Inogen Inc Financials
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).
Cost control is narrowing losses, but cash conversion still lags, leaving the business reliant on its cash reserve.
Across FY2023-FY2025, operating margin improved from-34.7% to-8.7% , yet free cash flow moved from-$8.5M to-$13.7M after only a brief positive FY2024. That mismatch implies the turnaround is showing up in the income statement faster than in cash, with working capital and reinvestment still consuming liquidity.
FY2025’s smaller operating loss did not come from stronger unit economics alone: gross margin slipped to
The company still looks balance-sheet funded rather than lender-funded: cash of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 retains $-9 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 -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 42/100.
Inogen Inc carries a low D/E ratio of 0.55, meaning only $0.55 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
Inogen Inc's current ratio of 3.12 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.
While Inogen Inc generated -$11.2M in operating cash flow, capex of $2.5M consumed most of it, leaving -$13.7M in free cash flow. This results in a low score of 19/100, reflecting heavy capital investment rather than weak cash generation.
Inogen Inc's ROE of 11.8% shows moderate profitability relative to equity, earning a score of 60/100. This is down from 20.6% the prior year.
Inogen Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Inogen Inc generates $-0.49 in operating cash flow (-$11.2M OCF vs $22.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Inogen Inc generated $348.7M in revenue in fiscal year 2025. This represents an increase of 3.9% from the prior year.
Inogen Inc's EBITDA was -$9.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 55.6% from the prior year.
Inogen Inc reported $22.7M in net income in fiscal year 2025. This represents a decrease of 36.6% from the prior year.
Inogen Inc earned $-0.86 per diluted share (EPS) in fiscal year 2025. This represents an increase of 43.4% from the prior year.
Cash & Balance Sheet
Inogen Inc generated -$13.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 637.9% from the prior year.
Inogen Inc held $103.7M in cash against $0 in long-term debt as of fiscal year 2025.
Inogen Inc had 27M shares outstanding in fiscal year 2025. This represents an increase of 13.9% from the prior year.
Margins & Returns
Inogen Inc's gross margin was 44.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.8 percentage points from the prior year.
Inogen Inc's operating margin was -8.7% in fiscal year 2025, reflecting core business profitability. This is up 4.0 percentage points from the prior year.
Inogen Inc's net profit margin was 6.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.2 percentage points from the prior year.
Inogen Inc's ROE was 11.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.8 percentage points from the prior year.
Capital Allocation
Inogen Inc invested $19.4M in research and development in fiscal year 2025. This represents a decrease of 10.2% from the prior year.
Inogen Inc invested $2.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 24.9% from the prior year.
INGN Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $81.7M-11.5% | $92.4M+0.1% | $92.3M+12.1% | $82.3M+2.7% | $80.1M-9.9% | $88.8M+0.1% | $88.8M+13.8% | $78.0M |
| Cost of Revenue | $39.4M-8.3% | $42.9M-1.3% | $43.5M+14.1% | $38.1M+7.3% | $35.5M-10.3% | $39.6M+3.3% | $38.3M+8.7% | $35.2M |
| Gross Profit | $35.2M-14.7% | $41.3M-0.1% | $41.3M+13.7% | $36.4M+0.2% | $36.3M-12.2% | $41.3M-3.3% | $42.7M+24.3% | $34.4M |
| R&D Expenses | $5.3M+9.8% | $4.8M-7.1% | $5.2M+29.1% | $4.0M-31.6% | $5.9M+67.7% | $3.5M-37.4% | $5.6M-14.6% | $6.6M |
| SG&A Expenses | $16.1M-11.2% | $18.2M+7.6% | $16.9M+3.9% | $16.2M-7.9% | $17.6M-8.5% | $19.3M+3.7% | $18.6M+8.4% | $17.1M |
| Operating Income | -$9.3M-30.8% | -$7.1M-16.1% | -$6.1M+19.9% | -$7.7M+32.8% | -$11.4M-46.1% | -$7.8M-10.3% | -$7.1M+56.6% | -$16.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$236K-61.6% | -$146K+4.6% | -$153K-57.7% | -$97K+70.6% | -$330K-226.7% | -$101K-1342.9% | -$7K+95.3% | -$150K |
