Glaukos vs Inspire Medical Systems
Inspire Medical Systems reported revenue of $912 million in fiscal 2025, 1.8 times Glaukos' $507 million in fiscal 2025. Glaukos' revenue grew 32.3% in its latest year, and Inspire Medical Systems' grew 13.6%. Glaukos had an operating margin of -39.3%, against 5.6% at Inspire Medical Systems. Free cash flow was −$22 million at Glaukos and $78 million at Inspire Medical Systems.
Side by side
| Glaukos | Inspire Medical Systems | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $507M | $912M |
| Revenue growth | 32.3% | 13.6% |
| Revenue growth a year, last 5 years | 17.7% | 51.2% |
| Gross margin | 55.7% | 85.4% |
| Operating margin | −39.3% | 5.6% |
| Net margin | −37.0% | 15.9% |
| Free cash flow | −$22M | $78M |
| Free cash flow margin | −4.4% | 8.6% |
| Return on capital | — | 14.2% |
| Net debt to EBITDA | — | −4.8x |
| Dividends and buybacks | $0M | $175M |
| Change in diluted share count | 8.4% | −2.6% |
| Last close | $178.27 | $71.01 |
| P/E at the last close | — | 15.6× |
| Insider trades, last 12 months | sold $69.1 million | sold $665,952 |
| Piotroski F-score | — | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
GlaukosInspire Medical Systems
Operating margin
Percent of revenue
GlaukosInspire Medical Systems
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
GlaukosInspire Medical Systems
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Glaukos and Inspire Medical Systems pages.