MeritValue

INSMED Inc

INSMdata completeness 100%17 fiscal years on file
The thesis, from the filings

INSMED Inc earns about -39% on invested capital, but has diluted owners by 78% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$188.5M1$245.4M2$305.2M3$363.7M3$606.4M3
Net income−$434.7M4−$481.5M5−$749.6M6−$913.8M6−$1.28B6
Operating cash flow−$363.3M7−$400.4M8−$536.2M9−$683.9M9−$935M9
Capital expenditure$7.29M10$9.88M11$13.3M12$21.9M12$32.6M12
Free cash flow (derived)−$370.6M7−$410.3M8−$549.5M9−$705.8M9−$967.6M9
Total debt$1.37B13$2.28B14$2.33B15$2.23B16$1.09B16
Cash & equivalents$716.8M17$1.07B18$482.4M19$555M20$510.4M20
Diluted shares112.1M123.0M140.4M164.0M199.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$37.13
your share of equity
Profit it earned you last year
−$64.16
Free cash flow it threw off
−$48.62
Debt you’d be carrying
$54.66

10 shares is a claim on $37.13 of net worth that earned you −$64.16 and generated −$48.62 of cash last year, against $54.66 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-39% avg · 5y
FY21 -30%FY22 -28%FY23 -35%FY24 -33%FY25 -71%

It earned an average -39% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+78% shares · 5y

Share count is up 78% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 20% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001104506-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001104506-25-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104506-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001104506-24-000008 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001104506-25-000009 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104506-26-000009 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001104506-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001104506-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104506-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001104506-24-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001104506-25-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104506-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001104506-23-000009 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001104506-24-000008 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001104506-25-000009 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001104506-26-000009 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001104506-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001104506-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001104506-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104506-26-000009 (CashAndCashEquivalentsAtCarryingValue)