A Business at a Glance
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INSULET CORP
PODD
$11.6B
Mkt Cap
$163.26
+3.08%
INSULET CORP (PODD) has a current P/E ratio of 46.9, compared to its historical median P/E of 74.6. The stock is currently considered Cheap based on its historical valuation range.
INSULET CORP (PODD) has a 5-year average return on invested capital (ROIC) of 14.3%. This indicates solid capital allocation.
INSULET CORP (PODD) has a market capitalization of $11.5B. It is classified as a large-cap stock.
INSULET CORP (PODD) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.11%.
Based on historical P/E analysis, INSULET CORP (PODD) appears cheap. The current P/E of 46.9 is 37% below its historical median of 74.6. The estimated fair value CAGR (P/E method) is 90.5%.
INSULET CORP (PODD) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
INSULET CORP (PODD) reported annual revenue of $2.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Insulet Corporation develops, manufactures, and sells proprietary continuous insulin delivery systems under the Omnipod platform for people with insulin-dependent diabetes, including type 1 and insulin-requiring type 2 diabetes. The company's primary products—Omnipod 5 (an automated insulin delivery system with embedded algorithm), Omnipod DASH (a wireless-enabled system), and the phased-out Classic Omnipod—are small, lightweight, disposable, tubeless pods worn on the body for up to three days and controlled via handheld device or smartphone app, eliminating the need for multiple daily injections or external tubing. Insulet also manufactures pods for Amgen's Neulasta Onpro delivery system. The business model is asset-light and subscription-like in nature, with recurring revenue from consumable pod replacements; the company sells primarily through wholesalers and distributors in the United States (86% of global Omnipod product sales through intermediaries in 2025) and through distribution partners or directly to consumers internationally across 25 countries. Reimbursement is secured through contracts with third-party payors, commercial insurance, Medicare, and Medicaid in the U.S., and through local healthcare systems internationally, with the unique pod design enabling attractive pricing structures that reduce payor risk. The competitive moat derives from proprietary tubeless pod technology, integrated automated insulin delivery algorithms, CGM integrations (Dexcom G6/G7, Abbott FreeStyle Libre 2 Plus and 3 Plus), cloud-based data management partnerships (Glooko/Diasend), strong brand recognition as the market leader in automated insulin delivery, and a large underpenetrated addressable market of approximately 6 million type 1 and 6 million insulin-requiring type 2 diabetes patients in served countries, with only 40% of U.S. type 1 and 25% of international type 1 populations currently using pump therapy.
【Strong growth with margin expansion】 Management expects continued top-tier revenue growth driven by ongoing conversion of patients from multiple daily injections to automated insulin delivery, particularly in the underpenetrated type 2 diabetes segment, supported by expanding clinical evidence and recent FDA clearance for type 2 indication. The company is investing meaningfully in sales force expansion, commercial capacity, and R&D for next-generation products including FreeStyle Libre 3 Plus integration, algorithm enhancements with improved glucose targeting, and a fully closed-loop system planned for 2028 launch. Operating leverage is expected to accelerate as manufacturing scale increases through facility expansions in Malaysia and Costa Rica, with automation investments supporting margin expansion while funding elevated R&D and commercial spending. International markets are anticipated to drive significant growth through deeper penetration in established markets and expansion into new geographies including Spain, with positive price-mix realization continuing as customers transition from Omnipod DASH to Omnipod 5.
| Metric | Target | Period |
|---|---|---|
| Total company revenue growth | 21%-23% | FY2026 |
| Omnipod revenue growth | 22%-24% | FY2026 |
| U.S. Omnipod revenue growth | 20%-22% | FY2026 |
| International Omnipod revenue growth | 26%-28% | FY2026 |
| Operating margin expansion | approximately 100 basis points | FY2026 |
| Net interest expense | approximately $40 million | FY2026 |
| Non-GAAP tax rate | 21%-22% | FY2026 |
| Adjusted EPS growth | more than 25% | FY2026 |
Total company revenue growth (FY2026): “As a result, we are raising our full year 2026 total company revenue growth guidance from 20%-22% to 21%-23%.”
