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Insmed (INSM) Financials

Insmed logo
$103.89 +2.54 (+2.51%)
Closing price 04:00 PM Eastern
Extended Trading
$104.42 +0.53 (+0.51%)
As of 05:05 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Insmed

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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -118 -176 -193 -324 -254 -294 -435 -482 -750 -914 -1,277
Consolidated Net Income / (Loss)		 -118 -176 -193 -324 -254 -294 -435 -482 -750 -914 -1,277
Net Income / (Loss) Continuing Operations		 -118 -176 -193 -324 -254 -294 -435 -482 -750 -914 -1,277
Total Pre-Tax Income 		-120 -176 -193 -324 -254 -293 -436 -480 -747 -910 -1,272
Total Operating Income		 -117 -173 -189 -307 -235 -265 -375 -457 -710 -878 -1,247
Total Gross Profit		 0.00 0.00 0.00 7.41 112 125 144 190 240 278 483
Total Revenue		 0.00 0.00 0.00 9.84 136 164 188 245 305 364 606
Operating Revenue		 0.00 - 0.00 9.84 136 164 188 245 305 364 606
Total Cost of Revenue		 0.00 0.00 0.00 2.42 24 40 44 55 66 86 123
Operating Cost of Revenue		 - 0.00 0.00 2.42 24 40 44 55 66 86 123
Total Operating Expenses		 117 173 189 315 348 390 519 648 949 1,156 1,730
Selling, General & Admin Expense		 43 51 79 168 211 204 234 266 345 461 701
Research & Development Expense		 74 123 110 145 132 181 273 398 571 598 771
Amortization Expense		 - 0.00 0.00 1.25 4.99 5.00 5.05 5.05 5.05 5.05 6.00
Other Special Charges / (Income)		 - - - - 0.00 0.00 7.33 -21 29 92 252
Total Other Income / (Expense), net		 -2.92 -3.38 -5.63 -17 -18 -27 -61 -21 -37 -32 -25
Interest Expense		 2.89 3.50 5.93 28 28 30 58 26 82 85 84
Interest & Investment Income		 - - - 10 9.92 1.70 - 11 42 53 61
Other Income / (Expense), net		 -0.03 0.12 0.30 0.60 -0.53 0.41 -3.33 -5.94 2.18 -0.21 -1.84
Income Tax Expense		 -1.97 0.10 -0.27 0.20 0.78 1.40 -1.76 1.38 2.56 3.71 5.03
Basic Earnings per Share		 ($2.02) ($2.85) ($2.89) ($4.22) ($3.01) ($3.01) ($3.88) ($3.91) ($5.34) ($5.57) ($6.42)
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 199.01M
Diluted Earnings per Share		 ($2.02) ($2.85) ($2.89) ($4.22) ($3.01) ($3.01) ($3.88) ($3.91) ($5.34) ($5.57) ($6.42)
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 199.01M
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 215.55M

Quarterly Income Statements for Insmed

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -247 -160 -183 -157 -301 -221 -234 -257 -322 -370 -328
Consolidated Net Income / (Loss)		 -245 -159 -186 -157 -301 -221 -78 -257 -322 -370 -328
Net Income / (Loss) Continuing Operations		 -245 -159 -186 -157 -301 -221 -236 -257 -322 -370 -328
Total Pre-Tax Income 		-244 -158 -185 -157 -300 -220 -234 -256 -320 -369 -327
Total Operating Income		 -236 -148 -178 -146 -289 -213 -230 -248 -313 -366 -320
Total Gross Profit		 61 62 65 58 69 72 78 72 79 113 220
Total Revenue		 77 79 84 76 90 93 104 93 107 142 264
Operating Revenue		 77 79 84 76 90 93 104 93 107 142 264
Total Cost of Revenue		 17 17 18 17 21 21 26 21 28 29 44
Operating Cost of Revenue		 17 17 18 17 21 21 26 21 28 29 44
Total Operating Expenses		 296 210 244 204 358 286 309 320 392 479 539
Selling, General & Admin Expense		 84 91 90 93 107 119 143 148 155 186 212
Research & Development Expense		 197 109 137 121 147 151 180 153 177 186 255
Amortization Expense		 1.26 1.26 1.26 1.26 1.26 1.26 1.26 1.26 1.26 1.54 1.94
Other Special Charges / (Income)		 14 9.00 16 -12 104 15 -15 18 59 105 70
Total Other Income / (Expense), net		 -9.94 -9.42 -8.44 -11 -11 -6.08 -3.25 -7.53 -7.57 -0.60 -9.28
Other Income / (Expense), net		 -0.49 0.29 2.49 1.26 0.12 -2.01 1.05 0.13 0.45 -0.60 -1.82
Income Tax Expense		 0.53 0.54 1.00 0.59 0.84 1.01 1.27 0.91 1.24 1.32 1.55
Basic Earnings per Share		 ($1.78) ($1.11) ($1.28) ($1.06) ($1.94) ($1.27) ($1.30) ($1.42) ($1.70) ($1.75) ($1.55)
Weighted Average Basic Shares Outstanding		 137.55M 142.90M 140.43M 148.46M 154.70M 173.72M 164.04M 180.86M 189.30M 211.76M 199.01M
Diluted Earnings per Share		 ($1.78) ($1.11) ($1.28) ($1.06) ($1.94) ($1.27) ($1.30) ($1.42) ($1.70) ($1.75) ($1.55)
Weighted Average Diluted Shares Outstanding		 137.55M 142.90M 140.43M 148.46M 154.70M 173.72M 164.04M 180.86M 189.30M 211.76M 199.01M
Weighted Average Basic & Diluted Shares Outstanding		 143.80M 143.06M 148.49M 148.60M 171.85M 178.90M 181.00M 182.14M 211.37M 213.27M 215.55M

