Inogen, Inc. (INGN) AI Stock Analysis
INGN AI stock analysis summary
AI ResearchInogen, Inc. (INGN) is a medical technology company specializing in portable oxygen concentrators for chronic respiratory patients. While the company generated $354.3M in trailing twelve-month revenue and maintains a strong balance sheet with $89.7M in net cash, it continues to face profitability challenges with a net margin of -6.5% in FY2025. Over the past year, the stock declined 26.6% compared to a 16.8% gain for the S&P 500.
- Market cap
- $165.9M
- Revenue (TTM)
- $354.3M
- P/E
- —
- 1Y return
- -26.6% S&P 500 16.8%
- Avg. target
- $12.00 92.0% vs last close
Bull case
- Analysts maintain a mean price target of $12.00, which is 92.0% above the last closing price of $6.25.
- The balance sheet is well capitalized with $89.7M in net cash and a current ratio of 2.74 as of June 30, 2026.
- Quarterly earnings grew 87.3% year-over-year in the quarter ended June 30, 2026, following 4 consecutive quarters of EPS beats.
Bear case
- The company generated negative free cash flow of -$21.6M and an operating cash outflow of -$11.2M in FY2025.
- Inogen has sustained persistent annual losses, recording a net income of -$22.7M in FY2025 and -$35.9M in FY2024.
- Long-term shareholders have faced significant underperformance, with the stock delivering a 5-year return of -84.7%.
What Inogen does
Inogen, Inc. develops, manufactures, and distributes portable oxygen concentrators designed for long-term oxygen therapy for patients with chronic respiratory conditions. Its core product lineup includes the Inogen One portable concentrator, which delivers supplemental oxygen on the go, and the Inogen At Home stationary concentrators. The company also offers Inogen Tidal Assist Ventilators along with a range of related accessories. Inogen supports patient access directly through device rentals in addition to sales, aiming to enhance accessibility and affordability for respiratory healthcare solutions.
Growth and profitability
Inogen grew annual revenue from $315.7M in FY2023 to $348.7M in FY2025, reflecting a 5-year revenue CAGR of 2.5% from FY2020 to FY2025. Gross margin improved from 40.1% in FY2023 to 47.6% in FY2025, while operating margin narrowed its losses from -34.7% to -8.7%. Net income was -$22.7M in FY2025, an improvement from -$102.4M in FY2023, resulting in an EPS of -$0.61. For the latest quarter ended June 30, 2026, quarterly revenue rose 3.0% year-over-year, and quarterly earnings grew 87.3% year-over-year, while TTM net margin stood at -6.9% on $354.3M in revenue.
Balance sheet and cash flow
As of June 30, 2026, Inogen held $105.5M in cash and short-term investments against $15.8M in total debt, yielding net cash of $89.7M. The balance sheet reflects a current ratio of 2.74 and a debt-to-equity ratio of 0.09 across $174.9M in shareholders' equity. In FY2025, operating cash flow was -$11.2M and capital expenditures were $10.4M, resulting in free cash flow of -$21.6M. The company does not pay dividends, and its share count grew 19.1% over five years.
Valuation and performance
At $6.25, Inogen trades at an enterprise value of $45.4M and a market cap of $165.9M. Its price-to-sales ratio of 0.5x sits well below the 4.1x median of its US-listed Healthcare peers. Its enterprise value to revenue is 0.1x, and its price-to-book stands at 0.8x. Over the past year, Inogen's stock fell 26.6%, lagging the S&P 500 return of 16.8%, and its 5-year return is -84.7% compared to 83.0% for the index.
What analysts expect
Wall Street coverage includes 1 Strong Buy and 1 Buy rating, with no Hold or Sell recommendations. The mean price target is $12.00, representing a 92.0% upside over the last close of $6.25. Consensus estimates project an EPS of -$0.28 on revenue of $356.4M for the fiscal year ending December 31, 2026, followed by an EPS of -$0.16 on $372.6M in revenue for FY2027. Inogen beat EPS estimates in each of the last 4 quarters, and its next earnings date is November 4, 2026.
Key risks and what to watch
- Continued cash burn could erode liquidity, as evidenced by FY2025 free cash flow of -$21.6M.
- Operating margins remain negative at -5.1% over the trailing twelve months, lagging the US-listed Healthcare median of 14.0%.
- Shareholders have seen equity dilution, with the share count increasing 19.1% over the past 5 years.
- High stock volatility is indicated by a beta of 1.50 and a 52-week trading range spanning from $5.04 to $9.13.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this INGN AI stock analysis
This page is an AI-written research summary of Inogen, Inc. (INGN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: INGN income statement, INGN balance sheet, INGN key metrics, INGN analyst forecast, INGN chart. See the INGN stock overview for the latest quote and news.
INGN AI stock analysis FAQ
Does Inogen pay a dividend?
No, Inogen does not pay a dividend. The company directs its capital toward operations, R&D expenses ($19.4M in FY2025), and capital expenditures ($10.4M in FY2025).
What is Inogen's debt and cash position?
As of June 30, 2026, Inogen reported $105.5M in cash and short-term investments and $15.8M in total debt. This leaves the company with $89.7M in net cash and a low debt-to-equity ratio of 0.09.
What are analysts forecasting for Inogen?
Analysts project a net loss of -$0.28 per share on $356.4M in revenue for FY2026. For FY2027, the estimate points to an EPS of -$0.16 on revenue of $372.6M, representing 4.5% annual revenue growth.
When is Inogen's next earnings report?
Inogen's next earnings release is scheduled for November 4, 2026.