Buy Like Buffett

The Moat Index

Inspire Medical Systems, Inc.

INSP · Healthcare · $1.4B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

49/ 100
Shallow moat

The four filters

Pricing power99

Median gross margin 84.2% over 10y, very stable.

Returns on capital0

Median ROIC -18.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 372x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$50.60
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

11 years of fundamentals

The business, in plain English

Inspire Medical Systems, Inc. booked $912.0M of revenue in FY2025 in the Healthcare sector and kept 85.4% of it as gross profit — a high-margin business by that measure. After every other cost, 15.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $16.4M (FY2016) to $912.0M (FY2025) — about 56.3% a year compounded over 9 years.

It earned 7.5% on invested capital in FY2025, with a median of −18.6% across 8 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $24.5M of total debt in FY2021. Balance-Sheet Safety scores it 73/100.

The share count rose 2146.1% between FY2017 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (99/100) and Returns on Capital the weakest (0/100), which is how INSP lands at 49/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2015–FY2025 · 11 fiscal years, normalized from INSP’s SEC filings

RevenueSales, as filed$912.0M FY2025
$0$500M2015201920232025
Gross marginRevenue kept after cost of goods85.4% FY2025
0%50%2015201920232025
Return on invested capitalOperating profit on the capital employed7.5% FY2025
−50%0%2015201920232025
Owner earningsCash an owner could take out$145.4M FY2025
$0$100M2015201920232025

Gaps in a line mean that item isn’t in INSP’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale49.0 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — INSP has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#124 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #122BMRN BioMarin Pharmaceutical Inc49.0Shallow moat
  2. #123WHWK Whitehawk Therapeutics, Inc.49.0Shallow moat
  3. #125MDT Medtronic plc49.0Shallow moat
  4. #126NVST ENVISTA HOLDINGS CORPORATION49.0Shallow moat

Compare INSP with its nearest peers →All Healthcare companies on the Index →

Common questions about INSP

Does Inspire Medical Systems, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Inspire Medical Systems, Inc. (INSP) 49.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 99, returns on capital 0, balance-sheet safety 73, capital discipline 24.
How has INSP's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 49.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
Embed this score on your site

One iframe, no script. The badge shows INSP’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/INSP"
  width="340" height="150" style="border:0"
  title="INSP Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell INSP. See the disclaimer.

Inspire Medical Systems, Inc. (INSP) Moat Score — The Moat Index · Buy Like Buffett