Annual Cash Flow Statements for Insmed

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 124 -120 219 114 -7.64 45 184 357 -592 73 -46
Net Cash From Operating Activities		 -101 -147 -160 -258 -251 -219 -363 -400 -536 -684 -935
Net Cash From Continuing Operating Activities		 -101 -147 -160 -258 -251 -219 -363 -400 -536 -684 -935
Net Income / (Loss) Continuing Operations		 -118 -176 -193 -324 -254 -294 -435 -482 -750 -914 -1,277
Consolidated Net Income / (Loss)		 -118 -176 -193 -324 -254 -294 -435 -482 -750 -914 -1,277
Depreciation Expense		 1.98 2.44 2.90 3.58 5.19 9.15 9.13 5.28 5.53 5.96 10
Amortization Expense		 0.46 0.28 0.12 2.60 25 7.48 8.02 11 15 15 15
Non-Cash Adjustments To Reconcile Net Income		 16 18 19 44 37 61 105 78 204 121 145
Changes in Operating Assets and Liabilities, net		 -0.62 8.64 11 16 -63 -2.95 -51 -13 -11 89 172
Net Cash From Investing Activities		 -3.45 -4.20 -3.00 -15 -42 -6.82 -64 -35 -224 -583 -65
Net Cash From Continuing Investing Activities		 -3.45 -4.20 -3.00 -15 -42 -6.82 -64 -35 -224 -583 -65
Purchase of Property, Plant & Equipment		 -3.45 -4.20 -3.00 -13 -42 -6.24 -7.29 -9.88 -13 -22 -33
Acquisitions		 - 0.00 0.00 -1.72 0.00 -0.58 -6.70 0.00 3.42 0.00 0.00
Purchase of Investments		 - - - - 0.00 0.00 -50 -100 -589 -1,577 -2,092
Sale and/or Maturity of Investments		 - - - - - 0.00 0.00 75 375 1,016 2,090
Other Investing Activities, net		 - - - - - - - - - - -30
Net Cash From Financing Activities		 228 31 381 387 285 271 613 793 168 1,341 954
Net Cash From Continuing Financing Activities		 228 31 381 387 285 271 613 793 168 1,341 954
Repayment of Debt		 -0.25 -0.41 0.00 -72 4.50 -0.94 -253 -18 -1.22 -3.74 -1.97
Issuance of Debt		 0.00 30 0.00 450 0.00 0.00 575 350 0.00 150 0.00
Issuance of Common Equity		 223 0.00 378 0.00 261 246 270 292 152 1,084 823
Other Financing Activities, net		 5.11 1.08 3.43 8.82 20 26 21 169 17 111 133
Cash Interest Paid		 2.95 3.61 5.17 6.29 7.88 9.19 11 10 36 41 55
Cash Income Taxes Paid		 -3.01 0.09 0.17 0.15 0.34 0.81 1.56 1.72 1.96 2.50 4.14

Quarterly Cash Flow Statements for Insmed

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 -356 -126 -4.74 113 651 -785 94 -152 881 -950 175
Net Cash From Operating Activities		 -123 -136 -131 -184 -123 -181 -196 -262 -206 -220 -248
Net Cash From Continuing Operating Activities		 -123 -136 -131 -184 -123 -181 -196 -262 -206 -220 -248
Net Income / (Loss) Continuing Operations		 -245 -159 -186 -157 -301 -221 -236 -257 -322 -370 -328
Consolidated Net Income / (Loss)		 -245 -159 -186 -157 -301 -221 -236 -257 -322 -370 -328
Depreciation Expense		 1.31 1.49 1.48 1.59 1.44 1.46 1.48 1.88 2.48 2.46 3.62
Amortization Expense		 3.95 3.78 3.69 3.79 3.74 3.43 3.69 3.76 3.62 3.56 3.99
Non-Cash Adjustments To Reconcile Net Income		 107 31 29 37 30 32 22 37 41 26 41
Changes in Operating Assets and Liabilities, net		 10 -14 21 -69 143 2.80 12 -48 69 119 32
Net Cash From Investing Activities		 -274 7.15 1.80 295 -6.78 -1,003 132 80 228 -762 389
Net Cash From Continuing Investing Activities		 -274 7.15 1.80 295 -6.78 -1,003 132 80 228 -762 389
Purchase of Property, Plant & Equipment		 -4.88 -2.85 -2.15 -4.68 -6.78 -3.69 -6.77 -10 -3.48 -2.42 -17
Sale and/or Maturity of Investments		 20 10 300 300 - - 716 721 508 425 436
Net Cash From Financing Activities		 44 1.25 123 3.02 781 397 159 29 858 33 34
Net Cash From Continuing Financing Activities		 44 1.25 123 3.02 781 397 159 29 858 33 34
Other Financing Activities, net		 6.31 1.25 8.80 3.43 68 26 13 29 36 34 34
Cash Interest Paid		 7.90 7.97 8.33 8.21 8.49 8.63 15 13 13 15 14
Cash Income Taxes Paid		 0.36 0.52 0.08 1.21 0.35 0.69 0.25 2.18 0.68 1.18 0.11

