📊 INGN Key Takeaways
Is Inogen Inc (INGN) a Good Investment?
Inogen exhibits deteriorating operational performance with negative operating and net income despite 18.1% revenue growth, indicating margin compression and inability to convert top-line gains into profitability. The company's negative free cash flow of -$13.7M and operating cash burn of -$11.2M raise sustainability concerns, though a strong balance sheet with $103.7M cash and minimal debt provides a financial cushion. Without evidence of profitability recovery, the business appears to be struggling with operational efficiency despite solid gross margins of 44.2%.
Inogen shows credible top-line momentum, with revenue up 18.1% year over year, and its balance sheet is a clear strength given over $103M of cash, minimal long-term debt, and strong liquidity ratios. However, the business is still unprofitable at both the operating and net income levels, and cash generation remains negative, so the core question is whether recent growth can convert into durable margin improvement. Fundamentally, this looks like a financially stable turnaround story rather than a high-quality profit compounder today.
Why Buy Inogen Inc Stock? INGN Key Strengths
- Strong liquidity position with $103.7M cash and 3.12x current ratio provides financial flexibility
- Healthy gross margin of 44.2% demonstrates pricing power and product viability in medical device sector
- Minimal leverage with 0.00x debt/equity ratio eliminates financial distress risk in near term
- Revenue growth of 18.1% YoY shows market demand for products despite profitability challenges
- Revenue growth is strong at 18.1% year over year, indicating improving demand or sales execution
- Balance sheet is conservatively structured with high cash reserves, negligible long-term debt, and solid liquidity
- Losses are narrowing, with net income and diluted EPS improving meaningfully year over year
INGN Stock Risks: Inogen Inc Investment Risks
- Negative operating income of -$30.2M and negative net income of -$22.7M signal fundamental profitability issues
- Negative free cash flow of -$13.7M indicates the company is burning cash operationally, unsustainable long-term
- Operating margin of -8.7% suggests severe cost structure problems or pricing pressures relative to revenue scale
- Negative ROE of -11.8% and ROA of -7.6% demonstrate shareholder value destruction despite revenue generation
- Operating cash flow negative despite positive gross profit indicates potential working capital deterioration or high operating costs
- Operating margin remains negative at -8.7%, showing the business model has not yet reached sustainable profitability
- Operating cash flow and free cash flow are still negative, which weakens the quality of earnings improvement
- Returns on equity and assets remain negative, indicating capital is not yet being deployed at attractive economic returns
Key Metrics to Watch
- Operating cash flow trend and path to positive FCF generation
- Operating margin improvement and cost structure optimization progress
- Cash burn rate and duration until reserves may face constraints
- Gross margin sustainability and any pricing or cost pressures
- Revenue growth deceleration or acceleration trends in forward quarters
- Operating margin progression toward sustained positive territory
- Operating cash flow and free cash flow conversion as revenue grows
Inogen Inc (INGN) Financial Metrics & Key Ratios
💡 AI Analyst Insight
Strong liquidity with a 3.12x current ratio provides a solid financial cushion.
INGN Profit Margin, ROE & Profitability Analysis
INGN vs Healthcare Sector: How Inogen Inc Compares
How Inogen Inc compares to Healthcare sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is Inogen Inc Stock Overvalued? INGN Valuation Analysis 2026
Based on fundamental analysis, Inogen Inc has mixed fundamental signals relative to the Healthcare sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
Inogen Inc Balance Sheet: INGN Debt, Cash & Liquidity
INGN Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: Inogen Inc's revenue has declined by 13% over the 5-year period, indicating business contraction. The most recent EPS of $-4.42 indicates the company is currently unprofitable.
INGN Revenue Growth, EPS Growth & YoY Performance
INGN Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $74.9M | -$5.3M | $-0.20 |
| Q2 2025 | $74.4M | -$4.2M | $-0.15 |
| Q1 2025 | $63.1M | -$6.2M | $-0.25 |
| Q3 2024 | $68.0M | -$6.0M | $-0.25 |
| Q2 2024 | $68.3M | -$5.6M | $-0.24 |
| Q1 2024 | $55.9M | -$14.6M | $-0.62 |
| Q3 2023 | $68.0M | -$9.5M | $-0.42 |
| Q2 2023 | $68.3M | -$3.4M | $-0.15 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
Inogen Inc Dividends, Buybacks & Capital Allocation
INGN SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for Inogen Inc (CIK: 0001294133)
📋 Recent SEC Filings
❓ Frequently Asked Questions about INGN
What is the AI rating for INGN?
Inogen Inc (INGN) has a Combined AI Rating of SELL from Claude (SELL) and ChatGPT (HOLD) with 82% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are INGN's key strengths?
Claude: Strong liquidity position with $103.7M cash and 3.12x current ratio provides financial flexibility. Healthy gross margin of 44.2% demonstrates pricing power and product viability in medical device sector. ChatGPT: Revenue growth is strong at 18.1% year over year, indicating improving demand or sales execution. Balance sheet is conservatively structured with high cash reserves, negligible long-term debt, and solid liquidity.
What are the risks of investing in INGN?
Claude: Negative operating income of -$30.2M and negative net income of -$22.7M signal fundamental profitability issues. Negative free cash flow of -$13.7M indicates the company is burning cash operationally, unsustainable long-term. ChatGPT: Operating margin remains negative at -8.7%, showing the business model has not yet reached sustainable profitability. Operating cash flow and free cash flow are still negative, which weakens the quality of earnings improvement.
What is INGN's revenue and growth?
Inogen Inc reported revenue of $348.7M.
Does INGN pay dividends?
Inogen Inc does not currently pay dividends.
Where can I find INGN SEC filings?
Official SEC filings for Inogen Inc (CIK: 0001294133) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is INGN's EPS?
Inogen Inc has a diluted EPS of $-0.86.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is INGN a good stock to buy right now?
Based on our AI fundamental analysis in April 2026, Inogen Inc has a SELL rating with 82% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is INGN stock overvalued or undervalued?
Valuation metrics for INGN: ROE of -11.8% (sector avg: 15%), net margin of -6.5% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.
Should I buy INGN stock in 2026?
Our dual AI analysis gives Inogen Inc a combined SELL rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is INGN's free cash flow?
Inogen Inc's operating cash flow is $-11.2M, with capital expenditures of $2.5M. FCF margin is -3.9%.
How does INGN compare to other Healthcare stocks?
Vs Healthcare sector averages: Net margin -6.5% (avg: 12%), ROE -11.8% (avg: 15%), current ratio 3.12 (avg: 2).