Inogen Inc (INGN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 7, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the INGN SEC filings page.
Inogen Inc (INGN) reported $354.3M in revenue over the twelve months to Jun 30, 2026, up 3.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
The business has rebuilt gross margin, but persistent operating losses mean accounting profit still does not translate into cash.
FY2025 reported net income of$22.7M alongside an operating loss of$30.2M . That earnings-to-cash break widened versus FY2024, when operating cash flow was positive, so reported profitability is not yet a dependable funding source.
Gross margin climbed from FY2023's
The balance sheet became less liability-heavy in FY2025 as total liabilities fell while equity rose, a structural balance-sheet improvement rather than a margin story. But FY2025 financing cash flow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Inogen Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Inogen Inc has an operating margin of -8.7%, meaning the company loses $9 on every $100 of revenue. This results in a profitability score of 23/100. This is up from -12.7% the prior year.
Inogen Inc's revenue grew a modest 3.9% year-over-year to $348.7M. This slow but positive growth earns a score of 50/100.
Inogen Inc has a moderate D/E ratio of 0.55. This balance of debt and equity financing earns a leverage score of 59/100.
With a current ratio of 3.12, Inogen Inc holds $3.12 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 80/100.
Inogen Inc's operations used $11.2M of cash, and capex of $2.5M added to the outflow, for a free cash flow shortfall of $13.7M. This results in a cash flow score of 20/100.
Inogen Inc generates a 11.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 20/100. This is down from 20.6% the prior year.
Inogen Inc scores 1.42, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($154.5M) relative to total liabilities ($106.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Inogen Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Inogen Inc used $0.49 of operating cash (-$11.2M OCF vs $22.7M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Inogen Inc generated $95.1M in revenue in Q2 2026. This represents an increase of 3.0% from the same quarter a year earlier. Against the prior quarter it is up 11.7%.
Inogen Inc's EBITDA was -$1.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.2% from the same quarter a year earlier. Against the prior quarter it is up 62.7%.
Inogen Inc reported -$3.9M in net income in Q2 2026. This represents an increase of 7.3% from the same quarter a year earlier. Against the prior quarter it is up 53.7%.
Inogen Inc earned -$0.14 per diluted share (EPS) in Q2 2026. This represents an increase of 6.7% from the same quarter a year earlier. Against the prior quarter it is up 53.3%.
Cash & Balance Sheet
Inogen Inc generated $2.2M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 39.0% from the same quarter a year earlier. Against the prior quarter it is up 132.4%.
Inogen Inc held $87.3M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Inogen Inc's gross margin was 45.5% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.
Inogen Inc's operating margin was -5.4% in Q2 2026, reflecting core business profitability. This is up 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.6 percentage points.
Inogen Inc's net profit margin was -4.0% in Q2 2026, showing the share of revenue converted to profit. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.7 percentage points.
Inogen Inc's ROE was -2.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.4 percentage points.
Capital Allocation
Inogen Inc invested $5.9M in research and development in Q2 2026. This represents an increase of 12.7% from the same quarter a year earlier. Against the prior quarter it is up 15.2%.
Inogen Inc spent $5.6M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 200.1%.
Inogen Inc invested $711K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 3.9% from the same quarter a year earlier. Against the prior quarter it is up 238.6%.
