Insmed (INSM) Financials

$109.55 +0.25 (+0.23%)

Closing price 08/8/2025 04:00 PM Eastern

Extended Trading

$109.57 +0.02 (+0.02%)

As of 08/8/2025 07:59 PM Eastern

Annual Income Statements for Insmed

This table shows Insmed's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-118	-176	-193	-324	-254	-294	-435	-482	-750	-914
Consolidated Net Income / (Loss)	-118	-176	-193	-324	-254	-294	-435	-482	-750	-914
Net Income / (Loss) Continuing Operations	-118	-176	-193	-324	-254	-294	-435	-482	-750	-914
Total Pre-Tax Income	-120	-176	-193	-324	-254	-293	-436	-480	-747	-910
Total Operating Income	-117	-173	-189	-307	-235	-265	-375	-457	-710	-878
Total Gross Profit	0.00	0.00	0.00	7.41	112	125	144	190	240	278
Total Revenue	0.00	0.00	0.00	9.84	136	164	188	245	305	364
Operating Revenue	0.00	-	0.00	9.84	136	164	188	245	305	364
Total Cost of Revenue	0.00	0.00	0.00	2.42	24	40	44	55	66	86
Operating Cost of Revenue	-	0.00	0.00	2.42	24	40	44	55	66	86
Total Operating Expenses	117	173	189	315	348	390	519	648	949	1,156
Selling, General & Admin Expense	43	51	79	168	211	204	234	266	345	461
Research & Development Expense	74	123	110	145	132	181	273	398	571	598
Amortization Expense	-	0.00	0.00	1.25	4.99	5.00	5.05	5.05	5.05	5.05
Other Special Charges / (Income)	-	-	-	-	0.00	0.00	7.33	-21	29	92
Total Other Income / (Expense), net	-2.92	-3.38	-5.63	-17	-18	-27	-61	-21	-37	-32
Interest Expense	2.89	3.50	5.93	28	28	30	58	26	82	85
Interest & Investment Income	-	-	-	10	9.92	1.70	-	11	42	53
Other Income / (Expense), net	-0.03	0.12	0.30	0.60	-0.53	0.41	-3.33	-5.94	2.18	0.03
Income Tax Expense	-1.97	0.10	-0.27	0.20	0.78	1.40	-1.76	1.38	2.56	3.71
Basic Earnings per Share	($2.02)	($2.85)	($2.89)	($4.22)	($3.01)	($3.01)	($3.88)	($3.91)	($5.34)	($5.57)
Weighted Average Basic Shares Outstanding	58.63M	61.89M	66.58M	76.89M	84.56M	97.61M	112.11M	123.04M	140.43M	164.04M
Diluted Earnings per Share	($2.02)	($2.85)	($2.89)	($4.22)	($3.01)	($3.01)	($3.88)	($3.91)	($5.34)	($5.57)
Weighted Average Diluted Shares Outstanding	58.63M	61.89M	66.58M	76.89M	84.56M	97.61M	112.11M	123.04M	140.43M	164.04M
Weighted Average Basic & Diluted Shares Outstanding	58.63M	61.89M	66.58M	76.89M	84.56M	97.61M	118.90M	136.41M	148.49M	181.00M

This table shows Insmed's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-131	-160	-160	-247	-160	-183	-157	-302	-221	-234	-257
Consolidated Net Income / (Loss)	-131	-160	-160	-245	-159	-186	-314	-301	-221	-78	-257
Net Income / (Loss) Continuing Operations	-131	-160	-160	-245	-159	-186	-157	-301	-221	-236	-257
Total Pre-Tax Income	-131	-160	-159	-244	-158	-185	-157	-300	-220	-234	-256
Total Operating Income	-128	-151	-148	-236	-148	-178	-146	-289	-213	-230	-248
Total Gross Profit	54	46	51	61	62	65	58	69	72	78	72
Total Revenue	68	59	65	77	79	84	76	90	93	104	93
Operating Revenue	68	59	65	77	79	84	76	90	93	104	93
Total Cost of Revenue	13	13	14	17	17	18	17	21	21	26	21
Operating Cost of Revenue	13	13	14	17	17	18	17	21	21	26	21
Total Operating Expenses	182	198	200	296	210	244	204	358	286	309	320
Selling, General & Admin Expense	76	73	80	84	91	90	93	107	119	143	148
Research & Development Expense	100	125	128	197	109	137	121	147	151	180	153
Amortization Expense	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26
Other Special Charges / (Income)	5.24	-1.80	-9.50	14	9.00	16	-12	104	15	-15	18
Total Other Income / (Expense), net	-3.08	-6.16	-9.59	-9.94	-9.42	-8.44	-11	-11	-6.08	-3.25	-7.53
Interest Expense	3.35	16	20	21	20	21	21	21	21	22	22
Interest & Investment Income	1.79	-	11	11	11	9.85	8.78	10	17	17	14
Other Income / (Expense), net	-1.51	1.13	-0.11	-0.49	0.29	2.49	1.26	-0.27	-2.01	1.05	0.13
Income Tax Expense	0.37	0.13	0.48	0.53	0.54	1.00	0.59	0.84	1.01	1.27	0.91
Basic Earnings per Share	($1.09)	($1.22)	($1.17)	($1.78)	($1.11)	($1.28)	($1.06)	($1.94)	($1.27)	($1.30)	($1.42)
Weighted Average Basic Shares Outstanding	120.79M	123.04M	136.36M	137.55M	142.90M	140.43M	148.46M	154.70M	173.72M	164.04M	180.86M
Diluted Earnings per Share	($1.09)	($1.22)	($1.17)	($1.78)	($1.11)	($1.28)	($1.06)	($1.94)	($1.27)	($1.30)	($1.42)
Weighted Average Diluted Shares Outstanding	120.79M	123.04M	136.36M	137.55M	142.90M	140.43M	148.46M	154.70M	173.72M	164.04M	180.86M
Weighted Average Basic & Diluted Shares Outstanding	135.48M	136.41M	136.43M	143.80M	143.06M	148.49M	148.60M	171.85M	178.90M	181.00M	182.14M