Annual Balance Sheets for Insmed

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 2025
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 12/31/2025
Total Assets		 357 238 462 605 742 796 1,244 1,656 1,330 2,025 2,265
Total Current Assets		 288 168 389 519 555 623 837 1,273 929 1,622 1,794
Cash & Equivalents		 283 163 381 495 487 533 717 1,074 482 555 510
Short-Term Investments		 - - - - - - 0.00 74 298 879 920
Accounts Receivable		 - - 0.00 5.52 19 17 24 30 41 52 141
Inventories, net		 - - 0.00 7.03 28 50 67 70 83 99 132
Prepaid Expenses		 5.24 5.82 8.28 11 20 24 29 25 24 37 91
Plant, Property, & Equipment, net		 8.09 10 12 23 60 54 53 56 65 80 103
Total Noncurrent Assets		 60 60 60 63 127 119 354 327 335 324 367
Noncurrent Note & Lease Receivables		 - - - 0.00 15 10 9.26 24 21 18 16
Goodwill		 - - - - - 0.00 136 136 136 136 136
Intangible Assets		 58 58 58 59 54 49 74 69 64 59 98
Other Noncurrent Operating Assets		 2.15 1.33 1.97 4.30 58 60 84 98 115 110 118
Total Liabilities & Shareholders' Equity		 357 238 462 605 742 796 1,244 1,656 1,330 2,025 2,265
Total Liabilities		 45 83 101 396 481 520 833 1,568 1,662 1,740 1,526
Total Current Liabilities		 22 28 45 80 85 119 135 190 226 298 469
Accounts Payable		 7.47 10 15 18 13 43 125 182 215 285 456
Other Current Liabilities		 0.68 0.73 0.65 1.53 13 13 10 8.13 11 12 13
Total Noncurrent Liabilities		 23 55 56 317 395 401 698 1,378 1,436 1,442 1,057
Long-Term Debt		 22 55 56 317 336 356 567 1,125 1,155 1,103 541
Other Noncurrent Operating Liabilities		 0.57 0.69 0.77 0.00 59 45 131 253 281 339 516
Total Equity & Noncontrolling Interests		 312 154 361 208 262 276 410 88 -332 285 739
Total Preferred & Common Equity		 312 154 361 208 262 276 410 88 -332 285 739
Total Common Equity		 312 154 361 208 262 276 410 88 -332 285 739
Common Stock		 901 920 1,319 1,490 1,798 2,106 2,675 2,784 3,115 4,648 6,374
Retained Earnings		 -589 -765 -958 -1,282 -1,536 -1,831 -2,265 -2,697 -3,446 -4,360 -5,637
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 1.46

Quarterly Balance Sheets for Insmed

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 Q2 2025 Q3 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 6/30/2025 9/30/2025
Total Assets		 995 1,518 1,439 1,325 1,159 1,810 2,053 1,803 2,480 2,361
Total Current Assets		 632 1,129 1,052 927 759 1,418 1,650 1,403 2,082 1,932
Cash & Equivalents		 415 969 613 487 596 1,247 461 403 1,284 335
Short-Term Investments		 99 30 305 299 0.00 0.00 1,006 796 572 1,345
Accounts Receivable		 27 31 31 36 37 40 42 48 55 65
Inventories, net		 66 71 77 78 83 90 98 101 108 121
Prepaid Expenses		 25 29 26 27 43 41 41 55 62 66
Plant, Property, & Equipment, net		 54 60 62 65 69 73 75 88 90 90
Total Noncurrent Assets		 309 329 325 334 332 319 328 312 308 339
Noncurrent Note & Lease Receivables		 17 23 22 22 20 20 19 18 17 16
Goodwill		 136 136 136 136 136 136 136 136 136 136
Intangible Assets		 70 67 66 65 62 61 60 57 56 85
Other Noncurrent Operating Assets		 86 102 100 111 113 102 113 101 99 102
Total Liabilities & Shareholders' Equity		 995 1,518 1,439 1,325 1,159 1,810 2,053 1,803 2,480 2,361
Total Liabilities		 1,025 1,562 1,595 1,614 1,624 1,771 1,570 1,704 1,230 1,415
Total Current Liabilities		 138 188 204 197 421 524 259 239 312 417
Accounts Payable		 132 179 198 188 189 291 249 233 305 410
Other Current Liabilities		 5.79 8.98 6.60 8.95 7.30 8.86 11 6.56 6.66 7.38
Total Noncurrent Liabilities		 887 1,374 1,391 1,418 1,203 1,247 1,310 1,464 918 998
Long-Term Debt		 785 1,132 1,140 1,148 939 947 955 1,105 539 540
Other Noncurrent Operating Liabilities		 102 242 251 270 264 300 356 359 380 458
Total Equity & Noncontrolling Interests		 -30 -45 -156 -289 -465 39 483 99 1,250 946
Total Preferred & Common Equity		 -30 -45 -156 -289 -465 39 483 99 1,250 946
Total Common Equity		 -30 -45 -156 -289 -465 39 483 99 1,250 946
Common Stock		 2,508 2,811 2,947 2,973 3,140 3,945 4,607 4,717 6,186 6,252
Retained Earnings		 -2,536 -2,856 -3,101 -3,260 -3,603 -3,904 -4,124 -4,617 -4,938 -5,308
Accumulated Other Comprehensive Income / (Loss)		 -1.39 1.08 -1.25 -2.08 -1.64 -2.83 0.55 -0.90 1.73 2.00

