Inogen Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Inogen Inc has an operating margin of -12.7%, meaning the company retains $-13 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -34.6% the prior year.
Inogen Inc's revenue grew 6.4% year-over-year to $335.7M, a solid pace of expansion. This earns a growth score of 47/100.
Inogen Inc carries a low D/E ratio of 0.70, meaning only $0.70 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.42, Inogen Inc holds $2.42 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 77/100.
Inogen Inc's free cash flow margin of 0.8% results in a low score of 4/100. Capital expenditures of $3.4M absorb a large share of operating cash flow.
Inogen Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Inogen Inc generates $-0.16 in operating cash flow ($5.9M OCF vs -$35.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
This page shows Inogen Inc (INGN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Inogen Inc generated $335.7M in revenue in fiscal year 2024. This represents an increase of 6.4% from the prior year.
Inogen Inc's EBITDA was -$21.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 76.4% from the prior year.
Inogen Inc generated $2.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 130.2% from the prior year.
Inogen Inc reported -$35.9M in net income in fiscal year 2024. This represents an increase of 65.0% from the prior year.
Inogen Inc earned $-1.52 per diluted share (EPS) in fiscal year 2024. This represents an increase of 65.6% from the prior year.
Inogen Inc held $113.8M in cash against $0 in long-term debt as of fiscal year 2024.
Inogen Inc had 24M shares outstanding in fiscal year 2024. This represents an increase of 2.5% from the prior year.
Inogen Inc's gross margin was 46.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 5.9 percentage points from the prior year.
Inogen Inc's operating margin was -12.7% in fiscal year 2024, reflecting core business profitability. This is up 22.0 percentage points from the prior year.
Inogen Inc's net profit margin was -10.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 21.8 percentage points from the prior year.
Inogen Inc invested $21.6M in research and development in fiscal year 2024. This represents an increase of 3.7% from the prior year.
Inogen Inc invested $3.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 35.6% from the prior year.
INGN Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $92.4M+0.1% | $92.3M+12.1% | $82.3M+2.7% | $80.1M-9.8% | $88.8M+13.8% | $78.0M+2.8% | $75.9M-9.6% | $84.0M |
| Cost of Revenue | $42.9M-1.3% | $43.5M+14.1% | $38.1M+7.3% | $35.5M-7.4% | $38.3M+8.7% | $35.2M-11.7% | $39.9M-6.5% | $42.7M |
| Gross Profit | $41.3M-0.1% | $41.3M+13.7% | $36.4M+0.2% | $36.3M-15.1% | $42.7M+24.3% | $34.4M+22.1% | $28.2M-16.6% | $33.8M |
| R&D Expenses | $4.8M-7.1% | $5.2M+29.1% | $4.0M-31.6% | $5.9M+5.0% | $5.6M-14.6% | $6.6M-2.0% | $6.7M+49.6% | $4.5M |
| SG&A Expenses | $18.2M+7.6% | $16.9M+3.9% | $16.2M-7.9% | $17.6M-5.1% | $18.6M+8.4% | $17.1M-30.8% | $24.8M+45.6% | $17.0M |
| Operating Income | -$7.1M-16.1% | -$6.1M+19.9% | -$7.7M+32.8% | -$11.4M-61.2% | -$7.1M+56.6% | -$16.3M+43.8% | -$29.0M+38.0% | -$46.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$146K+4.6% | -$153K-57.7% | -$97K+70.6% | -$330K-4614.3% | -$7K+95.3% | -$150K+71.9% | -$533K-232.9% | $401K |
| Net Income | -$5.3M-27.5% | -$4.2M+32.8% | -$6.2M+36.7% | -$9.8M-74.5% | -$5.6M+61.7% | -$14.6M+45.1% | -$26.6M+41.9% | -$45.7M |
| EPS (Diluted) | $-0.20-33.3% | $-0.15+40.0% | $-0.25+39.0% | $-0.41-70.8% | $-0.24+61.3% | $-0.62+46.1% | $-1.15+41.6% | $-1.97 |
INGN Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $307.0M-1.6% | $312.0M+1.2% | $308.4M+4.1% | $296.2M-4.1% | $308.9M-2.1% | $315.6M-3.2% | $326.2M-5.1% | $343.7M |
| Current Assets | $203.7M+0.3% | $203.1M+1.2% | $200.7M+8.2% | $185.5M-4.8% | $194.8M-2.2% | $199.2M-3.8% | $207.1M-8.1% | $225.3M |
| Cash & Equivalents | $106.5M+2.7% | $103.7M-12.8% | $118.9M+4.5% | $113.8M+16.2% | $97.9M-8.9% | $107.4M-14.4% | $125.5M+0.7% | $124.6M |
| Inventory | $25.1M+3.1% | $24.3M-7.5% | $26.3M+5.9% | $24.8M+3.2% | $24.0M-2.2% | $24.6M+12.6% | $21.8M-9.1% | $24.0M |
| Accounts Receivable | $40.4M+4.6% | $38.6M+5.4% | $36.6M+23.9% | $29.6M-18.0% | $36.0M-10.4% | $40.2M-4.8% | $42.2M-12.7% | $48.4M |
| Goodwill | $10.7M0.0% | $10.7M+8.5% | $9.9M+4.2% | $9.5M-3.1% | $9.8M-0.7% | $9.8M-2.2% | $10.1M+1.9% | $9.9M |
| Total Liabilities | $109.8M-2.4% | $112.5M+1.9% | $110.5M-9.7% | $122.3M+0.8% | $121.3M-1.9% | $123.7M+1.9% | $121.4M+7.4% | $113.1M |