This table details how cash moves in and out of Insmed's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	124	-120	219	114	-7.64	45	184	357	-592	73
Net Cash From Operating Activities	-101	-147	-160	-258	-251	-219	-363	-400	-536	-684
Net Cash From Continuing Operating Activities	-101	-147	-160	-258	-251	-219	-363	-400	-536	-684
Net Income / (Loss) Continuing Operations	-118	-176	-193	-324	-254	-294	-435	-482	-750	-914
Consolidated Net Income / (Loss)	-118	-176	-193	-324	-254	-294	-435	-482	-750	-914
Depreciation Expense	1.98	2.44	2.90	3.58	5.19	9.15	9.13	5.28	5.53	5.96
Amortization Expense	0.46	0.28	0.12	2.60	25	7.48	8.02	11	15	15
Non-Cash Adjustments To Reconcile Net Income	16	18	19	44	37	61	105	78	204	121
Changes in Operating Assets and Liabilities, net	-0.62	8.64	11	16	-63	-2.95	-51	-13	-11	89
Net Cash From Investing Activities	-3.45	-4.20	-3.00	-15	-42	-6.82	-64	-35	-224	-583
Net Cash From Continuing Investing Activities	-3.45	-4.20	-3.00	-15	-42	-6.82	-64	-35	-224	-583
Purchase of Property, Plant & Equipment	-3.45	-4.20	-3.00	-13	-42	-6.24	-7.29	-9.88	-13	-22
Acquisitions	-	0.00	0.00	-1.72	0.00	-0.58	-6.70	0.00	3.42	0.00
Purchase of Investments	-	-	-	-	0.00	0.00	-50	-100	-589	-1,577
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	0.00	75	375	1,016
Net Cash From Financing Activities	228	31	381	387	285	271	613	793	168	1,341
Net Cash From Continuing Financing Activities	228	31	381	387	285	271	613	793	168	1,341
Repayment of Debt	-0.25	-0.41	0.00	-72	4.50	-0.94	-253	-18	-1.22	-3.74
Issuance of Debt	0.00	30	0.00	450	0.00	0.00	575	350	0.00	150
Issuance of Common Equity	223	0.00	378	0.00	261	246	270	292	152	1,084
Other Financing Activities, net	5.11	1.08	3.43	8.82	20	26	21	169	17	111
Effect of Exchange Rate Changes	0.00	-0.05	0.10	-0.05	-0.00	0.49	-0.93	-1.00	-0.25	-1.31
Cash Interest Paid	2.95	3.61	5.17	6.29	7.88	9.19	11	10	36	41
Cash Income Taxes Paid	-3.01	0.09	0.17	0.15	0.34	0.81	1.56	1.72	1.96	2.50

This table details how cash moves in and out of Insmed's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-1.45	659	-105	-356	-126	-4.74	113	651	-785	94	-152
Net Cash From Operating Activities	-90	-103	-146	-123	-136	-131	-184	-123	-181	-196	-262
Net Cash From Continuing Operating Activities	-90	-103	-146	-123	-136	-131	-184	-123	-181	-196	-262
Net Income / (Loss) Continuing Operations	-131	-160	-160	-245	-159	-186	-157	-301	-221	-236	-257
Consolidated Net Income / (Loss)	-131	-160	-160	-245	-159	-186	-157	-301	-221	-236	-257
Depreciation Expense	0.85	2.18	1.25	1.31	1.49	1.48	1.59	1.44	1.46	1.48	1.88
Amortization Expense	2.57	2.90	3.67	3.95	3.78	3.69	3.79	3.74	3.43	3.69	3.76
Non-Cash Adjustments To Reconcile Net Income	17	23	37	107	31	29	37	30	32	22	37
Changes in Operating Assets and Liabilities, net	21	29	-29	10	-14	21	-69	143	2.80	12	-48
Net Cash From Investing Activities	49	20	42	-274	7.15	1.80	295	-6.78	-1,003	132	80
Net Cash From Continuing Investing Activities	49	20	42	-274	7.15	1.80	295	-6.78	-1,003	132	80
Purchase of Property, Plant & Equipment	-0.58	-4.69	-3.40	-4.88	-2.85	-2.15	-4.68	-6.78	-3.69	-6.77	-10
Purchase of Investments	-	-	-	-	0.00	-296	-	-	-1,000	-577	-631
Sale and/or Maturity of Investments	50	25	45	20	10	300	300	-	-	716	721
Net Cash From Financing Activities	37	743	-0.40	44	1.25	123	3.02	781	397	159	29
Net Cash From Continuing Financing Activities	37	743	-0.40	44	1.25	123	3.02	781	397	159	29
Repurchase of Common Equity	-	-	0.00	-	-	-	-0.41	-	-	-	0.00
Other Financing Activities, net	3.73	152	0.82	6.31	1.25	8.80	3.43	68	26	13	29
Effect of Exchange Rate Changes	-	-1.14	-0.03	-3.40	2.17	1.01	-0.95	-0.69	1.84	-1.51	0.90
Cash Interest Paid	2.44	2.72	12	7.90	7.97	8.33	8.21	8.49	8.63	15	13
Cash Income Taxes Paid	0.43	0.09	1.00	0.36	0.52	0.08	1.21	0.35	0.69	0.25	2.18

This table presents Insmed's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	357	238	462	605	742	796	1,244	1,656	1,330	2,025
Total Current Assets	288	168	389	519	555	623	837	1,273	929	1,622
Cash & Equivalents	283	163	381	495	487	533	717	1,074	482	555
Short-Term Investments	-	-	-	-	-	-	0.00	74	298	879
Accounts Receivable	-	-	0.00	5.52	19	17	24	30	41	52
Inventories, net	-	-	0.00	7.03	28	50	67	70	83	99
Prepaid Expenses	5.24	5.82	8.28	11	20	24	29	25	24	37
Plant, Property, & Equipment, net	8.09	10	12	23	60	54	53	56	65	80
Total Noncurrent Assets	60	60	60	63	127	119	354	327	335	324
Noncurrent Note & Lease Receivables	-	-	-	0.00	15	10	9.26	24	21	18
Goodwill	-	-	-	-	-	0.00	136	136	136	136
Intangible Assets	58	58	58	59	54	49	74	69	64	59
Other Noncurrent Operating Assets	2.15	1.33	1.97	4.30	58	60	84	98	115	110
Total Liabilities & Shareholders' Equity	357	238	462	605	742	796	1,244	1,656	1,330	2,025
Total Liabilities	45	83	101	396	481	520	833	1,568	1,662	1,740
Total Current Liabilities	22	28	45	80	85	119	135	190	226	298
Accounts Payable	7.47	10	15	18	13	43	125	182	215	285
Other Current Liabilities	0.68	0.73	0.65	1.53	13	13	10	8.13	11	12
Total Noncurrent Liabilities	23	55	56	317	395	401	698	1,378	1,436	1,442
Long-Term Debt	22	55	56	317	336	356	567	1,125	1,155	1,103
Other Noncurrent Operating Liabilities	0.57	0.69	0.77	0.00	59	45	131	253	281	339
Total Equity & Noncontrolling Interests	312	154	361	208	262	276	410	88	-332	285
Total Preferred & Common Equity	312	154	361	208	262	276	410	88	-332	285
Total Common Equity	312	154	361	208	262	276	410	88	-332	285
Common Stock	901	920	1,319	1,490	1,798	2,106	2,675	2,784	3,115	4,648
Retained Earnings	-589	-765	-958	-1,282	-1,536	-1,831	-2,265	-2,697	-3,446	-4,360
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.07	-0.00	-0.01	-0.01	0.19	0.97	0.76	-0.75	-2.29