| Net Income | $38.4M+824.7% | -$5.3M-27.5% | -$4.2M+32.8% | -$6.2M-110.0% | $62.0M+1140.1% | -$6.0M-6.7% | -$5.6M+61.7% | -$14.6M |
| EPS (Diluted) | N/A | $-0.20-33.3% | $-0.15+40.0% | $-0.25 | N/A | $-0.25-4.2% | $-0.24+61.3% | $-0.62 |
INGN Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $298.6M-2.7% | $307.0M-1.6% | $312.0M+1.2% | $308.4M+4.1% | $296.2M-3.3% | $306.2M-0.9% | $308.9M-2.1% | $315.6M |
| Current Assets | $198.3M-2.7% | $203.7M+0.3% | $203.1M+1.2% | $200.7M+8.2% | $185.5M-3.7% | $192.6M-1.1% | $194.8M-2.2% | $199.2M |
| Cash & Equivalents | $103.7M-2.6% | $106.5M+2.7% | $103.7M-12.8% | $118.9M+4.5% | $113.8M+7.7% | $105.7M+7.9% | $97.9M-8.9% | $107.4M |
| Inventory | $26.0M+3.6% | $25.1M+3.1% | $24.3M-7.5% | $26.3M+5.9% | $24.8M+6.4% | $23.3M-3.0% | $24.0M-2.2% | $24.6M |
| Accounts Receivable | $38.9M-3.7% | $40.4M+4.6% | $38.6M+5.4% | $36.6M+23.9% | $29.6M-13.6% | $34.2M-5.0% | $36.0M-10.4% | $40.2M |
| Goodwill | $10.7M0.0% | $10.7M0.0% | $10.7M+8.5% | $9.9M+4.2% | $9.5M-6.9% | $10.2M+4.2% | $9.8M-0.7% | $9.8M |
| Total Liabilities | $106.4M-3.1% | $109.8M-2.4% | $112.5M+1.9% | $110.5M-9.7% | $122.3M+1.3% | $120.8M-0.5% | $121.3M-1.9% | $123.7M |
| Current Liabilities | $63.5M-2.2% | $64.9M-3.2% | $67.1M+2.5% | $65.5M-14.7% | $76.7M+5.9% | $72.4M+0.3% | $72.2M-2.3% | $73.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $192.2M-2.5% | $197.2M-1.2% | $199.5M+0.8% | $198.0M+13.9% | $173.9M-6.2% | $185.4M-1.2% | $187.6M-2.2% | $191.9M |
| Retained Earnings | -$175.6M-4.2% | -$168.5M-3.2% | -$163.2M-2.6% | -$159.0M-4.0% | -$152.8M-6.8% | -$143.1M-4.3% | -$137.1M-4.3% | -$131.5M |
INGN Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$943K-143.5% | $2.2M-50.2% | $4.3M+125.9% | -$16.8M-456.3% | -$3.0M-143.2% | $7.0M+4.5% | $6.7M+240.9% | -$4.7M |
| Capital Expenditures | $979K+72.4% | $568K-17.0% | $684K+134.2% | $292K-11.2% | $329K-80.3% | $1.7M+3242.0% | $50K-96.2% | $1.3M |
| Free Cash Flow | -$1.9M-220.2% | $1.6M-56.4% | $3.7M+121.5% | -$17.1M-410.4% | -$3.3M-162.9% | $5.3M-19.9% | $6.6M+209.6% | -$6.1M |
| Investing Cash Flow | -$1.5M-1748.8% | -$82K+99.6% | -$22.6M-1007.6% | -$2.0M-117.7% | $11.5M+3683.6% | $305K+102.5% | -$12.4M+7.9% | -$13.4M |
| Financing Cash Flow | -$187K-144.7% | $418K | $0-100.0% | $24.0M+9311.9% | -$260K-159.0% | $441K+319.4% | -$201K-170.5% | $285K |
| 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 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.1%-1.6pp | 44.7%-0.1pp | 44.8%+0.6pp | 44.2%-1.1pp | 45.3%-1.2pp | 46.5%-1.6pp | 48.1%+4.1pp | 44.0% |
| Operating Margin | -11.4%-3.7pp | -7.7%-1.1pp | -6.6%+2.7pp | -9.3%+4.9pp | -14.2%-5.4pp | -8.8%-0.8pp | -8.0%+12.9pp | -20.9% |
| Net Margin | 46.9%+52.7pp | -5.7%-1.2pp | -4.5%+3.0pp | -7.5%-84.9pp | 77.5%+84.2pp | -6.7%-0.4pp | -6.3%+12.4pp | -18.7% |
| Return on Equity | 20.0%+22.6pp | -2.7%-0.6pp | -2.1%+1.0pp | -3.1%-38.8pp | 35.7%+38.9pp | -3.2%-0.2pp | -3.0%+4.6pp | -7.6% |
| Return on Assets | 12.8%+14.6pp | -1.7%-0.4pp | -1.3%+0.7pp | -2.0%-22.9pp | 20.9%+22.9pp | -1.9%-0.1pp | -1.8%+2.8pp | -4.6% |
| Current Ratio | 3.12-0.0 | 3.14+0.1 | 3.03-0.0 | 3.07+0.6 | 2.42-0.2 | 2.66-0.0 | 2.700.0 | 2.70 |
| Debt-to-Equity | 0.550.0 | 0.560.0 | 0.560.0 | 0.56-0.1 | 0.70+0.1 | 0.650.0 | 0.650.0 | 0.64 |
| FCF Margin | -2.4%-4.1pp | 1.7%-2.2pp | 4.0%+24.7pp | -20.8%-16.6pp | -4.2%-10.2pp | 6.0%-1.5pp | 7.5%+15.3pp | -7.8% |
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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) generated -$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) generated -$11.2M in operating cash flow during fiscal year 2025, representing cash generated from 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 cash runway?
Based on fiscal year 2025 data, Inogen Inc (INGN) had $103.7M in cash against an annual operating cash burn of $11.2M. This gives an estimated cash runway of approximately 111 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Inogen Inc's Piotroski F-Score?
Inogen Inc (INGN) has a Piotroski F-Score of 3 out of 9, indicating weak 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 to 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 -0.49x, considered low quality (accrual-driven). 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 45 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.