Omnipod revenue growth (FY2026): “Turning to our full year 2026 outlook, we now expect total Omnipod revenue growth of 22%-24%”
U.S. Omnipod revenue growth (FY2026): “For US Omnipod, we continue to expect our revenue to grow 20%-22%.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.9B | 2.7B | 2.1B | 1.7B | 1.3B | 1.1B |
| Net Income | 303M | 247M | 418M | 206M | 4.6M | 17M |
| EPS | $4.29 | $3.48 | $5.78 | $2.94 | $0.07 | $0.24 |
| Free Cash Flow | 416M | 378M | 305M | 70M | -3.9M | -180M |
| ROIC | 21.4% | 20.1% | 19.8% | 15.9% | 2.0% | 13.5% |
| Gross Margin | 71.0% | 71.6% | 69.8% | 68.3% | 61.7% | 68.4% |
| Debt/Equity | 0.73 | 0.66 | 1.17 | 1.98 | 3.01 | 2.31 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 507M | 474M | 309M | 220M | 38M | 126M |
| Operating Margin | 17.5% | 17.5% | 14.9% | 13.0% | 2.9% | 11.5% |
| ROE | 23.2% | 18.1% | 43.0% | 34.1% | 0.9% | 2.9% |
| Shares Outstanding | 71M | 71M | 72M | 70M | 66M | 70M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 231M | 264M | 367M | 464M | 564M | 738M | 904M | 1.1B | 1.3B | 1.7B | 2.1B | 2.7B | 2.9B |
| Gross Margin | 55.0% | 50.5% | 57.5% | 59.8% | 65.7% | 65.1% | 64.4% | 68.4% | 61.7% | 68.3% | 69.8% | 71.6% | 71.0% |
| R&D | 28M | 43M | 56M | 76M | 95M | 132M | 147M | 160M | 180M | 205M | 220M | 301M | 331M |
| SG&A | 58M | 60M | 72M | 85M | 248M | 298M | 384M | 466M | 588M | 735M | 917M | 1.2B | 1.2B |
| EBIT | -8.9M | -49M | -11M | -7.4M | 27M | 50M | 52M | 126M | 38M | 220M | 309M | 474M | 507M |
| Op. Margin | -3.8% | -18.5% | -2.9% | -1.6% | 4.9% | 6.8% | 5.7% | 11.5% | 2.9% | 13.0% | 14.9% | 17.5% | 17.5% |
| Net Income | -52M | -74M | -29M | -27M | 3.3M | 12M | 6.8M | 17M | 4.6M | 206M | 418M | 247M | 303M |
| Net Margin | -22.3% | -27.9% | -7.9% | -5.8% | 0.6% | 1.6% | 0.8% | 1.5% | 0.4% | 12.2% | 20.2% | 9.1% | 10.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -9.6% | -32.4% | -9.6% | -3.9% | 4.3% | 7.7% | 6.8% | 13.5% | 2.0% | 15.9% | 19.8% | 20.1% | 21.4% |
| ROE | -49.4% | -124.7% | -59.5% | -24.2% | 1.8% | 8.1% | 2.0% | 2.9% | 0.9% | 34.1% | 43.0% | 18.1% | 23.2% |
| ROA | -17.6% | -25.7% | -7.9% | -4.2% | 0.4% | 1.1% | 0.5% | 0.9% | 0.2% | 8.5% | 14.7% | 7.9% | 10.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 8.9M | -13M | 16M | 41M | 36M | 98M | 84M | -68M | 119M | 146M | 430M | 569M | 619M |
| Free Cash Flow | -2.6M | -23M | -6.2M | -33M | -122M | -65M | -45M | -180M | -3.9M | 70M | 305M | 378M | 416M |
| Owner Earnings | -26M | -48M | -22M | -4.5M | -17M | 42M | -7.3M | -160M | 15M | 24M | 280M | 416M | 459M |
| CapEx | 11M | 11M | 22M | 74M | 157M | 164M | 129M | 112M | 123M | 76M | 125M | 192M | 204M |
| Maint. CapEx | 12M | 16M | 14M | 14M | 16M | 28M | 55M | 57M | 63M | 73M | 81M | 90M | 95M |
| Growth CapEx | 0 | 0 | 8.3M | 60M | 142M | 136M | 74M | 55M | 60M | 2.8M | 44M | 101M | 109M |
| D&A | 12M | 16M | 14M | 14M | 16M | 28M | 55M | 57M | 63M | 73M | 81M | 90M | 95M |
| CapEx/OCF | 128.8% | N/A | 139.0% | 178.7% | 438.4% | 166.4% | 153.6% | N/A | 103.3% | 51.9% | 29.0% | 33.7% | 32.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60M | 360M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.3% | 3.1% |
| Stock-Based Comp | 23M | 19M | 24M | 32M | 38M | 29M | 36M | 34M | 41M | 48M | 69M | 63M | 66M |