This table presents Insmed's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	995	1,518	1,439	1,325	1,159	1,810	2,053	1,803
Total Current Assets	632	1,129	1,052	927	759	1,418	1,650	1,403
Cash & Equivalents	415	969	613	487	596	1,247	461	403
Short-Term Investments	99	30	305	299	0.00	0.00	1,006	796
Accounts Receivable	27	31	31	36	37	40	42	48
Inventories, net	66	71	77	78	83	90	98	101
Prepaid Expenses	25	29	26	27	43	41	41	55
Plant, Property, & Equipment, net	54	60	62	65	69	73	75	88
Total Noncurrent Assets	309	329	325	334	332	319	328	312
Noncurrent Note & Lease Receivables	17	23	22	22	20	20	19	18
Goodwill	136	136	136	136	136	136	136	136
Intangible Assets	70	67	66	65	62	61	60	57
Other Noncurrent Operating Assets	86	102	100	111	113	102	113	101
Total Liabilities & Shareholders' Equity	995	1,518	1,439	1,325	1,159	1,810	2,053	1,803
Total Liabilities	1,025	1,562	1,595	1,614	1,624	1,771	1,570	1,704
Total Current Liabilities	138	188	204	197	421	524	259	239
Accounts Payable	132	179	198	188	189	291	249	233
Other Current Liabilities	5.79	8.98	6.60	8.95	7.30	8.86	11	6.56
Total Noncurrent Liabilities	887	1,374	1,391	1,418	1,203	1,247	1,310	1,464
Long-Term Debt	785	1,132	1,140	1,148	939	947	955	1,105
Other Noncurrent Operating Liabilities	102	242	251	270	264	300	356	359
Total Equity & Noncontrolling Interests	-30	-45	-156	-289	-465	39	483	99
Total Preferred & Common Equity	-30	-45	-156	-289	-465	39	483	99
Total Common Equity	-30	-45	-156	-289	-465	39	483	99
Common Stock	2,508	2,811	2,947	2,973	3,140	3,945	4,607	4,717
Retained Earnings	-2,536	-2,856	-3,101	-3,260	-3,603	-3,904	-4,124	-4,617
Accumulated Other Comprehensive Income / (Loss)	-1.39	1.08	-1.25	-2.08	-1.64	-2.83	0.55	-0.90

