Insulet Corporation

Insulet Corporation is an American medical device company that designs, manufactures, and sells the Omnipod platform — a tubeless, wearable, disposable insulin delivery system for people with insulin-dependent diabetes. The company generated $2.71 billion in revenue in fiscal 2025, roughly doubling its top line over the prior two years, and serves more than 600,000 active users across 25 countries. Insulet is the dominant player in the tubeless automated insulin delivery (AID) segment and the primary driver of category growth globally.

This is a story about a category leader with extraordinary momentum confronting the end of its monopoly. Insulet has spent two decades mastering a genuinely difficult manufacturing problem — producing sophisticated disposable electromechanical medical devices at consumer scale — and built a brand that commands something close to a default preference among new pump users. The growth numbers are remarkable: 30% constant-currency revenue growth in the most recent quarter, operating margins expanding, free cash flow inflecting. And yet the stock has nearly halved from its late-2025 highs, repricing from roughly 14 times revenue to under 4 times. The file turns on whether that repricing is an overreaction to a competitive threat that will take years to materialize, or a rational discount for a business whose pricing power and growth trajectory are about to be contested by multiple well-funded entrants.