Inogen Inc (INGN)
NASDAQ:INGN
Want to see INGN full AI Analyst Report?
Top Page
Inogen
(NASDAQ:INGN)
Select Model
Select Model
Rating:56Neutral
Price Target:
$6.50
▲(4.67% Upside)
Action:ReiteratedDate:04/07/26
The score is held back primarily by weak cash generation and ongoing GAAP losses despite improved revenue/margins and a low-leverage balance sheet. Offsetting this, the latest earnings call was broadly positive with guidance for continued growth and sustained adjusted EBITDA positivity. Technicals and valuation are neutral-to-weak, offering limited additional support.
Positive Factors
Product diversification
Broadening from one POC product into airway clearance, stationary concentrators, CPAP masks and digital tools materially expands the company's addressable market and reduces single-product concentration risk. Annual planned launches and gross-margin accretive product goals support durable revenue diversification and higher-margin mix over several years.
Negative Factors
Weak cash generation
Repeated negative free cash flow (notably -$58.8M in 2022 and -$29.8M in 2023) and a return to negative OCF in 2025 limit self-funding capacity. Persistent cash burn constrains reinvestment, increases reliance on cash reserves, and elevates execution risk for product rollouts and international scaling over the coming 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Product diversification
Broadening from one POC product into airway clearance, stationary concentrators, CPAP masks and digital tools materially expands the company's addressable market and reduces single-product concentration risk. Annual planned launches and gross-margin accretive product goals support durable revenue diversification and higher-margin mix over several years.
Read all positive factors
Inogen (INGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$168.84M
Dividend YieldN/A
Average Volume (3M)245.06K
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue Growth4.68%
EPS Growth55.37%
CountryUS
Employees766
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.26
Shares Outstanding27,232,350
10 Day Avg. Volume350,876
30 Day Avg. Volume245,064
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)0.95
Price to Sales (P/S)0.52
P/FCF Ratio-8.46
Enterprise Value/Market Cap0.59
Enterprise Value/Revenue0.29
Enterprise Value/Gross Profit0.60
Enterprise Value/Ebitda-24.23
Forecast
1Y Price Target
$12.67Price Target Upside104.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.78
Revenue Forecast (FY)$369.23M
Inogen Business Overview & Revenue Model
Company Description
Inogen, Inc., a medical technology company, develops, manufactures, and markets portable oxygen concentrators to patients, physicians and other clinicians, and third-party payors in the United States and internationally. Its oxygen concentrators a...
How the Company Makes Money
Inogen makes money primarily by selling and renting portable oxygen concentrators and associated accessories, and by providing service-related offerings tied to its installed base. A key revenue stream is product sales to business-to-business cust...
Inogen Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a clear operational and strategic turnaround: mid-single-digit revenue growth, >20% unit growth, strong international momentum, return to adjusted EBITDA profitability for the year, a strengthened balance sheet with no debt and a $30M buyback authorization, and meaningful product diversification with early traction for new launches. Headwinds remain — notably U.S. sales and rental declines, gross margin compression from channel mix, timing shifts of large orders into H1 2026, and an ongoing GAAP net loss — but management provided guidance for continued adjusted EBITDA positivity, 2026 revenue growth (mid-single digits to ~6% at midpoint) and longer-term targets (high single-digit growth and ≥10% adjusted EBITDA in 3–5 years). Overall, the positive operational progress, profitability inflection, cash position and portfolio expansion outweigh the near-term channel and timing challenges.Positive Updates
Revenue Growth and Unit Volume Expansion
Q4 2025 revenue of $81.7M (approx. $82M) and full-year 2025 revenue of $348.7M, up 2% in Q4 and 4% for the year year-over-year; unit volumes grew >20% YoY in Q4 and for the full year, driven by POC demand and conversion from tanks to POCs.
Negative Updates
U.S. Sales and Direct-to-Consumer (DTC) Pressure
U.S. sales in Q4 were $36.1M, down 5.1% YoY (from $38.0M); DTC channel showed sustained declines though improving sequentially (Q1 -27% → Q2 -21% → Q3 -18% → Q4 -15%).
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth and Unit Volume Expansion
Q4 2025 revenue of $81.7M (approx. $82M) and full-year 2025 revenue of $348.7M, up 2% in Q4 and 4% for the year year-over-year; unit volumes grew >20% YoY in Q4 and for the full year, driven by POC demand and conversion from tanks to POCs.