This table displays calculated financial ratios and metrics derived from Insmed's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	1,287.56%	20.48%	14.63%	30.19%	24.39%	19.17%
EBITDA Growth	-34.19%	-48.20%	-8.82%	-61.94%	31.51%	-20.57%	-45.56%	-23.72%	-53.66%	-24.86%
EBIT Growth	-34.74%	-47.44%	-8.85%	-62.62%	23.13%	-12.32%	-42.89%	-22.42%	-52.71%	-24.14%
NOPAT Growth	-34.49%	-47.58%	-8.95%	-62.68%	23.46%	-12.75%	-41.42%	-21.92%	-55.17%	-23.76%
Net Income Growth	-49.30%	-49.15%	-9.29%	-68.33%	21.57%	-15.63%	-47.80%	-10.79%	-55.66%	-21.91%
EPS Growth	-9.78%	-41.09%	-1.40%	-46.02%	28.67%	0.00%	-28.90%	-0.77%	-36.57%	-4.31%
Operating Cash Flow Growth	-56.33%	-45.69%	-8.80%	-61.62%	2.84%	12.49%	-65.63%	-10.22%	-33.91%	-27.53%
Free Cash Flow Firm Growth	-31.97%	-35.29%	-6.07%	-73.05%	-17.04%	28.63%	-113.44%	53.18%	-171.58%	-10.95%
Invested Capital Growth	4.04%	-13.49%	-24.04%	-16.10%	270.34%	-9.75%	111.40%	-69.12%	-33.85%	-204.94%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	35.66%	-2.54%	8.47%	1.31%	8.69%	6.05%
EBITDA Q/Q Growth	-8.73%	-25.34%	0.97%	-7.38%	22.47%	-35.07%	-8.51%	-6.43%	-3.83%	-5.39%
EBIT Q/Q Growth	-8.80%	-24.80%	0.93%	-7.88%	14.60%	-21.44%	-2.05%	-11.72%	-3.73%	-6.46%
NOPAT Q/Q Growth	-8.82%	-24.80%	0.89%	-7.85%	14.73%	-21.79%	-1.23%	-12.94%	-3.92%	-6.31%
Net Income Q/Q Growth	-13.00%	-26.71%	1.54%	-8.79%	13.17%	-20.10%	-2.54%	-10.85%	-3.58%	10.54%
EPS Q/Q Growth	-8.02%	-27.23%	7.37%	-7.93%	17.31%	-17.12%	1.02%	-7.12%	-1.14%	-0.36%
Operating Cash Flow Q/Q Growth	-16.98%	-26.15%	5.75%	-9.30%	9.32%	-11.37%	-5.01%	-4.99%	-5.44%	-10.53%
Free Cash Flow Firm Q/Q Growth	-9.53%	-18.90%	5.05%	-10.72%	4.57%	-1.42%	-4.92%	43.44%	-53.82%	-10.57%
Invested Capital Q/Q Growth	1.27%	-10.21%	-22.94%	-16.65%	10.84%	-16.74%	-2.62%	-73.12%	-40.53%	-51.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	75.36%	82.26%	75.75%	76.57%	77.53%	78.52%	76.43%
EBITDA Margin	0.00%	0.00%	0.00%	-3,056.02%	-150.84%	-150.96%	-191.70%	-182.17%	-225.04%	-235.80%
Operating Margin	0.00%	0.00%	0.00%	-3,124.94%	-172.38%	-161.32%	-199.03%	-186.39%	-232.51%	-241.47%
EBIT Margin	0.00%	0.00%	0.00%	-3,118.82%	-172.77%	-161.07%	-200.80%	-188.81%	-231.79%	-241.46%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	-3,297.17%	-186.37%	-178.87%	-230.63%	-196.26%	-245.59%	-251.24%
Tax Burden Percent	98.36%	100.06%	99.86%	100.06%	100.31%	100.48%	99.60%	100.29%	100.34%	100.41%
Interest Burden Percent	102.24%	101.67%	102.28%	105.65%	107.54%	110.52%	115.32%	103.65%	105.59%	103.63%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-659.80%	-235.35%	-177.13%	-169.57%	-232.69%	-921.05%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-616.50%	-181.01%	-111.00%	-78.20%	-88.10%	-1,064.77%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	545.88%	127.11%	67.72%	42.92%	39.46%	1,535.52%	0.00%
Return on Equity (ROE)	-47.47%	-75.62%	-74.74%	-113.92%	-108.24%	-109.42%	-126.66%	-193.22%	614.47%	3,926.49%
Cash Return on Invested Capital (CROIC)	-159.39%	-226.74%	-294.66%	-642.29%	-350.31%	-166.89%	-241.12%	-127.07%	-880.29%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	-57.52%	-35.01%	-34.43%	-37.11%	-31.95%	-47.38%	-52.35%
Return on Assets (ROA)	0.00%	0.00%	0.00%	-60.81%	-37.77%	-38.23%	-42.62%	-33.21%	-50.20%	-54.47%
Return on Common Equity (ROCE)	-47.47%	-75.62%	-74.74%	-113.92%	-108.24%	-109.42%	-126.66%	-193.22%	614.47%	3,926.49%
Return on Equity Simple (ROE_SIMPLE)	-37.92%	-114.11%	-53.36%	-155.70%	-97.20%	-106.60%	-105.89%	-547.50%	225.83%	-320.20%
Net Operating Profit after Tax (NOPAT)	-82	-121	-132	-215	-165	-186	-263	-320	-497	-615
NOPAT Margin	0.00%	0.00%	0.00%	-2,187.46%	-120.67%	-112.92%	-139.32%	-130.47%	-162.75%	-169.03%
Net Nonoperating Expense Percent (NNEP)	-18.33%	-30.03%	-27.88%	-43.30%	-54.34%	-66.13%	-91.37%	-144.59%	143.72%	1,346.16%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-26.39%	-60.33%	-44.27%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	24.64%	17.74%	24.25%	23.43%	22.47%	21.48%	23.57%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	1,710.40%	154.47%	123.84%	124.31%	108.33%	112.87%	126.78%
R&D to Revenue	0.00%	0.00%	0.00%	1,477.20%	96.51%	110.18%	144.72%	162.02%	187.09%	164.52%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	3,200.31%	254.64%	237.07%	275.60%	263.92%	311.02%	317.90%
Earnings before Interest and Taxes (EBIT)	-118	-173	-189	-307	-236	-265	-378	-463	-707	-878
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-115	-171	-186	-301	-206	-248	-361	-447	-687	-858
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.60	5.30	6.61	4.86	8.15	12.29	7.86	30.78	0.00	43.28
Price to Tangible Book Value (P/TBV)	4.43	8.50	7.89	6.76	10.26	14.96	16.08	0.00	0.00	136.30
Price to Revenue (P/Rev)	0.00	0.00	0.00	102.84	15.63	20.63	17.11	11.03	14.53	33.96
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	16.01	15.23	58.16	28.00	17.99	32.33	14.39	41.34	111.97	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	84.69	14.52	19.55	16.05	10.94	15.75	33.05
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.35	0.15	1.52	1.28	1.29	1.38	12.79	-3.48	3.87
Long-Term Debt to Equity	0.07	0.35	0.15	1.52	1.28	1.29	1.38	12.79	-3.48	3.87
Financial Leverage	-0.79	-0.78	-0.84	-0.89	-0.70	-0.61	-0.55	-0.45	-1.44	-0.95
Leverage Ratio	1.18	1.28	1.36	1.87	2.87	2.86	2.97	5.82	-12.24	-72.08
Compound Leverage Factor	1.21	1.30	1.39	1.98	3.08	3.16	3.43	6.03	-12.92	-74.70
Debt to Total Capital	7.46%	26.18%	13.34%	60.32%	56.21%	56.36%	57.99%	92.75%	140.31%	79.45%
Short-Term Debt to Total Capital	0.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	6.54%	26.18%	13.34%	60.32%	56.21%	56.36%	57.99%	92.75%	140.31%	79.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	92.54%	73.82%	86.66%	39.68%	43.79%	43.64%	42.01%	7.25%	-40.31%	20.55%
