One-glance verdict
Within fair range
$193.10 our estimate vs market $148.93
Wall Street consensus: $167.17 (-13.4% lower than our fair-value estimate)
23% below our estimate
Fundamentals snapshot
Insulet Corporation
PODD · NMS · Healthcare · Medical Devices
Current price
$148.93
52-week range
$126.40 - $354.88
Market cap
$10.33B
Balance sheet
Watch
7.98x Adequate
Net debt $413.50M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 12.8% last year.
- Reward Returns 26.0% on equity, ahead of 60% of its peers.
- Reward Free cash flow was positive in 3/10 years.
- Risk Insider ownership is only 0.3% (peer median: 0.5%).
What this company does
Insulet Corporation
Insulet makes smart devices that help people with diabetes manage their insulin, like an automated insulin pump called Omnipod. Most of their money comes from selling these devices, and it matters because it shows they have a successful product that people rely on for their health. This business model focuses on recurring revenue (money that comes in regularly from customers) because people need to keep buying supplies for these devices.
How the company got here
Insulet Corporation was founded in 2000 with the goal of making life easier for people with diabetes. They developed the Omnipod product platform, which offers a unique alternative to traditional insulin delivery methods. The company's journey has been marked by innovation in creating wearable, tubeless insulin delivery systems that aim to provide greater freedom and flexibility for users. Insulet has focused on developing advanced technologies that simplify diabetes management, moving from earlier versions of their system to more automated solutions.
What it actually does
Insulet Corporation designs, manufactures, and sells insulin delivery systems for people with diabetes. Their main product is the Omnipod system, which is a wearable, tubeless device that delivers insulin continuously under the skin. This system aims to be a more convenient alternative to multiple daily injections or traditional insulin pumps that have tubes. The company's technology is also being adapted for delivering other types of drugs under the skin.
Omnipod System
The Omnipod System is Insulet's core business, focusing on delivering insulin for diabetes management. This includes the Omnipod 5 Automated Insulin Delivery System, which uses an algorithm to automatically adjust insulin delivery based on continuous glucose monitor readings, aiming to improve blood sugar control. They also offer the Omnipod DASH Insulin Management System, a tubeless system controlled by a smartphone-like device. These systems are designed to provide up to three days of continuous insulin delivery, reducing the need for daily injections or manual adjustments.
Drug Delivery Systems (Non-Insulin)
Beyond insulin delivery, Insulet leverages its Omnipod technology platform for other therapeutic areas. A significant part of this business involves partnering with pharmaceutical companies to create systems for delivering non-insulin subcutaneous drugs. Currently, a major application is the Neulasta Onpro kit, which is used to deliver a drug that helps reduce the risk of infection for patients undergoing intense chemotherapy. This segment shows how Insulet's core technology can be applied to a broader range of medical needs.
What management is betting on now
Insulet's management is focused on expanding the reach and capabilities of their Omnipod platform, particularly the Omnipod 5 Automated Insulin Delivery System. They are investing in further innovation to enhance automated insulin delivery, making it more personalized and effective for managing diabetes. The company is also looking to grow its presence in international markets and explore new therapeutic areas where their drug delivery technology can be applied, aiming for continued growth and simplification of treatment for patients.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$71.80M
FY2024 Q4
$94.10M
FY2025 Q1
$51.50M
FY2025 Q2
$177.90M
FY2025 Q3
$100.10M
FY2025 Q4
$48.20M
FY2026 Q1
$89.50M
FY2026 Q2
$55.90M
Revenue
$801.70M
Net income
$95.00M
Diluted EPS
1.37
Operating cash flow
$88.40M
Free cash flow
$55.90M
Fetching…
Sources
Revenue
$761.70M
Net income
$91.10M
Diluted EPS
1.30
Operating cash flow
$113.80M
Free cash flow
$89.50M
Fetching…
Sources
Revenue
$783.70M
Net income
$101.60M
Diluted EPS
1.42
Operating cash flow
$183.30M
Free cash flow
$48.20M
Fetching…
Sources
Revenue
$706.30M
Net income
$87.60M
Diluted EPS
1.24
Operating cash flow
$125.70M
Free cash flow
$100.10M
Fetching…
Sources
Revenue
$649.10M
Net income
$22.50M
Diluted EPS
0.32
Operating cash flow
$196.50M
Free cash flow
$177.90M
Fetching…
Sources
Revenue
$569.00M
Net income
$35.40M
Diluted EPS
0.50
Operating cash flow
$63.80M
Free cash flow
$51.50M
Fetching…
Sources
Revenue
$597.50M
Net income
$100.70M
Diluted EPS
1.38
Operating cash flow
$147.70M
Free cash flow
$94.10M
Fetching…
Sources
Revenue
$543.90M
Net income
$77.50M
Diluted EPS
1.08
Operating cash flow
$98.50M
Free cash flow
$71.80M
Fetching…
Sources
Is it cheap or expensive?
Fair value $193.10 vs current price $148.93
Wall Street consensus is the average analyst price target: $167.17 (-13.4% lower than our fair-value estimate).
Our most-likely fair value is $193.10 a share — about 29.7% away from today's price of $148.93, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $413.5M. Interest coverage 8.0x.
Net debt
$413.50M
Interest coverage
7.98x
Insulet Corporation's profit covers its interest bill about 8.0 times over. which is stronger than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Watch
Worse cushion
Baseline
Better cushion
PODD
BASELINE
Insulet Corporation
Total debt $948.40M Interest coverage 7.98x This is the baseline the peer rows are being compared against.
Total debt $1.40B Interest coverage 49.83x +525% vs PODD Carries about 6.2x more debt cushion than PODD.
Total debt $739.25M Interest coverage -27.67x -100% vs PODD This peer has almost no interest-payment cushion compared with PODD.
Total debt $32.72B Interest coverage 16.33x +105% vs PODD Carries about 2.0x more debt cushion than PODD.
Total debt $28.15B Interest coverage 9.55x +20% vs PODD Carries about 1.2x more debt cushion than PODD.
Total debt $62.82M Interest coverage -13.80x -100% vs PODD This peer has almost no interest-payment cushion compared with PODD.
What you should know
The case for and against PODD
3 Rewards
1 Risk
Rewards
-
Revenue grew 12.8% last year.
-
Returns 26.0% on equity, ahead of 60% of its peers.
-
Free cash flow was positive in 3/10 years.
Risks
-
Insider ownership is only 0.3% (peer median: 0.5%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
27.89x
Forward P/E
19.29x
P/B
7.26x
P/S
3.38x
EV/EBITDA
17.57x
PEG ratio
1.17x
Profitability
How much profit each dollar creates
Gross margin
71.1%
Operating margin
16.2%
Net margin
12.3%
ROE
26.0%
ROA
9.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.67x
Current ratio
2.48x
Quick ratio
1.51x
Total debt
$948.40M
Total cash
$534.90M
Growth
How the business has been compounding
Revenue TTM
$3.05B
Revenue 5Y CAGR
25.3%
EPS TTM
5.34
EPS 5Y CAGR
267.7%
Cash flow
How much cash the business throws off
Operating CF TTM
$511.20M
Free CF TTM
$377.70M
FCF margin
12.4%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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