# InMode (INMD.US)

Canonical: https://gigainvestors.com/s/INMD

Analysis as of: 2026-10-16T07:29:20.680Z. Financial observations: FY2016–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $14.32 per share; close as of 2026-10-15.

Estimated value: low $37.20 per share, central $41.15 per share, high $46.40 per share. Buy at or below the central value $41.15 per share. Valuation as of 2026-10-16T07:29:20.680Z; scenarios are not confidence intervals.

Expected annual return: 46.0% at the stated quote. About 46.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.23×

- FY2019: 0.38×

- FY2020: 0.35×

- FY2021: 0.47×

- FY2022: 0.44×

- FY2023: 0.40×

- FY2024: 0.29×

- FY2025: 0.23×

- LTM to Jun 2026: 0.18×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- Recent gross margin fell 5.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 59.9%

- ROIC, second-lowest year: 33.2%

- Typical minus recent gross margin: 5.2 pp

- Typical gross margin (annual median): 83.7%

- Recent gross margin (lower of latest and 3-year median): 78.5%

- Years with nonpositive capital: 4

- Capital spending / revenue: 0.3%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 68.3%

- FY2017: 35.8%

- FY2018: 51.0%

- FY2019: 33.2%

- FY2020: 28.1%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: 97.7%

- FY2025: 51.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $799M

- Net income, five-year total: $800M

- Return on incremental invested capital: 60.7%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 7.8 pp

- Working capital / revenue, final three-year average: 23.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 51.0% vs 97.7%

- Per-share earnings: 0.11 to 2.31 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -5.4%

- Diluted shares, 5-year annual growth: -5.4%

- Per-share value growth: 53.5%

- Per-share value change: $2.19

- Per-share value, starting three-year median: $0.11

- Per-share value, ending three-year median: $2.31

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 8.0%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: $967M

- ROIC, first three-year median: 51.0%

- ROIC, last three-year median: 97.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.01

- FY2017: $0.11

- FY2018: $0.35

- FY2019: $0.73

- FY2020: $0.89

- FY2021: $1.91

- FY2022: $1.87

- FY2023: $2.31

- FY2024: $2.49

- FY2025: $1.46

### accounting: pass

- Sloan accruals: 1.1%

- Receivables to sales index (DSRI): 1.28×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 13.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.91×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -16.1%

- FY2017: -14.7%

- FY2018: -17.9%

- FY2019: -0.5%

- FY2020: -1.4%

- FY2021: -2.1%

- FY2022: -3.1%

- FY2023: 2.4%

- FY2024: 6.2%

- FY2025: 1.1%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 85% since Oct 2021 · "InMode stock falls as BTIG maintains Neutral rating amid lowered guidance" (investing.com, Jul 2025) · sales +1.1%

Story as of 2026-10-16T09:58:57.063Z; price observation 2026-10-15.

Price needs cash profits to shrink 22% a year for ten years

- 2025-07-10: InMode stock falls as BTIG maintains Neutral rating amid lowered guidance ([investing.com](https://www.investing.com/news/analyst-ratings/inmode-stock-falls-as-btig-maintains-neutral-rating-amid-lowered-guidance-93CH-4130198))

- 2026-03-18: InMode CFO Sees Demand Stabilizing, Targets Flat 2026 Revenue as North America Rebuild Begins ([finance.yahoo.com](https://finance.yahoo.com/news/inmode-cfo-sees-demand-stabilizing-173535331.html))

### Sales · FY2025–2026

sales +1.1%; source https://www.sec.gov/Archives/edgar/data/885988/000088598812000006/form10k2011.htm; observed 2012-03-06.

- FY2017: $53M 

- FY2018: $100M 

- FY2019: $156M 

- FY2020: $206M 

- FY2021: $358M 

- FY2022: $454M 

- FY2023: $492M 

- FY2024: $395M 

- FY2025: $370M 

- FY2026: $375M 

### Gross margin · FY2025

gross margin 78.5%; source https://www.sec.gov/Archives/edgar/data/885988/000088598812000006/form10k2011.htm; observed 2012-03-06.

