Insmed Inc
INSMHealthcare|Biotechnology|USA
$115.61
-2.65 (-2.24%)
Tangible Book
$2.19
Financials
Financial Snapshot
Market Cap
$25.06B
Enterprise Value
$643.2M
Revenue (TTM)
$819.6M
Net Income (TTM)
$-1.18B
Cash & Equivalents
—
Net Cash/Share
$-0.68
Free Cash Flow (TTM)
$-921.6M
Operating CF (TTM)
$-895.7M
Debt/Equity
0.82
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$223.9M
Monthly Burn
$74.6M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $162.6M | $381.2M | $495.1M | $487.4M | $532.8M | $716.8M | $1.15B | $780.4M | $1.43B | $1.43B | $1.22B | |
| Operating Cash Flow | $-146.7M | $-159.6M | $-258.0M | $-250.6M | $-219.3M | $-363.3M | $-400.4M | $-536.2M | $-683.9M | $-935.0M | $-895.7M | |
| Free Cash Flow | $-150.9M | $-162.6M | $-272.8M | $-292.9M | $-226.2M | $-370.6M | $-410.3M | $-549.5M | $-705.8M | $-967.6M | $-921.6M | |
| Capital Expenditure | $-4.2M | $-3.0M | $-14.8M | $-42.3M | $-6.8M | $-7.3M | $-9.9M | $-13.3M | $-21.9M | $-32.6M | $-26.0M | |
| Financing Cash Flow | $30.7M | $381.1M | $386.7M | $285.3M | $271.0M | $612.5M | $793.3M | $168.4M | $1.34B | $954.1M | $954.6M |
R&D Spending
R&D (TTM)
$828.0M
R&D Intensity
101.0%
R&D Growth YoY
+7.4%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $9.8M | $136.5M | $164.4M | $188.5M | $245.4M | $305.2M | $363.7M | $606.4M | $819.6M | |
| R&D Expense | $122.7M | $109.7M | $145.3M | $131.7M | $181.2M | $272.7M | $397.5M | $571.0M | $598.4M | $771.1M | $828.0M | |
| R&D % of Revenue | — | — | 1477.2% | 96.5% | 110.2% | 144.7% | 162.0% | 187.1% | 164.5% | 127.2% | 101.0% | |
| SG&A | $50.7M | $79.2M | $168.2M | $210.8M | $203.6M | $234.3M | $265.8M | $344.5M | $461.1M | $701.2M | $800.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $9.8M | $136.5M | $164.4M | $188.5M | $245.4M | $305.2M | $363.7M | $606.4M | $819.6M | |
| Cost of Goods Sold | $0.00 | $0.00 | $2.4M | $24.2M | $39.9M | $44.2M | $55.1M | $65.6M | $85.7M | $122.9M | $149.1M | |
| Gross Profit | $0.00 | $0.00 | $7.4M | $112.3M | $124.5M | $144.3M | $190.2M | $239.6M | $278.0M | $483.5M | $670.5M | |
| R&D | $122.7M | $109.7M | $145.3M | $131.7M | $181.2M | $272.7M | $397.5M | $571.0M | $598.4M | $771.1M | $828.0M | |
| SG&A | $50.7M | $79.2M | $168.2M | $210.8M | $203.6M | $234.3M | $265.8M | $344.5M | $461.1M | $701.2M | $800.9M | |
| Operating Income | $-173.4M | $-188.9M | $-307.3M | $-235.2M | $-265.2M | $-367.8M | $-478.1M | $-680.9M | $-786.6M | $-994.8M | $-965.2M | |
| Interest Expense | $-3.5M | $-5.1M | $-24.1M | $-26.3M | $-28.2M | $-38.6M | $-22.5M | $-76.3M | $-80.3M | $-77.6M | $-76.5M | |
| Pretax Income | $-176.2M | $-192.9M | $-324.1M | $-253.6M | $-292.7M | $-436.4M | $-480.2M | $-747.0M | $-910.1M | $-1.27B | $-1.18B | |
| Net Income | $-176.3M | $-192.6M | $-324.3M | $-254.3M | $-294.1M | $-434.7M | $-481.5M | $-749.6M | $-913.8M | $-1.28B | $-1.18B | |