Debt to EBITDA	-0.22	-0.32	-0.30	-1.05	-1.63	-1.44	-1.57	-2.52	-1.68	-1.29
Net Debt to EBITDA	2.24	0.63	1.75	0.59	0.74	0.71	0.55	0.05	-0.55	0.39
Long-Term Debt to EBITDA	-0.19	-0.32	-0.30	-1.05	-1.63	-1.44	-1.57	-2.52	-1.68	-1.29
Debt to NOPAT	-0.31	-0.45	-0.42	-1.47	-2.04	-1.92	-2.16	-3.52	-2.33	-1.79
Net Debt to NOPAT	3.13	0.89	2.46	0.83	0.92	0.95	0.76	0.07	-0.75	0.54
Long-Term Debt to NOPAT	-0.27	-0.45	-0.42	-1.47	-2.04	-1.92	-2.16	-3.52	-2.33	-1.79
Altman Z-Score	12.50	-0.31	10.83	-2.22	-0.34	0.56	-0.40	-1.23	-2.92	0.78
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	12.94	6.02	8.72	6.51	6.51	5.24	6.19	6.69	4.12	5.45
Quick Ratio	12.71	5.81	8.54	6.28	5.94	4.62	5.48	6.19	3.64	4.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-84	-114	-121	-209	-245	-175	-373	-175	-475	-527
Operating Cash Flow to CapEx	-2,915.46%	-3,493.05%	-5,318.79%	-1,970.79%	-593.00%	-3,515.19%	-4,984.25%	-4,053.85%	-4,035.57%	-3,119.47%
Free Cash Flow to Firm to Interest Expense	-29.19	-32.62	-20.43	-7.57	-8.85	-5.92	-6.42	-6.61	-5.81	-6.20
Operating Cash Flow to Interest Expense	-34.86	-41.94	-26.94	-9.32	-9.05	-7.42	-6.25	-15.14	-6.56	-8.05
Operating Cash Flow Less CapEx to Interest Expense	-36.05	-43.14	-27.45	-9.79	-10.57	-7.63	-6.37	-15.52	-6.73	-8.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.02	0.20	0.21	0.18	0.17	0.20	0.22
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	11.03	9.19	9.21	9.08	8.61	7.80
Inventory Turnover	0.00	0.00	0.00	0.00	1.37	1.02	0.76	0.81	0.86	0.94
Fixed Asset Turnover	0.00	0.00	0.00	0.56	3.30	2.88	3.53	4.48	5.01	5.00
Accounts Payable Turnover	0.00	0.00	0.00	0.15	1.57	1.42	0.53	0.36	0.33	0.34
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	33.09	39.73	39.62	40.21	42.40	46.77
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	266.42	356.58	481.96	453.32	426.30	387.01
Days Payable Outstanding (DPO)	0.00	0.00	0.00	2,441.27	233.10	256.49	693.94	1,016.84	1,105.20	1,064.66
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	-2,441.27	66.41	139.82	-172.35	-523.30	-636.51	-630.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	54	47	35	30	110	99	210	65	43	-45
Invested Capital Turnover	0.00	0.00	0.00	0.30	1.95	1.57	1.22	1.78	5.66	-342.80
Increase / (Decrease) in Invested Capital	2.10	-7.28	-11	-5.71	80	-11	111	-145	-22	-88
Enterprise Value (EV)	864	711	2,063	833	1,982	3,215	3,024	2,684	4,808	12,021
Market Capitalization	1,122	819	2,388	1,011	2,134	3,391	3,224	2,707	4,433	12,351
Book Value per Share	$5.04	$2.50	$4.71	$2.70	$2.93	$2.71	$3.47	$0.65	($2.32)	$1.60
Tangible Book Value per Share	$4.10	$1.56	$3.95	$1.94	$2.33	$2.22	$1.69	($0.86)	($3.72)	$0.51
Total Capital	337	209	417	525	598	632	977	1,213	823	1,389
Total Debt	25	55	56	317	336	356	567	1,125	1,155	1,103
Total Long-Term Debt	22	55	56	317	336	356	567	1,125	1,155	1,103
Net Debt	-258	-108	-326	-179	-151	-176	-200	-23	375	-330
Capital Expenditures (CapEx)	3.45	4.20	3.00	13	42	6.24	7.29	9.88	13	22
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-14	-22	-36	-56	-17	-29	-15	-65	-77	-110
Debt-free Net Working Capital (DFNWC)	269	140	345	439	470	504	702	1,083	703	1,324
Net Working Capital (NWC)	266	140	345	439	470	504	702	1,083	703	1,324
Net Nonoperating Expense (NNE)	36	55	60	109	90	108	172	161	253	299
Net Nonoperating Obligations (NNO)	-258	-108	-326	-179	-151	-176	-200	-23	375	-330
Total Depreciation and Amortization (D&A)	2.44	2.72	3.02	6.18	30	17	17	16	21	21
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-567.95%	-12.81%	-17.44%	-7.91%	-26.55%	-25.23%	-30.16%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	4,465.83%	344.37%	306.60%	372.42%	441.45%	230.48%	364.07%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	4,465.83%	344.37%	306.60%	372.42%	441.45%	230.48%	364.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.02)	($2.85)	($2.89)	($4.22)	($3.01)	($3.01)	($3.88)	($3.91)	($5.34)	($5.57)
Adjusted Weighted Average Basic Shares Outstanding	61.86M	62.02M	76.62M	77.54M	89.78M	103.04M	112.11M	123.04M	140.43M	164.04M
Adjusted Diluted Earnings per Share	($2.02)	($2.85)	($2.89)	($4.22)	($3.01)	($3.01)	($3.88)	($3.91)	($5.34)	($5.57)
Adjusted Weighted Average Diluted Shares Outstanding	61.86M	62.02M	76.62M	77.54M	89.78M	103.04M	112.11M	123.04M	140.43M	164.04M
Adjusted Basic & Diluted Earnings per Share	($2.02)	($2.85)	($2.89)	($4.22)	($3.01)	($3.01)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	58.63M	61.89M	66.58M	76.89M	84.56M	97.61M	118.90M	136.41M	148.49M	181.00M
Normalized Net Operating Profit after Tax (NOPAT)	-82	-121	-132	-215	-165	-186	-257	-335	-477	-551
Normalized NOPAT Margin	0.00%	0.00%	0.00%	-2,187.46%	-120.67%	-112.92%	-136.60%	-136.41%	-156.17%	-151.39%
Pre Tax Income Margin	0.00%	0.00%	0.00%	-3,295.13%	-185.80%	-178.02%	-231.57%	-195.69%	-244.76%	-250.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-40.68	-49.54	-31.83	-11.08	-8.51	-8.96	-6.51	-17.52	-8.66	-10.34
NOPAT to Interest Expense	-28.47	-34.70	-22.32	-7.77	-5.94	-6.28	-4.51	-12.10	-6.08	-7.24
EBIT Less CapEx to Interest Expense	-41.88	-50.74	-32.34	-11.55	-10.04	-9.17	-6.63	-17.89	-8.82	-10.60
NOPAT Less CapEx to Interest Expense	-29.66	-35.90	-22.83	-8.24	-7.47	-6.49	-4.64	-12.48	-6.24	-7.50
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Insmed's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	44.86%	5.66%	22.80%	18.41%	16.75%	41.13%	15.77%	16.98%	18.15%	24.79%	22.94%
EBITDA Growth	-37.54%	-22.84%	-64.81%	-159.44%	-12.97%	-17.46%	3.13%	-23.07%	-48.16%	-31.41%	-74.53%
EBIT Growth	-24.13%	-47.79%	-62.79%	-154.82%	-14.06%	-16.92%	2.72%	-22.52%	-46.18%	-30.48%	-71.94%
NOPAT Growth	-23.24%	-52.88%	-64.93%	-166.69%	-15.64%	-17.69%	1.79%	-22.66%	-44.53%	-29.25%	-70.54%
Net Income Growth	-16.35%	-41.73%	-68.85%	-155.96%	-21.19%	-16.20%	-96.65%	-22.79%	-38.75%	57.83%	-63.33%
EPS Growth	-13.54%	-27.08%	-46.25%	-122.50%	-1.83%	-4.92%	9.40%	-8.99%	-14.41%	-1.56%	-33.96%
