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Inogen, Inc

INGN Healthcare Medical Devices

Inogen, Inc’s revenue for fiscal 2025 (year ended December 2025) was $348.7 million, up 3.86% from fiscal 2024.

Revenue
+3.04%
EPS
+6.67%
Free cash flow
−51.2%

Quarter to June 2026, against a year earlier

5.78 0.99 −14.62%
Market cap
$179.7M
P/E
0.0×
Fwd P/E
−9.0×
Dividend yield
—
F-score
5/9
Altman Z
1.56
Beneish M
−2.32
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.14
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — 1 — — — —
Insider Ownership 5.49%

Capital & Financial Ratios $m

Size
Market Cap 179.67
Revenue ttm 354.30
Net income ttm (24.59)
Free cash flow ttm (7.86)
Net debt Q (106.84)
Valuation
P/E 0.00
Forward P/E (8.97) (negative: loss-making)
Price / sales 0.52
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.04
Financial health
Current ratio Q 2.74 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (25.94)
Growth
Revenue growth Q +3.04% (above 0%: growing)
Operating income growth Q +16.85% (above 0%: growing)
EPS, this year +11.17%
EPS, next year A +37.58% (at or above 15%: strong)
Revenue, next year A +2.22%
EPS, past 5 yrs —
EPS, next 5 yrs A +32.01% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.2×, against a ten-year median of 1.7×; over the ten years it ranged from −0.1× in 2023 to 17.5× in 2018.
P/S against its own 10 years 14.01%
10-year low 10-year high
P/B against its own 10 years 23.47%
10-year low 10-year high
EV/Sales against its own 10 years 17.49%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 128 117 121 107
Receivables 43 30 39 46
Inventory 22 25 26 29
Other — — — —
207 185 198 194
2023 2024 2025 Q'26
Payables 30 27 34 40
ST’ Debt — — — —
Other 20 23 10 10
72 77 64 71

Compound Annual Growth %

10y 5y 3y
Sales 8.17% 2.48% (2.59%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 3.67% (11.28%) (13.54%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.17 Actual −0.14

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.22 −0.20 Beat by 0.02
Q4 FY25 −0.36 −0.26 Beat by 0.10
Q1 FY26 −0.24 −0.30 Miss by 0.06
Q2 FY26 −0.17 −0.14 Beat by 0.03

