Insulet Corporation

Rank #51Hypergrowth

PODD · Nasdaq · Healthcare

Insulet Corporation (PODD) — Rank #51 by gross profitability (GP/assets 0.61) · ROE 17.4% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001145197 · all metrics point-in-time as of the filing date.

About

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes in the United States and internationally.

The company offers Omnipod platform products comprising Omnipod 5 automated insulin delivery system, which includes a proprietary AID algorithm embedded in the pod that integrates with a third-party continuous glucose monitor to obtain glucose values through wireless Bluetooth communication; Omnipod DASH insulin management system that features a Bluetooth enabled pod that is controlled by a smartphone-like personal diabetes manager with a color touch screen user interface; and the Omnipod Insulin Management System. It also provides pods for Amgen for use in the Neulasta Onpro kit, which is a delivery system to help reduce the risk of infection after intense chemotherapy. The company sells its products to end-users through the pharmacy channel; and independent distributors.

Insulet Corporation was incorporated in 2000 and is headquartered in Acton, Massachusetts.

Industry: Medical Devices
Sector: Healthcare
State: DE
Filer Category: Large accelerated filer
Fiscal Year End: December 31
Website: insulet.com

Price History

PODD-55.2% · -14.8% CAGRSPY+80.3% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$9.63B

P/E (annual)

39.9

P/S (annual)

3.6

P/B

6.8

P/OCF (annual)

16.9

Shareholder Yield

2.7%

Employees

5,400

Industry

Medical Devices

Exchange

Nasdaq

Signal Flags

4 green

Revenue growth acceleratingGrowth rate increasing year over year

Operating leverage expandingOperating income growing faster than revenue

Deferred revenue growingRevenue and deferred revenue both growing — retention signal

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Quality Profile

Profitability

1/1 pass

GP / assets

0.61

Return on equity

17.4%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

1.23

Current ratio

2.48×

Net cash

$516.00M

Cash Flow

3/3 pass

Positive FCF

PASS

Cash-backed earnings

PASS

Accruals healthy

PASS

SBC / revenue

2.3%

Growth

2/2 pass

Revenue growth

30.7%

Piotroski F-Score

N/A

Share dilution

-2.7%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

11.5%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -2.7% — per-share value needs a total required return of 8.8% once share-count change is priced in.

vs. own 6-year median revenue growth: 20.4%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

7.0%

r = 10% (base)

11.5%

r = 12%

15.4%

Net debt / market cap: -5.2%

Note: current FCF margin is 1.7σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $377.7M3Y mean FCF: $251.1M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

74.2xFair

48.9xmed 650.3x4205.0x

P / S

Price / revenue per share

6.9xCheap

6.8xmed 10.1x21.5x

P / B

Price / book value per share

12.2xCheap

12.2xmed 30.9x72.9x

P / GP

Price / gross profit per share

9.6xCheap

9.6xmed 17.8x33.3x

P / FCF

Price / free cash flow per share

49.1xCheap

49.1xmed 68.4x193.5x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

Gross margin71.6% now vs 57.5%–71.6% 10yr range

1.7σ above average

Operating margin17.5% now vs -2.9%–17.5% 10yr range

1.7σ above average

FCF margin13.9% now vs -7.8%–14.7% 10yr range

1.7σ above average

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.61

Primary signal (Novy-Marx).

4th of 17 SIC 3841 peers

Return on equity

17.4%

Gross margin

71.6%

3rd of 17 SIC 3841 peers

Revenue growth (YoY)

30.7%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2022	2023	2024	2025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

27.5%

Revenue CAGR (5Y)

24.5%

Earnings CAGR (3Y)

277.3%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.23

13th of 16 SIC 3841 peers (best = lowest)

Current ratio

2.48×

11th of 17 SIC 3841 peers

Quick ratio

1.51×

Net cash

$516.00M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$377.70M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.53

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.3%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

2020-2022

2023-2025

20202025

Op. Leverage

Hypergrowth

View full financial statements →