What are the investment strengths of Insulet Corp (PODD)?

Gross margin of 71% TTM (vs 53% industry median) with 168% 3Y EPS CAGR demonstrates razor/blade model working - each new user adds high-margin recurring revenue Net debt only 257M (0.19x equity) with 408M FCF TTM - balance sheet supports aggressive growth investment without dilution

What are the investment risks for Insulet Corp (PODD)?

P/E 62x and P/S 8.3x (4x industry median) prices in perfection - any execution miss or competitive threat could compress multiples 30-50% Working capital of 1.2B (48% of revenue) ties up cash in inventory/receivables - capital intensity limits FCF conversion

Insulet Corp

PODD

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Insulet Corp AI Insights

Informational only. Not investment advice.

As of 2025-12-08

Snapshot

EPS 3Y CAGR of 168% vs industry median 5% - extraordinary margin expansion from operating leverage on 71% gross margins TTM[EPS Growth 3Y]
Operating margin 17.3% TTM vs industry median -5% - rare profitable med-device with FCF of 408M (16% margin)[Operating Margin TTM]
P/E of 62x is 2x industry median (32x) despite superior growth - premium valuation requires continued execution[P/E Ratio]

Watch Triggers

Gross Margin TTM: Falls below 68% — Signals pricing pressure or cost inflation eroding competitive moat
Operating Margin TTM: Fails to reach 20% by FY2026 — Would indicate operating leverage thesis is broken
Inventory: Grows faster than revenue for 2+ quarters — 446M inventory already high - buildup signals demand weakness

Bull Case

Gross margin of 71% TTM (vs 53% industry median) with 168% 3Y EPS CAGR demonstrates razor/blade model working - each new user adds high-margin recurring revenue

Gross Margin TTMEPS Growth 3Y

Net debt only 257M (0.19x equity) with 408M FCF TTM - balance sheet supports aggressive growth investment without dilution

Free Cash Flow TTMDebt to Equity

Bear Case

P/E 62x and P/S 8.3x (4x industry median) prices in perfection - any execution miss or competitive threat could compress multiples 30-50%

P/E RatioP/S Ratio

Working capital of 1.2B (48% of revenue) ties up cash in inventory/receivables - capital intensity limits FCF conversion

Working CapitalInventory

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

55%

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Forward Thesis

Operating margin expansion to 22-25% by FY2027 as R&D leverage improves on installed base growth

1-3ymed

R&D at 11% of revenue can scale slower than topline
Gross margin 71% provides operating leverage runway
Recurring consumable revenue from Omnipod users

Operating margin TTM 17.3% up from negative 3Y agoR&D 271M TTM on 2.5B revenue (10.7%)FCF margin 16% already strong

Valuation Context

Caveats

Public Strategies Rankings

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PODD Fundamentals

Manufacturing → Miscellaneous Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$14.38B		—
Enterprise Value	$14.61B		—
P/E Ratio	58		—
Total Revenue - TTM	$2.71B	+30.7%	—
Earnings Per Share (diluted) - TTM	$3.48	-20.3%	—
Operating Margin - TTM	17.5%	+2.6%	—
Net Margin - TTM	9.12%	-11.1%	—
Free Cash Flow - TTM	$349.9M	+18.1%	—
Return on Common Equity - TTM	18.1%	-24.9%	—
Beta 5Y (Monthly)	unknown		—