EPS $

Mar Jun Sep Dec Year
’26 (0.30) (0.14) — — —
’25 (0.25) (0.15) (0.20) (0.26) (0.86)
’24 (0.62) (0.24) (0.25) (0.41) (1.52)
’23 (0.88) (0.42) (1.97) (1.14) (4.42)
’22 (0.62) (0.15) (0.42) (2.47) (3.67)
’21 (0.03) 0.22 0.53 (1.01) (0.28)
’20 (0.07) 0.12 (0.08) (0.23) (0.27)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 85 95 — — —
’25 82 92 92 82 349
’24 78 89 89 80 336
’23 72 84 84 76 316
’22 80 103 105 88 377
’21 87 102 93 76 358
’20 88 72 74 74 308
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (7) 3 — — —
’25 (17) 4 2 (1) (11)
’24 (5) 7 7 (3) 6
’23 (6) 4 2 (3) (3)
’22 (18) 6 (9) (15) (38)
’21 3 17 (3) 6 24
’20 1 14 7 16 37
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (7) 1 — — —
’25 (17) 3 1 (2) (14)
’24 (6) 5 5 (3) 0
’23 (7) 1 1 (5) (9)
’22 (19) 5 (10) (16) (41)
’21 1 15 (4) 6 18
’20 (1) 12 6 15 32
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 203 249 358 362 308 358 377 316 336 349 354 +6.2% 356 373 395 +4.2%
Gross margin, % 47.98 48.60 49.87 47.48 44.79 49.30 40.70 40.14 46.09 44.24 44.51 (3.7) pt
EBT 23 30 40 24 (5) 9 (83) (102) (36) (23) (25) n/m
EBT margin, % 11.20 11.89 11.30 6.71 (1.71) 2.42 (22.07) (32.42) (10.87) (6.71) (7.14) (17.9) pt
Net income 21 21 52 21 (6) (6) (84) (102) (36) (23) (25) n/m
Per share, $
Per share, $ Revenue 10.11 12.06 16.84 16.59 14.03 15.92 16.51 13.62 14.19 13.11 13.10 +2.9%
Earnings 1.02 1.02 2.44 0.96 (0.27) (0.28) (3.67) (4.42) (1.52) (0.86) (0.90) n/m
Cash flow 1.55 2.92 2.82 1.86 1.68 1.05 (1.64) (0.14) 0.25 (0.42) (0.09) n/m
Capex (0.09) (0.30) (0.39) (0.16) (0.21) (0.25) (0.15) (0.25) (0.23) (0.09) (0.20) +0.4%
Free cash flow 1.46 2.62 2.43 1.70 1.47 0.80 (1.79) (0.39) 0.02 (0.52) (0.29) n/m
Book value 9.07 10.98 14.60 15.79 15.91 16.46 13.01 8.84 7.35 7.23 6.47 (2.5%)
Shares, m 20 21 21 22 22 22 23 23 24 27 27 +3.2%
Valuation, ×
Valuation, × P/E 64.56 117.99 50.89 71.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 30.5
P/S 6.49 9.88 7.37 4.12 3.18 2.14 1.20 0.42 0.65 0.51 0.52 3.6
P/B 7.22 10.86 8.51 4.33 2.81 2.07 1.53 0.64 1.25 0.93 1.04 4.0
EV/Sales 5.92 9.19 6.70 3.54 2.43 1.45 0.71 0.01 0.30 0.17 0.21 3.0
EV/FCF 41.20 42.31 49.73 34.47 23.20 28.82 (6.53) (0.35) 214.77 (3.27) (9.66) 42.4
Cash, $m
Cash, $m Operating cash flow 31 60 60 41 37 24 (38) (3) 6 (11) (3) n/m
Capex (2) (6) (8) (3) (5) (6) (3) (6) (5) (3) (5) +3.6%
Free cash flow 29 54 52 37 32 18 (41) (9) 0 (14) (8) n/m
Balance, $m
Balance, $m Working capital 139 195 268 242 249 268 239 135 109 135 123 (0.3%)
Net debt (114) (174) (240) (209) (231) (246) (187) (128) (117) (121) (107) +0.7%
Shareholders’ equity 182 227 310 345 350 370 297 205 174 192 175 +0.6%
Returns, %
Returns, % ROA 10.93 8.59 15.93 5.09 (1.28) (1.33) (18.73) (28.02) (11.53) (7.65) (8.23) (18.6) pt
ROIC 20.95 32.48 33.80 9.13 (6.35) 4.63 (48.26) (89.55) (47.08) (26.45) (28.35) (47.4) pt
ROE 12.98 10.27 19.29 6.40 (1.68) (1.76) (25.10) (40.80) (18.95) (12.43) (13.14) (25.4) pt
People
People Employees 166 770 1,099 1,020 938 1,021 1,026 834 766 753 — +18.3%
Revenue/emp, $m 1.22 0.32 0.33 0.35 0.33 0.35 0.37 0.38 0.44 0.46 — (10.2%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Inogen, Inc vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PROF Profound Medical $251.3M — (loss-making) — (loss-making) +85.86% (above 0%: growing) n/m +47.93% (above 0%: growing) 78.13% (79.56%) Compare
LAB Standard BioTools Inc. $245.7M 1.8× — (loss-making) −0.85% (below 0%: shrinking) n/m +73.32% (above 0%: growing) 55.86% (101.98%) Compare
ELMD Electromed, Inc. $221.8M 19.4× 18.6× +11.64% (above 0%: growing) +57.69% (above 0%: growing) −25.15% (below 0%: shrinking) 78.71% 19.70% Compare
TLSI TriSalus Life Sciences, Inc. $217.4M — (loss-making) — (loss-making) +1.73% (above 0%: growing) n/m −41.29% (below 0%: shrinking) 86.78% (86.03%) Compare
RXST RxSight, Inc. $190.4M — (loss-making) — (loss-making) −18.97% (below 0%: shrinking) n/m +2,591.06% (above 0%: growing) 73.62% (75.32%) Compare
STIM Neuronetics, Inc. $185.2M — (loss-making) — (loss-making) +12.51% (above 0%: growing) n/m +237.71% (above 0%: growing) 52.17% 1.29% Compare
INGN Inogen, Inc $179.7M — (loss-making) — (loss-making) +3.04% (above 0%: growing) n/m −51.15% (below 0%: shrinking) 45.51% (5.36%)
MXCT MaxCyte, Inc. $135.2M — (loss-making) — (loss-making) −14.53% (below 0%: shrinking) n/m +54.74% (above 0%: growing) 76.96% (140.72%) Compare
QTRX Quanterix Corporation $130.5M — (loss-making) — (loss-making) +34.44% (above 0%: growing) n/m +18.92% (above 0%: growing) 38.52% (150.22%) Compare
Median of peers $203.9M — — +6.69% — +51.34% 75.29% (82.79%)

All 149 Medical Devices stocks →

Pay and ownership Proxy statement filed 28 April 2026

Ownership

Directors and executive officers, together 2.50%
Yuwell (Hong Kong) Holdings Limited 9.60%
BlackRock, Inc. 6.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Inogen, Inc (INGN) Latest News

6 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript

5 Nov

Impact 3 · · MarketBeat
Impact 3 · · Associated Press
Impact 3 · · Business Wire

15 Oct

Impact 3 · · Business Wire

1 Oct

Impact 4 · · medicaldevice-network.com

30 Sep

Impact 4 ·

17 Aug

Impact 3 ·

14 Aug

Impact 3 · · The Motley Fool transcript

11 Aug

Impact 4 ·

10 Aug

Impact 3 ·

7 Aug

Impact 4 · · Moby transcript
Impact 4 · transcript

6 Aug

Impact 3 · · MarketBeat transcript
Impact 3 ·

10 May

Impact 3 · · Simply Wall St.

8 May

Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 3 · · Zacks

7 May

Impact 4 · · Business Wire
Impact 3 · · Zacks

16 Apr

Impact 4 · · MarketBeat

30 Mar

Impact 4 · · Business Wire

20 Mar

Impact 4 · · MarketBeat

25 Feb

Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 4 · · GuruFocus.com
Impact 3 · · Zacks

24 Feb

Impact 3 · · Zacks
stockrow.com/INGN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com