NASDAQ: PODD
Insulet
Health Care · Surgical & Medical Instruments & Apparatus
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$10.6B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.17B |
| FY2017, ended Dec 31, 2017 | $4.03B |
| FY2018, ended Dec 31, 2018 | $4.70B |
| FY2019, ended Dec 31, 2019 | $10.8B |
| FY2020, ended Dec 31, 2020 | $16.9B |
| FY2021, ended Dec 31, 2021 | $18.4B |
| FY2022, ended Dec 31, 2022 | $20.5B |
| FY2023, ended Dec 31, 2023 | $15.2B |
| FY2024, ended Dec 31, 2024 | $18.3B |
| FY2025, ended Dec 31, 2025 | $20.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $10.6B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.05B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $367M |
| FY2017, ended Dec 31, 2017 | $464M |
| FY2018, ended Dec 31, 2018 | $564M |
| FY2019, ended Dec 31, 2019 | $738M |
| FY2020, ended Dec 31, 2020 | $904M |
| FY2021, ended Dec 31, 2021 | $1.10B |
| FY2022, ended Dec 31, 2022 | $1.31B |
| FY2023, ended Dec 31, 2023 | $1.70B |
| FY2024, ended Dec 31, 2024 | $2.07B |
| FY2025, ended Dec 31, 2025 | $2.71B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.05B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$28.9M | −$6.20M |
| FY2017, ended Dec 31, 2017 | −$26.8M | −$32.5M |
| FY2018, ended Dec 31, 2018 | $3.30M | −$122M |
| FY2019, ended Dec 31, 2019 | $11.6M | −$65.3M |
| FY2020, ended Dec 31, 2020 | $6.80M | −$45.0M |
| FY2021, ended Dec 31, 2021 | $16.8M | −$180M |
| FY2022, ended Dec 31, 2022 | $4.60M | −$3.90M |
| FY2023, ended Dec 31, 2023 | $206M | $70.1M |
| FY2024, ended Dec 31, 2024 | $418M | $305M |
| FY2025, ended Dec 31, 2025 | $247M | $378M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $375M | $294M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$535M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $137M |
| FY2017, ended Dec 31, 2017 | $273M |
| FY2018, ended Dec 31, 2018 | $114M |
| FY2019, ended Dec 31, 2019 | $214M |
| FY2020, ended Dec 31, 2020 | $907M |
| FY2021, ended Dec 31, 2021 | $806M |
| FY2022, ended Dec 31, 2022 | $690M |
| FY2023, ended Dec 31, 2023 | $704M |
| FY2024, ended Dec 31, 2024 | $953M |
| FY2025, ended Dec 31, 2025 | $716M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $535M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$948M
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $333M |
| FY2017, ended Dec 31, 2017 | $566M |
| FY2018, ended Dec 31, 2018 | $592M |
| FY2019, ended Dec 31, 2019 | $888M |
| FY2020, ended Dec 31, 2020 | $1.06B |
| FY2021, ended Dec 31, 2021 | $1.27B |
| FY2022, ended Dec 31, 2022 | $1.40B |
| FY2023, ended Dec 31, 2023 | $1.42B |
| FY2024, ended Dec 31, 2024 | $1.38B |
| FY2025, ended Dec 31, 2025 | $949M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $948M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 20.3% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.69.4M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 57.7M |
| FY2017, ended Dec 31, 2017 | 58.4M |
| FY2018, ended Dec 31, 2018 | 59.3M |
| FY2019, ended Dec 31, 2019 | 62.9M |
| FY2020, ended Dec 31, 2020 | 66.1M |
| FY2021, ended Dec 31, 2021 | 69.2M |
| FY2022, ended Dec 31, 2022 | 69.5M |
| FY2023, ended Dec 31, 2023 | 69.9M |
| FY2024, ended Dec 31, 2024 | 70.2M |
| FY2025, ended Dec 31, 2025 | 70.4M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 69.4M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $252M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $23.6M | $4.85M |
| FY2017, ended Dec 31, 2017 | — | $31.9M | — |
| FY2018, ended Dec 31, 2018 | — | $37.5M | $0 |
| FY2019, ended Dec 31, 2019 | — | $28.7M | $0 |
| FY2020, ended Dec 31, 2020 | — | $35.9M | $478M |
| FY2021, ended Dec 31, 2021 | — | $34.4M | $0 |
| FY2022, ended Dec 31, 2022 | — | $40.9M | $0 |
| FY2023, ended Dec 31, 2023 | $0 | $48.4M | — |
| FY2024, ended Dec 31, 2024 | $0 | $69.3M | — |
| FY2025, ended Dec 31, 2025 | $59.6M | $62.7M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $330M | $77.9M | — |
Revenue (TTM)
$3.05B
+29.4% YoY
Net income (TTM)
$375M
+59.0% YoY
Cash
$535M
−52.3% YoY
Total debt
$948M
−32.2% YoY
Valuation
At current price- Market Cap
- $10.4B
- P/E
- 27.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.4×
- Price / Book
- 7.3×
- EV / EBITDA
- 17.6×
Growth
Trailing 12 months- Revenue (TTM)
- $3.05B
- Revenue Growth YoY
- 29.4%
- Revenue CAGR 3Y
- 27.5%
- Revenue CAGR 5Y
- 24.5%
- EPS Growth YoY
- 62.5%
- Net Income Growth YoY
- 59.0%
Profitability
Trailing 12 months- Gross Margin
- 71.1%
- Operating Margin
- 16.9%
- Net Margin
- 12.3%
- FCF Margin
- 9.6%
- Return on Equity
- 26.0%
Earnings
Trailing 12 months- Net Income
- $375M
- EPS (diluted)
- $5.33
- EBITDA
- $615M
- Operating Income
- $516M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $535M
- Total Debt
- $948M
- Net Debt
- $414M
- Total Assets
- $3.17B
- Total Liabilities
- $1.74B
- Shareholders' Equity
- $1.42B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $511M
- Capital Expenditure
- $218M
- Free Cash Flow
- $294M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.11
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 29.4% over the last year, to $3.05B.
