Nasdaq: PODD · Health Care Equipment
Insulet Corporation
Insulet, based in Acton, Massachusetts, develops, manufactures and sells the Omnipod tubeless insulin delivery platform (Omnipod 5 automated insulin delivery, Omnipod DASH and Omnipod Insulin Management) for people with insulin-dependent diabetes. Revenue grew from $904 million (2020) to $2,708 million (2025), with Omnipod products of $2,674 million (U.S. $1,920 million, international $754 million). Operating income rose to $474 million in 2025. Three distributors each account for 25–27% of revenue. Omnipod 5 is available in 19 countries and received FDA clearance for type 2 diabetes in August 2024. In 2026 Insulet issued two voluntary medical device corrections for cannula tears and expects related costs of $60–70 million.
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:39 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-09-30) · filed 2026-11-04Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 24.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 17.5%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +7.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 0.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.30x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 25.6x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.58
Higher than 91% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 47% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 65% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 25% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 81% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$155.96close on 2026-11-04
Market cap$10.98B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 25.6x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 7.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 19.8x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 81.7x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 13.2x
Book value at FY2025 year-end
At FY2025 year-end: 35.8x
EBITDA for FY2025
At FY2025 year-end: 1.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$706M → $842M (vs. a year earlier)↑ +19.2%$706M → $842M (vs. a year earlier)
- Operating margin16.7% → 22.5% (vs. a year earlier)↑ +5.9 pts16.7% → 22.5% (vs. a year earlier)
- Net income$88M → $141M (vs. a year earlier)↑ +61.1%$88M → $141M (vs. a year earlier)
- Diluted EPS$1.24 → $2.03 (vs. a year earlier)↑ +63.7%$1.24 → $2.03 (vs. a year earlier)
- Cash$535M → $584M (vs. previous quarter-end)↑ +9.3%$535M → $584M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 4, 2026.
Key changes
Q3 revenue $842M, up 19.2%. Source sentence
Third Quarter Revenue of $842 million, Increase of 19.2% (19.6% in Constant Currency 1 )
Board approved a $1B share repurchase program. Source sentence
Received approval from the Board of Directors for a $1 billion share repurchase program.
Adjusted net income $138.0M, up 57.2%. Source sentence
Adjusted net income 1 of $138.0 million, increased 57.2% compared to $87.8 million in the prior year
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- INSULET CORP
- Headquarters
- ACTON, MA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- Nasdaq: PODD
- Industry
- Health Care Equipment
- CIK
- 1145197
- Website
- https://www.insulet.com/ ↗
Workforce (as of FY2025 year-end)
Employees
5,400
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 49–53 days after quarter end (Feb 18, 2026; Feb 20, 2025; Feb 22, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 35–53 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 4, 2026 (+35 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | May 6, 2026 (+36 days) | May 6, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 18, 2026 (+49 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 6, 2025 (+37 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 7, 2025 (+38 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | May 8, 2025 (+38 days) | May 9, 2025 10-Q (+39 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 20, 2025 (+51 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 7, 2024 (+38 days) | Nov 8, 2024 10-Q (+39 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 8, 2024 (+39 days) | Aug 9, 2024 10-Q (+40 days) |
| Q1 FY2024 | Mar 31, 2024 | May 9, 2024 (+39 days) | May 10, 2024 10-Q (+40 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 22, 2024 (+53 days) | Feb 23, 2024 10-K (+54 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Omnipod
Omnipod 5 Automated Insulin Delivery System
Tubeless pod paired with algorithm-driven automated insulin delivery; cleared for type 2 diabetes in August 2024.
Omnipod
Omnipod DASH
Insulin management system with a tubeless pod.
Drug Delivery
Drug delivery device
Omnipod-based device for delivering other drugs.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
Insulet does not state a market share in its 10-K.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Q2 2026 results
Q2 revenue $801.7M (vs $649.1M); net income $95.0M (vs $22.5M); diluted EPS $1.37 (vs $0.32).
Source: Form 10-Q (quarter ended 2026-06-30)
Device corrections
Voluntary corrections in March and May 2026; net charges of $41.0M in the first half and $60–70M total expected.