- FY2016: 75.5% 

- FY2017: 83.1% 

- FY2018: 85.0% 

- FY2019: 87.1% 

- FY2020: 85.0% 

- FY2021: 85.0% 

- FY2022: 83.8% 

- FY2023: 83.6% 

- FY2024: 80.3% 

- FY2025: 78.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are USD 370.5 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2025: revenue 370495000; grossProfit 290970000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); INMD.US: InMode Ltd. designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radio frequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States, Europe, Asia, and internationally. It offers minimally invasive aesthetic medical products for various procedures, such as liposuction with simultaneous skin tightening, body and face contouring, and ablative skin rejuvenation treatments, as well as for use in women's health conditions and procedures. The company also designs, develops, manufactures, and markets non-invasive medical aesthetic products that target an array of procedures, including permanent hair reduction, facial skin rejuvenation, wrinkle reduction, cellulite treatment, skin appearance and texture, and superficial benign vascular and pigmented lesions. In addition, it offers hands-free medical aesthetic products that target a range of procedures, such as skin tightening, fat reduction, and muscle stimulation. The company sells and markets its products in the United States, Canada, the United Kingdom, Ireland, Spain, Portugal, France, Belgium, Luxemburg, Italy, Germany, Austria, Japan, Australia, and India through distributors. The company was formerly known as Invasix Ltd. and changed its name to InMode Ltd. in November 2017. The company was incorporated in 2008 and is headquartered in Yokne'am, Israel.

### Why customers stay

Margins ranged from 78.5% to 83.6% during 2023–25; it earns 59.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2023: grossProfit / revenue = 83.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2024: grossProfit / revenue = 80.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2025: grossProfit / revenue = 78.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); 10-year return on capital observations [[2016,0.6826530612244898],[2017,0.3583622665012859],[2018,0.5101579217044837],[2019,0.33238779144173375],[2020,0.2812757508796044],[2021,37.36561078362232],[2022,13.00517956840327],[2023,3.253434223662805],[2024,0.9771454373366446],[2025,0.5146601600290588]]; median 0.5986566106267743. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 84% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/885988/000088598812000006/form10k2011.htm (filed 2012-03-06); Gross margin observations: [[2021,0.8501195586816384],[2022,0.8382353264901348],[2023,0.8359753519981791]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 127.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2016: growth capex 0; upkeep 188000; owner earnings 299000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2017: growth capex 0; upkeep 189000; owner earnings 8834000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2018: growth capex 197000; upkeep 184000; owner earnings 22371000. Growth capex / owner earnings = 0.008806043538509677.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2019: growth capex 391000; upkeep 302000; owner earnings 61145000. Growth capex / owner earnings = 0.006394635702019789.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2020: growth capex 47000; upkeep 416000; owner earnings 75030000. Growth capex / owner earnings = 0.000626416100226576.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2021: growth capex 422000; upkeep 517000; owner earnings 164971000. Growth capex / owner earnings = 0.002558025349909984.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2022: growth capex 895000; upkeep 680000; owner earnings 161520000. Growth capex / owner earnings = 0.005541109460128777.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2023: growth capex 82000; upkeep 623000; owner earnings 197919000. Growth capex / owner earnings = 0.00041431090496617305.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2024: growth capex 0; upkeep 669000; owner earnings 181334000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2025: growth capex 0; upkeep 972000; owner earnings 93554000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); FY2025: cash repurchases 127444000 USD.