Annual Metrics And Ratios for Insmed

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 2025
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 12/31/2025
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% 66.73%
EBITDA Growth		 -34.19% -48.20% -8.82% -61.94% 31.51% -20.57% -45.56% -23.72% -53.66% -24.86% -42.59%
EBIT Growth		 -34.74% -47.44% -8.85% -62.62% 23.13% -12.32% -42.89% -22.42% -52.71% -24.14% -42.14%
NOPAT Growth		 -34.49% -47.58% -8.95% -62.68% 23.46% -12.75% -41.42% -21.92% -55.17% -23.76% -41.96%
Net Income Growth		 -49.30% -49.15% -9.29% -68.33% 21.57% -15.63% -47.80% -10.79% -55.66% -21.91% -39.73%
EPS Growth		 -9.78% -41.09% -1.40% -46.02% 28.67% 0.00% -28.90% -0.77% -36.57% -4.31% -15.26%
Operating Cash Flow Growth		 -56.33% -45.69% -8.80% -61.62% 2.84% 12.49% -65.63% -10.22% -33.91% -27.53% -36.72%
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% -45.74%
Invested Capital Growth		 4.04% -13.49% -24.04% -16.10% 270.34% -9.75% 111.40% -69.12% -33.85% -204.94% -233.09%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 35.66% -2.54% 8.47% 1.31% 8.69% 6.05% 35.66%
EBITDA Q/Q Growth		 -8.73% -25.34% 0.97% -7.38% 22.47% -35.07% -8.51% -6.43% -3.83% -5.39% -7.88%
EBIT Q/Q Growth		 -8.80% -24.80% 0.93% -7.88% 14.60% -21.44% -2.05% -11.72% -3.73% -6.46% -7.94%
NOPAT Q/Q Growth		 -8.82% -24.80% 0.89% -7.85% 14.73% -21.79% -1.23% -12.94% -3.92% -6.31% -7.72%
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% -7.85%
EPS Q/Q Growth		 -8.02% -27.23% 7.37% -7.93% 17.31% -17.12% 1.02% -7.12% -1.14% -0.36% -4.05%
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% -5.84%
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% -18.99%
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% 22.90%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 75.36% 82.26% 75.75% 76.57% 77.53% 78.52% 76.43% 79.73%
EBITDA Margin		 0.00% 0.00% 0.00% -3,056.02% -150.84% -150.96% -191.70% -182.17% -225.04% -235.80% -201.71%
Operating Margin		 0.00% 0.00% 0.00% -3,124.94% -172.38% -161.32% -199.03% -186.39% -232.51% -241.47% -205.59%
EBIT Margin		 0.00% 0.00% 0.00% -3,118.82% -172.77% -161.07% -200.80% -188.81% -231.79% -241.46% -205.90%
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% -210.54%
Tax Burden Percent		 98.36% 100.06% 99.86% 100.06% 100.31% 100.48% 99.60% 100.29% 100.34% 100.41% 100.40%
Interest Burden Percent		 102.24% 101.67% 102.28% 105.65% 107.54% 110.52% 115.32% 103.65% 105.59% 103.63% 101.85%
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)		 0.00% 0.00% 0.00% -659.80% -235.35% -177.13% -169.57% -232.69% -921.05% 0.00% 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% 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% 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% -249.28%
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% 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% -58.21%
Return on Assets (ROA)		 0.00% 0.00% 0.00% -60.81% -37.77% -38.23% -42.62% -33.21% -50.20% -54.47% -59.53%
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% -249.28%
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% 0.00%
Net Operating Profit after Tax (NOPAT)		 -82 -121 -132 -215 -165 -186 -263 -320 -497 -615 -873
NOPAT Margin		 0.00% 0.00% 0.00% -2,187.46% -120.67% -112.92% -139.32% -130.47% -162.75% -169.03% -143.92%
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% -66.26%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -26.39% -60.33% -44.27% -68.19%
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% 20.27%
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% 115.62%
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% 127.15%
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% 285.32%
Earnings before Interest and Taxes (EBIT)		 -118 -173 -189 -307 -236 -265 -378 -463 -707 -878 -1,249
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -115 -171 -186 -301 -206 -248 -361 -447 -687 -858 -1,223
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 50.23
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 73.47
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 61.21
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)		 16.01 15.23 58.16 28.00 17.99 32.33 14.39 41.34 111.97 0.00 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 59.74
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		 0.08 0.35 0.15 1.52 1.28 1.29 1.38 12.79 -3.48 3.87 0.73
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 0.73
Financial Leverage		 -0.79 -0.78 -0.84 -0.89 -0.70 -0.61 -0.55 -0.45 -1.44 -0.95 -1.19
Leverage Ratio		 1.18 1.28 1.36 1.87 2.87 2.86 2.97 5.82 -12.24 -72.08 4.19
Compound Leverage Factor		 1.21 1.30 1.39 1.98 3.08 3.16 3.43 6.03 -12.92 -74.70 4.27
Debt to Total Capital		 7.46% 26.18% 13.34% 60.32% 56.21% 56.36% 57.99% 92.75% 140.31% 79.45% 42.26%
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% 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% 42.26%
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		 92.54% 73.82% 86.66% 39.68% 43.79% 43.64% 42.01% 7.25% -40.31% 20.55% 57.74%
Debt to EBITDA		 -0.22 -0.32 -0.30 -1.05 -1.63 -1.44 -1.57 -2.52 -1.68 -1.29 -0.44
Net Debt to EBITDA		 2.24 0.63 1.75 0.59 0.74 0.71 0.55 0.05 -0.55 0.39 0.73
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 -0.44
Debt to NOPAT		 -0.31 -0.45 -0.42 -1.47 -2.04 -1.92 -2.16 -3.52 -2.33 -1.79 -0.62
Net Debt to NOPAT		 3.13 0.89 2.46 0.83 0.92 0.95 0.76 0.07 -0.75 0.54 1.02
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 -0.62
Altman Z-Score		 12.50 -0.31 10.83 -2.22 -0.34 0.56 -0.40 -1.23 -2.92 0.78 10.26
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		 12.94 6.02 8.72 6.51 6.51 5.24 6.19 6.69 4.12 5.45 3.83
Quick Ratio		 12.71 5.81 8.54 6.28 5.94 4.62 5.48 6.19 3.64 4.99 3.35
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -84 -114 -121 -209 -245 -175 -373 -175 -475 -527 -768
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% -2,871.58%
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 -9.16
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 -11.16
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 -11.55
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.02 0.20 0.21 0.18 0.17 0.20 0.22 0.28
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 11.03 9.19 9.21 9.08 8.61 7.80 6.29
Inventory Turnover		 0.00 0.00 0.00 0.00 1.37 1.02 0.76 0.81 0.86 0.94 1.07
Fixed Asset Turnover		 0.00 0.00 0.00 0.56 3.30 2.88 3.53 4.48 5.01 5.00 6.63
Accounts Payable Turnover		 0.00 0.00 0.00 0.15 1.57 1.42 0.53 0.36 0.33 0.34 0.33
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 33.09 39.73 39.62 40.21 42.40 46.77 58.04
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 266.42 356.58 481.96 453.32 426.30 387.01 342.39
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 1,100.41
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 -699.97
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 54 47 35 30 110 99 210 65 43 -45 -150
Invested Capital Turnover		 0.00 0.00 0.00 0.30 1.95 1.57 1.22 1.78 5.66 -342.80 -6.21
Increase / (Decrease) in Invested Capital		 2.10 -7.28 -11 -5.71 80 -11 111 -145 -22 -88 -105
Enterprise Value (EV)		 864 711 2,063 833 1,982 3,215 3,024 2,684 4,808 12,021 36,229
Market Capitalization		 1,122 819 2,388 1,011 2,134 3,391 3,224 2,707 4,433 12,351 37,118
Book Value per Share		 $5.04 $2.50 $4.71 $2.70 $2.93 $2.71 $3.47 $0.65 ($2.32) $1.60 $3.46
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 $2.37
Total Capital		 337 209 417 525 598 632 977 1,213 823 1,389 1,280
Total Debt		 25 55 56 317 336 356 567 1,125 1,155 1,103 541
Total Long-Term Debt		 22 55 56 317 336 356 567 1,125 1,155 1,103 541
Net Debt		 -258 -108 -326 -179 -151 -176 -200 -23 375 -330 -889
Capital Expenditures (CapEx)		 3.45 4.20 3.00 13 42 6.24 7.29 9.88 13 22 33
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -14 -22 -36 -56 -17 -29 -15 -65 -77 -110 -105
Debt-free Net Working Capital (DFNWC)		 269 140 345 439 470 504 702 1,083 703 1,324 1,325
Net Working Capital (NWC)		 266 140 345 439 470 504 702 1,083 703 1,324 1,325
Net Nonoperating Expense (NNE)		 36 55 60 109 90 108 172 161 253 299 404
Net Nonoperating Obligations (NNO)		 -258 -108 -326 -179 -151 -176 -200 -23 375 -330 -889
Total Depreciation and Amortization (D&A)		 2.44 2.72 3.02 6.18 30 17 17 16 21 21 25
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% -17.27%
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% 218.55%
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% 218.55%
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) ($6.42)
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 199.01M
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) ($6.42)
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 199.01M
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 $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 215.55M
Normalized Net Operating Profit after Tax (NOPAT)		 -82 -121 -132 -215 -165 -186 -257 -335 -477 -551 -696
Normalized NOPAT Margin		 0.00% 0.00% 0.00% -2,187.46% -120.67% -112.92% -136.60% -136.41% -156.17% -151.39% -114.83%
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% -209.71%
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 -14.90
NOPAT to Interest Expense		 -28.47 -34.70 -22.32 -7.77 -5.94 -6.28 -4.51 -12.10 -6.08 -7.24 -10.42
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 -15.29
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 -10.80
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%