Note
Net margin of 12.3% over the last 12 months.
Note
Net debt of $414M is 0.7× EBITDA, a manageable load.
Note
Free cash flow of $294M, 9.6% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 18, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K75Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 21, 2025 · Read the filing on EDGAR
- Revenue rose 22.1% to $2,071.6 million, and net income doubled to $418.3 million, helped by a $182.5 million one-time, non-cash tax benefit.
- Gross margin rose to 69.8%, and management expects about 70.5% in 2025. Free cash flow climbed to $305.4 million from $70.1 million.
- Last year's material weakness in controls is fixed. Omnipod 5 won FDA clearance for type 2 diabetes and launched in more countries, while Omnipod GO was dropped.
- A jury awarded Insulet $452 million against EOFlow for trade secret theft, but none is recorded because EOFlow may be unable to pay.
Business momentum
Strong improvement
“Total revenue increased $374.5 million, or 22.1%, to $2,071.6 million in 2024, compared with $1,697.1 million in 2023.”
Outlook
Positive
“In 2025, we expect strong U.S. revenue growth primarily driven by the benefits of our recurring revenue model and continued volume growth of Omnipod 5.”
Financial stress
Low
“We believe that our current liquidity as further described below will be sufficient to meet our projected operating, investing and debt service requirements for at least the next twelve months.”
Tone against the previous report
More positive
Red flags
- Minor
Other
“we recorded a charge of $13.5 million related to certain inventory components that we no longer expect to utilize”
Positives
Fast sales growth in the US and abroad
“Constant currency revenue growth of 21.9% was primarily driven by higher volume largely attributable to our growing customer base and, to a lesser extent, higher price.”
Omnipod 5 can now be sold for type 2 diabetes
“In August 2024, we received FDA clearance for an expanded indication of Omnipod 5 for people with type 2 diabetes.”
Material weakness in financial controls has been fixed
“Based on those remediation actions, management has concluded that the material weakness previously reported has been remediated as of December 31, 2024.”
Concerns
Net income growth was inflated by a one-time tax benefit
“Accordingly, in 2024, we recorded a tax benefit of $182.5 million from the release of our valuation allowance.”
Selling and administrative costs grew faster than revenue and will rise again
“Selling, general and administrative expenses increased $182.3 million, or 24.8%, to $917.2 million in 2024, compared with $734.9 million in 2023.”
Large share of US sales comes through related parties
“Revenue from the sale of Omnipod products in the U.S. includes $587.8 million of related party revenue in 2024, compared with $473.7 million in 2023.”
New risks since the previous report
Data partnership with Glooko expires at the end of 2025
“Our agreement with Glooko expires in December 2025.”
The $452 million EOFlow award may never be collected
“Further, EOFlow may not be able to satisfy this damage award; accordingly, it has not been recorded in our consolidated statement of income.”
Company use of AI tools could expose private data or produce inaccurate information
“Risks include potential inappropriate disclosure of personal information and confidential information and potential use of inaccurate information contained in Generative AI outputs.”
Biggest risks named
- Reliance on Omnipod for nearly all revenue
- Competition from other insulin pumps and new diabetes treatments
- Product malfunctions, recalls and regulatory action
- Manufacturing and supplier concentration, especially in China
- Loss or reduction of insurance coverage and reimbursement
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −1.5 | |
| Score | 75 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 18, 2026 | Pro | |||
| 10-K | Feb 21, 2025 | 75 | Strong improvement | 1 minor | |
| 10-K | Feb 23, 2024 | 60 | Strong improvement | 1 serious | |
| 10-K | Feb 24, 2023 | 43 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 24, 2022 | 65 | Strong improvement | 1 medium | |
| 10-K | Feb 24, 2021 | 38 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 26, 2020 | 73 | Strong improvement | None | |
| 10-K | Feb 26, 2019 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 22, 2018 | 71 | Strong improvement | 1 medium | |
| 10-K | Feb 28, 2017 | 74 | Strong improvement | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR