(INGN) Inogen - Overview

Sector: Healthcare | Industry: Medical Devices | Exchange: NASDAQ (USA) | Market Cap: 178m USD | Total Return: -0.6% in 12m

Oxygen Concentrators, CPAP Devices, Airway Clearance, Respiratory Masks
Total Rating 27
Safety 35
Buy Signal -0.86
Medical Devices
Industry Rotation: +2.2
Market Cap: 178M
Avg Turnover: 2.05M
Risk 3d forecast
Volatility53.1%
VaR 5th Pctl8.12%
VaR vs Median-8.29%
Reward TTM
Sharpe Ratio0.12
Rel. Str. IBD24.1
Rel. Str. Peer Group44.6
Character TTM
Beta0.484
Beta Downside0.415
Hurst Exponent0.446
Drawdowns 3y
Max DD64.17%
CAGR/Max DD-0.25
CAGR/Mean DD-0.41
EPS (Earnings per Share) EPS (Earnings per Share) of INGN over the last years for every Quarter: "2021-03": -0.03, "2021-06": 0.22, "2021-09": 0.53, "2021-12": -1.01, "2022-03": -0.62, "2022-06": -0.15, "2022-09": -0.42, "2022-12": -0.2, "2023-03": -0.78, "2023-06": -0.4, "2023-09": -0.36, "2023-12": -1.14, "2024-03": -0.45, "2024-06": -0.07, "2024-09": -0.11, "2024-12": -0.24, "2025-03": -0.11, "2025-06": -0.02, "2025-09": -0.02, "2025-12": -0.15, "2026-03": -0.14,
Last SUE: 0.81
Qual. Beats: 0
Revenue Revenue of INGN over the last years for every Quarter: 2021-03: 86.932, 2021-06: 101.563, 2021-09: 93.105, 2021-12: 76.403, 2022-03: 80.385, 2022-06: 103.376, 2022-09: 105.389, 2022-12: 88.091, 2023-03: 72.162, 2023-06: 83.635, 2023-09: 83.967, 2023-12: 75.896, 2024-03: 78.025, 2024-06: 88.765, 2024-09: 88.834, 2024-12: 80.081, 2025-03: 82.28, 2025-06: 92.277, 2025-09: 92.39, 2025-12: 81.721, 2026-03: 85.109,
Rev. CAGR: 2.48%
Rev. Trend: 61.9%
Last SUE: 1.09
Qual. Beats: 1

Warnings

High Debt/EBITDA (18.3) with thin interest coverage (-323.1)

High Debt while negative Cash Flow

Interest Coverage Ratio -323.1 is critical

Altman Z'' -1.55 < 1.0 - financial distress zone

Below Avwap Earnings

Tailwinds

No distinct edge detected

Description: INGN Inogen

Inogen, Inc. (INGN) is a medical technology firm specializing in the development and distribution of respiratory health products, primarily portable oxygen concentrators (POCs). Headquartered in Massachusetts, the company serves patients with chronic respiratory conditions through a product portfolio that includes the Inogen One, Rove, and Voxi series, as well as airway clearance and CPAP solutions.

The company utilizes a multi-channel business model, generating revenue through direct-to-consumer sales, business-to-business wholesale distribution, and direct patient rentals. This vertical integration allows Inogen to capture margins across both the manufacturing and clinical service segments of the oxygen therapy market.

The global portable oxygen concentrator market is driven by an aging population and a shift in clinical preference toward ambulatory devices over traditional liquid oxygen tanks. Reviewing the latest valuation metrics on ValueRay can provide deeper insight into the companys current market position. Inogens focus on lightweight, battery-operated technology positions it within the high-growth Health Care Equipment sub-industry.

Headlines to Watch Out For
  • Direct-to-consumer sales growth offsets declining business-to-business wholesale demand
  • Expansion of Simeox airway clearance therapy diversifies respiratory product portfolio
  • Medicare reimbursement rate changes impact long-term oxygen therapy rental revenue
  • International regulatory approvals drive market penetration for Rove concentrator series
  • Supply chain stabilization and manufacturing efficiencies improve gross profit margins
Piotroski VR-10 (Strict) 3.0
Net Income: -24.9m TTM > 0 and > 6% of Revenue
FCF/TA: -0.04 > 0.02 and ΔFCF/TA 3.27 > 1.0
NWC/Revenue: 36.76% < 20% (prev 39.79%; Δ -3.02% < -1%)
CFO/TA -0.00 > 3% & CFO -1.11m > Net Income -24.9m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 3.10 > 1.5 & < 3
Outstanding Shares: last quarter (27.3m) vs 12m ago 8.58% < -2%
Gross Margin: 48.73% > 18% (prev 0.46%; Δ 4.83k% > 0.5%)
Asset Turnover: 118.3% > 50% (prev 110.2%; Δ 8.05% > 0%)
Interest Coverage Ratio: -323.1 > 6 (EBITDA TTM -5.15m / Interest Expense TTM 79.0k)
Altman Z'' -1.55
A: 0.45 (Total Current Assets 190.7m - Total Current Liabilities 61.4m) / Total Assets 285.9m
B: -0.64 (Retained Earnings -183.9m / Total Assets 285.9m)
C: -0.09 (EBIT TTM -25.5m / Avg Total Assets 297.2m)
D: -1.75 (Book Value of Equity -180.5m / Total Liabilities 103.0m)
Altman-Z'' = -1.55 = D
Beneish M -3.04
DSRI: 1.11 (Receivables 41.9m/36.6m, Revenue 351.5m/340.0m)
GMI: 0.95 (GM 48.73% / 46.11%)
AQI: 1.02 (AQ_t 0.16 / AQ_t-1 0.16)
SGI: 1.03 (Revenue 351.5m / 340.0m)
TATA: -0.08 (NI -24.9m - CFO -1.11m) / TA 285.9m)
Beneish M = -3.04 (Cap -4..+1) = AA
What is the price of INGN shares?