Quarterly Metrics And Ratios for Insmed

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 18.41% 16.75% 41.13% 15.77% 16.98% 18.15% 24.79% 22.94% 18.90% 52.36% 152.62%
EBITDA Growth		 -159.44% -12.97% -17.46% 3.13% -23.07% -48.16% -31.41% -74.53% -8.01% -71.26% -39.65%
EBIT Growth		 -154.82% -14.06% -16.92% 2.72% -22.52% -46.18% -30.48% -71.94% -8.18% -70.17% -39.82%
NOPAT Growth		 -166.69% -15.64% -17.69% 1.79% -22.66% -44.53% -29.25% -70.54% -8.30% -71.49% -38.77%
Net Income Growth		 -155.96% -21.19% -16.20% -96.65% -22.79% -38.75% 57.83% -63.33% -7.01% -67.79% -39.46%
EPS Growth		 -122.50% -1.83% -4.92% 9.40% -8.99% -14.41% -1.56% -33.96% 12.37% -37.80% -19.23%
Operating Cash Flow Growth		 -20.03% -51.77% -26.83% -25.79% -0.13% -32.70% -49.81% -42.41% -67.19% -21.47% -26.34%
Free Cash Flow Firm Growth		 118.64% 157.34% -361.76% -352.69% -406.04% -172.05% 28.72% 34.56% -88.65% -91.83% -62.09%
Invested Capital Growth		 -74.85% -70.10% -33.85% 15.63% -155.37% -141.08% -204.94% -95.35% -86.67% -556.38% -233.09%
Revenue Q/Q Growth		 18.42% 2.39% 5.84% -9.79% 19.66% 3.41% 11.79% -11.12% 15.72% 32.52% 85.36%
EBITDA Q/Q Growth		 -60.97% 38.42% -20.06% 22.99% -104.52% 25.86% -6.48% -8.10% -26.39% -17.72% 12.93%
EBIT Q/Q Growth		 -59.18% 37.55% -19.27% 18.09% -100.48% 25.50% -6.47% -8.13% -25.97% -17.34% 12.28%
NOPAT Q/Q Growth		 -58.97% 37.30% -20.72% 18.38% -98.55% 26.12% -7.96% -7.69% -26.09% -16.98% 12.64%
Net Income Q/Q Growth		 -53.23% 35.08% -17.07% -68.86% 4.32% 26.64% 64.42% -227.04% -25.37% -15.03% 11.23%
EPS Q/Q Growth		 -52.14% 37.64% -15.32% 17.19% -83.02% 34.54% -2.36% -9.23% -19.72% -2.94% 11.43%
Operating Cash Flow Q/Q Growth		 16.07% -11.03% 4.04% -40.68% 33.19% -47.14% -8.33% -33.73% 21.56% -6.90% -12.67%
Free Cash Flow Firm Q/Q Growth		 -29.21% 103.45% -255.86% -12.57% 14.26% 52.11% -54.19% -3.35% -147.17% 51.30% -30.29%
Invested Capital Q/Q Growth		 -25.39% 8.93% -40.53% 139.24% -135.73% 19.19% -51.93% 110.60% -1,534.72% -184.14% 22.90%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 78.51% 78.87% 77.96% 76.88% 76.79% 77.34% 74.96% 77.08% 73.86% 79.37% 83.24%
EBITDA Margin		 -298.80% -179.72% -203.86% -183.92% -314.36% -225.37% -214.67% -261.10% -285.18% -253.33% -118.99%
Operating Margin		 -304.97% -186.75% -213.01% -192.72% -319.80% -228.45% -220.61% -267.33% -291.28% -257.13% -121.19%
EBIT Margin		 -305.61% -186.39% -210.03% -191.05% -320.09% -230.60% -219.61% -267.18% -290.86% -257.55% -121.88%
Profit (Net Income) Margin		 -316.99% -201.00% -222.31% -416.14% -332.75% -236.04% -75.12% -276.42% -299.48% -259.95% -124.50%
Tax Burden Percent		 100.22% 100.34% 100.54% 200.75% 100.28% 100.46% 33.49% 100.36% 100.39% 100.36% 100.47%
Interest Burden Percent		 103.50% 107.47% 105.28% 108.50% 103.66% 101.89% 102.14% 103.09% 102.57% 100.57% 101.67%
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)		 -348.78% -234.00% -843.80% -444.30% -4,973.00% -2,577.92% 0.00% -1,326.37% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -385.00% -251.56% -878.63% -504.87% -5,107.30% -2,484.04% 0.00% -1,361.40% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 1,524.01% 498.73% 1,267.09% 694.74% 6,399.51% 1,939.39% 0.00% 1,761.70% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 1,175.23% 264.73% 423.29% 250.44% 1,426.50% -638.53% 3,926.49% 435.34% -160.54% -165.69% -249.28%
Cash Return on Invested Capital (CROIC)		 -161.70% -196.74% -880.29% -531.09% 0.00% 0.00% 0.00% -1,095.04% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -66.08% -45.13% -42.93% -45.04% -64.74% -46.83% -47.61% -68.74% -53.98% -52.17% -34.46%
Return on Assets (ROA)		 -68.54% -48.66% -45.44% -98.09% -67.30% -47.93% -16.29% -71.12% -55.58% -52.66% -35.20%
Return on Common Equity (ROCE)		 1,175.23% 264.73% 423.29% 250.44% 1,426.50% -638.53% 3,926.49% 435.34% -160.54% -165.69% -249.28%
Return on Equity Simple (ROE_SIMPLE)		 446.78% 250.08% 0.00% 194.49% -2,472.53% -211.28% 0.00% -1,021.86% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -165 -103 -125 -102 -202 -149 -161 -174 -219 -256 -224
