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Insmed INSM Operating margin

Operating margin at other companies

United Therapeutics logo
United TherapeuticsUTHR
45.3%-1.6pp
Incyte logo
IncyteINCY
30%+26.1pp
Amgen logo
AmgenAMGN
28.4%+6.6pp
ALN
Alnylam PharmaceuticalsALNY
17.5%+14.4pp
Neurocrine Biosciences logo
Neurocrine BiosciencesNBIX
25.4%+4.9pp
Johnson & Johnson logo
Johnson & JohnsonJNJ
26.4%+2.8pp

Other financials

Income statement

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Revenue$306.0M+230%
Gross profit$258.5M+261%
Operating income-$153.3M+38.2%
Net income-$163.6M+36.3%
EPS (diluted)-$0.76+46.5%

Balance sheet

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Cash & equivalents$582.2M+44.4%
Total debt$580.3M-49.2%
Total equity$704.9M+611%
Total assets$2.1B+15.2%

Cash flow

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Operating cash flow-$222.7M+15.0%
CapEx$3.5M-65.4%
Free cash flow-$226.2M+16.9%

Valuation

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Market cap$21.34B+155%
Enterprise value$21.34B+142%
P/S26×+4.1×

Profitability

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Gross margin81.8%+5.3pp
Net margin-144.4%-45.3pp

Returns & leverage

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Return on equity-294.5%
Debt / equity0.8×-10.7×
Current ratio4.5×-1.4×

Where this comes from

Calculated from Insmed’s reported figures.

Based on trailing twelve months.

The official record: Insmed’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Insmed's operating margin?
Insmed (INSM) reported operating margin of -140.6% in Q1 2026.
How has Insmed's operating margin changed year-over-year?
Insmed's operating margin increased by 45.4% year-over-year, from -257.4% to -140.6%.
What is the long-term trend for Insmed's operating margin?
Over 4 years (2021 to 2025), Insmed's operating margin has grown at a 5.9% compound annual growth rate (CAGR), from -773.8% to -974.4%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.