Insulet Corporation

Insulet makes the Omnipod, a small, waterproof, tubeless insulin pump for people with type 1 diabetes and people with type 2 diabetes who need insulin. An insulin pump delivers insulin steadily under the skin in place of multiple daily injections. Users stick a disposable pod to their body, wear it for up to three days, then replace it. Omnipod 5, cleared by the FDA in 2022, automates dosing. Software in the pod reads glucose data from a separate body-worn sensor (a continuous glucose monitor made by Dexcom or Abbott) and adjusts insulin on its own. Omnipod DASH delivers insulin at preset rates.

Pods are disposable, so customers keep buying new ones. In the US, Insulet sells mainly through wholesalers, and users generally have coverage through private insurance, Medicare or Medicaid. The company says the pod design lets people start with little or no up-front cost, which lowers the risk for insurers. Outside the US, it sells directly to users or through distributors.

In the fiscal year ended December 31, 2025, revenue was $2.71 billion, up 30.7% from the year before. US Omnipod sales made up 70.9% of the total and international Omnipod sales 27.9%. The remaining 1.3% came from drug delivery. These are pods Insulet makes for Amgen's Neulasta Onpro kit, which delivers a drug that helps reduce infection risk after intense chemotherapy.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $801.7M, up 23.5% from a year earlier, and net income was $95.0M (+322.2%).
• For fiscal 2025, revenue was $2.71B (+30.7% year over year; +24.5% a year from FY2020 to FY2025) with a 9.1% net margin.

• Over FY2021–FY2025: $59.6M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed +0.7% from Jul 30, 2021 to Jul 29, 2026.

Rank among 1514 US companies

Market value at each year end

Insulet’s market value went from $2.16B at the end of 2016 to $10.65B on Nov 2, 2026, about 4.9 times as much; since the end of 2025 it is down 47%.

Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 3 open-market purchases ($1.1M) and 1 sales ($60K).

Large shareholders (13G filings)

ETFs with the most weight in PODD

1. Nearly all revenue comes from Omnipod. Insulet expects nearly all its revenue to keep coming from the Omnipod platform. Weaker demand, product problems or losing existing customers would hit the whole business, with little else to cushion it.
2. Limited manufacturing sites, including one in China. Inventory is made and stored in a limited number of locations, including one run by a third party in China. Losing a site, or key parts from outside suppliers, could seriously disrupt production and sales.
3. Reliance on insurance and Medicare coverage. Sales depend on insurers, Medicare and Medicaid paying much of the price. Payers can generally end contracts without cause, and changes to Medicare, Medicaid or the Affordable Care Act could reduce demand and pricing.
4. Rivals or new treatments could overtake Omnipod. Insulet has to compete effectively to protect its revenue. Breakthroughs in diabetes monitoring, treatment or prevention could make Omnipod less desirable or obsolete, and unfavorable clinical studies could hurt sales.
5. Device malfunctions could trigger recalls. A pump that delivers insulin can harm users if it fails. Malfunctions could lead to recalls, safety alerts, lawsuits and reputational damage. Quality lapses at Insulet or its contract manufacturer could interrupt production and distribution.
6. Tariffs and price pressure abroad. Insulet warns that wider US tariffs could materially hurt results. About 28% of 2025 revenue came from outside the US, where government involvement in healthcare payment in several major markets may push prices down.

• Sep 21, 2026 Major agreement signed; New debt or financial obligation
• Sep 16, 2026 Executive or board change
• Aug 5, 2026 Quarterly results released
• Jun 25, 2026 Executive or board change; Investor presentation or announcement
• May 26, 2026 Investor presentation or announcement
• May 21, 2026 Bylaws or fiscal year changed; Shareholder vote results
• May 6, 2026 Quarterly results released
• Apr 29, 2026 Investor presentation or announcement
• Mar 12, 2026 Investor presentation or announcement
• Mar 4, 2026 Executive or board change

Insulet pays no dividend and paid none from fiscal 2021 through 2025, so the stock provides no regular income. Any return comes from price changes, and an investor who needs cash would have to sell shares. Share buybacks, where the company repurchases its own stock, have been modest: $59.6 million in 2025, after none in 2023 or 2024. The share count rose 0.7% from July 2021 to July 2026. Free cash flow (cash left after running and investing in the business) turned positive in 2023 and reached $377.7 million in 2025.

The shares have fallen hard in downturns. They lost about 90% from November 2007 to March 2009, then took roughly 50 months to regain their peak. They fell 40% in the 2020 COVID crash and 33% in 2022, recovering within four months each time. Between the start of 2026 and October 28, 2026, they dropped 47.6%. A single stock carries more risk than a diversified fund.