# Insmed (INSM.US)

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

Analysis as of: 2026-10-16T07:29:21.418Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $99.21 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 10

- Operating margin variation: 1.82×

Chart: Operating margin; fiscal year observations.

- FY2018: -31.25×

- FY2019: -1.72×

- FY2020: -1.61×

- FY2021: -1.99×

- FY2022: -1.86×

- FY2023: -2.33×

- FY2024: -2.41×

- FY2025: -1.94×

- LTM to Jun 2026: -0.72×

### moat: fail

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

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -64.9%

- ROIC, second-lowest year: -174.5%

- Years with nonpositive capital: 6

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: -460.6%

- Typical minus recent gross margin: 0.5 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -65.5%

- FY2017: -35.8%

- FY2018: -46.3%

- FY2019: -158.0%

- FY2020: -141.6%

- FY2021: -174.5%

- FY2022: -28.5%

- FY2023: -64.3%

- FY2024: -2346.8%

- FY2025: -61.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$3.8B

- Net income, five-year total: -$3.9B

- Return on incremental invested capital: -314.7%

- Working capital / revenue, annual change: 6.9 pp

- Working capital / revenue, final three-year average: 24.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$428M

- FY2022: -$481M

- FY2023: -$750M

- FY2024: -$914M

- FY2025: -$1.3B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -46.3% vs -64.3%

- Per-share earnings: -2.85 to -5.57 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 13.0%

- Ordinary dilution, 5-year annual growth: 15.3%

- Market cap gain: $36B

- Cumulative retained earnings: -$4.9B

- Diluted shares, 10-year annual growth: 13.0%

- Diluted shares, 5-year annual growth: 15.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$2.72

- Per-share value, starting three-year median: -$2.85

- Per-share value, ending three-year median: -$5.57

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $201M

- Cumulative net income, 10 years: -$5.1B

- ROIC, first three-year median: -46.3%

- ROIC, last three-year median: -64.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$2.85

- FY2017: -$2.89

- FY2018: -$4.22

- FY2019: -$3.01

- FY2020: -$3.01

- FY2021: -$3.88

- FY2022: -$3.91

- FY2023: -$5.34

- FY2024: -$5.57

- FY2025: -$6.42

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -15.1%

- Receivables to sales index (DSRI): 1.62×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.4%

- FY2017: -7.1%

- FY2018: -11.0%

- FY2019: -0.5%

- FY2020: -9.4%

- FY2021: -5.7%

- FY2022: -4.9%

- FY2023: -16.0%

- FY2024: -11.4%

- FY2025: -15.1%

## Holders

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

## Price story

Down 52% since Nov 2025 · "Insmed's Q1 Earnings Beat, Sales Miss Estimates, Stock Tanks 23%" (finance.yahoo.com, May 2026) · sales +87.6%

Story as of 2026-10-16T09:58:57.233Z; price observation 2026-10-15.

- 2025-06-13: Insmed Incorporated (INSM) Soars on Positive PAH Therapy Trial Results ([finance.yahoo.com](https://finance.yahoo.com/news/insmed-incorporated-insm-soars-positive-181011947.html))

- 2025-08-18: Insmed (INSM) Gains As FDA Approves BRINSUPRI For New Market ([finance.yahoo.com](https://finance.yahoo.com/news/insmed-insm-gains-fda-approves-171420140.html))

- 2025-10-31: Insmed Misses on Q3 Earnings, Stock Rises on Strong Brinsupri Uptake ([finance.yahoo.com](https://finance.yahoo.com/news/insmed-misses-q3-earnings-stock-125800843.html))

- 2025-12-18: Insmed Plunges As Phase 2b BiRCh Data Disappoint; Acquires Phase 2 Ready Monoclonal Antibody ([nasdaq.com](https://www.nasdaq.com/articles/insmed-plunges-phase-2b-birch-data-disappoint-acquires-phase-2-ready-monoclonal-antibody))

- 2026-05-08: Insmed's Q1 Earnings Beat, Sales Miss Estimates, Stock Tanks 23% ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/insmeds-q1-earnings-beat-sales-140200498.html))

- 2026-08-07: Insmed Tops Q2 Earnings Estimates, Stock Soars 34% on Brinsupri Uptake ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/insmed-tops-q2-earnings-estimates-143600943.html))

### Sales · FY2025–2026

sales +87.6%; source https://www.sec.gov/Archives/edgar/data/1104506/000110450626000009/insm-20251231.htm; observed 2026-02-19.