Operating Cash Flow Growth	-19.06%	-22.60%	-39.12%	-20.03%	-51.77%	-26.83%	-25.79%	-0.13%	-32.70%	-49.81%	-42.41%
Free Cash Flow Firm Growth	31.92%	121.80%	130.99%	118.64%	157.34%	-361.76%	-352.69%	-406.04%	-172.05%	28.72%	34.56%
Invested Capital Growth	11.88%	-69.12%	-62.72%	-74.85%	-70.10%	-33.85%	15.63%	-155.37%	-141.08%	-204.94%	-95.35%
Revenue Q/Q Growth	3.85%	-12.45%	9.97%	18.42%	2.39%	5.84%	-9.79%	19.66%	3.41%	11.79%	-11.12%
EBITDA Q/Q Growth	-41.43%	-15.47%	1.31%	-60.97%	38.42%	-20.06%	22.99%	-104.52%	25.86%	-6.48%	-8.10%
EBIT Q/Q Growth	-39.50%	-16.36%	1.38%	-59.18%	37.55%	-19.27%	18.09%	-100.48%	25.50%	-6.47%	-8.13%
NOPAT Q/Q Growth	-44.59%	-18.62%	2.19%	-58.97%	37.30%	-20.72%	18.38%	-98.55%	26.12%	-7.96%	-7.69%
Net Income Q/Q Growth	-37.12%	-22.10%	0.22%	-53.23%	35.08%	-17.07%	-68.86%	4.32%	26.64%	64.42%	-227.04%
EPS Q/Q Growth	-36.25%	-11.93%	4.10%	-52.14%	37.64%	-15.32%	17.19%	-83.02%	34.54%	-2.36%	-9.23%
Operating Cash Flow Q/Q Growth	12.19%	-14.83%	-41.84%	16.07%	-11.03%	4.04%	-40.68%	33.19%	-47.14%	-8.33%	-33.73%
Free Cash Flow Firm Q/Q Growth	33.86%	134.14%	16.61%	-29.21%	103.45%	-255.86%	-12.57%	14.26%	52.11%	-54.19%	-3.35%
Invested Capital Q/Q Growth	-8.36%	-73.12%	36.86%	-25.39%	8.93%	-40.53%	139.24%	-135.73%	19.19%	-51.93%	110.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.11%	77.96%	78.79%	78.51%	78.87%	77.96%	76.88%	76.79%	77.34%	74.96%	77.08%
EBITDA Margin	-185.73%	-244.95%	-219.82%	-298.80%	-179.72%	-203.86%	-183.92%	-314.36%	-225.37%	-214.67%	-261.10%
Operating Margin	-188.54%	-255.44%	-227.19%	-304.97%	-186.75%	-213.01%	-192.72%	-319.80%	-228.45%	-220.61%	-267.33%
EBIT Margin	-190.77%	-253.53%	-227.36%	-305.61%	-186.39%	-210.03%	-191.05%	-320.09%	-230.60%	-219.61%	-267.18%
Profit (Net Income) Margin	-193.63%	-270.02%	-244.98%	-316.99%	-201.00%	-222.31%	-416.14%	-332.75%	-236.04%	-75.12%	-276.42%
Tax Burden Percent	100.28%	100.08%	100.30%	100.22%	100.34%	100.54%	200.75%	100.28%	100.46%	33.49%	100.36%
Interest Burden Percent	101.21%	106.42%	107.43%	103.50%	107.47%	105.28%	108.50%	103.66%	101.89%	102.14%	103.09%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-139.75%	-318.89%	-250.26%	-348.78%	-234.00%	-843.80%	-444.30%	-4,973.00%	-2,577.92%	0.00%	-1,326.37%
ROIC Less NNEP Spread (ROIC-NNEP)	338.90%	-270.44%	-294.75%	-385.00%	-251.56%	-878.63%	-504.87%	-5,107.30%	-2,484.04%	0.00%	-1,361.40%
Return on Net Nonoperating Assets (RNNOA)	-12.45%	121.14%	-987.34%	1,524.01%	498.73%	1,267.09%	694.74%	6,399.51%	1,939.39%	0.00%	1,761.70%
Return on Equity (ROE)	-152.20%	-197.75%	-1,237.60%	1,175.23%	264.73%	423.29%	250.44%	1,426.50%	-638.53%	3,926.49%	435.34%
Cash Return on Invested Capital (CROIC)	-135.15%	-127.07%	-129.23%	-161.70%	-196.74%	-880.29%	-531.09%	0.00%	0.00%	0.00%	-1,095.04%
Operating Return on Assets (OROA)	-40.06%	-42.90%	-43.83%	-66.08%	-45.13%	-42.93%	-45.04%	-64.74%	-46.83%	-47.61%	-68.74%
Return on Assets (ROA)	-40.66%	-45.69%	-47.23%	-68.54%	-48.66%	-45.44%	-98.09%	-67.30%	-47.93%	-16.29%	-71.12%
Return on Common Equity (ROCE)	-152.20%	-197.75%	-1,237.60%	1,175.23%	264.73%	423.29%	250.44%	1,426.50%	-638.53%	3,926.49%	435.34%
Return on Equity Simple (ROE_SIMPLE)	1,449.94%	0.00%	1,224.28%	446.78%	250.08%	0.00%	194.49%	-2,472.53%	-211.28%	0.00%	-1,021.86%
Net Operating Profit after Tax (NOPAT)	-89	-106	-104	-165	-103	-125	-102	-202	-149	-161	-174
NOPAT Margin	-131.98%	-178.81%	-159.03%	-213.48%	-130.73%	-149.10%	-134.91%	-223.86%	-159.91%	-154.43%	-187.13%
Net Nonoperating Expense Percent (NNEP)	-478.65%	-48.45%	44.49%	36.22%	17.55%	34.83%	60.57%	134.29%	-93.89%	-372.94%	35.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-8.74%	-	-	-	-15.16%	-	-	-	-11.61%	-14.42%
Cost of Revenue to Revenue	19.89%	22.04%	21.21%	21.49%	21.13%	22.04%	23.12%	23.21%	22.66%	25.04%	22.92%
SG&A Expenses to Revenue	111.59%	123.91%	122.54%	109.33%	114.61%	106.97%	123.31%	117.96%	127.30%	136.45%	158.95%
R&D to Revenue	147.46%	210.39%	196.07%	255.05%	138.04%	163.73%	160.37%	162.44%	161.42%	172.08%	164.37%
Operating Expenses to Revenue	268.65%	333.40%	305.98%	383.49%	265.62%	290.97%	269.60%	396.59%	305.79%	295.58%	344.40%
Earnings before Interest and Taxes (EBIT)	-129	-150	-148	-236	-147	-176	-144	-289	-215	-229	-248
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-126	-145	-143	-231	-142	-171	-139	-284	-211	-224	-242
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	30.78	0.00	0.00	0.00	0.00	0.00	256.49	25.95	43.28	139.26
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	43.65	136.30	0.00
Price to Revenue (P/Rev)	10.67	11.03	9.03	10.68	12.93	14.53	12.30	30.30	36.58	33.96	36.24
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	11.82	41.34	27.68	46.77	55.29	111.97	43.30	0.00	0.00	0.00	2,871.45
Enterprise Value to Revenue (EV/Rev)	11.79	10.94	9.55	11.51	14.22	15.75	14.10	30.07	35.08	33.05	35.99
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-26.20	12.79	-25.36	-7.32	-3.97	-3.48	-2.50	30.17	1.98	3.87	11.14
Long-Term Debt to Equity	-26.20	12.79	-25.36	-7.32	-3.97	-3.48	-2.02	24.39	1.98	3.87	11.14
Financial Leverage	-0.04	-0.45	3.35	-3.96	-1.98	-1.44	-1.38	-1.25	-0.78	-0.95	-1.29
Leverage Ratio	4.86	5.82	35.51	-22.35	-7.26	-12.24	-5.25	-27.79	17.41	-72.08	-8.10
Compound Leverage Factor	4.92	6.19	38.14	-23.14	-7.81	-12.89	-5.70	-28.81	17.74	-73.63	-8.35
Debt to Total Capital	103.97%	92.75%	104.11%	115.83%	133.72%	140.31%	166.55%	96.79%	66.39%	79.45%	91.77%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	32.10%	18.55%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	103.97%	92.75%	104.11%	115.83%	133.72%	140.31%	134.45%	78.24%	66.39%	79.45%	91.77%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-3.97%	7.25%	-4.11%	-15.83%	-33.72%	-40.31%	-66.55%	3.21%	33.61%	20.55%	8.23%
