NYSE · INSP

Inspire Medical Systems, Inc.

Healthcare · Medical - Devices

$72.74▼ 0.01% ($0.01)at close

After hours$74.16▲ 1.95%6:07 PM ET

52-week

$38.91$147.03

Market cap

$2.10B

P/E

15.59

EPS (TTM)

$4.67

Next earnings

Nov 2, 2026

What the market price implies · Reverse DCF

To support a price of $72.74, this model requires revenue to grow by 25.82%/yr over the next 10 years, compounded annually.

Historical revenue grew by 40.6%/yr over the past 4 years. The required annual growth rate is 14.77 percentage points lower.

Selected forecast · Base scenario

13.06%/yr · actual 10-year annualized revenue growth

Year 1 growth: 20.49%

Market-implied · Base operating assumptions + edited margins

25.82%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$72.74

Estimated value / share

$36.59

Base scenario

This estimate is 49.7% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 20.49% · Ending margin 6.46% · Discount rate 8.82%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 17, 2026, 8:02 PM UTC · cache

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -8.98%Revenue (TTM): 4.35%FCF (TTM): 37.74%P/E: 25th pct

What changed

The stock fell 8.98% over the last year. Revenue grew 4.35% over the trailing twelve months. Operating margin moved from 4.81% to 6.02%. Free cash flow grew 37.74% over the trailing twelve months.

What the market seems to be pricing

The stock has moved lower against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 6.02%. A decisive move in revenue — currently up 4.35% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Inspire Medical Systems, Inc. operates as a medical technology enterprise, concentrating on the development and commercialization of advanced, minimally intrusive therapies for patients diagnosed with obstructive sleep apnea (OSA) across both domestic U.S. and international markets.

CEOTimothy Herbert

SectorHealthcare

IndustryMedical - Devices

Employees1,333

IPO dateMay 3, 2018

https://www.inspiresleep.com

Market multiples

Forward P/E—

EV/EBITDA33.04

Enterprise value$2.64B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth-7.6%

Gross margin (FY2025)85.39%▲0.7ppvs FY2024

Operating margin (FY2025)5.59%▲1.1ppvs FY2024

ROE17.96%▼1.8ppvs FY2025

Analyst consensus

RatingHold

Target price$60.80▼16.41%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 2, 2026

Q4 FY26 · EPS est $0.11 · Revenue est $204.16M

View

NYSE · INSP

Inspire Medical Systems, Inc.

Healthcare · Medical - Devices

$72.74▼ 0.01% ($0.01)at close

After hours$74.16▲ 1.95%6:07 PM ET

52-week

$38.91$147.03

Market cap

$2.10B

P/E

15.59

EPS (TTM)

$4.67

Next earnings

Nov 2, 2026

What the market price implies · Reverse DCF

To support a price of $72.74, this model requires revenue to grow by 25.82%/yr over the next 10 years, compounded annually.

Historical revenue grew by 40.6%/yr over the past 4 years. The required annual growth rate is 14.77 percentage points lower.

Selected forecast · Base scenario

13.06%/yr · actual 10-year annualized revenue growth

Year 1 growth: 20.49%

Market-implied · Base operating assumptions + edited margins

25.82%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$72.74

Estimated value / share

$36.59

Base scenario

This estimate is 49.7% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 20.49% · Ending margin 6.46% · Discount rate 8.82%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 17, 2026, 8:02 PM UTC · cache

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -8.98%Revenue (TTM): 4.35%FCF (TTM): 37.74%P/E: 25th pct

What changed

The stock fell 8.98% over the last year. Revenue grew 4.35% over the trailing twelve months. Operating margin moved from 4.81% to 6.02%. Free cash flow grew 37.74% over the trailing twelve months.

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 6.02%. A decisive move in revenue — currently up 4.35% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

CEOTimothy Herbert

SectorHealthcare

IndustryMedical - Devices

Employees1,333

IPO dateMay 3, 2018

https://www.inspiresleep.com

Market multiples

Forward P/E—

EV/EBITDA33.04

Enterprise value$2.64B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth-7.6%

Gross margin (FY2025)85.39%▲0.7ppvs FY2024

Operating margin (FY2025)5.59%▲1.1ppvs FY2024

ROE17.96%▼1.8ppvs FY2025

Analyst consensus

RatingHold

Target price$60.80▼16.41%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 2, 2026

Q4 FY26 · EPS est $0.11 · Revenue est $204.16M

View