InMode Ltd.

Worth knowing

• Profit looks boosted by one-off gains. Reported profit is 1.2× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 1.2× operating cash profit, lifted by income outside the core business.

  InMode's reported profit is 1.2× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.InMode's reported profit is 1.2× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

• Operating margin at a 6-year low. 23% in 2025, the weakest of the last 6 years.

  InMode's operating margin fell to 23% in 2025, its lowest in the 6 years of filings we have.

• Valuation signals disagree. Cheaper than 95% of peers on operating cash profit (EBITDA), but only 50% on free cash flow.Cheaper than 95% of peers on operating cash profit, but only 50% on free cash flow.

  Relative to its operating cash profit (EBITDA), InMode looks cheaper than 95% of peers; relative to its free cash flow, cheaper than only 50%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, InMode looks cheaper than 95% of peers; relative to its free cash flow, cheaper than only 50%. The valuation score blends the two, so look at which measure fits this business best.

• Sales growing faster than profits. Since 2022: revenue −18%, operating profit −57%.

  Since 2022, InMode's revenue changed −18% while operating profit fell 57%: costs rose faster than sales.