PODD Dividend History

No dividends

PODD Stock Splits

No stock splits

PODD SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/18/26	12/31/25	Unknown	0001145197-26-000028
11/06/25	09/30/25	10-Q	0001145197-25-000069
08/07/25	06/30/25	10-Q	0001145197-25-000038
05/09/25	03/31/25	10-Q	0001145197-25-000022
02/21/25	12/31/24	10-K	0001145197-25-000007
11/08/24	09/30/24	10-Q	0001145197-24-000045
08/09/24	06/30/24	10-Q	0001145197-24-000039
05/10/24	03/31/24	10-Q	0001145197-24-000022
02/23/24	12/31/23	10-K	0001145197-24-000011
11/03/23	09/30/23	10-Q	0001145197-23-000076
08/09/23	06/30/23	10-Q	0001145197-23-000059
05/05/23	03/31/23	10-Q	0001145197-23-000039
02/24/23	12/31/22	10-K	0001145197-23-000020
11/04/22	09/30/22	10-Q	0001145197-22-000060
08/05/22	06/30/22	10-Q	0001145197-22-000046
05/06/22	03/31/22	10-Q	0001145197-22-000027
02/24/22	12/31/21	10-K	0001145197-22-000012
11/05/21	09/30/21	10-Q	0001145197-21-000041
08/06/21	06/30/21	10-Q	0001145197-21-000030
05/07/21	03/31/21	10-Q	0001145197-21-000016
02/24/21	12/31/20	10-K	0001145197-21-000009
11/05/20	09/30/20	10-Q	0001145197-20-000037
08/07/20	06/30/20	10-Q	0001145197-20-000026
05/08/20	03/31/20	10-Q	0001145197-20-000009
02/26/20	12/31/19	10-K	0001145197-20-000004
11/06/19	09/30/19	10-Q	0001145197-19-000037
08/06/19	06/30/19	10-Q	0001145197-19-000033
05/03/19	03/31/19	10-Q	0001145197-19-000020
02/26/19	12/31/18	10-K	0001145197-19-000003
11/02/18	09/30/18	10-Q	0001145197-18-000015
08/02/18	06/30/18	10-Q	0001145197-18-000011
05/04/18	03/31/18	10-Q	0001145197-18-000008
02/22/18	12/31/17	10-K	0001145197-18-000004
11/03/17	09/30/17	10-Q	0001145197-17-000017
08/04/17	06/30/17	10-Q	0001145197-17-000013
05/09/17	03/31/17	10-Q	0001145197-17-000009
02/28/17	12/31/16	10-K	0001145197-17-000005
11/04/16	09/30/16	10-Q	0001145197-16-000100
08/04/16	06/30/16	10-Q	0001145197-16-000094
04/29/16	03/31/16	10-Q	0001145197-16-000088
02/29/16	12/31/15	10-K	0001145197-16-000083
11/06/15	09/30/15	10-Q	0001145197-15-000066
08/12/15	06/30/15	10-Q	0001145197-15-000059
04/30/15	03/31/15	10-Q	0001145197-15-000032
02/26/15	12/31/14	10-K	0001145197-15-000020
11/05/14	09/30/14	10-Q	0001145197-14-000055
08/07/14	06/30/14	10-Q	0001145197-14-000042
05/07/14	03/31/14	10-Q	0001145197-14-000025
02/28/14	12/31/13	10-K	0001145197-14-000013
11/07/13	09/30/13	10-Q	0001145197-13-000035
08/08/13	06/30/13	10-Q	0001145197-13-000025
05/08/13	03/31/13	10-Q	0001145197-13-000009
02/28/13	12/31/12	10-K	0001193125-13-083670
11/08/12	09/30/12	10-Q	0001193125-12-460797
08/08/12	06/30/12	10-Q	0001193125-12-344298
05/09/12	03/31/12	10-Q	0001193125-12-222324
02/28/12	12/31/11	10-K	0001193125-12-085240
02/28/13	09/30/11	10-Q/A	0001193125-13-083658
11/08/11	09/30/11	10-Q	0000950123-11-096474
02/28/13	06/30/11	10-Q/A	0001193125-13-083641
08/09/11	06/30/11	10-Q	0000950123-11-075115
05/10/11	03/31/11	10-Q	0000950123-11-048300
02/28/13	03/31/11	10-Q/A	0001193125-13-083617
03/10/11	12/31/10	10-K	0000950123-11-024185
11/09/10	09/30/10	10-Q	0000950123-10-103287
08/09/10	06/30/10	10-Q	0000950123-10-075088
05/07/10	03/31/10	10-Q	0001144204-10-025363
03/09/10	12/31/09	10-K	0000950123-10-022584
02/28/13	12/31/09	10-K/A	0001193125-13-083603
10/26/09	09/30/09	10-Q	0000950123-09-053202
08/05/09	06/30/09	10-Q	0000950123-09-030230
05/08/09	03/30/09	10-Q	0000950135-09-003759
03/16/09	12/31/08	10-K	0000950135-09-001769
11/13/08	09/30/08	10-Q	0000950135-08-007249
08/13/08	06/30/08	10-Q	0000950135-08-005574
05/15/08	03/30/08	Unknown	--
03/20/08	12/31/07	5	0001112389-08-000003
11/14/07	09/30/07	10-Q	0000950135-07-007003
08/14/07	06/30/07	10-Q	0000950135-07-005060
06/28/07	03/30/07	Unknown	--
12/31/06	12/31/06	Unknown	--
09/30/06	09/30/06	Unknown	--
06/30/06	06/30/06	Unknown	--
03/31/06	03/30/06	Unknown	--
12/31/05	12/31/05	Unknown	--
09/30/05	09/30/05	Unknown	--
06/30/05	06/30/05	Unknown	--
03/31/05	03/30/05	Unknown	--