Read all positive updates
Company Guidance
Management guided full‑year 2026 revenue of $366–$373 million (≈6% year‑over‑year growth at the midpoint) and said Q1 2026 revenue is expected to be roughly in line with Q1 2025, with stronger growth back‑half (Q2/Q3 seasonally strongest) and mid‑single‑digit B2B POC growth while rental revenue is expected to decline; the company expects to remain adjusted‑EBITDA positive for full‑year 2026 (building on $2.7M adjusted EBITDA in 2025), is targeting high single‑digit revenue growth and ≥10% adjusted EBITDA over the next 3–5 years, plans to launch at least one new product per year (with new launches expected to be gross‑margin accretive), and announced a $30M share repurchase program to be executed over 2026–2027, supported by $120.9M cash and no debt.Inogen Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
27
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 348.67M | 335.70M | 315.66M | 377.24M | 358.00M |
| Gross Profit | 165.89M | 154.74M | 126.70M | 153.53M | 176.48M |
| EBITDA | -2.72M | -21.51M | -58.34M | -9.57M | 30.87M |
| Net Income | -22.75M | -35.89M | -102.45M | -83.77M | -6.33M |
Balance Sheet | |||||
| Total Assets | 298.63M | 296.19M | 326.19M | 405.04M | 489.51M |
| Cash, Cash Equivalents and Short-Term Investments | 119.58M | 113.80M | 128.47M | 187.01M | 245.51M |
| Total Debt | 17.48M | 19.41M | 21.92M | 23.28M | 26.67M |
| Total Liabilities | 106.39M | 122.33M | 121.38M | 107.64M | 119.29M |
| Stockholders Equity | 192.23M | 173.86M | 204.81M | 297.41M | 370.23M |
Cash Flow | |||||
| Free Cash Flow | -21.60M | -11.18M | -29.75M | -58.75M | -302.00K |
| Operating Cash Flow | -11.22M | 5.91M | -3.23M | -37.53M | 23.63M |
| Investing Cash Flow | -26.21M | -13.97M | -59.31M | -10.88M | -14.64M |
| Financing Cash Flow | 24.18M | 265.00K | 960.00K | 380.00K | 15.00M |
Inogen Technical Analysis
Positive
6.21
Price Trends
6.18
Positive
6.39
Positive
7.03
Negative
Market Momentum
0.10
Negative
60.46
Neutral
49.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INGN, the sentiment is Positive. The current price of 6.21 is below the 20-day moving average (MA) of 6.40, above the 50-day MA of 6.18, and below the 200-day MA of 7.03, indicating a neutral trend. The MACD of 0.10 indicates Negative momentum. The RSI at 60.46 is Neutral, neither overbought nor oversold. The STOCH value of 49.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INGN.
Inogen Risk Analysis
Inogen disclosed 62 risk factors in its most recent earnings report. Inogen reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Inogen Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $370.97M | 12.52 | 10.87% | ― | 18.90% | 29.22% | |
76 Outperform | $212.76M | 21.81 | 20.28% | ― | 16.05% | 29.48% | |
68 Neutral | $3.56B | -13.83 | -21.49% | ― | 8.97% | -1024.86% | |
60 Neutral | $70.03M | 22.00 | 10.27% | ― | 16.88% | ― | |
56 Neutral | $168.84M | -8.03 | -11.56% | ― | 4.68% | 55.37% | |
55 Neutral | $79.56M | -0.69 | -54.99% | ― | 4.65% | 68.71% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
INGN
Inogen
6.82
0.08
1.19%
ELMD
Electromed
26.06
3.44
15.21%
LIVN
LivaNova
67.12
32.51
93.93%
XTNT
Xtant Medical Holdings
0.48
-0.01
-2.04%
VMD
Viemed Healthcare
9.74
3.13
47.35%
OM
Outset Medical
4.61
-5.37
-53.81%
Inogen Corporate Events
Business Operations and StrategyExecutive/Board Changes
Inogen Adds Director Amid Cooperation Agreement With Shareholder
Positive
Apr 6, 2026
On April 6, 2026, Inogen announced that veteran medical device executive Vafa Jamali will join its board as an independent Class I director, effective at the 2026 annual meeting or June 15, 2026, whichever comes first, with a term running to the 2...
Business Operations and StrategyStock BuybackFinancial DisclosuresProduct-Related Announcements
Inogen Posts 2025 Results and Launches Share Buyback
Positive
Feb 24, 2026
Inogen reported its fourth-quarter and full-year 2025 results on February 24, 2026, showing 2025 revenue up 3.9% to $348.7 million, driven by strong international portable oxygen concentrator sales, and a sharply reduced GAAP net loss of $22.7 mil...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.