# Insulet (PODD.US)

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

Analysis as of: 2026-10-16T07:35:59.796Z. Financial observations: FY2007–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: $138.77 per share; close as of 2026-10-15.

Estimated value: low $61.45 per share, central $84.85 per share, high $98.48 per share. Buy at or below the central value $84.85 per share. Valuation as of 2026-10-16T07:35:59.796Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.66×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.02×

- FY2018: 0.05×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: 0.11×

- FY2022: 0.03×

- FY2023: 0.13×

- FY2024: 0.15×

- FY2025: 0.17×

- LTM to Jun 2026: 0.17×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.3%

- ROIC, second-lowest year: -2.4%

- Typical minus recent gross margin: -4.4 pp

- Typical gross margin (annual median): 65.4%

- Recent gross margin (lower of latest and 3-year median): 69.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.6%

- ROIC including acquisitions, ten-year median: -2.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -14.6%

- FY2017: -2.4%

- FY2018: 3.7%

- FY2019: 7.3%

- FY2020: 5.3%

- FY2021: 10.3%

- FY2022: 2.1%

- FY2023: 14.8%

- FY2024: 19.0%

- FY2025: 19.2%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $893M

- Net income, five-year total: $893M

- Return on incremental invested capital: 23.8%

- Working capital / revenue, annual change: 3.2 pp

- Working capital / revenue, change between three-year averages: 21.7 pp

- Working capital / revenue, final three-year average: 38.1%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -2.4% vs 19.0%

- Per-share earnings: -0.50 to 3.44 (three-year endpoint medians)

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

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.4%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: $18B

- Cumulative retained earnings: $968M

- Diluted shares, 10-year annual growth: 2.4%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $3.94

- Per-share value, starting three-year median: -$0.50

- Per-share value, ending three-year median: $3.44

- Buybacks concentrated in cheaper years (correlation): 0.26

- Average buyback yield: 0.2%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $76M

- Cumulative net income, 10 years: $859M

- ROIC, first three-year median: -2.4%

- ROIC, last three-year median: 19.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.50

- FY2017: -$0.46

- FY2018: $0.05

- FY2019: $0.19

- FY2020: $0.10

- FY2021: $0.24

- FY2022: $0.07

- FY2023: $2.80

- FY2024: $5.66

- FY2025: $3.44

### accounting: pass

- Sloan accruals: -10.1%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 11.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.8%

- FY2017: -8.3%

- FY2018: -3.5%

- FY2019: -7.6%

- FY2020: -4.1%

- FY2021: 4.1%

- FY2022: -5.1%

- FY2023: 2.3%

- FY2024: -0.4%

- FY2025: -10.1%

## Holders

## Price story

Down 59% since Aug 2025 · "The stronger quarter, however, came alongside a lower 2026 revenue-growth outlook." (finance.yahoo.com, Aug 2026) · sales +12.8%

Story as of 2026-10-16T10:00:06.485Z; price observation 2026-10-15.

Price needs cash profits to grow 13.2% a year for ten years

- 2025-05-09: Insulet (NasdaqGS:PODD) Announces $125M Buyback, Raises Revenue Guidance For 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/insulet-nasdaqgs-podd-announces-125m-173739325.html))

- 2025-08-13: PODD Q2 Deep Dive: Omnipod 5 Adoption and International Expansion Drive Results ([finance.yahoo.com](https://finance.yahoo.com/news/podd-q2-deep-dive-omnipod-034007241.html))

- 2025-11-08: Insulet (PODD): Evaluating Valuation After Q3 2025 Results, Upgraded Guidance, and Omnipod Expansion ([finance.yahoo.com](https://finance.yahoo.com/news/insulet-podd-evaluating-valuation-q3-081219336.html))

- 2026-03-14: Why Insulet (PODD) Is Down 7.2% After Omnipod 5 Recall Over Insulin Under-Delivery Risk ([finance.yahoo.com](https://finance.yahoo.com/news/why-insulet-podd-down-7-141017883.html))

- 2026-04-26: Jim Cramer on Insulet Corporation: “It’s Still Too Expensive Because of the GLP-1 Threat” ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/jim-cramer-insulet-corporation-still-151931472.html))

- 2026-08-05: Insulet Reports Second-Quarter Revenue Growth as Full-Year U.S. Omnipod Outlook Is Lowered ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/insulet-reports-second-quarter-revenue-144511517.html))

### Sales · FY2025–2026

sales +12.8%; source https://www.sec.gov/Archives/edgar/data/1145197/000114519726000028/podd-20251231.htm; observed 2026-02-18.

- FY2017: $464M 

- FY2018: $564M 

- FY2019: $738M 

- FY2020: $904M 

- FY2021: $1.1B 

- FY2022: $1.3B 

- FY2023: $1.7B 

- FY2024: $2.1B 

- FY2025: $2.7B 

- FY2026: $3.1B 

### Gross margin · FY2025

gross margin 71.6%; source https://www.sec.gov/Archives/edgar/data/1145197/000114519726000028/podd-20251231.htm; observed 2026-02-18.

