InMode (INMD)
NASDAQ:INMD
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InMode
(NASDAQ:INMD)
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Rating:74Outperform
Price Target:
$17.00
▲(24.09% Upside)
Action:ReiteratedDate:02/12/26
The score is driven primarily by strong underlying financial quality (high margins, strong cash conversion, and a very conservative balance sheet). Offsetting that strength are weakened growth and profitability trends and a conservative 2026 outlook that implies flat revenue and lower margins/EPS. Technicals are mildly constructive and valuation is relatively low, but both are secondary to the near-term fundamental trajectory.
Positive Factors
Conservative balance sheet & cash
Extremely low leverage and a very large cash stockpile provide durable financial flexibility: supports continued R&D, buybacks, selective M&A or price support during cyclical troughs, and materially reduces refinancing/default risk over the medium term.
Negative Factors
Weakened revenue trend
A sustained top-line decline reduces operating leverage and constrains reinvestment ability. Continued revenue weakness signals either demand softness or competitive pressure in core markets, lengthening the recovery path and making long-term growth targets harder to achieve.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet & cash
Extremely low leverage and a very large cash stockpile provide durable financial flexibility: supports continued R&D, buybacks, selective M&A or price support during cyclical troughs, and materially reduces refinancing/default risk over the medium term.
Read all positive factors
InMode (INMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$869.92M
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)10.1
Beta (1Y)1.00
Revenue Growth-13.98%
EPS Growth15.94%
CountryUS
Employees599
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.46
Shares Outstanding63,358,750
10 Day Avg. Volume1,356,067
30 Day Avg. Volume1,075,802
Financial Highlights & Ratios
PEG Ratio-0.28
Price to Book (P/B)1.39
Price to Sales (P/S)2.56
P/FCF Ratio11.26
Enterprise Value/Market Cap0.67
Enterprise Value/Revenue1.56
Enterprise Value/Gross Profit1.99
Enterprise Value/Ebitda5.56
Forecast
1Y Price Target
$17.67Price Target Upside28.98% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)1.45
Revenue Forecast (FY)$369.79M
InMode Business Overview & Revenue Model
Company Description
InMode Ltd. designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radiofrequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States and in...
How the Company Makes Money
InMode generates revenue through the sale of its proprietary devices and consumables used in aesthetic procedures. Its primary revenue streams include the direct sale of medical devices to healthcare providers, as well as recurring revenue from di...
InMode Key Performance Indicators (KPIs)
Any
Revenue By Category
Breaks down revenue by different product or service categories, highlighting which areas drive the most sales and indicating potential growth opportunities or areas needing improvement.
Breaks down revenue by different product or service categories, highlighting which areas drive the most sales and indicating potential growth opportunities or areas needing improvement.
Data provided by:
The Fly
The FlyInMode Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Negative
The call contained a mix of encouraging operational and strategic developments (record international performance, rising consumables mix, new product launches, commercial reorganization, and a strong cash position with active buybacks) alongside clear financial headwinds (full-year revenue down ~6% YoY, margin compression, significant GAAP EPS declines, lower ASPs, and conservative 2026 guidance). Management frames 2026 as a stabilization year, emphasizing product pipeline and commercial improvements as levers for recovery; however, near-term profitability and top-line growth remain under pressure from product mix shifts, tariffs/import costs, and softer North American demand.Positive Updates
Q4 Revenue Beat and Sequential Strength
Q4 2025 revenue of $103.9M, up from $97.9M in Q4 2024 (+6.1% YoY), noted as slightly better than expectations.
Negative Updates
Full-Year Revenue Decline
Full year 2025 revenue of $370.5M, down 6% YoY compared to 2024, reflecting continued industry softness.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 Revenue Beat and Sequential Strength
Q4 2025 revenue of $103.9M, up from $97.9M in Q4 2024 (+6.1% YoY), noted as slightly better than expectations.