Source: Form 10-Q (quarter ended 2026-06-30)
EOFlow ruling
On May 28, 2026 the Federal Circuit reversed the $452M trade secret verdict against EOFlow on statute-of-limitations grounds.
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies
Capex ÷ D&A (FY2025)
2.12x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$192M ÷ $90M = 2.12x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
11.1%
formularesearch & development expense ÷ revenue × 100
e.g.$301M ÷ $2,708M × 100 = 11.1%
M&A spend (6-year total)
$29M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $129M in FY2020 to $192M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$2.71B
As reported in the 10-K
Revenue CAGR (5 years)
+24.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($2,708M ÷ $904M) ^ (1÷5) − 1 = 24.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
17.5%▲favorable
+11.8pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$474M ÷ $2,708M × 100 = 17.5%
ROE (FY2025)
18.1%▲favorable
6-year average: 16.7%
As reported in the 10-K
P/B (FY2025 end)
13.20x
formulafiscal year-end closing price ÷ book value per share
e.g.$284.24 ÷ $21.53 = 13.20x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
35.8x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($20,008M + $931M − $716M) ÷ ($474M + $90M) = 35.8x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +24.5% a year over 5 years (strong growth)
From $904M in FY2020 to $2.71B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 5.7% → 17.5%
How much operating profit is left per $100 of revenue. It moved +11.8 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 47.5% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 3 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 16.7% over 6 years (latest: 18.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- NXP
07 · what it does
Key activities
- Development and manufacture of Omnipod systems
- Sales and marketing focused on customer acquisition
- Drug delivery device supply based on Omnipod
06 · what it draws on
Key resources
- About 5,400 full-time employees (up 38% in 2025)
- Highly automated plants in Acton, Massachusetts and Johor, Malaysia; a third plant planned in Costa Rica
- Components such as NXP chips under a long-term purchase agreement
02 · why customers buy
Value propositions
- Tubeless, wearable insulin pods (Omnipod 5).
04 · how it keeps them
Customer relationships
- Recurring pod replacements and customer support from ordering to insurance verification.
03 · how it reaches them
Channels
- Mainly pharmacy and medical distributors.
01 · who it serves
Customer segments
- People with insulin-dependent diabetes (type 1 and type 2)
- Pharmacy and medical distributors
- Pharmaceutical partners (drug delivery)
09 · where money goes
Cost structure
FY2025, share of revenue ($2.71B)
- Cost of revenue28.4%
- Research & development11.1%
- Selling, general & administrative43.0%
Operating profit left: 17.5% of revenue. Depreciation & amortization (inside the costs above): $90M. Capital spending: $192M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Total revenue $2,708M (2025)
- U.S. Omnipod $1,920M; international $754M
- Drug delivery $34M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Makes wearable, disposable Omnipod pods and sells them mainly through pharmacy and medical distributors, earning recurring revenue as users replace pods.
01 what it draws on
Inputs & resources
- About 5,400 full-time employees (up 38% in 2025)
- Highly automated plants in Acton, Massachusetts and Johor, Malaysia; a third plant planned in Costa Rica
- Components such as NXP chips under a long-term purchase agreement
02 what it does
Activities
- Development and manufacture of Omnipod systems
- Sales and marketing focused on customer acquisition
- Drug delivery device supply based on Omnipod
03 who it serves
Customers
- People with insulin-dependent diabetes (type 1 and type 2)
- Pharmacy and medical distributors
- Pharmaceutical partners (drug delivery)
04 how money comes in
How it earns
- Total revenue $2,708M (2025)
- U.S. Omnipod $1,920M; international $754M
- Drug delivery $34M
How the business makes money
- Distributors A, B and C were 27%, 26% and 25% of 2025 revenue.
- Most new users come from multiple daily injection (MDI) therapy.
- Net income fell to $247M in 2025 from $418M in 2024.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Insulet’s pumps need regulatory clearance; tariffs can affect costs and demand.