NOPAT Margin		 -213.48% -130.73% -149.10% -134.91% -223.86% -159.91% -154.43% -187.13% -203.89% -179.99% -84.83%
Net Nonoperating Expense Percent (NNEP)		 36.22% 17.55% 34.83% 60.57% 134.29% -93.89% -372.94% 35.03% -14.73% -13.77% -17.16%
Return On Investment Capital (ROIC_SIMPLE)		 - - -15.16% - - - -11.61% -14.42% -12.25% -17.25% -17.49%
Cost of Revenue to Revenue		 21.49% 21.13% 22.04% 23.12% 23.21% 22.66% 25.04% 22.92% 26.14% 20.63% 16.76%
SG&A Expenses to Revenue		 109.33% 114.61% 106.97% 123.31% 117.96% 127.30% 136.45% 158.95% 144.08% 130.94% 80.53%
R&D to Revenue		 255.05% 138.04% 163.73% 160.37% 162.44% 161.42% 172.08% 164.37% 164.96% 130.96% 96.61%
Operating Expenses to Revenue		 383.49% 265.62% 290.97% 269.60% 396.59% 305.79% 295.58% 344.40% 365.14% 336.50% 204.43%
Earnings before Interest and Taxes (EBIT)		 -236 -147 -176 -144 -289 -215 -229 -248 -312 -367 -322
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -231 -142 -171 -139 -284 -211 -224 -242 -306 -361 -314
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 256.49 25.95 43.28 139.26 14.67 32.19 50.23
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 43.65 136.30 0.00 17.33 41.99 73.47
Price to Revenue (P/Rev)		 10.68 12.93 14.53 12.30 30.30 36.58 33.96 36.24 46.04 68.10 61.21
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)		 46.77 55.29 111.97 43.30 0.00 0.00 0.00 2,871.45 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 11.51 14.22 15.75 14.10 30.07 35.08 33.05 35.99 42.73 65.54 59.74
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		 -7.32 -3.97 -3.48 -2.50 30.17 1.98 3.87 11.14 0.43 0.57 0.73
Long-Term Debt to Equity		 -7.32 -3.97 -3.48 -2.02 24.39 1.98 3.87 11.14 0.43 0.57 0.73
Financial Leverage		 -3.96 -1.98 -1.44 -1.38 -1.25 -0.78 -0.95 -1.29 -1.08 -1.16 -1.19
Leverage Ratio		 -22.35 -7.26 -12.24 -5.25 -27.79 17.41 -72.08 -8.10 3.33 3.09 4.19
Compound Leverage Factor		 -23.14 -7.81 -12.89 -5.70 -28.81 17.74 -73.63 -8.35 3.41 3.11 4.26
Debt to Total Capital		 115.83% 133.72% 140.31% 166.55% 96.79% 66.39% 79.45% 91.77% 30.11% 36.34% 42.26%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 32.10% 18.55% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 115.83% 133.72% 140.31% 134.45% 78.24% 66.39% 79.45% 91.77% 30.11% 36.34% 42.26%
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		 -15.83% -33.72% -40.31% -66.55% 3.21% 33.61% 20.55% 8.23% 69.89% 63.66% 57.74%
Debt to EBITDA		 -1.77 -1.73 -1.68 -1.68 -1.57 -1.17 -1.29 -1.15 -0.55 -0.48 -0.44
Net Debt to EBITDA		 -0.34 -0.55 -0.55 -0.82 0.10 0.63 0.39 0.10 1.34 1.01 0.73
Long-Term Debt to EBITDA		 -1.77 -1.73 -1.68 -1.36 -1.27 -1.17 -1.29 -1.15 -0.55 -0.48 -0.44
Debt to NOPAT		 -2.46 -2.40 -2.33 -2.35 -2.20 -1.65 -1.79 -1.61 -0.77 -0.67 -0.62
Net Debt to NOPAT		 -0.48 -0.76 -0.75 -1.15 0.14 0.89 0.54 0.14 1.87 1.41 1.02
Long-Term Debt to NOPAT		 -2.46 -2.40 -2.33 -1.90 -1.78 -1.65 -1.79 -1.61 -0.77 -0.67 -0.62
Altman Z-Score		 -1.58 -1.59 -1.60 -2.71 0.60 2.62 1.84 1.81 6.75 10.20 11.62
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		 5.15 4.71 4.12 1.80 2.71 6.37 5.45 5.86 6.68 4.63 3.83
Quick Ratio		 4.64 4.18 3.64 1.50 2.46 5.83 4.99 5.21 6.13 4.18 3.35
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 32 66 -103 -116 -99 -48 -73 -76 -187 -91 -119
Operating Cash Flow to CapEx		 -2,514.68% -4,776.91% -6,076.13% -3,933.21% -1,812.65% -4,904.20% -2,893.96% -2,602.66% -5,900.37% -9,088.54% -1,492.53%
Free Cash Flow to Firm to Interest Expense		 1.57 3.25 -4.95 -5.50 -4.67 -2.26 -3.40 -3.51 -8.81 0.00 0.00
Operating Cash Flow to Interest Expense		 -5.96 -6.72 -6.29 -8.75 -5.78 -8.59 -9.09 -12.15 -9.68 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -6.19 -6.86 -6.40 -8.97 -6.10 -8.77 -9.41 -12.62 -9.84 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.22 0.24 0.20 0.24 0.20 0.20 0.22 0.26 0.19 0.20 0.28
Accounts Receivable Turnover		 8.92 8.92 8.61 9.32 9.22 8.81 7.80 8.98 8.35 8.31 6.29
Inventory Turnover		 0.79 0.83 0.86 0.90 0.88 0.88 0.94 0.98 0.98 0.96 1.07
Fixed Asset Turnover		 4.64 4.75 5.01 4.92 4.87 4.90 5.00 4.85 4.89 5.42 6.63