- FY2016: 57.5% 

- FY2017: 59.8% 

- FY2018: 65.7% 

- FY2019: 65.1% 

- FY2020: 64.4% 

- FY2021: 68.4% 

- FY2022: 61.7% 

- FY2023: 68.3% 

- FY2024: 69.8% 

- FY2025: 71.6% 

## Owner memo

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

### How it makes money

Operates in medical devices; annual sales are USD 2.7 billion.

- Source: https://eodhd.com/api/fundamentals/PODD.US.json#2025-12-31 (filed 2026-02-18); FY2025: revenue 2708100000; grossProfit 1939900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PODD.US: Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes in the United States and internationally. The company offers Omnipod platform products comprising Omnipod 5 automated insulin delivery system, which includes a proprietary AID algorithm embedded in the pod that integrates with a third-party continuous glucose monitor to obtain glucose values through wireless Bluetooth communication; Omnipod DASH insulin management system that features a Bluetooth enabled pod that is controlled by a smartphone-like personal diabetes manager with a color touch screen user interface; and the Omnipod Insulin Management System. It also provides pods for Amgen for use in the Neulasta Onpro kit, which is a delivery system to help reduce the risk of infection after intense chemotherapy. The company sells its products to end-users through the pharmacy channel; and independent distributors. Insulet Corporation was incorporated in 2000 and is headquartered in Acton, Massachusetts.

### Why customers stay

Margins ranged from 68.3% to 71.6% during 2023–25; it earns 6.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/PODD.US.json#2023-12-31 (filed 2026-02-18); FY2023: grossProfit / revenue = 68.3%.

- Source: https://eodhd.com/api/fundamentals/PODD.US.json#2024-12-31 (filed 2026-02-18); FY2024: grossProfit / revenue = 69.8%.

- Source: https://eodhd.com/api/fundamentals/PODD.US.json#2025-12-31 (filed 2026-02-18); FY2025: grossProfit / revenue = 71.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,-0.1459468415602347],[2017,-0.023839448023432044],[2018,0.03748793337329253],[2019,0.07252946509519492],[2020,0.05344647340267231],[2021,0.10338259570020611],[2022,0.02066283395333108],[2023,0.1483523753638696],[2024,0.18966046540185424],[2025,0.19176346962279955]]; median 0.06298796924893361. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 31.8% of cash earnings on expansion; earns 23.8% on new investment.

- Source: https://eodhd.com/api/fundamentals/PODD.US.json#2021-12-31 (filed 2026-02-18); FY2021: growth capex 65300000; upkeep 57400000; cash acquisitions 0; owner earnings 16800000. Growth capex plus acquisitions / owner earnings = 3.886904761904762.

- Source: https://eodhd.com/api/fundamentals/PODD.US.json#2022-12-31 (filed 2026-02-18); FY2022: growth capex 94100000; upkeep 63200000; cash acquisitions 26000000; owner earnings 4600000. Growth capex plus acquisitions / owner earnings = 26.108695652173914.

- Source: https://eodhd.com/api/fundamentals/PODD.US.json#2023-12-31 (filed 2026-02-18); FY2023: growth capex 2800000; upkeep 72800000; cash acquisitions 3000000; owner earnings 206300000. Growth capex plus acquisitions / owner earnings = 0.028114396509936985.

- Source: https://eodhd.com/api/fundamentals/PODD.US.json#2024-12-31 (filed 2026-02-18); FY2024: growth capex 44100000; upkeep 80800000; cash acquisitions 0; owner earnings 418300000. Growth capex plus acquisitions / owner earnings = 0.1054267272292613.

- Source: https://eodhd.com/api/fundamentals/PODD.US.json#2025-12-31 (filed 2026-02-18); FY2025: growth capex 78500000; upkeep 113100000; owner earnings 247100000. Growth capex / owner earnings = 0.31768514771347633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Incremental return on capital 0.23774788806563574, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,8600000],[2020,98500000],[2021,23500000],[2022,0],[2023,10600000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/PODD.US.json#2025-12-31 (filed 2026-02-18); FY2025: cash repurchases 59600000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PODD.US SharesStats.PercentInsiders = 0.33 percentage points; cache date 2026-10-16.

### What could break it

"Expansion of U.S. tariffs could have a material adverse effect on our financial results." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1145197/000114519726000028/podd-20251231.htm (filed 2026-02-18); Expansion of U.S. tariffs could have a material adverse effect on our financial results.

### What the price says

The price assumes cash profits grow 13.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate 0.17690785864836533. Price 138.77; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.202592641105113 → FY2025 3.4373869738196587. Closing-price date 2026-10-15.