Read all positive updates
Company Guidance
Management guided fiscal 2026 to revenues of $365–$375 million, non‑GAAP gross margin of 75–77%, non‑GAAP income from operations of $87–$92 million, and non‑GAAP diluted EPS of $1.43–$1.48. For context, full‑year 2025 revenue was $370.5 million (down ~6% YoY), non‑GAAP gross margin was 79%, non‑GAAP operating margin was 26% (implying ~ $96M operating income) and non‑GAAP EPS was $1.60, so the 2026 guide implies roughly a stabilization of revenue but modestly lower margins and operating income versus 2025. The company finished 2025 with $555.3 million in cash and equivalents, returned $127.4 million to shareholders via buybacks, generated $22.7 million of operating cash in Q4, and noted consumables & service comprised ~22% of 2025 revenue while minimally invasive platforms were ~78%.InMode Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
94
Very Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 370.50M | 394.82M | 492.05M | 454.27M | 357.56M |
| Gross Profit | 290.97M | 317.07M | 411.34M | 380.79M | 303.97M |
| EBITDA | 111.03M | 113.26M | 196.28M | 198.53M | 167.99M |
| Net Income | 93.83M | 181.28M | 197.92M | 161.52M | 164.97M |
Balance Sheet | |||||
| Total Assets | 766.43M | 785.67M | 863.29M | 644.41M | 478.54M |
| Cash, Cash Equivalents and Short-Term Investments | 555.33M | 596.47M | 741.61M | 547.38M | 415.91M |
| Total Debt | 13.23M | 7.82M | 9.02M | 4.96M | 4.52M |
| Total Liabilities | 83.23M | 81.85M | 75.91M | 89.79M | 62.74M |
| Stockholders Equity | 683.20M | 703.81M | 787.37M | 554.62M | 415.80M |
Cash Flow | |||||
| Free Cash Flow | 84.28M | 132.00M | 176.12M | 180.00M | 173.95M |
| Operating Cash Flow | 85.26M | 132.66M | 176.83M | 181.58M | 174.88M |
| Investing Cash Flow | 186.03M | 162.21M | -136.06M | -109.47M | -160.11M |
| Financing Cash Flow | -126.06M | -282.77M | 5.50M | -41.09M | -15.02M |
InMode Technical Analysis
Neutral
13.70
Price Trends
14.24
Negative
14.36
Negative
14.51
Negative
Market Momentum
-0.19
Negative
48.51
Neutral
80.29
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INMD, the sentiment is Neutral. The current price of 13.7 is above the 20-day moving average (MA) of 13.53, below the 50-day MA of 14.24, and below the 200-day MA of 14.51, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 48.51 is Neutral, neither overbought nor oversold. The STOCH value of 80.29 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for INMD.
InMode Risk Analysis
InMode disclosed 61 risk factors in its most recent earnings report. InMode reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
InMode Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $869.92M | 10.12 | 14.52% | ― | -13.98% | 15.94% | |
67 Neutral | $1.75B | -42.28 | -201.79% | ― | 24.76% | -10.41% | |
65 Neutral | $748.39M | 21.81 | 4.97% | ― | 1.58% | ― | |
56 Neutral | $1.65B | -95.98 | -13.44% | ― | 18.72% | 85.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $476.51M | -6.56 | -20.38% | ― | 4.31% | 3.26% | |
49 Neutral | $938.74M | -88.99 | -30.23% | ― | 159.43% | 67.42% |
* Healthcare Sector Average
INMD
InMode
13.70
-4.51
-24.77%
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InMode Corporate Events
InMode Posts Mixed 2025 Results, Leans on Europe and New Platforms for 2026
Feb 10, 2026
On February 10, 2026, InMode reported its fourth-quarter and full-year 2025 results, posting quarterly GAAP revenue of $103.9 million, up 6% year over year, and full-year revenue of $370.5 million, down 6% from 2024, with margin compression and si...
InMode Confirms Strategic Review Amid Takeover Rumors
Feb 2, 2026
On February 2, 2026, InMode issued a statement responding to market speculation surrounding a publicly announced non-binding proposal from Steel Partners Holdings L.P. to acquire 51% of the company’s outstanding shares and other related rumo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.