| Debt Repayment | 190M | 0 | 154M | 99M | 6.7M | 664M | 500K | 461M | 0 | 300K | 0 | 1.1B | 1.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 13M | 49M | 34M | 126M | 303M | 444M | -49M | 440M | 743M | 740M | 464M | 285M | 468M |
| Cash & Equiv. | 151M | 123M | 137M | 273M | 114M | 214M | 907M | 806M | 690M | 704M | 953M | 716M | 480M |
| Long-Term Debt | 164M | 172M | 333M | 566M | 592M | 888M | 1.0B | 1.2B | 1.4B | 1.4B | 1.3B | 931M | 930M |
| Debt/Equity | 1.96 | 5.04 | 5.27 | 3.57 | 2.79 | 11.94 | 1.78 | 2.31 | 3.01 | 1.98 | 1.17 | 0.66 | 0.73 |
| Interest Coverage | -0.6 | -3.8 | -0.7 | -0.3 | 0.9 | 1.4 | 1.1 | 2.0 | 1.0 | 6.1 | 7.2 | 8.0 | 92.2 |
| Equity | 84M | 34M | 63M | 159M | 212M | 76M | 604M | 556M | 476M | 733M | 1.2B | 1.5B | 1.3B |
| Total Assets | 297M | 275M | 457M | 817M | 929M | 1.1B | 1.9B | 2.0B | 2.3B | 2.6B | 3.1B | 3.2B | 3.0B |
| Total Liabilities | 213M | 241M | 393M | 658M | 717M | 1.1B | 1.3B | 1.5B | 1.8B | 1.9B | 1.9B | 1.7B | 1.7B |
| Intangibles | 14M | 933K | 2.0M | 4.4M | 10M | 13M | 29M | 37M | 76M | 99M | 99M | 117M | 115M |
| Retained Earnings | -578M | -652M | -680M | -707M | -684M | -672M | -666M | -650M | -584M | -378M | 40M | 287M | 379M |
| Working Capital | 164M | 126M | 314M | 451M | 346M | 433M | 1.0B | 1.1B | 949M | 1.1B | 1.4B | 1.2B | 1.0B |
| Current Assets | 208M | 191M | 370M | 537M | 461M | 591M | 1.2B | 1.3B | 1.3B | 1.6B | 1.9B | 1.9B | 1.7B |
| Current Liabilities | 44M | 65M | 56M | 86M | 116M | 158M | 208M | 229M | 365M | 451M | 528M | 680M | 688M |
| Per Share Data | |||||||||||||
| EPS | -0.93 | -1.29 | -0.48 | -0.46 | 0.05 | 0.19 | 0.10 | 0.24 | 0.07 | 2.94 | 5.78 | 3.48 | 4.29 |
| Owner EPS | -0.47 | -0.83 | -0.36 | -0.08 | -0.26 | 0.68 | -0.11 | -2.28 | 0.23 | 0.35 | 3.87 | 5.86 | 6.49 |
| Book Value | 1.51 | 0.60 | 1.05 | 2.72 | 3.21 | 1.24 | 8.88 | 7.95 | 7.25 | 10.44 | 16.74 | 21.34 | 18.42 |
| Cash Flow/Share | 0.16 | -0.22 | 0.26 | 0.71 | 0.54 | 1.61 | 1.24 | -0.97 | 1.81 | 2.08 | 5.94 | 8.02 | 5.62 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 55.4M | 57.0M | 60.2M | 58.3M | 66.0M | 61.1M | 68.0M | 70.0M | 65.7M | 70.2M | 72.4M | 71.0M | 70.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 907.9 | N/A | N/A | N/A | 74.6 | 45.9 | 82.9 | 38.0 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 219.6 | 62.8 | 54.3 | 27.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | 198.0 | 220.9 | 340.4 | 151.9 | 527.0 | 73.4 | 63.8 | 43.8 | 23.7 |
| Price/Book | 30.6 | 64.6 | 35.8 | 25.6 | 24.1 | 138.8 | 28.8 | 33.5 | 40.0 | 21.0 | 15.8 | 13.5 | 8.9 |
| Price/Sales | 9.7 | 6.9 | 5.7 | 6.5 | 10.1 | 10.2 | 15.6 | 26.4 | 12.6 | 10.3 | 7.2 | 7.8 | 4.0 |
| FCF Yield | -0.1% | -1.1% | -0.3% | -0.8% | -2.4% | -0.6% | -0.3% | -1.0% | -0.0% | 0.5% | 1.6% | 1.8% | 3.6% |
| Market Cap | 2.6B | 2.2B | 2.3B | 4.1B | 5.1B | 10.5B | 17.4B | 18.6B | 19.1B | 15.4B | 19.2B | 20.5B | 11.5B |
| Avg. Price | 40.36 | 31.88 | 34.88 | 51.43 | 86.38 | 123.66 | 207.52 | 278.69 | 249.79 | 249.15 | 205.90 | 296.63 | 163.26 |
| Year-End Price | 46.37 | 38.61 | 37.55 | 69.66 | 77.59 | 172.51 | 255.95 | 266.17 | 290.04 | 219.43 | 265.12 | 288.63 | 163.26 |
INSULET CORP passes 8 of 9 quality checks, indicating strong fundamentals.