| Current Liabilities | $64.9M-3.2% | $67.1M+2.5% | $65.5M-14.7% | $76.7M+6.2% | $72.2M-2.3% | $73.9M+2.0% | $72.5M+20.1% | $60.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $197.2M-1.2% | $199.5M+0.8% | $198.0M+13.9% | $173.9M-7.3% | $187.6M-2.2% | $191.9M-6.3% | $204.8M-11.2% | $230.6M |
| Retained Earnings | -$168.5M-3.2% | -$163.2M-2.6% | -$159.0M-4.0% | -$152.8M-11.5% | -$137.1M-4.3% | -$131.5M-12.5% | -$116.9M-29.4% | -$90.4M |
INGN Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.2M-50.2% | $4.3M+125.9% | -$16.8M-456.3% | -$3.0M-145.1% | $6.7M+240.9% | -$4.7M-50.9% | -$3.1M-244.1% | $2.2M |
| Capital Expenditures | $568K-17.0% | $684K+134.2% | $292K-11.2% | $329K+558.0% | $50K-96.2% | $1.3M-6.0% | $1.4M+96.9% | $708K |
| Free Cash Flow | $1.6M-56.4% | $3.7M+121.5% | -$17.1M-410.4% | -$3.3M-150.4% | $6.6M+209.6% | -$6.1M-33.4% | -$4.5M-407.5% | $1.5M |
| Investing Cash Flow | -$82K+99.6% | -$22.6M-1007.6% | -$2.0M-117.7% | $11.5M+193.2% | -$12.4M+7.9% | -$13.4M-425.7% | $4.1M+109.0% | -$45.8M |
| Financing Cash Flow | $418K | $0-100.0% | $24.0M+9311.9% | -$260K-29.4% | -$201K-170.5% | $285K+2135.7% | -$14K-103.1% | $448K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
INGN Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.7%-0.1pp | 44.8%+0.6pp | 44.2%-1.1pp | 45.3%-2.8pp | 48.1%+4.1pp | 44.0%+7.0pp | 37.1%-3.1pp | 40.2% |
| Operating Margin | -7.7%-1.1pp | -6.6%+2.7pp | -9.3%+4.9pp | -14.2%-6.3pp | -8.0%+12.9pp | -20.9%+17.3pp | -38.2%+17.4pp | -55.6% |
| Net Margin | -5.7%-1.2pp | -4.5%+3.0pp | -7.5%+4.7pp | -12.2%-5.9pp | -6.3%+12.4pp | -18.7%+16.3pp | -35.0%+19.5pp | -54.4% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -1.7%-0.4pp | -1.3%+0.7pp | -2.0%+1.3pp | -3.3%-1.5pp | -1.8%+2.8pp | -4.6%+3.5pp | -8.1%+5.2pp | -13.3% |
| Current Ratio | 3.14+0.1 | 3.03-0.0 | 3.07+0.6 | 2.42-0.3 | 2.700.0 | 2.70-0.2 | 2.86-0.9 | 3.73 |
| Debt-to-Equity | 0.560.0 | 0.560.0 | 0.56-0.1 | 0.70+0.1 | 0.650.0 | 0.64+0.1 | 0.59+0.1 | 0.49 |
| FCF Margin | 1.7%-2.2pp | 4.0%+24.7pp | -20.8%-16.6pp | -4.2%-11.7pp | 7.5%+15.3pp | -7.8%-1.8pp | -6.0%-7.7pp | 1.8% |
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Frequently Asked Questions
What is Inogen Inc's annual revenue?
Inogen Inc (INGN) reported $335.7M in total revenue for fiscal year 2024. This represents a 6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Inogen Inc's revenue growing?
Inogen Inc (INGN) revenue grew by 6.4% year-over-year, from $315.7M to $335.7M in fiscal year 2024.
Is Inogen Inc profitable?
No, Inogen Inc (INGN) reported a net income of -$35.9M in fiscal year 2024, with a net profit margin of -10.7%.
What is Inogen Inc's earnings per share (EPS)?
Inogen Inc (INGN) reported diluted earnings per share of $-1.52 for fiscal year 2024. This represents a 65.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Inogen Inc's EBITDA?
Inogen Inc (INGN) had EBITDA of -$21.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Inogen Inc's gross margin?
Inogen Inc (INGN) had a gross margin of 46.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Inogen Inc's operating margin?
Inogen Inc (INGN) had an operating margin of -12.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Inogen Inc's net profit margin?
Inogen Inc (INGN) had a net profit margin of -10.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Inogen Inc's free cash flow?
Inogen Inc (INGN) generated $2.6M in free cash flow during fiscal year 2024. This represents a 130.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Inogen Inc's operating cash flow?
Inogen Inc (INGN) generated $5.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Inogen Inc's total assets?
Inogen Inc (INGN) had $296.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Inogen Inc's capital expenditures?
Inogen Inc (INGN) invested $3.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Inogen Inc spend on research and development?
Inogen Inc (INGN) invested $21.6M in research and development during fiscal year 2024.
How many shares does Inogen Inc have outstanding?
Inogen Inc (INGN) had 24M shares outstanding as of fiscal year 2024.
What is Inogen Inc's current ratio?
Inogen Inc (INGN) had a current ratio of 2.42 as of fiscal year 2024, which is generally considered healthy.
What is Inogen Inc's debt-to-equity ratio?
Inogen Inc (INGN) had a debt-to-equity ratio of 0.70 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Inogen Inc's return on assets (ROA)?
Inogen Inc (INGN) had a return on assets of -12.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Inogen Inc's Piotroski F-Score?
Inogen Inc (INGN) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Inogen Inc's earnings high quality?
Inogen Inc (INGN) has an earnings quality ratio of -0.16x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Inogen Inc?
Inogen Inc (INGN) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.