| EPS (Diluted) | -2.85 | -2.89 | -4.22 | -3.01 | -3.01 | -3.88 | -3.91 | -5.34 | -5.57 | -6.42 | -5.75 | |
| EBITDA | $-170.2M | $-184.9M | $-295.2M | $-217.1M | $-250.4M | $-383.6M | $-447.4M | $-660.2M | $-818.8M | $-1.18B | $-1.08B | |
| Shares Out. (M) | 61.89 | 66.58 | 76.89 | 84.56 | 97.61 | 112.11 | 123.03 | 140.43 | 164.04 | 199.01 | 215.47 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $162.6M | $381.2M | $495.1M | $487.4M | $532.8M | $716.8M | $1.07B | $482.4M | $555.0M | $510.4M | $582.2M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $74.2M | $298.1M | $878.8M | $919.6M | $641.3M | |
| Total Current Assets | $168.4M | $389.4M | $518.9M | $555.2M | $622.9M | $837.0M | $1.27B | $929.1M | $1.62B | $1.79B | $1.61B | |
| Total Assets | $238.0M | $462.0M | $604.6M | $742.3M | $796.2M | $1.24B | $1.66B | $1.33B | $2.03B | $2.26B | $2.08B | |
| Total Current Liabilities | $28.0M | $44.7M | $79.7M | $85.2M | $118.8M | $135.2M | $190.2M | $225.6M | $297.5M | $468.9M | $361.0M | |
| Long-Term Debt | $54.8M | $55.6M | $316.6M | $335.9M | $356.3M | $566.6M | $1.13B | $1.16B | $1.10B | $541.0M | $542.2M | |
| Total Liabilities | $83.5M | $101.0M | $396.3M | $480.6M | $520.3M | $833.0M | $1.57B | $1.66B | $1.74B | $1.53B | $1.37B | |
| Stockholders' Equity | $154.5M | $361.1M | $208.3M | $261.7M | $275.9M | $410.5M | $88.0M | $-331.9M | $285.4M | $739.0M | $704.9M | |
| Retained Earnings | $-765.2M | $-957.9M | $-1.28B | $-1.54B | $-1.83B | $-2.27B | $-2.70B | $-3.45B | $-4.36B | $-5.64B | $-5.80B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-146.7M | $-159.6M | $-258.0M | $-250.6M | $-219.3M | $-363.3M | $-400.4M | $-536.2M | $-683.9M | $-935.0M | $-895.7M | |
| Capital Expenditure | $-4.2M | $-3.0M | $-14.8M | $-42.3M | $-6.8M | $-7.3M | $-9.9M | $-13.3M | $-21.9M | $-32.6M | $-26.0M | |
| Free Cash Flow | $-150.9M | $-162.6M | $-272.8M | $-292.9M | $-226.2M | $-370.6M | $-410.3M | $-549.5M | $-705.8M | $-967.6M | $-921.6M | |
| Investing Cash Flow | $-4.2M | $-3.0M | $-14.8M | $-42.3M | $-6.8M | $-64.3M | $-34.6M | $-223.6M | $-583.2M | $-64.6M | $120.5M | |
| Financing Cash Flow | $30.7M | $381.1M | $386.7M | $285.3M | $271.0M | $612.5M | $793.3M | $168.4M | $1.34B | $954.1M | $954.6M | |
| Issuance of Stock | $0.00 | $377.7M | $0.00 | $261.1M | $245.9M | $269.9M | $292.2M | $152.5M | $1.08B | $823.3M | $-256.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $30.0M | $0.00 | $450.0M | $0.00 | $0.00 | $575.0M | $350.0M | $0.00 | $150.0M | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $-57.8M | $0.00 | $0.00 | $-238.7M | $-601.0K | $-1.2M | $-2.6M | $-4.9M | $-5.0M | |
| Stock Based Comp. | $18.0M | $18.1M | $26.2M | $27.0M | $36.2M | $46.0M | $57.7M | $74.8M | $96.8M | $152.7M | $159.2M | |
| Net Change in Cash | $-120.3M | $218.6M | $113.9M | $-7.6M | $45.3M | $184.0M | $357.3M | $-591.7M | $72.7M | $-44.6M | $178.9M |
Dilution Tracker
Shares outstanding grew 92.2% over 5 years — significant dilution
