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what it is
Insulet sells tubeless insulin pumps and the disposable pods people with diabetes keep buying every few days.
how it gets paid
Last year Insulet made $2.7B in revenue. u.s. omnipod was the main engine at about $1.92B, or roughly 71% of sales.
why it's growing
Revenue grew 30.7% last year. Annual revenue reached $2.7B, up 30.7% vs. prior year.
what just happened
Latest quarter (Q4 2025) revenue was about $784M with adjusted EPS of about $1.55, a beat on both; full-year revenue reached $2.7B, up 30.7%.
At a glance
B+ balance sheet — decent shape, but not bulletproof
25/100 earnings predictability — expect surprises
~55x trailing P/E (adjusted EPS) — you're paying up for this one
~20% return on capital — solid, not extraordinary
xvary composite: 56/100 — below average
What they do
Insulet sells tubeless insulin pumps and the disposable pods people with diabetes keep buying every few days.
This business wins because the pod is disposable and wearable, which turns one device sale into repeat buying. U.S. sales are about 71% of the business, and once your insulin routine lives inside one system, switching is a hassle you feel every day. Return on capital (how much profit the business earns on money invested → efficiency → so what: ~20%) says this is not just growth, it's disciplined growth.
How they make money
$2.7B
annual revenue · their business grew +30.7% last year
u.s. omnipod
$1.92B
international omnipod
$0.75B
drug delivery
$34M
The products that matter
tubeless insulin delivery
Omnipod
$2.7B revenue base
It's the engine behind the full $2.7B revenue base, and that base grew 30.7% last year.
the whole story
automated insulin delivery
Omnipod 5
9 new countries in 2025
This version expanded into nine additional countries in 2025, which helps explain why growth is no longer just a U.S. marketing story.
expansion driver
Key numbers
16.0%
sales growth
Sales growth → the pace of expansion each year → so what: the business is expected to keep compounding fast even after reaching $2.7B in revenue.
~55x
trailing P/E (adj.)
Trailing P/E on adjusted EPS → what investors pay for normalized earnings → so what: you are paying up today for growth that still has to show up tomorrow.
17.6%
adj. operating margin
Adjusted operating margin → profit after running the business (non-GAAP) → so what: profitability is real, though not as wide as some med-tech multiples imply.
~20%
return on capital
Return on capital → profit earned on invested money → so what: Insulet is turning growth spending into respectable returns.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt ~$931M long-term debt (net)
- net profit margin 9.1% (GAAP) — keeps about 9 cents of every dollar in revenue
- return on equity 16% — GAAP ROE on year-end equity
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in PODD 3 years ago → it's now worth $9,480.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Q4 2025 revenue was $784M (up ~31% vs. prior year); adjusted EPS was about $1.55, beating consensus. Full-year revenue reached $2.7B, up 30.7%.
Full-year gross margin was about 71.6%. Company commentary cited Omnipod 5 adoption, international expansion, and execution on pricing and U.S. demand generation.
$784M
Q4 revenue
$1.55
adj. EPS (Q4)
71.6%
FY gross margin
the number that mattered
Full-year gross margin near 72% matters because it shows Insulet is scaling without giving away the business on price.
-
insulet reported full-year 2025 revenue of $2.7B, up 30.7% vs. prior year, with Q4 revenue of $783.8M (up ~31%). omnipod 5 launches in nine new countries in 2025 helped international omnipod revenue reach about $754M for the year.omnipod 5, the latest iteration of the company’s insulin delivery system, was launched in nine additional countries in 2025, giving the top line a boost.
-
too, insulet has ramped up its direct-to-consumer marketing efforts in the united states (the u.s. represents about 71% of omnipod revenue).
-
higher pricing also contributed.
-
full-year 2025 adjusted diluted EPS was $4.97 (up from prior-year adjusted EPS per company reconciliation); GAAP diluted EPS was $3.48 reflecting debt extinguishment and other one-offs.
-
the stage is set for additional progress in the year ahead.
source: insulet Q4 & full-year 2025 earnings release (feb 18, 2026)
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What could go wrong
For PODD, the biggest risk is Omnipod concentration. One platform carries essentially the full $2.7B revenue base, so a stumble does not hide inside a diversified portfolio.
high
single-product concentration
Omnipod is effectively the whole $2.7B business.
If adoption slows, the slowdown hits the full income statement.
med
valuation compression
At ~55x trailing adjusted earnings, the stock already assumes more growth is coming.
If growth cools before earnings catch up, the multiple can do the damage on its own.
med
u.s. concentration
About 71% of omnipod revenue still comes from the U.S.
Domestic reimbursement, competition, and marketing execution matter more here than they would in a balanced global mix.
med
international rollout execution
Omnipod 5 expanded into nine additional countries in 2025.
That helps growth now, but it also raises the bar for keeping expansion smooth.
When one platform drives roughly 100% of $2.7B in revenue, product execution risk and valuation risk arrive together.
source: institutional data · regulatory filings · risk analysis
Pay attention to
unit economics
~71.6% FY gross margin
This is the number that earns PODD a premium multiple. If it weakens, the stock's valuation logic weakens with it.
growth
30.7% revenue growth
The market is underwriting continued fast adoption. Growth is the whole argument for paying ~55x on adjusted earnings.
calendar
December-quarter release
The February 2026 year-end print confirmed ~31% Q4 revenue growth and full-year guidance momentum into 2026.
valuation
~55x trailing P/E (adj.)
A premium multiple works great while growth is clean. It gets unforgiving when execution gets noisy.
Analyst rankings
earnings predictability
25 / 100
In human-speak, analysts see a real growth story with less-than-clean earnings visibility.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 433 buyers vs. 322 sellers in 3q2025. total institutional holdings: 68.4M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$216
$455
$271
current price
$336
target midpoint · +24% from current · 3-5yr high: $625 (+130% · 23% ann'l return)
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