Approvals & licenses
FDA device clearance
U.S. sales require FDA 510(k) clearance or premarket approval for each device; noncompliance can bring warning letters, recalls or other sanctions.
Supports and constrainsTouches: ActivitiesSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade measures
Import quotas, capital controls and tariffs can affect the cost of and demand for its products.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
U.S. Omnipod
1,919.8 (71%)International Omnipod
754.3 (28%)Drug Delivery
34.1 (1%)
Source: Form 10-K (FY2025) Disaggregated revenue; total $2,708.1M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Supply / distribution agreement
NXP
Purchase agreement dated October 12, 2017 extended by a 2026 addendum.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
People with insulin-dependent diabetes, reached mainly through distributors.
Named by the company
What the filings disclose
Suppliers
Electronic components and materials for pods.
Named by the company
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Insulet competes mainly with MDI therapy providers, including smart pens, and with insulin pump makers.
Competitors named in the 10-K
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Fiscal 2025 compensation peer group from the 2026 proxy statement.
- Align Technologysite ↗
- DexComsite ↗
- Exact Sciencessite ↗
- Hologicsite ↗
- IDEXX Laboratoriessite ↗
- Masimosite ↗
- Neurocrine Biosciencessite ↗
- ResMedsite ↗
- Teleflexsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 904 | 1,099 | 1,305 | 1,697 | 2,072 | 2,708 |
| Operating income | 52 | 126 | 38 | 220 | 309 | 474 |
| Pretax income | 10 | 21 | 10 | 215 | 300 | 340 |
| Net income (attributable) | 7 | 17 | 5 | 206 | 418 | 247 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 21.5% | 18.8% | 30.0% | 22.1% | 30.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 5.7% | 11.5% | 2.9% | 13.0% | 14.9% | 17.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 0.8% | 1.5% | 0.4% | 12.2% | 20.2% | 9.1% |
| Balance sheet ($M) | ||||||
| Total assets | 1,873 | 2,049 | 2,251 | 2,588 | 3,088 | 3,190 |
| Total equity | 604 | 556 | 476 | 733 | 1,212 | 1,515 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 1,059 | 1,274 | 1,402 | 1,366 | 1,296 | 931 |
| Equity ratio | 32.2% | 27.2% | 21.2% | 28.3% | 39.2% | 47.5% |
| ROE | 1.1% | 2.9% | 0.9% | 34.1% | 43.0% | 18.1% |
| Cash flow ($M) | ||||||
| Operating CF | 84 | -68 | 119 | 146 | 430 | 569 |
| Investing CF | 14 | -83 | -191 | -119 | -146 | -223 |
| Financing CF | 606 | 41 | -40 | -14 | -28 | -595 |
| Free cash flowcalccash flow from operations − capital expenditures | -45 | -180 | -4 | 70 | 305 | 378 |
| Cash and equivalents | 907 | 806 | 690 | 704 | 953 | 716 |
| Per share & other | ||||||
| EPS ($) | 0.10 | 0.24 | 0.07 | 2.94 | 5.78 | 3.48 |
| BVPS ($) | 9.14 | 8.04 | 6.85 | 10.48 | 17.26 | 21.53 |
| P/E (x) | 2,556.3 | 1,108.6 | 4,205.6 | 73.8 | 45.2 | 81.7 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 159.3 | 102.9 | 210.1 | 54.0 | 47.9 | 35.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 27.96 | 33.09 | 42.95 | 20.70 | 15.13 | 13.20 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $842M+19.2% | $190M+61.3% | $141M+61.1% | $2.03 |
| 2026-06-30 | $802M+23.5% | $130M+7.1% | $95M+322.2% | $1.37 |
| 2026-03-31 | $762M+33.9% | $122M+37.5% | $91M+157.3% | $1.30 |
| 2025-12-31 † | $784M+31.2% | $146M+33.6% | $102M+0.9% | — |
| 2025-09-30 | $706M | $118M | $88M | $1.24 |
| 2025-06-30 | $649M | $121M | $23M | $0.32 |
| 2025-03-31 | $569M | $89M | $35M | $0.50 |
| 2024-12-31 † | $598M | $109M | $101M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
15.1%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$474M × (1 − 21%) ÷ $2,477M × 100 = 15.1%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.00%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $20.01B ÷ ($20.01B + $931M) = 95.6%
e.g.Debt weight: $931M ÷ ($20.01B + $931M) = 4.4%
e.g.WACC: 8.1% × 95.6% + 6.4% × (1 − 21%) × 4.4% = 8.00%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.6%–9.8% and ROIC − WACC runs +5.3 to +8.5 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.00% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.58 (price-derived adjusted beta, but correlation with the market is low (R² 0.02), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.14%
