Insulet Corporation
PODDFinancial Snapshot
ticker: PODD step: 04 generated: 2026-05-13 source: quick-research
Insulet Corporation (PODD) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $1.31B | $1.70B | $2.07B | +22% |
| Gross Margin | ~62% | ~68% | ~72% | |
| Operating Margin | ~3% | ~13% | ~5%* | |
| Net Income | ~$8M | ~$220M | ~$418M | +90% |
| EPS (diluted) | ~$0.07 | ~$2.94 | ~$5.78 | +97% |
FY2024 GAAP operating margin compressed by increased R&D and S&M spend for Type 2 expansion; non-GAAP/adjusted operating margin meaningfully higher. Adjusted EBITDA $457M (22.1% of revenue) in FY2024.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$430M |
| Free Cash Flow | ~$305M |
| Capital Expenditures | ~$125M |
| Cash & Equivalents | ~$900M |
| Total Debt | ~$1.1B |
Operating cash flow surged from $146M (FY2023) to $430M (FY2024) as profitability inflected — a nearly 3x improvement demonstrating strong operating leverage as the business scales.
Key Ratios (approximate)
- P/E: ~40–50x (GAAP) | EV/EBITDA: ~25–30x | FCF Yield: ~2%
- Revenue Growth (FY2024): +22% | Revenue Growth (FY2023): +30%
- Adjusted EPS (FY2024): ~$3.24 | Adjusted EBITDA Margin: 22.1%
- Revenue CAGR (FY2022–FY2024): ~26% at constant currency
Growth Profile
Insulet has compounded revenue at ~25%+ for 5+ consecutive years, driven by the structural shift in diabetes management from multiple daily injections (MDI) to automated insulin delivery (AID) systems. The FY2024 gross margin expansion to 72% (from ~62% in FY2022) reflects scale benefits in pod manufacturing and mix shift toward higher-value Omnipod 5 from legacy DASH. The August 2024 FDA clearance for Type 2 diabetes has opened a TAM roughly 4x the Type 1 market — with >40% of new U.S. customer starts being Type 2 by end of 2025. Total global AID market estimated at ~$5.7B today, expanding to ~$9B by 2028.
Forward Estimates
- FY2025 Revenue: ~$2.5B (estimated, ~20% YoY growth at constant currency per management guidance)
- FY2026 Revenue Growth Guidance: ~20–22% constant currency growth
- FY2026 Adjusted EPS Guidance: Growth trajectory consistent with revenue expansion + continued margin improvement
- Analyst consensus: 18 analysts — 44% Strong Buy, 50% Buy, 6% Sell; average price targets generally $275–$340
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $PODD.