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InMode
INMD Small CapHealthcare · Medical Devices
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
InMode Ltd. designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radio frequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States, Europe, Asia, and internationally. It offers minimally invasive aesthetic medical products for various procedures, such as liposuction with simultaneous skin tightening, body and face contouring, and ablative skin rejuvenation treatments, as well as for use in women's health conditions and procedures. The company also designs, develops, manufactures, and markets non-invasive medical aesthetic products that target an array of procedures, including permanent hair reduction, facial skin rejuvenation, wrinkle reduction, cellulite treatment, skin appearanc
InMode Stock at a Glance
InMode (INMD) is currently trading at $13.74 with a market capitalization of $835.5M. The trailing P/E ratio stands at 10.18x, with a forward P/E of 9.3x. The 52-week range spans from $12.72 to $16.74; the current price is 17.9% below the yearly high. Year-over-year revenue growth stands at +5.3%. The net profit margin stands at 23.27%.
💰 Dividend
InMode currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.
📊 Analyst Rating
4 analysts rate InMode (INMD) on consensus: Hold. The average price target is $15.50, implying +12.81% from the current price. Analyst price targets range from $14.00 to $19.00.
Investment Thesis: Strengths & Weaknesses
- Profitable with 23.27% net margin
- High gross margin of 77.84% — indicates pricing power
- Currently flagged as undervalued
- Solid balance sheet with low debt (D/E 0.73)
- Positive free cash flow
No significant red flags in current metrics.
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to above-average price swings, elevated short interest (6.11%).
Trading Data
Related Stocks in the Same Sector
InMode (INMD) 2026: 13,90 USD Israeli Minimally-Invasive Aesthetic-Medical-Devices at 9,4x Forward Earnings with RF-Lipolysis Technology Moat, Founder-Led Cash-Rich Balance Sheet and Buyback Discipline
The Real Story
InMode Ltd. (NASDAQ: INMD) is a Yokneam, Israel-headquartered medical-device company designing minimally-invasive aesthetic medical devices based on proprietary radio-frequency-assisted-lipolysis (RFAL) and fractional-RF technologies. The company commercializes branded systems including BodyTite (RFAL body-contouring), FaceTite (facial-rejuvenation), Morpheus8 (deep-subdermal-fractional-RF), AccuTite, EmpowerRF (women's health), and Optimas (light-based devices) to plastic-surgeons, dermatologists, and aesthetic-medicine practitioners globally. Founded 2008 by Moshe Mizrahy (CEO) and Michael Kreindel.
The 2022–2024 period: post-COVID aesthetic-procedure-spending-cycle peaked in 2022 and compressed through 2023–2024 as consumer-discretionary-spending-on-elective-cosmetics softened. CEO Mizrahy executed: aggressive share-buyback (approximately 1,1 billion USD cumulative through 2024–2025 representing approximately 20 percent of float retired), continued R&D-investment in next-generation EmpowerRF-and-Morpheus8 platforms, and international-market-expansion in EMEA-and-Asia-Pacific.
What Smart Money Thinks
InMode has founder-aligned shareholder base. CEO Moshe Mizrahy holds approximately 18 percent of shares directly — the dominant strategic-conviction-signal. Co-founder Michael Kreindel holds approximately 6 percent. BlackRock at approximately 7,8 percent, Vanguard at approximately 6,2 percent represent passive flows. Insider activity: Mizrahy has not sold material positions since 2020, signalling personal long-duration-conviction. Short-interest sits at approximately 11 percent of float as of May 2026 reflecting elective-cosmetics-cycle-skepticism.
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📈 The 3 Real Bull Points
InMode's proprietary RFAL technology (BodyTite, FaceTite) delivers superior clinical-outcomes versus competitor laser-and-ultrasound body-contouring devices in published clinical-studies. The clinical-moat plus broad-procedure-portfolio (body, face, women's-health, dermatology) supports physician-loyalty and recurring-consumable-revenue stream.
InMode holds approximately 700 million USD of net-cash (no debt) which supports the approximately 1,1 billion USD cumulative buyback executed 2024–2025 plus the ongoing approximately 75 million USD annual buyback-program. Cash-rich balance-sheet provides structural-defense through cycle-trough and continuing-EPS-tailwind via share-count-reduction.
InMode's international revenue (EMEA-and-Asia-Pacific) grew approximately 25–35 percent in 2024 versus declining North America, demonstrating structural-international-runway. International-revenue mix has grown from approximately 28 percent in 2021 to approximately 42 percent in 2025.
📉 The 3 Real Bear Points
InMode's elective-aesthetic-procedure revenue is structurally consumer-discretionary-spending-correlated. A renewed consumer-recession 2026–2027 would compress fiscal-2026 revenue 15–20 percent and EBITDA materially.
Broader GLP-1 adoption for weight-loss has uncertain impact on aesthetic-body-contouring demand. If GLP-1-driven weight-loss substitutes-for-aesthetic-body-contouring procedures, InMode's BodyTite/FaceTite revenue could compress structurally over 3–5 years.
InMode faces competitive pressure from Cynosure (Apollo-PE), Allergan Aesthetics (AbbVie), and emerging Chinese-Korean lower-cost competitors. Pricing-power could compress 3–5 percent over 18–24 months.
Valuation in Context
InMode at 13,90 USD per share with approximately 60,8 million shares outstanding has a market capitalization of approximately 845 million USD. With approximately 700 million USD net cash and zero debt, enterprise value is approximately 145 million USD against trailing-twelve-month revenue of approximately 400 million USD (approximately 0,4x EV/sales).
On forward-earnings, InMode trades at approximately 9,4x consensus fiscal-2026 EPS of approximately 1,48 USD. Applying peer-blended fair-multiple of 14–18x to base-case fiscal-2027 EPS of approximately 1,75 USD produces fair-value range 24–32 USD per share — 73–130 percent upside. Bear-case (consumer recession, GLP-1-substitution) 9–11 USD. Bull-case (international acceleration, cycle-recovery) 35–45 USD over 24-36 months.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
Q2 2026 earnings (early August 2026). Watch-items: US revenue trajectory, international-revenue growth, buyback-pace.
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2026 Q4:
Q3 2026 earnings (early November 2026) plus fiscal-2027 preliminary guidance.
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2027 Q1:
Fiscal-2026 full-year results plus fiscal-2027 guidance. Bullish 1,90+ USD EPS guidance plus international-acceleration would unlock 28–36 USD range.
💬 Daniel's Take
InMode is a deep-value Israeli aesthetic-medical-devices specialist with RF-technology moat, founder-aligned cash-rich balance sheet, aggressive buyback-discipline, and 9,4x forward-earnings deep-cyclical-trough multiple. Position-sizing: 1,0–1,8 percent in deep-value-cyclical-medical-device sleeve, 18–36 month patience.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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