# Insulet Corporation (PODD) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PODD/thesis · /stocks/PODD/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PODD/fundamental

## Navigation

- Overview: /stocks/PODD
- Financials (this page): /stocks/PODD/financials
- Thesis: /stocks/PODD/thesis
- Investment Memo: /stocks/PODD/memo
- Coverage universe: /stocks