INGN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $95.1M+3.0% | $85.1M+3.4% | $81.7M+2.0% | $92.4M+4.0% | $92.3M+4.0% | $82.3M+5.5% | $80.1M+5.5% | $88.8M+5.8% |
| Cost of Revenue | $44.9M+3.4% | $40.2M+5.5% | $39.4M+10.9% | $42.9M+8.4% | $43.5M+13.4% | $38.1M+8.1% | $35.5M-11.1% | $39.6M-7.3% |
| Gross Profit | $43.3M+4.7% | $37.9M+4.1% | $35.2M-2.9% | $41.3M-0.1% | $41.3M-3.3% | $36.4M+5.8% | $36.3M+28.9% | $41.3M+22.4% |
| R&D Expenses | $5.9M+12.7% | $5.1M+26.4% | $5.3M-9.9% | $4.8M+37.6% | $5.2M-7.2% | $4.0M-38.7% | $5.9M-12.2% | $3.5M-21.6% |
| SG&A Expenses | $17.7M+4.8% | $17.5M+7.8% | $16.1M-8.5% | $18.2M-5.7% | $16.9M-9.1% | $16.2M-5.2% | $17.6M-28.9% | $19.3M+13.2% |
| Operating Income | -$5.1M+16.9% | -$9.3M-21.9% | -$9.3M+18.3% | -$7.1M+8.7% | -$6.1M+13.2% | -$7.7M+53.0% | -$11.4M+60.7% | -$7.8M+83.3% |
| EBITDA | -$1.7M+22.2% | -$4.4M-79.7% | -$1.8M+55.7% | -$3.2M+11.2% | -$2.1M+27.0% | -$2.5M+77.6% | -$4.0M+83.0% | -$3.6M+91.5% |
| Income Tax | -$154K-0.7% | -$174K-79.4% | -$236K+28.5% | -$146K-44.6% | -$153K-2085.7% | -$97K+35.3% | -$330K+38.1% | -$101K-125.2% |
| Net Income | -$3.9M+7.3% | -$8.3M-34.8% | $38.4M-38.1% | -$5.3M+11.2% | -$4.2M+25.7% | -$6.2M+57.6% | $62.0M-65.2% | -$6.0M+87.0% |
| EPS (Basic) | -$0.14+6.7% | -$0.30-20.0% | -$0.27+34.1% | -$0.20+20.0% | -$0.15+37.5% | -$0.25+59.7% | -$0.41+64.0% | -$0.25+87.3% |
| EPS (Diluted) | -$0.14+6.7% | -$0.30-20.0% | -$0.27+34.1% | -$0.20+20.0% | -$0.15+37.5% | -$0.25+59.7% | -$0.41+64.0% | -$0.25+87.3% |
| Diluted Shares (Avg) | 27M+0.3% | 27M+8.6% | N/A | 27M+14.0% | 27M+14.2% | 25M+7.5% | N/A | 24M+2.2% |
Not reported in any period shown, so not listed: Interest Expense.
INGN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $285.6M-8.5% | $285.9M-7.3% | $298.6M+0.8% | $307.0M+0.3% | $312.0M+1.0% | $308.4M-2.3% | $296.2M-9.2% | $306.2M-10.9% |
| Current Assets | $194.1M-4.4% | $190.7M-5.0% | $198.3M+6.9% | $203.7M+5.8% | $203.1M+4.3% | $200.7M+0.8% | $185.5M-10.4% | $192.6M-14.5% |
| Cash & Equivalents | $87.3M-15.8% | $93.1M-21.7% | $103.7M-8.8% | $106.5M+0.7% | $103.7M+5.9% | $118.9M+10.7% | $113.8M-9.3% | $105.7M-15.2% |
| Short-Term Investments | $18.3M-2.6% | $17.1M | $15.8M | $16.7M+11.8% | $18.7M-5.2% | $0-100.0% | $0-100.0% | $15.0M+11.5% |
| Inventory | $28.6M+17.8% | $25.0M-4.9% | $26.0M+4.7% | $25.1M+7.5% | $24.3M+1.1% | $26.3M+6.8% | $24.8M+13.6% | $23.3M-2.9% |
| Accounts Receivable | $46.2M+19.6% | $41.9M+14.3% | $38.9M+31.5% | $40.4M+17.9% | $38.6M+7.1% | $36.6M-9.0% | $29.6M-30.0% | $34.2M-29.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $10.4M-2.9% | $10.5M+6.3% | $10.7M+13.0% | $10.7M+5.2% | $10.7M+9.6% | $9.9M+0.3% | $9.5M-5.9% | $10.2M+3.0% |
| Total Liabilities | $110.7M-1.6% | $103.0M-6.7% | $106.4M-13.0% | $109.8M-9.1% | $112.5M-7.2% | $110.5M-10.7% | $122.3M+0.8% | $120.8M+6.8% |
| Current Liabilities | $70.9M+5.7% | $61.4M-6.1% | $63.5M-17.1% | $64.9M-10.3% | $67.1M-7.1% | $65.5M-11.4% | $76.7M+5.8% | $72.4M+19.9% |
| Non-Current Liabilities | $39.8M-12.4% | $41.6M-7.6% | $42.9M-6.1% | $44.9M-7.2% | $45.5M-7.4% | $45.0M-9.6% | $45.6M-6.6% | $48.4M-8.2% |
| Total Equity | $174.9M-12.3% | $182.9M-7.6% | $192.2M+10.6% | $197.2M+6.3% | $199.5M+6.3% | $198.0M+3.2% | $173.9M-15.1% | $185.4M-19.6% |
| Retained Earnings | -$187.8M-15.1% | -$183.9M-15.7% | -$175.6M-14.9% | -$168.5M-17.7% | -$163.2M-19.0% | -$159.0M-20.9% | -$152.8M-30.7% | -$143.1M-58.3% |
Not reported in any period shown, so not listed: Long-Term Debt.
