Inspire Medical Systems
INSP on NYSE. Inspire Medical Systems sells nerve stimulators that treat sleep apnea in patients. Market value $2.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.94 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 56 of 100. Price score: 82 of 100. Our list needs 70 on quality and 60 on price.
$68.20 a share, 75% above its 1-year low
Over the past year the price has ranged from $38.91 to $147.03.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $117 million in the past 12 months, $78 million in the year to December 2025.
| Revenue | |||||
| Revenue | $233m | $408m | $625m | $803m | $912m |
| Operating margin | |||||
| Operating margin | -17.1% | -11.7% | -6.4% | 4.5% | 5.6% |
| Debt to equity | |||||
| Debt to equity | 0.11 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 51.2% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $201 million last quarter, down 8% on a year ago.
- Profit: $314,000, after a loss of $4 million a year ago.
- It keeps 6 cents of each $1 of sales as operating profit, up from 5 cents a year earlier.
- Spare cash over the past 12 months: $117 million, up from $85 million.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $203m |
| December 2024 | $240m |
| March 2025 | $201m |
| June 2025 | $217m |
| September 2025 | $225m |
| December 2025 | $269m |
| March 2026 | $205m |
| June 2026 | $201m |
| Quarter to | Amount |
|---|---|
| September 2024 | $18m |
| December 2024 | $35m |
| March 2025 | $3m |
| June 2025 | -$4m |
| September 2025 | $10m |
| December 2025 | $136m |
| March 2026 | -$11m |
| June 2026 | $314,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 275 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $277,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $277,000 | <0.1% |
Largest holders overall
- BlackRock$211mAdded
- Wellington Management Group LLP$106mCut
- Vanguard Portfolio Management$93mAdded
- Soleus Capital Management, L.P.$86mAdded
- AQR Capital Management$81mAdded
- Assenagon Asset Management$77mAdded
- UBS Group AG$73mAdded
- D. E. Shaw$66mAdded
- Nomura Holdings$61mNew
- Deerfield Management Company, L.P.$58mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
10 investors own more than 5%.
- BlackRock, Inc.Passive investor14.4%+3.1 ptsSince 30 June 2026
- Wellington Management Group LLPPassive investorat least 8.8%+1.2 pts(filed with 3 related holders)Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor7.4%+1.7 ptsSince 30 June 2026
- Soleus Capital Master Fund, L.P.Passive investorat least 6.7%+1.6 pts(filed with 5 related holders)Since 30 June 2026
- AQR Capital Management, LLCPassive investorat least 6.4%(filed with 1 related holder)Since 30 June 2026
- D. E. Shaw & Co., L.P.Passive investorat least 5.1%(filed with 1 related holder)Since 25 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- Deerfield Mgmt, L.P.Passive investorat least 4.5%−0.6 pts(filed with 3 related holders)Since 14 May 2026
- FMR LLCPassive investorat least 2.5%−5.8 pts(filed with 1 related holder)Since 30 September 2025
- Kenneth GriffinPassive investorat least 1.8%−4.0 pts(filed with 6 related holders)Since 31 December 2025
- Wasatch Advisors LPPassive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Dragoneer Investment Group, LLCPassive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.4%+3.1 pts | 30 June 2026 | |
Wellington Management Group LLP Passive investor | at least 8.8%+1.2 pts (filed with 3 related holders) | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 7.4%+1.7 pts | 30 June 2026 | |
Soleus Capital Master Fund, L.P. Passive investor | at least 6.7%+1.6 pts (filed with 5 related holders) | 30 June 2026 | |
AQR Capital Management, LLC Passive investor | at least 6.4% (filed with 1 related holder) | 30 June 2026 | |
D. E. Shaw & Co., L.P. Passive investor | at least 5.1% (filed with 1 related holder) | 25 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
Deerfield Mgmt, L.P. Passive investor | at least 4.5%−0.6 pts (filed with 3 related holders) | 14 May 2026 | |
FMR LLC Passive investor | at least 2.5%−5.8 pts (filed with 1 related holder) | 30 September 2025 | |
Kenneth Griffin Passive investor | at least 1.8%−4.0 pts (filed with 6 related holders) | 31 December 2025 | |
Wasatch Advisors LP Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Dragoneer Investment Group, LLC Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $665,952, $464,196 of it under preset trading plans.
- Kelly Jason PSee RemarksSold
- Date
- 7 August 2026
- Shares
- 963
- Price
- $59.55
- Value
- $57,347
- Rondoni JohnSee RemarksSold
- Date
- 15 May 2026
- Shares
- 2,641
- Price
- $43.28
- Value
- $114,302
- Rondoni JohnSee RemarksSold
- Date
- 14 May 2026
- Shares
- 700
- Price
- $43.01
- Value
- $30,107
- mcCormick ShawnDirectorSoldunder a preset trading plan
- Date
- 8 May 2026
- Shares
- 696
- Price
- $45.31
- Value
- $31,536
- Rondoni JohnSee RemarksSoldunder a preset trading plan
- Date
- 9 January 2026
- Shares
- 109
- Price
- $100.00
- Value
- $10,900
- mcCormick ShawnDirectorSoldunder a preset trading plan
- Date
- 2 December 2025
- Shares
- 1,200
- Price
- $139.00
- Value
- $166,800
- mcCormick ShawnDirectorSoldunder a preset trading plan
- Date
- 28 November 2025
- Shares
- 2,000
- Price
- $127.48
- Value
- $254,960
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 7 August 2026 | Kelly Jason P See Remarks | Sold | 963 | $59.55 | $57,347 |
| 15 May 2026 | Rondoni John See Remarks | Sold | 2,641 | $43.28 | $114,302 |
| 14 May 2026 | Rondoni John See Remarks | Sold | 700 | $43.01 | $30,107 |
| 8 May 2026 | mcCormick Shawn Director | Sold under a preset trading plan | 696 | $45.31 | $31,536 |
| 9 January 2026 | Rondoni John See Remarks | Sold under a preset trading plan | 109 | $100.00 | $10,900 |
| 2 December 2025 | mcCormick Shawn Director | Sold under a preset trading plan | 1,200 | $139.00 | $166,800 |
| 28 November 2025 | mcCormick Shawn Director | Sold under a preset trading plan | 2,000 | $127.48 | $254,960 |
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.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 6 later 8-Ks.
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.