# Insulet Corporation (PODD)

> Source: Nexqual · https://nexqual.com/PODD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Insulet Corporation (PODD), nexqual.com/PODD" · informational, not investment advice.

**Price:** USD 148.12 (+4.38% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 141.9 · day 142.47–148.35 · 52w 126.4–354.88 · market cap $10.3B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.05B, net income $375M (12.3% margin), free cash flow $294M (SEC filings).
- Valuation: P/E 27.4x (avg 68.7x at the last 3 fiscal year-ends), EV/EBITDA 17.4x, net debt $414M.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $60K; 1 not under a Rule 10b5-1 plan ($60K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $1.1M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.27 on a 1–5 scale) (26 analysts), mean target USD 167.17 (range 143–215).
- Total return with dividends: 1Y -54.2% vs S&P 500 +14.9%; 5Y -51.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.59, revenue estimate $833M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.10B | $1.31B | $1.70B | $2.07B | $2.71B | $3.05B |
| Gross profit | $752M | $806M | $1.16B | $1.45B | $1.94B | — |
| Operating income | $126M | $37.6M | $220M | $309M | $474M | $516M |
| Net income | $16.8M | $4.6M | $206M | $418M | $247M | $375M |
| EPS (diluted) | $0.24 | $0.07 | $2.94 | $5.78 | $3.48 | — |
| Free cash flow | -$180M | -$3.9M | $70.1M | $305M | $378M | $294M |
| Gross margin | 68.4% | 61.7% | 68.3% | 69.8% | 71.6% | — |
| Operating margin | 11.5% | 2.9% | 13.0% | 14.9% | 17.5% | 16.9% |
| Net margin | 1.5% | 0.4% | 12.2% | 20.2% | 9.1% | 12.3% |
| Revenue growth | +21.5% | +18.8% | +30.0% | +22.1% | +30.7% | — |
| Cash + short-term investments | $806M | — | — | $953M | $716M | — |
| Total debt | $1.27B | $1.40B | $1.42B | $1.38B | $949M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.4x · P/S 3.4x · EV/EBITDA 17.4x · EV/Sales 3.5x · P/FCF 35.0x · P/B 7.2x · FCF yield 2.86% · Earnings yield 3.65% · Buyback yield (TTM) 3.21% · Net debt $414M · EV $10.7B
P/E at fiscal year-ends: Dec 2025 82.7x, Dec 2024 46.1x, Dec 2023 77.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-03 | Borio Luciana | Director | 418 | $60K | 8.8% | No | Routine (sold in Jun each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $1.1M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-21 | McEvoy Ashley | President and CEO | 1,100 | $162K | 147.47 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-03 | Stonesifer Timothy C. | Director | 2,790 | $400K | 143.51 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-03 | Weatherman Elizabeth H | Director | 3,450 | $497K | 144.2 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.27 on a 1–5 scale), 26 analysts; mean target USD 167.17 (low 143, high 215).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Jefferies | Target lowered | Buy | $275 → $190 |
| 2026-10-07 | Barclays | Initiated | Equal-Weight | $150 |
| 2026-08-06 | Canaccord Genuity | Target lowered | Buy | $249 → $179 |
| 2026-08-06 | Leerink Partners | Downgrade | Outperform → Market Perform | $247 → $145 |
| 2026-08-06 | TD Cowen | Target lowered | Hold | $294 → $144 |
| 2026-08-06 | UBS | Target lowered | Neutral | $174 → $150 |
| 2026-08-06 | RBC Capital | Target lowered | Outperform | $245 → $160 |
| 2026-08-06 | Bernstein | Target lowered | Outperform | $200 → $175 |
| 2026-08-06 | Benchmark | Target lowered | Buy | $250 → $185 |
| 2026-08-06 | Stifel | Target lowered | Buy | $225 → $180 |
| 2026-08-06 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $255 → $144 |
| 2026-08-06 | JP Morgan | Downgrade | Overweight → Neutral | $275 → $152 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -54.2% | -51.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -54.3% | -13.4% |
| Volatility (annualized) | 46.6% | 41.3% |
| Max drawdown | -62.3% (Nov 2025→Sep 2026) | -62.2% (Sep 2025→Sep 2026) |

## Peers (Medical Devices)
GKOS (Glaukos Corporation) USD 176.69 -0.09% · BIO (Bio-Rad Laboratories, Inc.) USD 363.5 +0.83% · GMED (Globus Medical, Inc.) USD 81.66 +3.79% · TXG (10x Genomics, Inc.) USD 69.75 -7.73% · BRKR (Bruker Corporation) USD 57.31 -3.05% · PEN (Penumbra, Inc.) USD 324.96 +0.43%

## More
Full page: https://nexqual.com/PODD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PODD's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1145197/000114519726000028/podd-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Glooko | "We also have a partnership with Glooko that allows our products to connect with Glooko's cloud-based diabetes data management system so that users and healthcare providers can monitor user data, including insulin deliver…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Omnipod products | $795.9M | 99.3% | +24.6% |
| — U.S. (part of Total Omnipod products) | $544.1M | 67.9% | +20.1% |
| — International (part of Total Omnipod products) | $251.8M | 31.4% | +35.5% |
| Drug Delivery | $5.8M | 0.7% | -43.1% |
| Total revenue | $801.7M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $549.9M | 68.6% | +18.7% |
| International | $251.8M | 31.4% | +35.5% |
| Total revenue | $801.7M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 25%, 22%, 17% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-08-05)

- "Outlook: For the quarter ending September 30, 2026 and year ending December 31, 2026, the Company is providing the following guidance (revenue in constant currency): Q3 2026 Guidance FY 2026 Guidance (as of 8/5/2026) FY 2026 Prior Guidance (as of 5/6/2026) U.S."
- "(Eastern Time) on August 5, 2026 to discuss the financial results and outlook."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.59 | $1.64 | -3.0% | $832.6M | 23 |
| Next quarter (ends 2026-12-31) | $1.85 | $1.96 | -5.8% | $893.7M | 22 |
| Current fiscal year (ends 2026-12-31) | $6.51 | $6.48 | +0.5% | $3.29B | 24 |
| Next fiscal year (ends 2027-12-31) | $7.72 | $8.06 | -4.1% | $3.73B | 24 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±13.1%; last 8 reports averaged ±8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 58.1% | ±13.1% |
| 2026-12-18 | 56 | 47.2% | ±14.9% |
| 2027-03-19 | 147 | 46.3% | ±23.2% |
| 2027-06-17 | 237 | 46.0% | ±29.2% |