InMode Ltd.
INMDdata completeness 88%9 fiscal years on fileData notes: no data for concept 'totalDebt'
InMode Ltd. earns about 33% on invested capital, far above its ~9% cost of capital, and has bought back 24% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $26.12 and $33.44 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $357.6M1 | $454.3M2 | $492M3 | $394.8M3 | $370.5M3 |
| Net income | $165M4 | $161.5M4 | $197.9M4 | $181.3M5 | $93.8M5 |
| Operating cash flow | $174.9M6 | $181.6M7 | $176.8M8 | $132.7M8 | $85.3M8 |
| Capital expenditure | $939,0009 | $1.58M10 | $705,00011 | $669,00011 | $972,00011 |
| Free cash flow (derived) | $173.9M6 | $180M7 | $176.1M8 | $132M8 | $84.3M8 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $68.1M12 | $97.5M13 | $144.4M14 | $155.3M15 | $302.5M15 |
| Diluted shares | 86.0M | 85.4M | 86.0M | 80.6M | 65.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $104.39 of net worth that earned you $14.34 and generated $12.88 of cash last year.
It earned about 33% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 24% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $26.12 and $33.44 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$132M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$132M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$165M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $33.44 |
| Base | 0.0% | $33.44 |
| Bull | 5.0% | $40.41 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000490 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000314 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000377 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000490 (NetIncomeLoss)
- 20-F · period ending 2024-12-31 · accession 0001178913-26-000377 (ProfitLoss)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000490 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000314 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000377 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000490 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000314 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000377 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001178913-23-000552 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001178913-24-000490 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001178913-25-000314 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001178913-26-000377 (CashAndCashEquivalentsAtCarryingValue)