Inogen Inc (INGN)
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Our Rating
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.
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.
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.
Inogen builds portable oxygen devices for people with chronic lung disease — and the company itself is just coming up for air: the annual net loss fell from $102.4 million in 2023 to $22.7 million in 2025, and adjusted operating earnings turned positive for the first time. The SEC filings also show the price of that: 189,400 systems sold in 2025 meant roughly 20 percent more units but only 5.9 percent more sales revenue — and the U.S. home market has now shrunk three years running. On July 25, 2026 the ticker jumped from rank 763 to rank 98 on Reddit. No recommendation — just a look at who is actually breathing easier here.
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralWeder KI-Produkt noch belegter KI-Einsatz: Die Begriffe „artificial intelligence“, „machine learning“ und „algorithm“ kommen im Geschaeftsbericht 2025 und im Quartalsbericht zum 31.03.2026 kein einziges Mal vor; belegt ist ausschliesslich klassische vernetzte Medizintechnik (App plus Datenbank-Portal „Inogen Connect“, regelbasierte Atemzugerkennung).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-02-27 · 10-Q 2026-05-08 · 8-K 2026-07-01 · 8-K 2026-06-11 · 10-K 2025-02-28 · 10-Q 2025-11-06
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($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 |
- 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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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.
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.
- 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 six 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", "Power Trend", "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.
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 |
| Website | provider.inogen.com |
| IPO Date | 14. Feb 2014 |
| Next Earnings | 6. Aug 2026 |
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 |
| Grgoire Ramade | Executive VP & Chief Commercial Officer | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 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.