Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Insmed Inc (INSM)
A forensic read on Insmed Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
4.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-31.7
P / E (ttm)
-172.8%
ROE
$29.5B
Market cap
0.00%
Dividend yield
66.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Insmed Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 4.6, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
58d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 47 to 58 days FY2024→FY2025 (receivables +171% vs revenue +67%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2021–FY2025 the day count ran 40 → 40 → 42 → 47 → 58 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter.
-76.6%
FY2025
Return on invested capital.Return on invested capital is -76.6% in the latest fiscal year and rising from -92% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+17.4%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +62% over the last 3 years to FY2025 (+17.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~17.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~38%.
25% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 25% of revenue in FY2025 — about $0.77 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 17.4% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
Key fundamentals
Latest Revenue$606.4M
Revenue Growth YoY+66.7%
Revenue CAGR (3yr)+35.2%
Net Margin-210.5%
Free Cash Flow-$967.6M
Return on Equity-172.8%
Debt / Equity0.73x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Insmed Inc's actual 10-K/10-Q/8-K filings?