As of May 30, 2026, the stock is trading at USD 6.49 with a total of 317,336 shares traded.
Over the past week, the price has changed by +1.25%, over one month by -7.29%, over three months by +6.39% and over the past year by -0.61%.

Is INGN a buy, sell or hold?

Inogen has received a consensus analysts rating of 3.67. Therefore, it is recommended to hold INGN.

  • StrongBuy: 1
  • Buy: 1
  • Hold: 0
  • Sell: 1
  • StrongSell: 0

What are the forecasts/targets for the INGN price?
Analysts Target Price 12.7 95.2%
Inogen (INGN) - Fundamental Data Overview as of 28 May 2026
Market Cap USD = 178.2m (178.2m USD * 1.0 USD.USD)
P/S = 0.5068
P/B = 0.974
P/EG = 3.48
Revenue TTM = 351.5m USD
EBIT TTM = -25.5m USD
EBITDA TTM = -5.15m USD
Long Term Debt = 13.4m USD (estimated: total debt 16.9m - short term 3.49m)
Short Term Debt = 3.49m USD (from shortTermDebt, last quarter)
Debt = 16.9m USD (from shortLongTermDebtTotal, last quarter) (leases 16.9m already included)
Net Debt = -94.5m USD (calculated: Debt 16.9m - CCE 111.5m)
Enterprise Value = 83.6m USD (178.2m + Debt 16.9m - CCE 111.5m)
Interest Coverage Ratio = -323.1 (Ebit TTM -25.5m / Interest Expense TTM 79.0k)
EV/FCF = -8.17x (Enterprise Value 83.6m / FCF TTM -10.2m)
FCF Yield = -12.24% (FCF TTM -10.2m / Enterprise Value 83.6m)
FCF Margin = -2.91% (FCF TTM -10.2m / Revenue TTM 351.5m)
Net Margin = -7.08% (Net Income TTM -24.9m / Revenue TTM 351.5m)
Gross Margin = 48.73% ((Revenue TTM 351.5m - Cost of Revenue TTM 180.2m) / Revenue TTM)
Gross Margin QoQ = 49.08% (prev 50.44%)
Tobins Q-Ratio = 0.29 (Enterprise Value 83.6m / Total Assets 285.9m)
Interest Expense / Debt = 0.47% (Interest Expense 79.0k / Debt 16.9m)
Taxrate = 21.0% (US default 21%)
NOPAT = -20.2m (EBIT -25.5m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 3.10 (Total Current Assets 190.7m / Total Current Liabilities 61.4m)
Debt / Equity = 0.09 (Debt 16.9m / totalStockholderEquity, last quarter 182.9m)
 Debt / EBITDA = 18.35 (negative EBITDA) (Net Debt -94.5m / EBITDA -5.15m)
 Debt / FCF = 9.23 (negative FCF - burning cash) (Net Debt -94.5m / FCF TTM -10.2m)
 Total Stockholder Equity = 193.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -8.38% (Net Income -24.9m / Total Assets 285.9m)
RoE = -6.61% (Net Income TTM -24.9m / Total Stockholder Equity 376.9m)
RoCE = -6.54% (EBIT -25.5m / Capital Employed (Equity 376.9m + L.T.Debt 13.4m))
 RoIC = -17.31% (negative operating profit) (NOPAT -20.2m / Invested Capital 116.5m)
 WACC = 7.05% (E(178.2m)/V(195.1m) * Re(7.68%) + D(16.9m)/V(195.1m) * Rd(0.47%) * (1-Tc(0.21)))
Discount Rate = 7.68% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 91.11 | Cagr: 7.31%
 [DCF] Fair Price = unknown (Cash Flow -10.2m)
 EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.81 | # QB: 0
Revenue Correlation: 61.88 | Revenue CAGR: 2.48% | SUE: 1.09 | # QB: 1
EPS current Quarter (2026-06-30): EPS=-0.06 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=-0.37 | Chg30d=+28.85% | Revisions=-20% | GrowthEPS=-23.3% | GrowthRev=+5.9%
EPS next Year (2027-12-31): EPS=-0.26 | Chg30d=+16.13% | Revisions=-20% | GrowthEPS=+29.7% | GrowthRev=+7.5%