Shares Outstanding
215M
5-Year Share Growth
+92.2%
Stock Issuance (TTM)
$-256.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 61.89 | 66.58 | 76.89 | 84.56 | 97.61 | 112.11 | 123.03 | 140.43 | 164.04 | 199.01 | 215.47 | |
| YoY Change % | — | 7.6% | 15.5% | 10.0% | 15.4% | 14.9% | 9.7% | 14.1% | 16.8% | 21.3% | 8.3% | |
| Stock Issuance | $0.00 | $377.7M | $0.00 | $261.1M | $245.9M | $269.9M | $292.2M | $152.5M | $1.08B | $823.3M | $-256.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $18.0M | $18.1M | $26.2M | $27.0M | $36.2M | $46.0M | $57.7M | $74.8M | $96.8M | $152.7M | $159.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 75.4% | 82.3% | 75.7% | 76.6% | 77.5% | 78.5% | 76.4% | 79.7% | 81.8% | |
| Operating Margin % | 0.0% | 0.0% | -3124.9% | -172.4% | -161.3% | -195.1% | -194.9% | -223.1% | -216.3% | -164.0% | -117.8% | |
| Net Margin % | 0.0% | 0.0% | -3297.2% | -186.4% | -178.9% | -230.6% | -196.3% | -245.6% | -251.2% | -210.5% | -144.4% | |
| EBITDA Margin % | 0.0% | 0.0% | -3001.3% | -159.1% | -152.3% | -203.6% | -182.3% | -216.3% | -225.1% | -194.2% | -132.2% | |
| FCF Margin % | 0.0% | 0.0% | -2773.7% | -214.6% | -137.6% | -196.6% | -167.2% | -180.1% | -194.1% | -159.6% | -112.5% | |
| ROE % | -75.6% | -74.7% | -113.9% | -108.2% | -109.4% | -126.7% | -193.2% | 0.0% | 0.0% | -249.3% | -158.3% | |
| ROA % | -59.3% | -55.0% | -60.8% | -37.8% | -38.2% | -42.6% | -33.2% | -50.2% | -54.5% | -59.5% | -53.9% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S29.70
Historical8.23 / 17.99 / 241.88
Industry Med.9.51
P/B35.52
Historical4.02 / 15.68 / 338.37
Industry Med.2.93
EV/EBITDA-22.54
Historical-39.45 / -8.27 / -3.27
Industry Med.13.14
EV/Revenue29.79
Historical8.72 / 17.86 / 224.55
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$2.19
Net Current Assets
$1.120
Net-Net Working Capital
$0.24
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | 102.50 | 14.80 | 19.77 | 16.20 | 10.02 | 14.26 | 31.14 | 57.12 | 29.70 | |
| PB Ratio | 5.31 | 6.62 | 4.87 | 8.18 | 12.40 | 7.88 | 30.83 | 0.00 | 43.39 | 50.46 | 35.52 | |
| EV/EBITDA | -4.19 | -11.16 | -2.83 | -9.45 | -13.15 | -8.16 | -6.12 | -7.59 | -14.78 | -30.95 | -22.54 | |
| EV/Revenue | 0.00 | 0.00 | 84.98 | 15.03 | 20.03 | 16.61 | 11.17 | 16.41 | 33.27 | 60.10 | 29.79 |
Analyst Estimates & Quality
Altman Z-Score
6.42
Safe
Piotroski F-Score
5
Moderate
Beneish M-Score
-1.01
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $1,690.2M | $2,769.6M | $3,821.8M |
| Net Income | $-609.9M | $67.5M | $843.6M |
| EPS | -2.71 | 0.52 | 3.69 |
| Book Value per Share | 1.34 | 2.85 | 6.53 |
| Operating Cash Flow per Share | -2.70 | 1.58 | 2.76 |
| Operating CF | $-581.05M | $341.15M | $593.61M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Product revenues, net | $606.4M |
By Geography
| Segment | 2025 |
|---|---|
| US | $453.0M |
| International | $153.5M |