Debt to EBITDA	-1.87	-2.52	-2.25	-1.77	-1.73	-1.68	-1.68	-1.57	-1.17	-1.29	-1.15
Net Debt to EBITDA	-0.65	0.05	-0.27	-0.34	-0.55	-0.55	-0.82	0.10	0.63	0.39	0.10
Long-Term Debt to EBITDA	-1.87	-2.52	-2.25	-1.77	-1.73	-1.68	-1.36	-1.27	-1.17	-1.29	-1.15
Debt to NOPAT	-2.77	-3.52	-3.14	-2.46	-2.40	-2.33	-2.35	-2.20	-1.65	-1.79	-1.61
Net Debt to NOPAT	-0.96	0.07	-0.37	-0.48	-0.76	-0.75	-1.15	0.14	0.89	0.54	0.14
Long-Term Debt to NOPAT	-2.77	-3.52	-3.14	-2.46	-2.40	-2.33	-1.90	-1.78	-1.65	-1.79	-1.61
Altman Z-Score	-1.65	-0.61	-1.15	-1.58	-1.59	-1.60	-2.71	0.60	2.62	1.84	1.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.59	6.69	6.01	5.15	4.71	4.12	1.80	2.71	6.37	5.45	5.86
Quick Ratio	3.93	6.19	5.48	4.64	4.18	3.64	1.50	2.46	5.83	4.99	5.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-115	39	46	32	66	-103	-116	-99	-48	-73	-76
Operating Cash Flow to CapEx	-15,434.36%	-2,198.87%	-4,305.56%	-2,514.68%	-4,776.91%	-6,076.13%	-3,933.21%	-1,812.65%	-4,904.20%	-2,893.96%	-2,602.66%
Free Cash Flow to Firm to Interest Expense	-34.31	2.39	2.29	1.57	3.25	-4.95	-5.50	-4.67	-2.26	-3.40	-3.51
Operating Cash Flow to Interest Expense	-26.79	-6.27	-7.31	-5.96	-6.72	-6.29	-8.75	-5.78	-8.59	-9.09	-12.15
Operating Cash Flow Less CapEx to Interest Expense	-26.96	-6.56	-7.48	-6.19	-6.86	-6.40	-8.97	-6.10	-8.77	-9.41	-12.62
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.17	0.19	0.22	0.24	0.20	0.24	0.20	0.20	0.22	0.26
Accounts Receivable Turnover	10.37	9.08	9.16	8.92	8.92	8.61	9.32	9.22	8.81	7.80	8.98
Inventory Turnover	0.83	0.81	0.84	0.79	0.83	0.86	0.90	0.88	0.88	0.94	0.98
Fixed Asset Turnover	4.53	4.48	4.59	4.64	4.75	5.01	4.92	4.87	4.90	5.00	4.85
Accounts Payable Turnover	0.71	0.36	0.50	0.50	0.38	0.33	0.38	0.30	0.36	0.34	0.42
Days Sales Outstanding (DSO)	35.21	40.21	39.87	40.92	40.93	42.40	39.15	39.57	41.45	46.77	40.67
Days Inventory Outstanding (DIO)	440.97	453.32	435.51	462.52	437.16	426.30	406.86	415.29	412.53	387.01	374.26
Days Payable Outstanding (DPO)	512.40	1,016.84	731.66	733.01	969.04	1,105.20	971.49	1,211.78	1,020.78	1,064.66	859.97
Cash Conversion Cycle (CCC)	-36.23	-523.30	-256.28	-229.57	-490.95	-636.51	-525.47	-756.92	-566.79	-630.88	-445.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	242	65	89	66	72	43	103	-37	-30	-45	4.78
Invested Capital Turnover	1.06	1.78	1.57	1.63	1.79	5.66	3.29	22.22	16.12	-342.80	7.09
Increase / (Decrease) in Invested Capital	26	-145	-150	-197	-169	-22	14	-103	-102	-88	-98
Enterprise Value (EV)	2,856	2,684	2,459	3,101	3,993	4,808	4,449	9,881	12,032	12,021	13,714
Market Capitalization	2,584	2,707	2,326	2,879	3,631	4,433	3,881	9,957	12,545	12,351	13,808
Book Value per Share	($0.25)	$0.65	($0.33)	($1.14)	($2.01)	($2.32)	($3.13)	$0.26	$2.81	$1.60	$0.55
Tangible Book Value per Share	($1.97)	($0.86)	($1.82)	($2.62)	($3.41)	($3.72)	($4.47)	($1.07)	$1.67	$0.51	($0.52)
Total Capital	755	1,213	1,088	984	858	823	698	1,210	1,438	1,389	1,204
Total Debt	785	1,125	1,132	1,140	1,148	1,155	1,163	1,171	955	1,103	1,105
Total Long-Term Debt	785	1,125	1,132	1,140	1,148	1,155	939	947	955	1,103	1,105
Net Debt	272	-23	134	222	362	375	568	-76	-513	-330	-94
Capital Expenditures (CapEx)	0.58	4.69	3.40	4.88	2.85	2.15	4.68	6.78	3.69	6.77	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-19	-65	-58	-70	-56	-77	-34	-128	-77	-110	-36
Debt-free Net Working Capital (DFNWC)	495	1,083	941	848	730	703	562	1,118	1,391	1,324	1,163
Net Working Capital (NWC)	495	1,083	941	848	730	703	338	894	1,391	1,324	1,163
Net Nonoperating Expense (NNE)	42	54	56	80	56	61	212	98	71	-83	83
Net Nonoperating Obligations (NNO)	272	-23	134	222	362	375	568	-76	-513	-330	-94
Total Depreciation and Amortization (D&A)	3.42	5.09	4.91	5.26	5.27	5.17	5.38	5.18	4.89	5.17	5.65
Debt-free, Cash-free Net Working Capital to Revenue	-7.76%	-26.55%	-22.37%	-25.83%	-19.98%	-25.23%	-10.67%	-39.05%	-22.52%	-30.16%	-9.45%
Debt-free Net Working Capital to Revenue	204.19%	441.45%	365.52%	314.75%	259.90%	230.48%	178.15%	340.37%	405.49%	364.07%	305.35%
Net Working Capital to Revenue	204.19%	441.45%	365.52%	314.75%	259.90%	230.48%	107.09%	272.07%	405.49%	364.07%	305.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.09)	($1.22)	($1.17)	($1.78)	($1.11)	($1.28)	($1.06)	($1.94)	($1.27)	($1.30)	($1.42)
Adjusted Weighted Average Basic Shares Outstanding	120.79M	123.04M	136.36M	137.55M	142.90M	140.43M	148.46M	154.70M	173.72M	164.04M	180.86M
Adjusted Diluted Earnings per Share	($1.09)	($1.22)	($1.17)	($1.78)	($1.11)	($1.28)	($1.06)	($1.94)	($1.27)	($1.30)	($1.42)
Adjusted Weighted Average Diluted Shares Outstanding	120.79M	123.04M	136.36M	137.55M	142.90M	140.43M	148.46M	154.70M	173.72M	164.04M	180.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	135.48M	136.41M	136.43M	143.80M	143.06M	148.49M	148.60M	171.85M	178.90M	181.00M	182.14M
Normalized Net Operating Profit after Tax (NOPAT)	-86	-107	-110	-155	-97	-114	-110	-130	-139	-172	-161
Normalized NOPAT Margin	-126.56%	-180.93%	-169.23%	-201.25%	-122.76%	-135.97%	-145.94%	-143.51%	-148.91%	-164.35%	-173.33%
Pre Tax Income Margin	-193.08%	-269.81%	-244.24%	-316.30%	-200.31%	-221.12%	-207.29%	-331.83%	-234.96%	-224.32%	-275.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-38.54	-9.14	-7.41	-11.45	-7.26	-8.46	-6.86	-13.60	-10.23	-10.64	-11.50
NOPAT to Interest Expense	-26.66	-6.45	-5.18	-8.00	-5.10	-6.00	-4.84	-9.51	-7.10	-7.48	-8.05
EBIT Less CapEx to Interest Expense	-38.71	-9.43	-7.58	-11.68	-7.41	-8.56	-7.08	-13.92	-10.41	-10.96	-11.97
NOPAT Less CapEx to Interest Expense	-26.83	-6.73	-5.35	-8.23	-5.24	-6.11	-5.06	-9.83	-7.27	-7.80	-8.52
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Insmed Inc. (NASDAQ: INSM) continues to demonstrate a challenging financial performance over the past four years based on its quarterly income statements, cash flow statements, and balance sheets.

