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InMode Ltd.INMDCompetitor analysis, valuation and peers

United States · USD·Health Care›Medical Specialties
Momentum weak 38
Mkt cap
$767M
US dollars, full cap
Free float
84%
of shares outstanding
$/day
$7.66M
20-day average traded
Fwd P/E
10.1×
forward earnings
ROIC−WACC
+26.5 pp
WACC 14.7%
Hurdle
-23 pp
Req g minus delivered
Next earnings
5 days
11 Nov 2026
Close · USD$13.33
1D-0.5%
1W+0.8%
1M-5.3%
3M-12.2%
6M-4.5%
YTD-9.3%
1Y-8.3%
ATR %2.5%
Beta0.68
52w lowhigh20.0% off high

What InMode does

Employees: 660

InMode at a glance

Size InMode (INMD) is a United States Health Care company (Medical Specialties) with a market value of $767M, the 2423rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $13.33 on 6 Nov 2026.

Performance Over six months the shares fell 4.5%, against -9.0% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.

Growth Revenue fell 6.7% over the last twelve months (peer median +13.0%); the operating margin is 18.5% (peer median 11.2%).

Valuation It trades at 10.1× forward earnings against a peer median of 20.5× (cheapest of 17).

Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -23 pp: the price already allows for a slowdown.

Capital Return on invested capital runs 26.5 points above its cost of capital (14.7% WACC).

Short interest Short interest is 3.9% of the free float (15 Oct 2026).

Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).

Relative performance

9010011011 May 202611 Aug 20266 Nov 2026INMD 97Peer median 91
Six months, rebased to 100: InMode against the median of its 20 peers (local-currency closes).

InMode financials

Reported figures in USD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue$375M$370M$395M$492M$454M
Revenue growth—-6%-20%+8%—
Gross profit$287M$291M$317M$411M$381M
EBITDA$69.9M$86.1M$113M$196M$199M
Net income$77.5M$93.8M$181M$198M$162M
Free cash flow$88.4M$84.3M$132M$176M$180M
Capital expenditure$1.12M$972,000$669,000$705,000$1.57M
Total debt$4.45M$8.23M$7.82M$9.02M$4.96M

Quarterly statements and history in the cockpit →

InMode competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

0%+50%+100%+150%-20%0%CTKB300622301367VREX3012341501688389300453SETL1187002950QDEL688179002876688410300463MLABAMS688767INMD6-month return →1-month return →
Up and to the right = strong over both horizons. InMode is the large dot.

Fundamentals: revenue growth against valuation

0%+20%+40%0×50×100×150×300622301367VREX15016883893004531187QDEL688179002876688410300463MLAB688767SNTINMDRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. InMode is the large dot.

Capital: growth delivered against growth the price implies

0%+20%+40%0%20%40%30062230136730123415016883893004531187688179002876688410300463MLABSNTINMDGrowth delivered (Del g) →Growth the price implies (Req g, 7 yrs) →
Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. InMode is the large dot.

InMode competitors and peer comparison

How InMode compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

InMode against its 20 peers (data as of 6 Nov 2026)
MeasureINMDPeer medianRank in peer set
1-month return-5.3%-3.6%9th lowest of 21
6-month return-4.5%-9.0%9th highest of 21
Distance from 52-week high-20.0%-23.9%10th highest of 21
Revenue growth (TTM)-6.7%+13.0%2nd lowest of 21
Operating margin18.5%11.2%5th highest of 21
Forward P/E10.1×20.5×cheapest of 17
Growth the price implies (Req g, 7 yrs)-10.5%10.1%least demanding of 15
Growth delivered (Del g)+12.4%+14.9%5th lowest of 15
Hurdle (Req g minus delivered)-22.9 pp-6.2 pp3rd least demanding of 15
ROIC minus cost of capital+26.5 pp+0.3 pp3rd highest of 21
EV / EBITDA3.9×13.3×cheapest of 9
Net debt / EBITDA-7.1×0.6×least indebted of 9

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
InMode INMDUnited States$767M-5%-7%18%10.1×-10.5%+12.4%
Cytek Biosciences CTKBUnited States$758M+26%+5%-22%n/an/an/a
Doctorglasses Chain 300622.SZChina$757M-10%+6%14%24.5×-2.4%+15.7%
BMC Medical 301367.SZChina$780M-13%+37%17%19.8×0.1%+15.6%
Varex Imaging VREXUnited States$783M-10%+5%8%20.3×n/an/a
Anhui Hongyu Wuzhou Medical Manufacturer 301234.SZChina$750M+177%-14%3%n/a33.5%-0.6%
Shanghai INT Medical Instruments 1501.HKHong Kong$784M-25%+35%21%17.8×-2.1%+23.5%
Shenzhen Lifotronic Technology 688389.SSChina$749M-11%+14%13%32.4×13.5%+13.3%
Jiang Xi Sanxin Medtec 300453.SZChina$741M-5%+12%18%16.1×-2.1%+11.8%
Standard Engineering Technology SETL.NSIndia$796M+164%+26%13%n/an/an/a
Cofoe Medical Technology 1187.HKHong Kong$798M-27%+40%10%12.5×-8.0%+6.6%
Allmed Medical Products 002950.SZChina$798M-39%+14%8%n/an/an/a
QuidelOrtho QDELUnited States$734M-1%-5%-2%12.0×n/an/a
Shanghai Aladdin Biochemical Technology 688179.SSChina$806M-25%+39%26%30.0×21.1%+24.2%
Shenzhen Sunnypol Optoelectornics 002876.SZChina$728M-8%+29%5%41.8×11.1%+14.2%
SWS Hemodialysis Care 688410.SSChina$723M-12%+31%19%24.1×16.7%+25.9%
Maccura Biotechnology 300463.SZChina$814M-14%-1%-4%164.7×9.2%-10.2%
Mesa Laboratories MLABUnited States$718M+23%+3%9%12.6×21.1%+13.2%
Advanced Medical Solutions AMS.LUnited Kingdom$824M+14%+6%12%20.7×19.6%+21.4%
Hangzhou Biotest Biotech 688767.SSChina$824M+5%-4%3%34.7×n/an/a
Synektik SNT.WAPoland$713M+16%+50%24%11.8×0.1%+40.3%

Questions

Which companies are InMode's closest peers?
The cockpit's peer set: Cytek Biosciences (CTKB), Doctorglasses Chain (300622.SZ), BMC Medical (301367.SZ), Varex Imaging (VREX), Anhui Hongyu Wuzhou Medical Manufacturer (301234.SZ), Shanghai INT Medical Instruments (1501.HK), Shenzhen Lifotronic Technology (688389.SS), Jiang Xi Sanxin Medtec (300453.SZ).
Is InMode expensive compared with its peers?
On forward p/e it trades at 10.1× against a peer median of 20.5×, cheapest of 17 in its peer set. For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -23 pp: the price already allows for a slowdown.
How has InMode stock performed?
Over six months to 6 Nov 2026 the shares returned -4.5% against -9.0% for the median peer; over one year -8.3%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.