- Cost of debt
- 6.38%
- Tax rate
- 21% (U.S. federal statutory rate (not enough data for an effective rate))
- Capital structure (equity : debt)
- 96% : 4%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.00%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.58 (price-derived adjusted beta. Raw β 0.37, R² 0.02, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.368 + 0.33 = 0.576
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.58 × 5.5% = 8.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.6%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.0% − 3.4%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+24.5%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $378M (operating CF − capex); enterprise value $11.19B = market cap $10.98B (latest close, 2026-11-04) + debt $931M − cash and short-term investments $716M; r = WACC of 8.0% using this page’s default assumptions (β 0.58, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$11.11B
FCF $378M ÷ (8.0% − 4.6%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.0% | 7.0% | 8.0% | 9.0% | 10.0% |
|---|---|---|---|---|---|
| 0% | 0.56x | 0.48x | 0.42x | 0.37x | 0.34x |
| 2% | 0.84x | 0.67x | 0.56x | 0.48x | 0.42x |
| 4% | 1.69x | 1.12x | 0.84x | 0.67x | 0.56x |
| 6% | — | 3.37x | 1.69x | 1.12x | 0.84x |
| 8% | — | — | — | 3.37x | 1.69x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 6.37x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -10.3%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 140%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$569M ÷ $247M = 2.30x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$474M ÷ $340M × 100 = 140%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($430M + $453M) ÷ 2 ÷ $768M × 365 = 210 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 31 of 416
- Beta (adjusted)
- 0.58
Reported total 103.5%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 7% of covered companies have more
above 1 = swings more than the market
- 71.8M shares reported by 728 13F filers ÷ 69.4M shares outstanding on 2026-07-29. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-06 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-29)
19
Strengths & weaknessesSite analysis
Strengths
1. Rapid growth
Revenue tripled from $904M (2020) to $2,708M (2025); 2025 growth 30.7%.
Evidence: Form 10-K (FY2025)
2. Rising margins
Operating income rose from $52M (2020) to $474M (2025).
Evidence: Form 10-K (FY2025)
3. Tubeless differentiation
Competes mainly for users moving from MDI therapy, the most prevalent insulin delivery method.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Distributor concentration
Three distributors made up about 78% of 2025 revenue.
Evidence: Form 10-K (FY2025)
2. Product quality issues
Two 2026 voluntary device corrections for cannula tears, with $60–70M of expected costs.
Evidence: Form 10-Q (quarter ended 2026-06-30)
3. Lower 2025 net income
Net income fell from $418M (2024) to $247M (2025).
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
81.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
1.9%
(Operating CF − capex) ÷ market cap
1. Category growth leader
Omnipod revenue grew 31.6% in 2025, with international up 44%.
- What has to hold
- MDI users keep converting to pumps.
- The other side
- Competitive pumps and pricing.
Evidence: Form 10-K (FY2025)
2. Operating leverage
Operating margin rose from 5.8% (2020) to 17.5% (2025).
- What has to hold
- Quality costs stay contained.
- The other side
- Device corrections.
Evidence: Form 10-K (FY2025)
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
38.9x
$716M vs. $18M
Interest coverage (operating income ÷ interest expense)
8.0x
$474M vs. $59M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -70.2% in FY2022 ($126M → $38M) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recurring pod revenue
Revenue grew every year from 2020 to 2025.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Insulet faces a 2026 securities class action and lost its trade secret award against EOFlow on appeal.