Accounts Payable Turnover		 0.50 0.38 0.33 0.38 0.30 0.36 0.34 0.42 0.32 0.32 0.33
Days Sales Outstanding (DSO)		 40.92 40.93 42.40 39.15 39.57 41.45 46.77 40.67 43.70 43.92 58.04
Days Inventory Outstanding (DIO)		 462.52 437.16 426.30 406.86 415.29 412.53 387.01 374.26 373.16 381.88 342.39
Days Payable Outstanding (DPO)		 733.01 969.04 1,105.20 971.49 1,211.78 1,020.78 1,064.66 859.97 1,124.86 1,146.00 1,100.41
Cash Conversion Cycle (CCC)		 -229.57 -490.95 -636.51 -525.47 -756.92 -566.79 -630.88 -445.04 -708.00 -720.20 -699.97
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 66 72 43 103 -37 -30 -45 4.78 -69 -195 -150
Invested Capital Turnover		 1.63 1.79 5.66 3.29 22.22 16.12 -342.80 7.09 -7.57 -3.98 -6.21
Increase / (Decrease) in Invested Capital		 -197 -169 -22 14 -103 -102 -88 -98 -32 -165 -105
Enterprise Value (EV)		 3,101 3,993 4,808 4,449 9,881 12,032 12,021 13,714 17,012 29,300 36,229
Market Capitalization		 2,879 3,631 4,433 3,881 9,957 12,545 12,351 13,808 18,330 30,440 37,118
Book Value per Share		 ($1.14) ($2.01) ($2.32) ($3.13) $0.26 $2.81 $1.60 $0.55 $6.86 $4.47 $3.46
Tangible Book Value per Share		 ($2.62) ($3.41) ($3.72) ($4.47) ($1.07) $1.67 $0.51 ($0.52) $5.81 $3.43 $2.37
Total Capital		 984 858 823 698 1,210 1,438 1,389 1,204 1,788 1,485 1,280
Total Debt		 1,140 1,148 1,155 1,163 1,171 955 1,103 1,105 539 540 541
Total Long-Term Debt		 1,140 1,148 1,155 939 947 955 1,103 1,105 539 540 541
Net Debt		 222 362 375 568 -76 -513 -330 -94 -1,318 -1,140 -889
Capital Expenditures (CapEx)		 4.88 2.85 2.15 4.68 6.78 3.69 6.77 10 3.48 2.42 17
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -70 -56 -77 -34 -128 -77 -110 -36 -87 -165 -105
Debt-free Net Working Capital (DFNWC)		 848 730 703 562 1,118 1,391 1,324 1,163 1,770 1,515 1,325
Net Working Capital (NWC)		 848 730 703 338 894 1,391 1,324 1,163 1,770 1,515 1,325
Net Nonoperating Expense (NNE)		 80 56 61 212 98 71 -83 83 103 114 105
Net Nonoperating Obligations (NNO)		 222 362 375 568 -76 -513 -330 -94 -1,318 -1,140 -889
Total Depreciation and Amortization (D&A)		 5.26 5.27 5.17 5.38 5.18 4.89 5.17 5.65 6.10 6.02 7.62
Debt-free, Cash-free Net Working Capital to Revenue		 -25.83% -19.98% -25.23% -10.67% -39.05% -22.52% -30.16% -9.45% -21.82% -37.00% -17.27%
Debt-free Net Working Capital to Revenue		 314.75% 259.90% 230.48% 178.15% 340.37% 405.49% 364.07% 305.35% 444.58% 338.82% 218.55%
Net Working Capital to Revenue		 314.75% 259.90% 230.48% 107.09% 272.07% 405.49% 364.07% 305.35% 444.58% 338.82% 218.55%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.78) ($1.11) ($1.28) ($1.06) ($1.94) ($1.27) ($1.30) ($1.42) ($1.70) ($1.75) ($1.55)
Adjusted Weighted Average Basic Shares Outstanding		 137.55M 142.90M 140.43M 148.46M 154.70M 173.72M 164.04M 180.86M 189.30M 211.76M 199.01M
Adjusted Diluted Earnings per Share		 ($1.78) ($1.11) ($1.28) ($1.06) ($1.94) ($1.27) ($1.30) ($1.42) ($1.70) ($1.75) ($1.55)
Adjusted Weighted Average Diluted Shares Outstanding		 137.55M 142.90M 140.43M 148.46M 154.70M 173.72M 164.04M 180.86M 189.30M 211.76M 199.01M
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		 143.80M 143.06M 148.49M 148.60M 171.85M 178.90M 181.00M 182.14M 211.37M 213.27M 215.55M
Normalized Net Operating Profit after Tax (NOPAT)		 -155 -97 -114 -110 -130 -139 -172 -161 -178 -183 -175
Normalized NOPAT Margin		 -201.25% -122.76% -135.97% -145.94% -143.51% -148.91% -164.35% -173.33% -165.45% -128.53% -66.25%
Pre Tax Income Margin		 -316.30% -200.31% -221.12% -207.29% -331.83% -234.96% -224.32% -275.44% -298.32% -259.02% -123.91%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -11.45 -7.26 -8.46 -6.86 -13.60 -10.23 -10.64 -11.50 -14.71 0.00 0.00
NOPAT to Interest Expense		 -8.00 -5.10 -6.00 -4.84 -9.51 -7.10 -7.48 -8.05 -10.31 0.00 0.00
EBIT Less CapEx to Interest Expense		 -11.68 -7.41 -8.56 -7.08 -13.92 -10.41 -10.96 -11.97 -14.87 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -8.23 -5.24 -6.11 -5.06 -9.83 -7.27 -7.80 -8.52 -10.47 0.00 0.00
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%

