Inspire Medical Systems vs Penumbra
Penumbra reported revenue of $1.4 billion in fiscal 2025, 1.5 times Inspire Medical Systems' $912 million in fiscal 2025. Inspire Medical Systems' revenue grew 13.6% in its latest year, and Penumbra's grew 17.5%. Inspire Medical Systems had an operating margin of 5.6%, against 13.5% at Penumbra. Free cash flow was $78 million at Inspire Medical Systems and $175 million at Penumbra.
Side by side
| Inspire Medical Systems | Penumbra | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $912M | $1.4B |
| Revenue growth | 13.6% | 17.5% |
| Revenue growth a year, last 5 years | 51.2% | 20.2% |
| Gross margin | 85.4% | 67.1% |
| Operating margin | 5.6% | 13.5% |
| Net margin | 15.9% | 12.7% |
| Free cash flow | $78M | $175M |
| Free cash flow margin | 8.6% | 12.5% |
| Return on capital | 14.2% | 18.8% |
| Net debt to EBITDA | −4.8x | −2.5x |
| Dividends and buybacks | $175M | $0M |
| Change in diluted share count | −2.6% | 0.1% |
| Last close | $71.01 | $325.22 |
| P/E at the last close | 15.6× | 79.9× |
| Insider trades, last 12 months | sold $665,952 | sold $11.1 million |
| Piotroski F-score | 5 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ 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
Inspire Medical SystemsPenumbra
Operating margin
Percent of revenue
Inspire Medical SystemsPenumbra
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Inspire Medical SystemsPenumbra
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 Inspire Medical Systems and Penumbra pages.