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Insmed Incorporated (INSM) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Insmed Incorporated
NasdaqGS•Healthcare•Biotechnology
$129.41+2.13(0.02%)Market closed
Market Cap
$26.95B
P/S
23.7x
P/B
35.6x

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.

C

How this company scores

AverageMetricSide Score: 55/100

Strongest: Growth (20/25); weakest: Cash & Earnings Quality (8/25).

Profitability13/25
Growth20/25
Balance Sheet & Red Flags14/25
Cash & Earnings Quality8/25
Strengths
Growing revenueProfit converts from growthConsistent growthNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 23.7x5y range 23.7x – 67.1x
P/S 23.7x · below its 20-quarter median

Currently below its 20-quarter median.

P/B · 35.6x5y range 15.2x – 290.4x
P/B 35.6x · near its 14-quarter median

Currently near its 14-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume
Market Cap $26.95B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$1.14B
7Q
Q. Revenue
$425.49M
5Q
TTM EBITDA
$-840.62M
2Q
TTM Op. Income
$-840.62M
2Q
Q. Op. Income
$-1.55M
3Q
TTM Net Income
$-875.31M
2Q
Q. Net Income
$-13.24M
3Q
EPS
$-0.06
3Q
Shares Out.
$217.35M
7Q
$1.14B in TTM revenue grew 185.8% YoY, reaching $425.49M last quarter. TTM EBITDA of $-840.62M and TTM operating income of $-840.62M show growth is flowing through to the bottom line. However, net income is negative at $875.31M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
84.2%
14%
EBITDA Margin
-0.4%
4Q
Op. Margin
-0.4%
4Q
Net Margin
-3.1%
4Q
Op. margin of -0.4% is up 290.9% YoY — cost efficiency is improving. Net margin at -3.1% and gross margin of 84.2% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 4 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
23.7x
3Q
P/B Ratio
35.6x
2Q
P/S of 23.7x and P/B of 35.6x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$2.10B
15%
Cash
$544.76M
58%
Long-Term Debt
$543.51M
4Q
Book Value
$757.49M
39%
D/E Ratio
0.7
67%
Debt/EBITDA
N/A
With $2.10B in assets and $543.51M in long-term debt, D/E is 0.7and book value is $757.49M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 67% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$-88.83M
2Q
TTM Free Cash Flow
$-807.67M
2Q
FCF Margin
-71.0%
4Q
FCF / Net Income
0.9
2Q
TTM FCF of $-807.67M on $-88.83M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.

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Leverage Risk

Watch

Debt-to-equity has risen 66.5% recently — increasing financial risk even if the current ratio is manageable.

Cash Burn

Red Flag

The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Red Flag

Shares outstanding increased 25.1% — significant dilution, likely from stock compensation or capital raises.