Can “inverted” be used to indicate that something is "inside-out"?

If something is inside out, can it be said that the object is inverted?

My understanding of the word inverted is simply "the opposite state," but I would like to get a bit of clarification just to be sure.

The word you're looking for is everted (turned inside out). Sorry if it's a bit stomach-churning, but here are 884 written references to everted stomachs. Surprisingly, most of them are nothing to do with dissected dead specimens - quite a few animals evert their stomachs to feed, including starfish.

Inverted can also mean inside out, but then it can mean 'swapped' in all sorts of other ways too.

Yes, inverted can mean inside out: inverted balloon, inverted condom.

"Inverted" seems better reserved for "upside down"; "everted" applies to something that is inside out.