M | 164.0M | 199.0M |
| Share count change? | 5.6% | 7.6% | 15.5% | 10.0% | 15.4% | 14.9% | 9.7% | 14.1% | 16.8% | 21.3% |
| Balance sheet | ||||||||||
| Cash and equivalents | $162.6M | $381.2M | $495.1M | $487.4M | $532.8M | $716.8M | $1.1B | $482.4M | $555.0M | $510.4M |
| Short-term investments | – | – | – | – | – | $0 | $74.2M | $298.1M | $878.8M | $919.6M |
| Total debt | $54.8M | $55.6M | $316.6M | $335.9M | $356.3M | $566.6M | $1.1B | $1.2B | $1.1B | $541.0M |
| Net debt | -$107.8M | -$325.6M | -$178.5M | -$151.5M | -$176.4M | -$150.2M | -$23.0M | $374.9M | -$330.4M | -$889.1M |
| Shareholders' equity | $154.5M | $361.1M | $208.3M | $261.7M | $275.9M | $410.5M | $88.0M | -$331.9M | $285.4M | $739.0M |
Latest filings
| 2026-10-29 | 8-K | Earnings release |
| 2026-10-29 | 10-Q | Quarterly report |
| 2026-08-06 | 8-K | Earnings release |
| 2026-08-06 | 10-Q | Quarterly report |
| 2026-05-07 | 8-K | Earnings release |
| 2026-05-07 | 10-Q | Quarterly report |
| 2026-04-01 | DEF 14A | Proxy statement |
| 2026-02-19 | 10-K | Annual report |
| 2026-02-19 | 8-K | Earnings release |
| 2025-10-30 | 10-Q | Quarterly report |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
