INSM Healthcare

Insmed Incorporated

$104.44-4.46%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 22.8B USD
Enterprise value: 20.4B USD
Full-time employees: 1,664

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: more debt relative to equity (0.72× vs a peer median of 0.22×)more debt vs equity (0.72× vs peers 0.22×)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #857 of 1,157 healthcare companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 61% from December 2022 to July 2026.
Insmed had 61% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Insmed had 61% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 25% of revenue in 2025.
Insmed paid employees $153M in stock in 2025, 25% of its $606M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Insmed looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -74%).

StockQuotient Score

38/ 100

Oct 5 38 → Nov 4 38

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-3.8%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-3.6%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-3.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield3.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

95/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 38.8%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth61.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 6.64Sector median: 0.0584 · MAD: 0.0840

Revenue growth185.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 10.15Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

14/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-73.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -6.65Sector median: 0.0706 · MAD: 0.1217

Return on assets-41.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -8.07Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-87.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -9.18Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin83.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-115.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.82

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.59Sector median: 0.6250 · MAD: 0.3380

Current ratio3.72×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.82Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.72×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.45Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Insmed

Is Insmed getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 38/100 since Oct 28, 2026.
How is Insmed valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -3.8% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -3.8% vs peers 1.5% (weaker than 100% of peers).
Is Insmed growing?: Yes, faster than most of its peers. Growth scores 95/100 against 1,393 healthcare peers. Revenue growth 185.8% vs a peer median of 6.1% (stronger than 95% of peers).Revenue growth 185.8% vs peers 6.1% (stronger than 95% of peers).
How profitable is Insmed?: Less profitable than most of its peers. Profitability scores 14/100 against 1,393 healthcare peers. Return on invested capital -87.4% vs a peer median of 4.7% (weaker than 92% of peers).Return on invested capital -87.4% vs peers 4.7% (weaker than 92% of peers).
How risky is Insmed?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.72× vs a peer median of 2.59× (stronger than 64% of peers).Current ratio 3.72× vs peers 2.59× (stronger than 64% of peers). Debt / equity 0.72× vs a peer median of 0.22× (weaker than 75% of peers).Debt / equity 0.72× vs peers 0.22× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Insmed is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	819.6M USD	1.1B USD	+38.8%
Net income (12 months)	−1.2B USD	−875.3M USD	−26.1%
Operating margin	-140.6%	-73.9%	+66.7 pts
Free cash flow (12 months)	−921.6M USD	−807.7M USD	−12.4%
Debt	546.8M USD	546.8M USD	0.0%
Cash	582.2M USD	544.8M USD	−6.4%
Shares outstanding	216.8M	218.4M	+0.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-199.0%	-186.4%	-232.5%	-241.5%	-205.6%	▲ 36 pts
Net margin	-230.6%	-196.3%	-245.6%	-251.2%	-210.5%	▲ 41 pts
Return on assets (ROA)	-35.0%	-29.1%	-56.4%	-45.1%	-56.4%	▼ 11 pts
Return on equity (ROE)	-105.9%	-547.5%	—	-320.2%	-172.8%	▲ 147 pts
Free cash flow margin	-196.6%	-167.2%	-180.1%	-194.1%	-159.6%	▲ 35 pts
Current ratio	6.19×	6.69×	4.12×	5.45×	3.83×	▼ 30%
Quick ratio	5.70×	6.33×	3.75×	5.12×	3.54×	▼ 31%
Debt to equity	1.95×	13.12×	—	3.93×	0.74×	▼ 81%
Interest coverage	-9.27×	-17.29×	-8.69×	-10.34×	-14.88×	▼ 44%

INSM price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: more debt relative to equity (0.72× vs a peer median of 0.22×)more debt vs equity (0.72× vs peers 0.22×)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #857 of 1,157 healthcare companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 61% from December 2022 to July 2026.

Insmed had 61% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Insmed had 61% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 25% of revenue in 2025.

Insmed paid employees $153M in stock in 2025, 25% of its $606M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Insmed looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -74%).

Questions investors ask about Insmed

Is Insmed getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 38/100 since Oct 28, 2026.

How is Insmed valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -3.8% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -3.8% vs peers 1.5% (weaker than 100% of peers).

Is Insmed growing?

Yes, faster than most of its peers. Growth scores 95/100 against 1,393 healthcare peers. Revenue growth 185.8% vs a peer median of 6.1% (stronger than 95% of peers).Revenue growth 185.8% vs peers 6.1% (stronger than 95% of peers).

How profitable is Insmed?

Less profitable than most of its peers. Profitability scores 14/100 against 1,393 healthcare peers. Return on invested capital -87.4% vs a peer median of 4.7% (weaker than 92% of peers).Return on invested capital -87.4% vs peers 4.7% (weaker than 92% of peers).

How risky is Insmed?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.72× vs a peer median of 2.59× (stronger than 64% of peers).Current ratio 3.72× vs peers 2.59× (stronger than 64% of peers). Debt / equity 0.72× vs a peer median of 0.22× (weaker than 75% of peers).Debt / equity 0.72× vs peers 0.22× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

819.6M USD

1.1B USD

+38.8%

Net income (12 months)

−1.2B USD

−875.3M USD

−26.1%

Operating margin

-140.6%

-73.9%

+66.7 pts

Free cash flow (12 months)

−921.6M USD

−807.7M USD

−12.4%

Debt

546.8M USD

546.8M USD

0.0%

Cash

582.2M USD

544.8M USD

−6.4%

Shares outstanding

216.8M

218.4M

+0.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-199.0%

-186.4%

-232.5%

-241.5%

-205.6%

▲ 36 pts

Net margin

-230.6%

-196.3%

-245.6%

-251.2%

-210.5%

▲ 41 pts

Return on assets (ROA)

-35.0%

-29.1%

-56.4%

-45.1%

-56.4%

▼ 11 pts

Return on equity (ROE)

-105.9%

-547.5%

—

-320.2%

-172.8%

▲ 147 pts

Free cash flow margin

-196.6%

-167.2%

-180.1%

-194.1%

-159.6%

▲ 35 pts

Current ratio

6.19×

6.69×

4.12×

5.45×

3.83×

▼ 30%

Quick ratio

5.70×

6.33×

3.75×

5.12×

3.54×

▼ 31%

Debt to equity

1.95×

13.12×

—

3.93×

0.74×

▼ 81%

Interest coverage

-9.27×

-17.29×

-8.69×

-10.34×

-14.88×

▼ 44%