Inogen Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The balance sheet buys Inogen the time most turnaround cases never get: $110.2 million of liquidity, no financial debt, a market value below book. What is still missing is proof that the business can grow without giving up price. If you wait, check three lines in every report: U.S. revenue (last $47.4 million in the first quarter of 2026 against $50.3 million), rental revenue (last $12.7 million against $13.8 million) and sales revenue per system sold (last calculated at about $1,559). If those three turn, the valuation has plenty of room; if they do not, the discount is deserved. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Inogen is the recovery trap in its purest form: the improvement is real and documented in every line — net loss cut from $102.4 million to $22.7 million, adjusted operating earnings positive for the first time, a debt-free balance sheet with $110.2 million of liquidity and a market value below book. Read the altitude rather than only the direction, though, and you also see a U.S. home market shrinking for a third year ($226.3 million to $209.8 million), a rental base drying up ($64.1 million to $53.4 million), and 20 percent more devices sold for only 6 percent more money. Not investment advice.
Turnaround delivery
The net loss fell from $102.4 million (2023) to $35.9 million (2024) and $22.7 million (2025), and operating expense from $236.1 million to $184.5 million. Adjusted earnings before interest, taxes, depreciation and amortization turned positive for the first time in 2025, at $2.7 million.
Balance sheet quality
As of March 31, 2026, $93.1 million of cash and $17.1 million of securities stood against shareholders' equity of $182.9 million — with no financial debt at all. A $30.0 million buyback program runs to the end of 2027. One caveat: a possible earn-out of up to $31.4 million from the New Aera acquisition is carried at zero.
Home market
U.S. revenue has fallen three years running: $226.3 million (2023), $218.5 million (2024), $209.8 million (2025); down another 5.7 percent in the first quarter of 2026 against the prior-year quarter. All group growth comes from abroad, 85 percent of it European and, in the first quarter of 2026, 81.7 percent invoiced in euros.
Price per device
Approximately 189,400 systems sold in 2025 against roughly 157,500 (up 20.3 percent) produced only 5.9 percent more sales revenue. On our arithmetic, revenue per system fell from about $1,770 to about $1,559, and gross margin on sales from 46.7 percent to 44.5 percent.
Recurring revenue
Rental revenue — the only predictable income stream — fell from $64.1 million (2023) to $56.9 million (2024) and $53.4 million (2025), and a further 8.0 percent in the first quarter of 2026. The share of patients "capped" by Medicare after 36 months rose to 17.6 percent, and operating cash flow turned negative $11.2 million in 2025.
Dependencies
The revenue share of the ten largest customers rose from 25.2 percent (2023) to 38.9 percent (2025), and one customer crossed the 10 percent mark in 2025. Anchor shareholder Yuwell (about 9.6 percent since February 2025) is simultaneously supplier, distribution partner and holder of the U.S. clearances for the Voxi and Aurora product lines.
Worth Noting
INGN reached the research list through our in-house Reddit hype scanner: 4 mentions in 24 hours and a jump from rank 763 to rank 98 among the most-discussed U.S. stocks (ApeWisdom data, as of July 25, 2026). In our other scanners the stock sits, as of the same date, in five filters pointing two ways: "Price-to-sales ranking" and "Professionals 80%" on the valuation and ownership side, and "Above the 50- and 200-day average", "Above the 21-day EMA pullback" and "Strong daily closing range (80 or above)" on the trend side. Scanner memberships are snapshots and change daily.
Two figures in this analysis are our own calculations from reported numbers, not company disclosures: revenue per system sold (sales revenue divided by systems sold; sales revenue also includes accessories) and total U.S. revenue (U.S. sales revenue plus rental revenue, which arises entirely in the United States).
All valuation figures are dated and meant to be evergreen: market capitalization of roughly $167 million as of the July 24, 2026 trading day, trailing four-quarter revenue of $351.5 million. Daily prices are not a reason to buy. The $10.36 per share figure comes from the February 2025 placement to a Yuwell subsidiary and is a historical, dated anchor, not a forecast.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at INGN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.10 $ to 9.00 $ · Last price: 5.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Devices
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Inogen Inc INGN | 0.1 | – | -17.6 | 44.5 | -9.9 | 3.9 | -38.3 |
| Abbott Laboratories ABT | 173.9 | 29.8 | 17.4 | 56.9 | 13.5 | 5.7 | -22.0 |
| Medtronic PLC MDT | 117.8 | 25.8 | 13.2 | 65.3 | 22.1 | 8.4 | 1.3 |
| Stryker Corporation SYK | 105.8 | 35.0 | 16.8 | 65.6 | 17.8 | 11.2 | -24.9 |
| Boston Scientific Corp BSX | 63.0 | 18.8 | 13.2 | 69.2 | 20.6 | 19.9 | -55.8 |
| Edwards Lifesciences Corp EW | 50.8 | 48.2 | 27.7 | 77.8 | 31.2 | 11.6 | 18.9 |
| DexCom Inc DXCM | 33.9 | 37.1 | 20.1 | 62.5 | 21.4 | 15.6 | 14.1 |
| GE HealthCare Technologies Inc. GEHC | 27.9 | 15.8 | 10.1 | 39.5 | 11.1 | 4.8 | -17.9 |
| STERIS plc STE | 20.3 | 27.3 | 13.7 | 44.4 | 20.0 | 8.7 | -15.5 |
| Median of companies shown | 50.8 | 28.5 | 13.7 | 62.5 | 20.0 | 8.7 | -17.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 203 | 23 | 21 | 0.97 | 31 | 182 | 214 |
| 2017 | 249 | 28 | 21 | 0.96 | 60 | 227 | 275 |
| 2018 | 358 | 38 | 52 | 2.30 | 60 | 310 | 376 |
| 2019 | 362 | 20 | 21 | 0.94 | 41 | 345 | 447 |
| 2020 | 308 | -12 | -6 | -0.27 | 37 | 350 | 462 |
| 2021 | 358 | 9 | -6 | -0.28 | 24 | 370 | 490 |
| 2022 | 377 | -85 | -84 | -3.67 | -38 | 297 | 405 |
| 2023 | 316 | -109 | -102 | -4.42 | -3 | 205 | 326 |
| 2024 | 336 | -43 | -36 | -1.52 | 6 | 174 | 296 |
| 2025 | 349 | -30 | -23 | -0.84 | -11 | 192 | 299 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.07 | 82.50 | 89 | 6.10 | -6.30 | 7 | 2 |
| 2024: Q3 | -0.11 | 69.40 | 89 | 5.80 | -6.70 | 7 | 2 |
| 2024: Q4 | -0.24 | 78.90 | 80 | 5.50 | -12.20 | -3 | -6 |
| 2025: Q1 | -0.11 | 75.60 | 82 | 5.50 | -7.50 | -17 | -19 |
| 2025: Q2 | -0.15 | -114.30 | 92 | 4.00 | -4.50 | 4 | 1 |
| 2025: Q3 | -0.20 | -81.80 | 92 | 4.00 | -5.70 | 2 | 0 |
| 2025: Q4 | -0.15 | 37.50 | 82 | 2.00 | -8.70 | -1 | -3 |
| 2026: Q1 | -0.14 | -27.30 | 85 | 3.40 | -9.80 | -7 | -8 |
| 2026: Q2 | -0.14 | 6.70 | 95 | 3.00 | -4.10 | 3 | 2 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.28 | -0.28 – -0.28 | 356 | 6.7% | 1 |
| 12/31/2027 | -0.16 | -0.16 – -0.16 | 373 | 42.9% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Weder KI-Produkt noch belegter KI-Einsatz: Die Begriffe „artificial intelligence“, „machine learning“ und „algorithm“ kommen im Geschaeftsbericht 2025 und im Quartalsbericht zum 31.03.2026 kein einziges Mal vor; belegt ist ausschliesslich klassische vernetzte Medizintechnik (App plus Datenbank-Portal „Inogen Connect“, regelbasierte Atemzugerkennung).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-02-27 · 10-Q 2026-05-08 · 8-K 2026-07-01 · 8-K 2026-06-11 · 10-K 2025-02-28 · 10-Q 2025-11-06
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -2.6%
- More than 10% revenue growth is expected for the coming year -71.7%
- Share count grows by less than 3% a year 6.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -2.3%
- Gross margin at 40% or higher and without meaningful erosion 47.6%
- Goodwill from acquisitions does not grow faster than revenue 3.6%
- Net debt below twice EBITDA 102 m net cash
- Operating cash flow covers the profits of the last three years 153 m
- Return on capital at 15% or higher, or up versus two years ago -12.9%
- Insiders hold at least 10% or are net buyers 12.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 6.2%
- Exp. sales growth 3Y > 5% 3.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 3.4%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 5
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -15.1%
- ROCE > 15% -12.9%
- Expected return > 10% -12.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Wright Mary E | VP, Chief Accounting Officer | Other | 1,500 | 5.33 | 7,995 |
| Sep 1, 2026 | Smith Kevin P. | EVP, Bus Dev, GC & Sec | Other | 8,671 | 5.33 | 46,216 |
| Sep 1, 2026 | Smith Kevin P. | EVP, Bus Dev, GC & Sec | Other | 18,136 | 0.00 | – |
| Sep 1, 2026 | Smith Kevin P. | EVP, Bus Dev, GC & Sec | Other | 1,500 | 5.33 | 7,995 |
| Sep 1, 2026 | Smith Kevin Raymond Merrill | CEO and President | Other | 1,500 | 5.33 | 7,995 |
The company
About the Company
Inogen, Inc., a medical technology company, develops, manufactures, and markets respiratory health products in the United States and internationally. The company offers portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. It provides Inogen One and Inogen Rove, an ambulatory solution for long-term oxygen therapy; Rove 4, a portable oxygen concentrator; Rove 6 concentrator; Inogen Voxi 5, a stationary oxygen concentrator; Aurora for continuous positive airway pressure; CPAP masks; Simeox for airway clearance treatment; and related accessories. It also rents its products directly to patients. Inogen, Inc. was incorporated in 2001 and is headquartered in Beverly, Massachusetts.
- Employees
- 753
- Headquarters
- Beverly, MA
- Address
- 500 Cummings Center, 01915 Beverly, United States
- Phone
- 805 562 0500
- Website
- provider.inogen.com
- IPO Date
- 02/14/2014
- ISIN
- US45780L1044
Management
| Name | Title | Birth Year |
|---|---|---|
| Kevin R. M. Smith | President, CEO & Director | 1971 |
| Kevin P. Smith | General Counsel, Secretary & Executive VP of Business Development | 1971 |
| Jennifer Yi Boyer | Executive VP of Enterprise Enablement & Chief Human Resources Officer | 1975 |
| Jason A. Richardson | CFO, Executive VP & Treasurer | 1977 |
| Andrew P. Reding | Executive VP & COO | 1970 |
| Mary Wright | VP & Chief Accounting Officer | 1987 |
| Naga Rameswamy | Chief Technology Officer | – |
| Lorna Williams | Senior Vice President of Investor Relations | – |
| Dominic Hulton | Chief Marketing Officer | – |
| Philip Corrin | Senior Vice President of Operations & Supply Chain | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 Inogen Inc (INGN): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.