- FY2017: $0 

- FY2018: $9.8M 

- FY2019: $136M 

- FY2020: $164M 

- FY2021: $188M 

- FY2022: $245M 

- FY2023: $305M 

- FY2024: $364M 

- FY2025: $606M 

- FY2026: $1.1B 

### Gross margin · FY2025

gross margin 79.4%; source https://www.sec.gov/Archives/edgar/data/1104506/000110450626000009/insm-20251231.htm; observed 2026-02-19.

- FY2018: 75.4% 

- FY2019: 82.3% 

- FY2020: 75.7% 

- FY2021: 76.6% 

- FY2022: 77.5% 

- FY2023: 78.5% 

- FY2024: 76.4% 

- FY2025: 79.4% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are USD 606.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/1104506/000110450626000009/insm-20251231.htm (filed 2026-02-19); FY2025: revenue 606423000; grossProfit 481548000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INSM.US: Insmed Incorporated develops and commercializes therapies for patients with serious and rare diseases in the United States, Europe, Japan, and internationally. The company offers ARIKAYCE for the treatment of refractory nontuberculous mycobacterial lung infections, as well as is in phase 3 clinical trial for the treatment of mycobacterium avium complex lung disease as part of a combination antibacterial drug regimen for adult patients. It also develops brensocatib, an oral reversible inhibitor of dipeptidyl peptidase 1(DPP1) that is in phase 3 clinical trial for the treatment of bronchiectasis; and in phase 2 clinical trial for the treatment of chronic rhinosinusitis without nasal polyps and hidradenitis suppurativa. In addition, the company is developing treprostinil palmitil inhalation powder, an inhaled formulation of a treprostinil prodrug treprostinil palmitil, which is in phase 3 clinical trial for the treatment of pulmonary hypertension associated with interstitial lung disease; and phase 2 clinical trial for the treatment of pulmonary arterial hypertension. Further, it develops INS1201, a microdystrophin adeno-associated virus gene replacement therapy which is in phase 1 clinical trial for the treatment of Duchenne muscular dystrophy, as well as it is also developing pre-clinical research programs for gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining, and synthetic rescue. In addition, it provides INS1148, monoclonal antibody targeting stem cell factor called SCF248 that is in phase-2 clinical trial for the treatment of interstitial lung disease, and asthma; and INS1202, an intrathecally delivered gene therapy which is in phase 1 of clinical trial for the treatment of amyotrophic lateral sclerosis.  The company was founded in 1988 and is headquartered in Bridgewater, New Jersey.

### Why customers stay

Margins ranged from 76.4% to 79.4% during 2023–25; it lost 64.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 78.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 76.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1104506/000110450626000009/insm-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 79.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,-0.6545772527882107],[2017,-0.35822728298281914],[2018,-0.46262560401201164],[2019,-1.5802888580879415],[2020,-1.416052443062783],[2021,-1.7446848873083536],[2022,-0.2854155659274334],[2023,-0.6428427731228306],[2024,-23.468376403734272],[2025,-0.6168099805259648]]; median -0.6487100129555206. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 78% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1104506/000110450626000009/insm-20251231.htm (filed 2026-02-19); Gross margin observations: [[2021,0.7657234122709738],[2022,0.7753242201191728],[2023,0.7851530759351]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 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.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INSM.US SharesStats.PercentInsiders = 0.505 percentage points; cache date 2026-10-16.

### What the price says

The price is 32.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Closing price 99.21 USD; reporting-to-trading FX 1; FY2025 annual sales per share 3.047137387319485; price multiple 32.55842693961146. FY2025 cash earnings/share -6.415503431919363. Closing-price date 2026-10-15.

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

- 2016-10: $12.98 per share

- 2016-11: $13.65 per share

- 2016-12: $13.23 per share

- 2017-01: $14.77 per share

- 2017-02: $15.93 per share

- 2017-03: $17.51 per share

- 2017-04: $18.45 per share

- 2017-05: $15.42 per share

- 2017-06: $17.16 per share

- 2017-07: $16.17 per share

- 2017-08: $12.42 per share

- 2017-09: $31.21 per share

- 2017-10: $27.01 per share

- 2017-11: $31.19 per share

- 2017-12: $31.18 per share

- 2018-01: $25.44 per share

- 2018-02: $24.21 per share

- 2018-03: $22.52 per share

- 2018-04: $24.33 per share

- 2018-05: $27.86 per share

- 2018-06: $23.65 per share

- 2018-07: $24.87 per share

- 2018-08: $19.93 per share

- 2018-09: $20.22 per share

- 2018-10: $14.60 per share

- 2018-11: $17.91 per share

- 2018-12: $13.12 per share

- 2019-01: $24.31 per share

- 2019-02: $29.65 per share

- 2019-03: $29.07 per share

- 2019-04: $30.44 per share

- 2019-05: $24.21 per share

- 2019-06: $25.60 per share

- 2019-07: $21.95 per share

- 2019-08: $16.44 per share

- 2019-09: $17.64 per share

- 2019-10: $18.59 per share

- 2019-11: $23.05 per share

- 2019-12: $23.88 per share

- 2020-01: $20.54 per share

- 2020-02: $24.90 per share

- 2020-03: $16.03 per share

- 2020-04: $23.00 per share

- 2020-05: $24.29 per share

- 2020-06: $27.54 per share

- 2020-07: $26.12 per share

- 2020-08: $28.19 per share

- 2020-09: $32.14 per share

- 2020-10: $32.94 per share

- 2020-11: $39.01 per share

- 2020-12: $33.29 per share

- 2021-01: $37.59 per share

- 2021-02: $35.77 per share

- 2021-03: $34.06 per share

- 2021-04: $33.73 per share

- 2021-05: $24.60 per share

- 2021-06: $28.46 per share

- 2021-07: $24.60 per share

- 2021-08: $28.04 per share

- 2021-09: $27.54 per share

- 2021-10: $30.15 per share

- 2021-11: $27.52 per share

- 2021-12: $27.24 per share

- 2022-01: $22.68 per share

- 2022-02: $23.90 per share

- 2022-03: $23.50 per share

- 2022-04: $21.97 per share

- 2022-05: $18.82 per share

- 2022-06: $19.72 per share

- 2022-07: $22.12 per share

- 2022-08: $24.62 per share

- 2022-09: $21.54 per share

- 2022-10: $17.32 per share

- 2022-11: $18.49 per share

- 2022-12: $19.98 per share

- 2023-01: $21.53 per share

- 2023-02: $20.38 per share

- 2023-03: $17.05 per share

- 2023-04: $19.50 per share

- 2023-05: $19.03 per share

- 2023-06: $21.10 per share

- 2023-07: $22.09 per share

- 2023-08: $21.89 per share

- 2023-09: $25.25 per share

- 2023-10: $25.06 per share

- 2023-11: $25.02 per share

- 2023-12: $30.99 per share

- 2024-01: $27.80 per share

- 2024-02: $27.72 per share

- 2024-03: $27.13 per share

- 2024-04: $24.72 per share

- 2024-05: $55.05 per share

- 2024-06: $67.00 per share

- 2024-07: $72.75 per share

- 2024-08: $76.47 per share

- 2024-09: $73.00 per share

- 2024-10: $67.28 per share

- 2024-11: $75.16 per share

- 2024-12: $69.04 per share

- 2025-01: $76.58 per share

- 2025-02: $81.55 per share

- 2025-03: $76.29 per share

- 2025-04: $72.00 per share

- 2025-05: $69.73 per share

- 2025-06: $100.64 per share

- 2025-07: $107.28 per share

- 2025-08: $136.10 per share

- 2025-09: $144.01 per share

- 2025-10: $189.60 per share

- 2025-11: $207.77 per share

- 2025-12: $174.04 per share

- 2026-01: $156.87 per share

- 2026-02: $149.33 per share

- 2026-03: $163.52 per share

- 2026-04: $136.33 per share

- 2026-05: $106.91 per share

- 2026-06: $106.62 per share

- 2026-07: $98.60 per share

- 2026-08: $121.82 per share

- 2026-09: $114.14 per share

- 2026-10: $99.21 per share

## Annual estimated value (USD 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

Prior published observations retained from 2026-10-15T06:35:05.415Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1104506/000110450626000009/insm-20251231.htm); period 2025-12-31, filed 2026-02-19.

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.