INGN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.9M-32.3% | -$6.7M+60.2% | -$943K+68.8% | $2.2M-69.0% | $4.3M-35.0% | -$16.8M-253.5% | -$3.0M+4.1% | $7.0M+220.0% |
| Depreciation & Amortization | $3.4M-14.0% | $4.9M-5.5% | $5.0M-0.9% | $3.9M-6.5% | $4.0M-3.6% | $5.2M-1.4% | $5.1M-1.2% | $4.2M-4.6% |
| Stock-Based Compensation | $1.8M-22.8% | $1.9M-9.2% | N/A | $1.8M+19.6% | $2.3M+26.4% | $2.1M-11.1% | N/A | $1.5M-17.1% |
| Capital Expenditures | $711K+3.9% | $210K-28.1% | $979K+197.6% | $568K-66.0% | $684K+1268.0% | $292K-77.7% | $329K-76.4% | $1.7M+136.0% |
| Free Cash Flow | $2.2M-39.0% | -$6.9M+59.6% | -$1.9M+42.6% | $1.6M-69.9% | $3.7M-44.8% | -$17.1M-181.9% | -$3.3M+26.3% | $5.3M+260.3% |
| Investing Cash Flow | -$3.1M+86.1% | -$2.0M+3.1% | -$1.5M-113.1% | -$82K-126.9% | -$22.6M-82.4% | -$2.0M+84.8% | $11.5M+179.6% | $305K+100.7% |
| Financing Cash Flow | -$5.6M | -$2.1M-108.9% | -$187K+28.1% | $418K-5.2% | $0+100.0% | $24.0M+8303.9% | -$260K-1757.1% | $441K-1.6% |
| Share Buybacks | $5.6M | $1.9M | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
INGN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.5%+0.7pp | 44.5%+0.3pp | 43.1%-2.2pp | 44.7%-1.8pp | 44.8%-3.3pp | 44.2%+0.2pp | 45.3%+8.2pp | 46.5%+6.3pp |
| Operating Margin | -5.4%+1.3pp | -11.0%-1.7pp | -11.4%+2.8pp | -7.7%+1.1pp | -6.6%+1.3pp | -9.3%+11.6pp | -14.2%+24.0pp | -8.8%+46.9pp |
| Net Margin | -4.0%+0.4pp | -9.8%-2.3pp | 46.9%-30.5pp | -5.7%+1.0pp | -4.5%+1.8pp | -7.5%+11.2pp | 77.5% | -6.7%+47.7pp |
| Return on Equity | -2.2%-0.1pp | -4.5%-1.4pp | 20.0%-15.7pp | -2.7%+0.5pp | -2.1%+0.9pp | -3.1%+4.5pp | 35.7%-51.4pp | -3.2%+16.6pp |
| Return on Assets | -1.4%0.0pp | -2.9%-0.9pp | 12.8%-8.1pp | -1.7%+0.2pp | -1.3%+0.5pp | -2.0%+2.6pp | 20.9%-33.7pp | -1.9%+11.3pp |
| Current Ratio | 2.74-0.3x | 3.100.0x | 3.12+0.7x | 3.14+0.5x | 3.03+0.3x | 3.07+0.4x | 2.42-0.4x | 2.66-1.1x |
| Debt-to-Equity | 0.63+0.1x | 0.560.0x | 0.55-0.2x | 0.56-0.1x | 0.56-0.1x | 0.56-0.1x | 0.70+0.1x | 0.65+0.2x |
| Asset Turnover | 0.330.0x | 0.300.0x | 0.270.0x | 0.300.0x | 0.300.0x | 0.270.0x | 0.270.0x | 0.290.0x |
| FCF Margin | 2.4%-1.6pp | -8.1%+12.7pp | -2.4%+1.8pp | 1.7%-4.3pp | 4.0%-3.5pp | -20.8%-13.0pp | -4.2%+1.8pp | 6.0%+4.2pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Inogen Inc INGN | FY2025 | $348.7M | $22.7M | 6.5% | $154.5M | 42/100 |
| Quantum-Si Incorporated QSI | FY2025 | $2.4M | -$101.3M | N/A | $267.0M | 58/100 |
| Cerus Corp CERS | FY2025 | $233.8M | -$15.6M | -6.7% | $471.6M | 37/100 |
| TriSalus Life Sciences, Inc. TLSI | FY2025 | $45.2M | -$39.2M | -86.9% | $262.9M | 50/100 |
| Monogram Technologies Inc. MGRM | FY2024 | N/A | -$16.3M | N/A | $243.8M | — |
| Electromed, Inc. ELMD | FY2026 | $73.8M | $11.3M | 15.3% | $234.3M | 79/100 |
Where Inogen Inc Ranks
Frequently Asked Questions
What is Inogen Inc's annual revenue?
