InMode
INMD on Nasdaq. Electromedical & electrotherapeutic apparatus. Market value $810m.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $9.41 of spare cash last year. A savings account pays about $4.
You pay 6.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 24 cents a year. Above 10 is good.
Quality score: 100 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$14.13 a share, 11% above its 1-year low
Over the past year the price has ranged from $12.72 to $16.74.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $358m | $454m | $492m | $395m | $370m |
| Operating margin | |||||
| Operating margin | 46.8% | 43.6% | 39.8% | 28.5% | 23.0% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.08bn | 0.08bn | 0.07bn | 0.06bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Yes
- Debt0.00× equity
- Revenue growth, five yearsStrong, 12.4% a year
- Buying back its own sharesYes, 24% fewer since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 February 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 191 funds in all.
- Marathon Asset ManagementNeil Ostrer
- Value
- $2m
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $11m | <0.1% | Cut |
| Marathon Asset ManagementNeil Ostrer | $2m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $2m | <0.1% | |
| Causeway Capital ManagementSarah Ketterer | $265,792 | <0.1% | Cut |
Largest holders overall
- Doma Perpetual Capital Management$40mCut
- Acadian Asset Management$38m
- BlackRock$36mAdded
- Renaissance Technologies$35mCut
- Menora Mivtachim Holdings$30m
- Steel Partners Holdings L.P.$27m
- Millennium Management$26mAdded
- Morgan Stanley$16mCut
- Systematic Financial Management LP$15mCut
- Jupiter Topco$14m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%; 1 of them is pushing for change.
- Moshe MizrahyActivist7.9%0.0 ptsSince 8 July 2026
What they said
Item 4 of the Schedule 13D is amended by adding the following: On July 8, 2026, M.N. Business Strategy delivered a letter to the issuer extending the expiration date for the proposal to September, 15, 2026 (see Exhibit 99.2).
Read the filing - Michael KreindelInsider or founder5.1%Since 31 March 2026
What they said
The information set forth in Item 3 of this Schedule 13D is incorporated herein by reference. The Reporting Person serves as Chief Technology Officer and member of the Board of Directors of the Issuer. In such capacities, the Reporting Person may engage in communications with…
Read the filing - BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Moshe Mizrahy Activist | 7.9%0.0 pts | 8 July 2026 | What they saidItem 4 of the Schedule 13D is amended by adding the following: On July 8, 2026, M.N. Business Strategy delivered a letter to the issuer extending the expiration date for the proposal to September, 15, 2026 (see Exhibit 99.2). Read the filing |
Michael Kreindel Insider or founder | 5.1% | 31 March 2026 | What they saidThe information set forth in Item 3 of this Schedule 13D is incorporated herein by reference. The Reporting Person serves as Chief Technology Officer and member of the Board of Directors of the Issuer. In such capacities, the Reporting Person may engage in communications with… Read the filing |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
InMode doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.