### Are managers owners

Insiders own 13.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); INMD.US SharesStats.PercentInsiders = 13.161999999999999 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 22% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2012-03-06); Ten-year compound average after fade. Initial solved rate -0.31403614611225195. Price 14.32; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-08: $9.95 per share

- 2019-09: $10.76 per share

- 2019-10: $15.38 per share

- 2019-11: $25.33 per share

- 2019-12: $19.60 per share

- 2020-01: $21.67 per share

- 2020-02: $16.47 per share

- 2020-03: $10.75 per share

- 2020-04: $13.01 per share

- 2020-05: $14.66 per share

- 2020-06: $14.16 per share

- 2020-07: $16.18 per share

- 2020-08: $15.82 per share

- 2020-09: $18.09 per share

- 2020-10: $18.28 per share

- 2020-11: $21.54 per share

- 2020-12: $23.74 per share

- 2021-01: $29.43 per share

- 2021-02: $34.48 per share

- 2021-03: $36.19 per share

- 2021-04: $43.17 per share

- 2021-05: $42.68 per share

- 2021-06: $47.34 per share

- 2021-07: $56.84 per share

- 2021-08: $65.44 per share

- 2021-09: $79.73 per share

- 2021-10: $94.74 per share

- 2021-11: $76.00 per share

- 2021-12: $70.58 per share

- 2022-01: $48.23 per share

- 2022-02: $42.69 per share

- 2022-03: $36.91 per share

- 2022-04: $25.11 per share

- 2022-05: $26.81 per share

- 2022-06: $22.41 per share

- 2022-07: $33.24 per share

- 2022-08: $31.94 per share

- 2022-09: $29.11 per share

- 2022-10: $34.32 per share

- 2022-11: $38.39 per share

- 2022-12: $35.70 per share

- 2023-01: $35.05 per share

- 2023-02: $35.31 per share

- 2023-03: $31.96 per share

- 2023-04: $37.26 per share

- 2023-05: $31.57 per share

- 2023-06: $37.35 per share

- 2023-07: $42.91 per share

- 2023-08: $39.09 per share

- 2023-09: $30.46 per share

- 2023-10: $19.10 per share

- 2023-11: $23.75 per share

- 2023-12: $22.24 per share

- 2024-01: $23.69 per share

- 2024-02: $22.00 per share

- 2024-03: $21.61 per share

- 2024-04: $17.19 per share

- 2024-05: $19.13 per share

- 2024-06: $18.24 per share

- 2024-07: $18.12 per share

- 2024-08: $16.71 per share

- 2024-09: $16.95 per share

- 2024-10: $17.08 per share

- 2024-11: $19.53 per share

- 2024-12: $16.70 per share

- 2025-01: $17.21 per share

- 2025-02: $18.72 per share

- 2025-03: $17.74 per share

- 2025-04: $14.10 per share

- 2025-05: $14.66 per share

- 2025-06: $14.44 per share

- 2025-07: $13.66 per share

- 2025-08: $14.94 per share

- 2025-09: $14.90 per share

- 2025-10: $14.77 per share

- 2025-11: $14.25 per share

- 2025-12: $14.69 per share

- 2026-01: $15.71 per share

- 2026-02: $13.75 per share

- 2026-03: $13.68 per share

- 2026-04: $14.47 per share

- 2026-05: $13.93 per share

- 2026-06: $14.62 per share

- 2026-07: $15.14 per share

- 2026-08: $14.96 per share

- 2026-09: $14.17 per share

- 2026-10: $14.32 per share

## Annual estimated value (USD per share)

- FY2020: low $8.96 per share, central $9.78 per share, high $10.87 per share

- FY2021: low $21.20 per share, central $23.47 per share, high $26.50 per share

- FY2022: low $27.17 per share, central $30.05 per share, high $33.90 per share

- FY2023: low $33.03 per share, central $36.41 per share, high $40.90 per share

- FY2024: low $31.93 per share, central $35.22 per share, high $39.60 per share

- FY2025: low $33.97 per share, central $37.47 per share, high $42.14 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/885988/000088598812000006/form10k2011.htm); period 2011-12-31, filed 2012-03-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.