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. In the quarter to June 2026, revenue grew 3.04%, EPS grew 6.67% and free cash flow fell 51.2%, each against the same quarter a year earlier.
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Inogen, Inc (INGN) Altman Z-score
Inogen, Inc's Altman Z-score for fiscal 2025 is 1.56, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.56 | 0.12 |
| FY2024 | 1.44 | 0.96 |
| FY2023 | 0.48 | (2.92) |
| FY2022 | 3.41 | (2.09) |
| FY2021 | 5.49 | (1.21) |
| FY2020 | 6.71 | (3.86) |
| FY2019 | 10.57 | (16.00) |
| FY2018 | 26.57 | (6.33) |
| FY2017 | 32.90 | 5.60 |
| FY2016 | 27.30 | 8.61 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.45 | — | 0.54 | |
| Retained earnings / total assets | (0.59) | — | −0.82 | |
| EBIT / total assets | (0.10) | — | −0.33 | |
| Market value of equity / total liabilities | 1.68 | — | 1.01 | |
| Sales / total assets | 1.17 | — | 1.17 | |
| Altman Z-score | Distress zone | 1.56 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.26 | ||
Z and Z″ put Inogen, Inc in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ELMD Electromed, Inc. compare | 20.3× |
| PROF Profound Medical compare | 7.3× |
| RXST RxSight, Inc. compare | 5.0× |
| INGN Inogen, Inc | 1.6× |
| MXCT MaxCyte, Inc. compare | 1.3× |
| OWLT Owlet, Inc. compare | −0.4× |
| QTRX Quanterix Corporation compare | −0.9× |
| STIM Neuronetics, Inc. compare | −3.5× |
| TLSI TriSalus Life Sciences, Inc. compare | −11.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets