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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Inspire Medical Systems's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $11.34.
The industry rank for Inspire Medical Systems's Net-Net Working Capital or its related term are showing as below:
INSP's Price-to-Net-Net-Working-Capital is ranked better than 65% of 420
companies
in the Medical Devices & Instruments industry
Industry Median: 6.595
vs INSP: 4.43
Inspire Medical Systems (NYSE:INSP) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Inspire Medical Systems Net-Net Working Capital Related Terms
Inspire Medical Systems Net-Net Working Capital Historical Data
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The historical data trend for Inspire Medical Systems's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Inspire Medical Systems Net-Net Working Capital Chart
INSP vs AHCO, IART, CNMD: Net-Net Working Capital Comparison
For the Medical Devices subindustry, Inspire Medical Systems's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Inspire Medical Systems Price-to-Net-Net-Working-Capital vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Inspire Medical Systems's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Inspire Medical Systems's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $11.34 mean?
Inspire Medical Systems (INSP) has a Net-Net Working Capital of $11.34 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Inspire Medical Systems According to the industry distribution chart, Inspire Medical Systems ranks #147 out of 420 companies in the Medical Devices & Instruments industry, placing it in the top 35%.
Is Inspire Medical Systems' Net-Net Working Capital too high?
Inspire Medical Systems' current Net-Net Working Capital is $11.34. The Medical Devices & Instruments industry median Net-Net Working Capital is 6.60. Inspire Medical Systems' value of $11.34 is 71.9% above this industry median. Based on the distribution chart, Inspire Medical Systems ranks #147 out of 420 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, Inspire Medical Systems has a GF Score™ of 54/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Inspire Medical Systems' Net-Net Working Capital compare to AHCO and IART?
According to the Medical Devices & Instruments industry distribution chart, Inspire Medical Systems ranks #147 out of 420 companies for Net-Net Working Capital. This puts Inspire Medical Systems in the upper half of its industry. The industry median Net-Net Working Capital is 6.60. Inspire Medical Systems' value of $11.34 is 71.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Medical Devices & Instruments company?
The median Net-Net Working Capital among Medical Devices & Instruments companies is 6.60, based on 420 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Inspire Medical Systems's current Net-Net Working Capital of $11.34 is 71.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Inspire Medical Systems For the Medical Devices & Instruments industry, the median Net-Net Working Capital is 6.60 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Inspire Medical Systems's current Net-Net Working Capital is $11.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Inspire Medical Systems stock overvalued right now?
Based on GuruFocus' analysis, Inspire Medical Systems (INSP) is currently considered Possible Value Trap. The stock's GF Value™ is $215.27, compared to a current price of $50.21 — trading 76.7% below its estimated fair value. The current Net-Net Working Capital is $11.34 and 71.9% above the Medical Devices & Instruments industry median of 6.60. Inspire Medical Systems' overall GF Score™ is 54/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Inspire Medical Systems (INSP), the current Net-Net Working Capital is $11.34 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Inspire Medical Systems (INSP) Overvalued in 2026?
Based on GuruFocus' analysis, Inspire Medical Systems stock appears to be undervalued.
The current stock price of $50.21 is trading 76.7% below its estimated GF Value™ of $215.27.
GuruFocus considers Inspire Medical Systems to be Possible Value Trap.
Key valuation signals for INSP:
Net-Net Working Capital: $11.34
GF Value™: $215.27 vs. price of $50.21 (76.7% below fair value)
Industry Position: 71.9% above the Medical Devices & Instruments median (#147 of 420)
No single metric tells the full story. See the INSP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Inspire Medical Systems Inc operates as a medical technology company. It focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA). It offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea. The firm has operating footprints in the United States and All other countries wherein, it generates a majority of its revenue from the United States. Its segment revenues are derived from the sales of its product, the Inspire system, to hospitals and ambulatory surgery centers in the U.S. and in selected countries in Europe and the Asia Pacific region.
54GF Score
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