INSULET CORP trades at 46.9x trailing earnings, compared to its 15-year median P/E of 74.6x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 30.4x vs a median of 58.6x. The company's 5-year average ROIC is 14.3% with a gross margin of 68.0%. Total shareholder yield (buybacks) is 3.1%. At current prices, the estimated annualized return to fair value is +121.5%.
INSULET CORP (PODD) has a net profit margin of 9.1%. This is a modest margin.
INSULET CORP (PODD) generated $378 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
INSULET CORP (PODD) has a debt-to-equity ratio of 0.66. This indicates moderate leverage.
INSULET CORP (PODD) reported earnings per share (EPS) of $3.48 in its most recent fiscal year.
INSULET CORP (PODD) has a return on equity (ROE) of 18.1%. This indicates the company generates strong returns for shareholders.
INSULET CORP (PODD) has a 5-year average gross margin of 68.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for INSULET CORP (PODD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INSULET CORP (PODD) has a book value per share of $21.34, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued top-tier revenue growth driven by ongoing conversion of patients from multiple daily injections to automated insulin delivery, particularly in the underpenetrated type 2 diabetes segment, supported by expanding clinical evidence and recent FDA clearance for type 2 indication. The company is investing meaningfully in sales force expansion, commercial capacity, and R&D for next-generation products including FreeStyle Libre 3 Plus integration, algorithm enhancements with improved glucose targeting, and a fully closed-loop system planned for 2028 launch. Operating leverage is expected to accelerate as manufacturing scale increases through facility expansions in Malaysia and Costa Rica, with automation investments supporting margin expansion while funding elevated R&D and commercial spending. International markets are anticipated to drive significant growth through deeper penetration in established markets and expansion into new geographies including Spain, with positive price-mix realization continuing as customers transition from Omnipod DASH to Omnipod 5.
Based on recent SEC filings and earnings calls, INSULET CORP (PODD) has provided the following forward guidance: Total company revenue growth: 21%-23% (FY2026); Omnipod revenue growth: 22%-24% (FY2026); U.S. Omnipod revenue growth: 20%-22% (FY2026); International Omnipod revenue growth: 26%-28% (FY2026); Operating margin expansion: approximately 100 basis points (FY2026), plus 3 additional metrics.
International Omnipod revenue growth (FY2026): “For international Omnipod, we now expect 2026 revenue to grow 26%-28%.”
Operating margin expansion (FY2026): “Turning to 2026 operating margin. We continue to expect approximately 100 basis points of operating margin expansion for the full year”
Net interest expense (FY2026): “We expect 2026 net interest expense to total approximately $40 million”
Non-GAAP tax rate (FY2026): “We now expect our 2026 non-GAAP tax rate to be in the range of 21%-22%”
Adjusted EPS growth (FY2026): “Based on these factors, we continue to expect adjusted EPS to increase by more than 25% in 2026.”