Financials Breakdown Chart

Key Financial Trends

Insmed (INSM) has shown a mix of topline improvement and ongoing profitability challenges across the last four years of quarterly results. Below are the top 10 takeaways, with the positives listed first, followed by neutral observations, then the negatives.

  • Q4 2025 Operating Revenue reached $263,843,000, up from $142,342,000 in Q3 2025 and $107,415,000 in Q2 2025, with Total Gross Profit of $219,623,000 and a gross margin of roughly 83% (219.6M / 263.8M).
  • Q4 2025 cash flow shows a strong investing win: sale/maturity of investments of $436,000,000 and Net Cash From Investing Activities of $389,411,000, contributing to a Net Change in Cash & Equivalents of $174,750,000 for the quarter.
  • Financing activity in Q4 2025 provided a positive net cash contribution of $33,859,000, indicating ongoing access to capital for liquidity support.
  • Diluted earnings per share for Q4 2025 was -$1.55, an improvement from -$1.75 in Q3 2025, suggesting a modest sequential improvement in profitability metrics.
  • R&D and SG&A remain a large cost base in Q4 2025, with Research & Development at $254,911,000 and SG&A at $212,483,000 (combined ~ $467.4 million on $263.8 million of revenue), highlighting continued pipeline investment.
  • Cash flow from continuing operating activities was negative in Q4 2025 at -$247,596,000, consistent with recent quarters and underscoring ongoing cash burn from operations despite revenue gains.
  • Liquidity has shown swings: Cash & Equivalents were about $334.8 million in Q3 2025, roughly $1.284 billion in Q2 2025, and around $403.2 million in Q1 2025, illustrating notable balance-sheet volatility and capital deployment opportunities.
  • Net income attributable to common shareholders was -$328,485,000 in Q4 2025, continuing a multi-quarter loss trend (also -$370,021,000 in Q3 2025).
  • Total Operating Income was negative at -$319,748,000 in Q4 2025, with substantial operating losses (also -$366,005,000 in Q3 2025), underscoring ongoing profitability challenges.
  • Across four consecutive quarters in 2025, the company exhibited negative cash flow from operations and persistent losses, highlighting a persistent cash burn relative to topline growth as the company advances its pipeline and commercialization efforts.
05/11/26 05:05 PM ETAI Generated. May Contain Errors.

Insmed Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Insmed's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Insmed's net income appears to be on an upward trend, with a most recent value of -$1.28 billion in 2025, rising from -$118.18 million in 2015. The previous period was -$913.77 million in 2024. Find out what analysts predict for Insmed in the coming months.

Insmed's total operating income in 2025 was -$1.25 billion, based on the following breakdown:
  • Total Gross Profit: $483.49 million
  • Total Operating Expenses: $1.73 billion

Over the last 10 years, Insmed's total revenue changed from $0.00 in 2015 to $606.42 million in 2025, a change of 60,642,300,000.0%.

Insmed's total liabilities were at $1.53 billion at the end of 2025, a 12.3% decrease from 2024, and a 3,300.9% increase since 2015.

In the past 10 years, Insmed's cash and equivalents has ranged from $162.59 million in 2016 to $1.07 billion in 2022, and is currently $510.45 million as of their latest financial filing in 2025.

Over the last 10 years, Insmed's book value per share changed from 5.04 in 2015 to 3.46 in 2025, a change of -31.3%.


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Financial statements for NASDAQ:INSM last updated on 2/21/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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