InMode Ltd
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InMode Ltd AI Insights
Informational only. Not investment advice.Snapshot
- Net margin 41% TTM vs industry median -6.7% - extreme profitability outlier in medical devices despite -32% gross profit decline YoY[Net Margin TTM]
- P/E of 7x vs industry median 32x with 21.5% ROE TTM - trading at 78% discount despite top-tier returns on equity[P/E Ratio]
- Cash 252M (34% of market cap) with near-zero debt (0.9% D/E) - fortress balance sheet funds 598M working capital[Cash and Equivalents]
Watch Triggers
- Total Revenue TTM: Sequential quarterly growth turns positive — Would invalidate structural decline thesis and trigger re-rating from 7x P/E
- Operating Margin TTM: Falls below 20% from current 24% — Signals pricing power erosion or desperate discounting to maintain volume
- Cash and Equivalents: Drops below 200M without M&A announcement — Would indicate cash burn or shareholder-unfriendly capital allocation
Bull Case
Extreme valuation disconnect: 7x P/E, 1.4x P/B with 21.5% ROE TTM and 26% FCF yield implies market pricing in business collapse that margins don't support
Capital optionality: 252M cash (34% of cap) + 95M annual FCF enables transformative M&A, buybacks, or dividend initiation without debt
Bear Case
Revenue in structural decline: -8.4% 3Y CAGR with -32% gross profit YoY and -48% EPS decline signals demand destruction, not cyclical weakness
Single-product concentration risk in aesthetic devices facing competition from GLP-1 weight loss drugs reducing elective procedure demand
Bull vs Bear Balance
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Forward Thesis
Revenue stabilization in 2025 would trigger multiple re-rating from 7x to 15x+ P/E
- Current 7x P/E implies permanent decline priced in
- 41% net margins provide cushion for reinvestment
- Zero debt enables aggressive capital deployment
Valuation Context
Caveats
Public Strategies Rankings
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INMD Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$874.0M | — | ||
$579.68M | — | ||
9.5 | — | ||
$370.5M | -6.2% | — | |
$1.43 | -36.4% | — | |
23.1% | -5.5% | — | |
25.3% | -20.6% | — | |
$84.28M | -36.1% | — | |
13.5% | -10.8% | — | |
Beta 5Y (Monthly) | unknown | — |
INMD Dividend History
INMD Stock Splits
INMD SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/10/26 | 12/31/25 | 20-F | |
11/05/25 | 09/30/25 | 6-K | |
07/30/25 | 06/30/25 | 6-K | |
04/28/25 | 03/31/25 | 6-K | |
02/04/25 | 12/31/24 | Unknown | |
10/30/24 | 09/30/24 | 6-K | |
08/01/24 | 06/30/24 | 6-K | |
05/02/24 | 03/31/24 | 6-K | |
02/13/24 | 12/31/23 | 20-F | |
11/02/23 | 09/30/23 | 6-K | |
07/27/23 | 06/30/23 | 6-K | |
05/02/23 | 03/31/23 | 6-K | |
02/14/23 | 12/31/22 | 20-F | |
10/27/22 | 09/30/22 | 6-K | |
07/28/22 | 06/30/22 | 6-K | |
05/02/22 | 03/31/22 | 6-K | |
02/10/22 | 12/31/21 | 20-F | |
10/26/21 | 09/30/21 | 6-K | |
07/28/21 | 06/30/21 | 6-K | |
05/05/21 | 03/31/21 | 6-K | |
02/10/21 | 12/31/20 | 20-F | |
11/12/20 | 09/30/20 | 6-K | |
08/05/20 | 06/30/20 | 6-K | |
05/06/20 | 03/31/20 | 6-K | |
02/18/20 | 12/31/19 | 20-F | |
11/05/19 | 09/30/19 | 6-K | |
08/13/19 | 06/30/19 | 6-K | |
08/08/19 | 03/31/19 | 424B4 | |
08/08/19 | 12/31/18 | 424B4 | |
11/05/19 | 09/30/18 | 6-K | |
08/13/19 | 06/30/18 | 6-K | |
08/08/19 | 03/31/18 | 424B4 |