2 open matters
Hu v. Insulet securities class action
PendingClass actionShareholder plaintiffs; Insulet and executives
Filed July 2, 2026 in the District of Massachusetts on behalf of purchasers between February 21, 2025 and May 26, 2026, alleging misleading statements about Omnipod quality and safety; Insulet intends to defend.
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies
EOFlow trade secret case
On appealLawsuitInsulet; EOFlow
A December 2024 jury awarded Insulet $452M against EOFlow; on May 28, 2026 the Federal Circuit reversed on statute-of-limitations grounds. Insulet had not recorded the award.
- Amounts
- $452M (verdict, reversed)
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies
Based on Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Customer/supplier concentration
Distributor concentration
- Company disclosure (summarized from the 10-K)
- Three distributors each account for 25–27% of revenue.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Governance & quality
Product quality and recalls
- Company disclosure (summarized from the 10-K)
- Manufacturing issues led to two medical device corrections in 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Competition & technology shift
Pump and MDI competition
- Company disclosure (summarized from the 10-K)
- Competes with Medtronic Diabetes, Tandem, Beta Bionics, MDI and smart-pen providers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
FDA regulation
- Company disclosure (summarized from the 10-K)
- Non-compliance could bring warning letters, recalls or other sanctions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 5Law & regulation
Securities class action
- Company disclosure (summarized from the 10-K)
- A putative class action filed July 2, 2026 alleges misleading statements on Omnipod quality and safety.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (4)
The competitive landscape in our industry continues to undergo significant change. Read more
We compete with established companies that produce insulin pumps, such as Medtronic Diabetes, a division of Medtronic plc (which division is being spun out into a new, independent publicly traded company), Tandem Diabetes Care Inc., as well as emerging companies like Beta Bionics Inc. Our competitors may develop products in the future that are superior to ours which would inhibit our ability to compete effectively.
A significant element of our strategy is to increase revenue growth by continuing to focus on innovation and new product development. Read more
The results of our product development efforts may be affected by a number of factors, including our ability to anticipate customer needs, innovate and develop new products and technologies, successfully complete clinical trials, obtain regulatory approvals and reimbursement in the U.S. and abroad, gain and maintain market acceptance of our products, manufacture products in a cost-effective manner, and obtain appropriate intellectual property rights. Further, governmental regulation and laws related to AI and other emerging technologies may increase the burden and cost of research and development or require increased transparency that makes it more difficult to protect our intellectual property. In addition, patents attained by others can preclude or…
Tariffs, sanctions or other trade barriers imposed by the U.S. Read more
(and countermeasures by non-U.S. governments) could adversely impact our supply chain costs or availability of certain components, demand for our products and our business, revenue, financial condition, results of operations and cash flows. Unpredictability of trade policy compounds this risk. Further, the U.S. Department of Commerce Bureau of Industry and Security (“BIS”) has announced the initiation of an investigation into the effects on U.S. national security of imports of personal protective equipment, medical consumables, and medical equipment, including medical devices such as insulin pumps. BIS is conducting the investigation under Section 232 of the Trade Expansion Act of 1962 (Section 232), a law that empowers the president to restrict imports of products that threaten to impair national security. The investigation…
Any delays in obtaining approval for our products, or any failure to meet regulatory requirements could adversely affect our ability to sell our products resulting in a negative impact to our financial results.
No longer in the text (4)
• failure of our Omnipod products to achieve and maintain wide acceptance among opinion leaders in the diabetes treatment community, insulin-prescribing physicians, third-party payors, and people with insulin-dependent diabetes;
If we fail to expand and maintain an effective sales force or successfully develop and maintain our relationships with intermediaries, our business, prospects, and brand may be materially and adversely affected.
In addition, some of our competitors, such as Medtronic, are large, well-capitalized companies with more resources than we have. Read more
These companies may have competitive advantages over us, including:
As a result, we may not be able to compete effectively against these companies or their products, which may adversely impact our business.
9 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 18, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
25
What to watch going forwardSite analysis
- Cost and customer impact of the 2026 device corrections.
- International Omnipod 5 growth.
- Securities class action.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:39 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Insulet Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.