Inogen Inc (INGN) reported $348.7M in total revenue for fiscal year 2025. This represents a 3.9% 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 3.9% year-over-year, from $335.7M to $348.7M in fiscal year 2025.
Is Inogen Inc profitable?
Yes, Inogen Inc (INGN) reported a net income of $22.7M in fiscal year 2025, with a net profit margin of 6.5%.
What is Inogen Inc's EBITDA?
Inogen Inc (INGN) had EBITDA of -$9.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Inogen Inc's gross margin?
Inogen Inc (INGN) had a gross margin of 44.2% in fiscal year 2025, 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 -8.7% in fiscal year 2025, 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 6.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Inogen Inc's return on equity (ROE)?
Inogen Inc (INGN) has a return on equity of 11.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Inogen Inc's free cash flow?
Inogen Inc (INGN) recorded an outflow of $13.7M in free cash flow during fiscal year 2025. This represents a -637.9% 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) recorded an outflow of $11.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Inogen Inc's total assets?
Inogen Inc (INGN) had $298.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Inogen Inc's capital expenditures?
Inogen Inc (INGN) invested $2.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Inogen Inc spend on research and development?
Inogen Inc (INGN) invested $19.4M in research and development during fiscal year 2025.
What is Inogen Inc's current ratio?
Inogen Inc (INGN) had a current ratio of 3.12 as of fiscal year 2025, which is generally considered healthy.
What is Inogen Inc's debt-to-equity ratio?
Inogen Inc (INGN) had a debt-to-equity ratio of 0.55 as of fiscal year 2025, 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 7.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Inogen Inc's P/E ratio?
Inogen Inc (INGN) trades at 7.4x earnings, its market capitalization divided by net income of $20.9M net income, trailing 12 months to June 30, 2026. The market capitalization is $154.5M as of Oct 7, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Inogen Inc's price-to-sales ratio?
Inogen Inc (INGN) trades at 0.4x sales, its market capitalization divided by revenue of $354.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $154.5M as of Oct 7, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Inogen Inc's Altman Z-Score?
Inogen Inc (INGN) has an Altman Z-Score of 1.42, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Inogen Inc's Piotroski F-Score?
Inogen Inc (INGN) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Inogen Inc's earnings high quality?
For every $1 of reported earnings, Inogen Inc (INGN) used $0.49 of operating cash (-$11.2M OCF vs $22.7M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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 Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.