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

- 2016-10: $37.12 per share

- 2016-11: $33.65 per share

- 2016-12: $37.68 per share

- 2017-01: $41.60 per share

- 2017-02: $43.56 per share

- 2017-03: $43.09 per share

- 2017-04: $43.41 per share

- 2017-05: $41.97 per share

- 2017-06: $51.31 per share

- 2017-07: $50.31 per share

- 2017-08: $58.06 per share

- 2017-09: $55.08 per share

- 2017-10: $58.81 per share

- 2017-11: $71.73 per share

- 2017-12: $69.00 per share

- 2018-01: $76.53 per share

- 2018-02: $75.09 per share

- 2018-03: $86.68 per share

- 2018-04: $86.00 per share

- 2018-05: $93.79 per share

- 2018-06: $85.70 per share

- 2018-07: $83.16 per share

- 2018-08: $104.27 per share

- 2018-09: $105.95 per share

- 2018-10: $88.21 per share

- 2018-11: $83.93 per share

- 2018-12: $79.32 per share

- 2019-01: $81.19 per share

- 2019-02: $93.91 per share

- 2019-03: $95.09 per share

- 2019-04: $86.25 per share

- 2019-05: $109.79 per share

- 2019-06: $119.38 per share

- 2019-07: $122.94 per share

- 2019-08: $154.17 per share

- 2019-09: $164.93 per share

- 2019-10: $145.32 per share

- 2019-11: $185.70 per share

- 2019-12: $171.20 per share

- 2020-01: $194.04 per share

- 2020-02: $189.97 per share

- 2020-03: $165.68 per share

- 2020-04: $199.72 per share

- 2020-05: $188.57 per share

- 2020-06: $194.26 per share

- 2020-07: $203.36 per share

- 2020-08: $218.25 per share

- 2020-09: $236.59 per share

- 2020-10: $222.25 per share

- 2020-11: $257.71 per share

- 2020-12: $255.63 per share

- 2021-01: $267.18 per share

- 2021-02: $259.10 per share

- 2021-03: $260.92 per share

- 2021-04: $295.22 per share

- 2021-05: $269.67 per share

- 2021-06: $274.51 per share

- 2021-07: $279.69 per share

- 2021-08: $297.81 per share

- 2021-09: $284.23 per share

- 2021-10: $310.02 per share

- 2021-11: $288.44 per share

- 2021-12: $266.07 per share

- 2022-01: $248.00 per share

- 2022-02: $264.69 per share

- 2022-03: $266.39 per share

- 2022-04: $238.99 per share

- 2022-05: $213.48 per share

- 2022-06: $217.94 per share

- 2022-07: $247.80 per share

- 2022-08: $255.47 per share

- 2022-09: $229.40 per share

- 2022-10: $258.81 per share

- 2022-11: $299.37 per share

- 2022-12: $294.39 per share

- 2023-01: $287.32 per share

- 2023-02: $276.36 per share

- 2023-03: $318.96 per share

- 2023-04: $318.04 per share

- 2023-05: $274.25 per share

- 2023-06: $288.34 per share

- 2023-07: $276.75 per share

- 2023-08: $191.71 per share

- 2023-09: $159.49 per share

- 2023-10: $132.57 per share

- 2023-11: $189.09 per share

- 2023-12: $216.98 per share

- 2024-01: $190.87 per share

- 2024-02: $164.00 per share

- 2024-03: $171.40 per share

- 2024-04: $171.94 per share

- 2024-05: $177.19 per share

- 2024-06: $201.80 per share

- 2024-07: $194.35 per share

- 2024-08: $202.77 per share

- 2024-09: $232.75 per share

- 2024-10: $231.53 per share

- 2024-11: $266.78 per share

- 2024-12: $261.07 per share

- 2025-01: $278.38 per share

- 2025-02: $272.27 per share

- 2025-03: $262.61 per share

- 2025-04: $252.29 per share

- 2025-05: $325.03 per share

- 2025-06: $314.18 per share

- 2025-07: $288.40 per share

- 2025-08: $339.88 per share

- 2025-09: $308.73 per share

- 2025-10: $313.01 per share

- 2025-11: $327.19 per share

- 2025-12: $284.24 per share

- 2026-01: $255.81 per share

- 2026-02: $246.61 per share

- 2026-03: $209.84 per share

- 2026-04: $172.14 per share

- 2026-05: $144.94 per share

- 2026-06: $152.25 per share

- 2026-07: $165.35 per share

- 2026-08: $148.66 per share

- 2026-09: $130.47 per share

- 2026-10: $138.77 per share

## Annual estimated value (USD per share)

- FY2023: low $10.21 per share, central $10.68 per share, high $10.96 per share

- FY2024: low $18.17 per share, central $20.67 per share, high $22.12 per share

- FY2025: low $55.94 per share, central $75.97 per share, high $87.63 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 2026-10-15T06:41:43.447Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1145197/000114519726000028/podd-20251231.htm); period 2025-12-31, filed 2026-02-18.

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.