INSM · Insmed Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $606.42M | $363.71M | $305.21M | $245.36M | $188.46M | $164.41M |
| Cost of Revenue | $122.94M | $85.74M | $65.57M | $55.13M | $44.15M | $39.87M |
| Gross Profit | $483.49M | $277.96M | $239.63M | $190.23M | $144.31M | $124.54M |
| R&D | $771.09M | $598.37M | $571.01M | $397.52M | $272.74M | $181.16M |
| SG&A | $701.17M | $461.12M | $344.50M | $265.78M | $234.27M | $203.61M |
| Total Operating Expenses | $1.85B | $1.24B | $1.01B | $702.68M | $563.55M | $429.64M |
| D&A | $10.45M | $5.96M | $5.50M | $5.30M | $9.10M | $9.10M |
| Operating Income | ($1.25B) | ($878.25M) | ($709.63M) | ($457.32M) | ($375.09M) | ($265.23M) |
| Interest Expense | $83.80M | $84.91M | $81.69M | $26.45M | $40.47M | $29.56M |
| Income Tax | $5.03M | $3.71M | $2.56M | $1.38M | ($1.76M) | $1.40M |
| Net Income | ($1.28B) | ($913.77M) | ($749.57M) | ($481.53M) | ($434.65M) | ($294.09M) |
| EPS - Basic | ($6.42) | ($5.57) | ($5.34) | ($3.91) | ($3.01) | - |
| EPS - Diluted | ($6.42) | ($5.57) | ($5.34) | ($3.91) | ($3.01) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $510.44M | $555.03M | $482.37M | $1.07B | $716.78M | $532.76M |
| Accounts Receivable | $140.86M | $52.01M | $41.19M | $29.71M | $24.35M | $16.56M |
| Inventory | $132.07M | $98.58M | $83.25M | $69.92M | $67.01M | $49.59M |
| Accounts Payable | $79.91M | $73.03M | $65.39M | $50.46M | $35.78M | $42.85M |
| Current Assets | $1.79B | $1.62B | $929.06M | $1.27B | $837.04M | $622.89M |
| Total Assets | $2.26B | $2.03B | $1.33B | $1.66B | $1.24B | $796.15M |
| Current Liabilities | $468.87M | $297.53M | $225.63M | $190.24M | $135.17M | $118.81M |
| Long-term Debt | $540.96M | $1.10B | $1.16B | $1.13B | $566.59M | $356.32M |
| Total Liabilities | $1.53B | $1.74B | $1.66B | $1.57B | $833.04M | $520.27M |
| Stockholders' Equity | $738.98M | $285.38M | ($331.92M) | $87.95M | $410.47M | $275.88M |
| Retained Earnings | ($5.64B) | ($4.36B) | ($3.45B) | ($2.70B) | ($2.27B) | ($1.83B) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($935.01M) | ($683.88M) | ($536.25M) | ($400.44M) | ($363.30M) | ($219.35M) |
| Investing Cash Flow | ($64.58M) | ($583.17M) | ($223.60M) | ($34.58M) | ($64.28M) | ($6.82M) |
| Financing Cash Flow | $954.07M | $1.34B | $168.44M | $793.27M | $612.55M | $271.00M |
| CapEx | $32.56M | $21.92M | $13.29M | $9.88M | $7.29M | $6.24M |
| Free Cash Flow | ($967.58M) | ($705.80M) | ($549.53M) | ($410.32M) | ($370.59M) | ($225.59M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 79.7% | 76.4% | 78.5% | 77.5% | 76.6% | 75.7% |
| Operating margin | -205.6% | -241.5% | -232.5% | -186.4% | -199.0% | -161.3% |
| EBITDA margin | -203.9% | -239.8% | -230.7% | -184.2% | -194.2% | -155.8% |
| Net margin | -210.5% | -251.2% | -245.6% | -196.3% | -230.6% | -178.9% |
| Free cash flow margin | -159.6% | -194.1% | -180.1% | -167.2% | -196.6% | -137.2% |
| FCF / Net income | 0.76 | 0.77 | 0.73 | 0.85 | 0.85 | 0.77 |
| R&D / Revenue | 127.2% | 164.5% | 187.1% | 162.0% | 144.7% | 110.2% |
| SG&A / Revenue | 115.6% | 126.8% | 112.9% | 108.3% | 124.3% | 123.8% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -56.4% | -45.1% | -56.4% | -29.1% | -35.0% | -36.9% |
| Return on equity | -172.8% | -320.2% | 225.8% | -547.5% | -105.9% | -106.6% |
| Return on invested capital | -77.0% | -50.0% | -68.1% | -29.8% | -30.3% | -33.1% |
| Liquidity | ||||||
| Current ratio | 3.83 | 5.45 | 4.12 | 6.69 | 6.19 | 5.24 |
| Quick ratio | 3.54 | 5.12 | 3.75 | 6.33 | 5.70 | 4.83 |
| Cash ratio | 1.09 | 1.87 | 2.14 | 5.65 | 5.30 | 4.48 |
| Leverage | ||||||
| Debt / Equity | 0.73 | 3.87 | -3.48 | 12.79 | 1.38 | 1.29 |
| Debt / Assets | 0.24 | 0.54 | 0.87 | 0.68 | 0.46 | 0.45 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -14.9x | -10.3x | -8.7x | -17.3x | -9.3x | -9.0x |
| Equity multiplier | 3.06 | 7.10 | -4.01 | 18.83 | 3.03 | 2.89 |
| Liabilities / Assets | 0.67 | 0.86 | 1.25 | 0.95 | 0.67 | 0.65 |
| Efficiency | ||||||
| Asset turnover | 0.27 | 0.18 | 0.23 | 0.15 | 0.15 | 0.21 |
| Inventory turnover | 0.93 | 0.87 | 0.79 | 0.79 | 0.66 | 0.80 |
| Days sales outstanding | 85d | 52d | 49d | 44d | 47d | 37d |
| Days inventory outstanding | 392d | 420d | 463d | 463d | 554d | 454d |
| Days payable outstanding | 237d | 311d | 364d | 334d | 296d | 392d |
| Cash conversion cycle | 240d | 161d | 149d | 173d | 305d | 98d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 46.9x | 39.7x | - | 28.0x | 7.4x | 11.8x |
| P / S | 57.1x | 31.1x | 14.3x | 10.0x | 16.2x | 19.8x |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 66.7% | 19.2% | 24.4% | 30.2% | 14.6% | 20.5% |
| Revenue CAGR (3y) | 35.2% | 24.5% | 22.9% | 21.6% | - | - |
| Revenue CAGR (5y) | 29.8% | 21.7% | - | - | - | - |
| Gross profit growth (YoY) | 73.9% | 16.0% | 26.0% | 31.8% | 15.9% | - |
| Operating income growth (YoY) | -42.0% | -23.8% | -55.2% | -21.9% | -41.4% | -12.7% |
| Net income growth (YoY) | -39.7% | -21.9% | -55.7% | -10.8% | -47.8% | -15.6% |
| EPS growth (YoY) | -15.3% | -4.3% | -36.6% | -29.9% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -37.1% | -28.4% | -33.9% | -10.7% | -64.3% | 23.0% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 158.9% | - | - | -78.6% | 48.8% | 5.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$606.42M totalReportable Segment$606.42M · 100.0%
Product / service
$452.95M totalARIKAYCE$280.29M · 61.9%
BRINSUPRI$172.66M · 38.1%
Geographic
$606.42M totalUS$452.95M · 74.7%
Non Us$153.47M · 25.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-2.93
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing INSMED Inc against the 5 most active filers in the same SIC group.