Positive developments:

Operating revenue showed a steady increase from approximately $59.3 million in Q4 2022 to about $92.8 million in Q1 2025, reflecting top-line growth over the period.
Total cash and equivalents increased significantly from $414.6 million in Q3 2022 to $403.2 million in Q1 2025, highlighting a solid liquidity position.
Short-term investments rose markedly from $98.6 million in Q3 2022 to $796.2 million as of Q1 2025, enhancing the company's cash reserves.
Net cash provided by financing activities remained strong with significant inflows in multiple quarters, reaching $28.9 million in Q1 2025, indicating access to capital markets or financing sources.
Gross profit has improved over the years, increasing from about $54.3 million in Q3 2022 to over $71.5 million in Q1 2025, showing better cost management relative to revenue.

Neutral observations:

The company’s total operating expenses remain very high relative to revenue, consistently surpassing $200 million per quarter, which depicts ongoing significant investment in R&D and SG&A.
Interest expense has remained roughly consistent at around $20 to $21 million per quarter in recent periods, indicating steady debt servicing costs.
Total liabilities increased from $1.02 billion in Q3 2022 to $1.70 billion by Q1 2025, suggesting greater use of leverage or accrued obligations over time.
Total equity remains minimal or negative in earlier periods, moving towards positive territory in later quarters but still very low (around $99 million in Q1 2025), reflecting accumulated losses.
Net cash from operating activities has been negative in all recent quarters, typically ranging from about -$90 million to -$262 million, showing cash burn from core operations.

Negative factors and concerns:

The company has incurred continuous net losses every quarter, with net losses increasing from about -$131 million in Q3 2022 to -$256 million in Q1 2025; profitability remains a significant challenge.
Diluted earnings per share have been consistently negative, worsening from approximately -$1.09 in Q3 2022 to -$1.42 by Q1 2025, reflecting ongoing shareholder value erosion.
Research & development expenses are substantially high, rising from about $99.9 million in Q3 2022 to approximately $152.6 million in Q1 2025, which burdens operating expenses.
Selling, general & administrative expenses also remain elevated, hitting $147.5 million in Q1 2025, indicating high overhead costs.
The company’s cash flow from investing activities shows large purchases of investments consistently outpacing sales or maturities, leading to overall cash outflows in many quarters.

Summary: Over the recent four-year period, Insmed has grown its revenue and cash reserves, which is positive. However, the company continues to operate at a significant net loss with substantial operating costs driven by high R&D and SG&A expenses. Despite raising capital through financing activities, negative cash flows from operations and increasing liabilities pose ongoing risks. Earnings per share remain under pressure, reflecting challenges in achieving profitability. Investors should weigh the revenue growth and cash strength against high expenses and persistent losses when considering this stock.

08/09/25 05:31 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Insmed's Financials

When does Insmed's fiscal year end?

According to the most recent income statement we have on file, Insmed's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Insmed's net income changed over the last 9 years?

Insmed's net income appears to be on an upward trend, with a most recent value of -$913.77 million in 2024, rising from -$118.18 million in 2015. The previous period was -$749.57 million in 2023. See Insmed's forecast for analyst expectations on what’s next for the company.

What is Insmed's operating income?

Insmed's total operating income in 2024 was -$878.25 million, based on the following breakdown:

Total Gross Profit: $277.97 million
Total Operating Expenses: $1.16 billion

How has Insmed's revenue changed over the last 9 years?

Over the last 9 years, Insmed's total revenue changed from $0.00 in 2015 to $363.71 million in 2024, a change of 36,370,700,000.0%.

How much debt does Insmed have?

Insmed's total liabilities were at $1.74 billion at the end of 2024, a 4.7% increase from 2023, and a 3,778.6% increase since 2015.

How much cash does Insmed have?

In the past 9 years, Insmed's cash and equivalents has ranged from $162.59 million in 2016 to $1.07 billion in 2022, and is currently $555.03 million as of their latest financial filing in 2024.

How has Insmed's book value per share changed over the last 9 years?

Over the last 9 years, Insmed's book value per share changed from 5.04 in 2015 to 1.60 in 2024, a change of -68.4%.

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This page (NASDAQ:INSM) was last updated on 8/9/2025 by MarketBeat.com Staff

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Insmed (INSM) Financials

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Insmed (INSM) Financials

Annual Income Statements for Insmed

Quarterly Income Statements for Insmed

Annual Cash Flow Statements for Insmed

Quarterly Cash Flow Statements for Insmed

Annual Balance Sheets for Insmed

Quarterly Balance Sheets for Insmed

Annual Metrics And Ratios for Insmed

Quarterly Metrics And Ratios for Insmed

Key Financial Trends

Frequently Asked Questions About Insmed's Financials

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Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools