Inogen, Inc. (INGN) 10-Year Financial Performance & Capital Metrics

INGN • • Industrial / General

HealthcareMedical DevicesRespiratory & Pulmonary DevicesAirway & Pulmonary Therapy

AboutInogen, 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 are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. The company offers Inogen One, a portable device that concentrate the air around the patient to provide a single source of supplemental oxygen; Inogen At Home stationary oxygen concentrators; Inogen Tidal Assist Ventilators, as well as related accessories. The company also rents its products directly to patients. Inogen, Inc. was incorporated in 2001 and is headquartered in Goleta, California.Show more

Revenue $336M +6.4%
EBITDA -$22M +76.4%
Net Income -$36M +65.0%
EPS (Diluted) -1.52 +65.6%
Gross Margin 46.09% +14.8%
EBITDA Margin -6.41% +77.8%
Operating Margin -12.66% +63.5%
Net Margin -10.69% +67.1%
ROE -18.95% +53.5%
ROIC -35.29% +49.5%
Debt/Equity 0.11 +4.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.8x book value
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 19 (bottom 19%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.55%

5Y-1.49%

3Y-2.12%

TTM4.68%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM51.83%

EPS CAGR

10Y-

5Y-

3Y-

TTM55.11%

ROCE

10Y Avg-2.09%

5Y Avg-15.56%

3Y Avg-25.68%

Latest-17.97%

Peer Comparison

Airway & Pulmonary Therapy

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ELMDElectromed, Inc.	239.29M	28.69	33.36	16.97%	12.38%	18.32%	4.63%	0.00
XAIRBeyond Air, Inc.	7.02M	0.88	-0.06	219.67%	-6.32%	-280.24%		0.82
LUNGPulmonx Corporation	82.08M	1.99	-1.38	22.01%	-61.91%	-94.54%		0.66
AVNSAvanos Medical, Inc.	555.63M	11.97	-1.40	2.15%	-67%	-60.27%	14.92%	0.21
INGNInogen, Inc.	168.59M	6.21	-4.09	6.35%	-7.31%	-12.87%		0.11
QIPTQuipt Home Medical Corp.	156.3M	3.55	-14.79	-0.23%	-4.11%	-10.06%	16.21%	0.16
IINNInspira Technologies Oxy B.H.N. Ltd.	34.51M	0.96	-1600			-190.28%		0.58

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	159M	202.83M	249.44M	358.11M	361.94M	308.49M	358M	377.24M	315.66M	335.7M
Revenue Growth %	0.41%	0.28%	0.23%	0.44%	0.01%	-0.15%	0.16%	0.05%	-0.16%	0.06%
Cost of Goods Sold+	82.75M	105.52M	128.2M	179.53M	190.08M	170.31M	181.52M	223.71M	188.96M	180.96M
COGS % of Revenue	0.52%	0.52%	0.51%	0.5%	0.53%	0.55%	0.51%	0.59%	0.6%	0.54%
Gross Profit+	76.26M	97.31M	121.24M	178.58M	171.86M	138.18M	176.48M	153.53M	126.7M	154.74M
Gross Margin %	0.48%	0.48%	0.49%	0.5%	0.47%	0.45%	0.49%	0.41%	0.4%	0.46%
Gross Profit Growth %	0.37%	0.28%	0.25%	0.47%	-0.04%	-0.2%	0.28%	-0.13%	-0.17%	0.22%
Operating Expenses+	61.21M	74.45M	93.65M	140.69M	152.07M	150.21M	167.24M	238.78M	236.09M	197.26M
OpEx % of Revenue	0.38%	0.37%	0.38%	0.39%	0.42%	0.49%	0.47%	0.63%	0.75%	0.59%
Selling, General & Admin	57.03M	69.33M	88.33M	133.66M	142.67M	136.13M	150.67M	164.67M	182.35M	175.65M
SG&A % of Revenue	0.36%	0.34%	0.35%	0.37%	0.39%	0.44%	0.42%	0.44%	0.58%	0.52%
Research & Development	4.18M	5.11M	5.31M	7.03M	9.4M	14.08M	16.58M	21.94M	20.84M	21.61M
R&D % of Revenue	0.03%	0.03%	0.02%	0.02%	0.03%	0.05%	0.05%	0.06%	0.07%	0.06%
Other Operating Expenses	-404K	-329K	0	-696K	0	0	0	52.16M	32.89M	0
Operating Income+	15.05M	22.86M	27.59M	37.89M	19.79M	-12.03M	9.24M	-85.24M	-109.39M	-42.52M
Operating Margin %	0.09%	0.11%	0.11%	0.11%	0.05%	-0.04%	0.03%	-0.23%	-0.35%	-0.13%
Operating Income Growth %	0.43%	0.52%	0.21%	0.37%	-0.48%	-1.61%	1.77%	-10.23%	-0.28%	0.61%
EBITDA+	29.06M	36.42M	39.89M	49.19M	33.62M	6.56M	30.87M	-61.73M	-91.23M	-21.51M
EBITDA Margin %	0.18%	0.18%	0.16%	0.14%	0.09%	0.02%	0.09%	-0.16%	-0.29%	-0.06%
EBITDA Growth %	0.29%	0.25%	0.1%	0.23%	-0.32%	-0.81%	3.71%	-3%	-0.48%	0.76%
D&A (Non-Cash Add-back)	14.01M	13.56M	12.3M	11.29M	13.83M	18.58M	21.63M	23.51M	18.15M	21M
EBIT	15.05M	22.86M	27.59M	37.89M	19.79M	-12.03M	9.24M	-33.08M	-76.49M	-42.52M
Net Interest Income+	80K	190K	765K	3.26M	4.71M	909K	129K	2.84M	6.57M	5.19M
Interest Income	102K	196K	765K	3.26M	4.71M	909K	129K	2.84M	6.57M	5.19M
Interest Expense	22K	6K	0	0	0	0	0	0	0	0
Other Income/Expense	-324K	-139K	2.07M	2.56M	4.48M	6.75M	-581K	1.98M	7.04M	6.04M
Pretax Income+	14.73M	22.73M	29.66M	40.45M	24.27M	-5.28M	8.66M	-83.27M	-102.34M	-36.48M
Pretax Margin %	0.09%	0.11%	0.12%	0.11%	0.07%	-0.02%	0.02%	-0.22%	-0.32%	-0.11%
Income Tax+	3.14M	2.21M	8.65M	-11.39M	3.32M	549K	14.99M	504K	105K	-588K
Effective Tax Rate %	0.79%	0.9%	0.71%	1.28%	0.86%	1.1%	-0.73%	1.01%	1%	0.98%
Net Income+	11.59M	20.52M	21M	51.84M	20.95M	-5.83M	-6.33M	-83.77M	-102.45M	-35.89M
Net Margin %	0.07%	0.1%	0.08%	0.14%	0.06%	-0.02%	-0.02%	-0.22%	-0.32%	-0.11%
Net Income Growth %	0.7%	0.77%	0.02%	1.47%	-0.6%	-1.28%	-0.09%	-12.23%	-0.22%	0.65%
Net Income (Continuing)	11.59M	20.52M	21M	51.84M	20.95M	-5.83M	-6.33M	-83.77M	-102.45M	-35.89M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.56	0.97	0.96	2.30	0.94	-0.27	-0.28	-3.67	-4.42	-1.52
EPS Growth %	0.87%	0.73%	-0.01%	1.4%	-0.59%	-1.29%	-0.04%	-12.11%	-0.2%	0.66%
EPS (Basic)	0.60	1.02	1.02	2.30	0.96	-0.27	-0.28	-3.67	-4.42	-1.52
Diluted Shares Outstanding	20.71M	21.1M	21.9M	22.51M	22.24M	21.98M	22.49M	22.85M	23.18M	23.65M
Basic Shares Outstanding	19.4M	20.07M	20.68M	22.51M	21.82M	21.98M	22.49M	22.85M	23.18M	23.65M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	114.84M	161.54M	228.49M	314.58M	292.22M	305.7M	329.19M	304.64M	207.07M	185.45M
Cash & Short-Term Investments	82.9M	113.88M	173.94M	240.35M	209.09M	231.22M	245.51M	187.01M	128.47M	113.8M
Cash Only	66.11M	92.85M	142.95M	196.63M	198.04M	211.96M	235.52M	187.01M	125.49M	113.8M
Short-Term Investments	16.79M	21.03M	30.99M	43.72M	11.06M	19.26M	9.99M	0	2.98M	0
Accounts Receivable	22.03M	30.83M	32.76M	39.7M	37.3M	31.77M	25.8M	64.35M	42.91M	30.1M
Days Sales Outstanding	50.57	55.48	47.93	40.46	37.62	37.58	26.3	62.26	49.62	32.73
Inventory	8.65M	14.34M	18.84M	27.07M	35.66M	24.82M	31.87M	34.09M	21.84M	24.81M
Days Inventory Outstanding	38.15	49.61	53.64	55.04	68.48	53.18	64.09	55.63	42.19	50.05
Other Current Assets	397K	831K	1.67M	0	0	0	0	19.19M	13.85M	16.74M
Total Non-Current Assets+	46.47M	52.5M	46.58M	61.31M	155.12M	156.16M	160.33M	100.4M	119.13M	110.73M
Property, Plant & Equipment	30.68M	25.2M	20.1M	22.34M	25.29M	37.06M	63.84M	64.92M	70.65M	62.7M
Fixed Asset Turnover	5.18x	8.05x	12.41x	16.03x	14.31x	8.32x	5.61x	5.81x	4.47x	5.35x
Goodwill	0	0	2.36M	2.26M	32.95M	33.16M	32.98M	32.85M	10.06M	9.46M
Intangible Assets	229K	241K	4.72M	3.75M	77.53M	68.8M	60.15M	177K	34.59M	30.49M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	97K	410K	765K	2.83M	4.89M	2.67M	3.36M	2.44M	3.83M	8.08M
Total Assets+	161.31M	214.05M	275.07M	375.9M	447.34M	461.85M	489.51M	405.04M	326.19M	296.19M
Asset Turnover	0.99x	0.95x	0.91x	0.95x	0.81x	0.67x	0.73x	0.93x	0.97x	1.13x
Asset Growth %	0.15%	0.33%	0.29%	0.37%	0.19%	0.03%	0.06%	-0.17%	-0.19%	-0.09%
Total Current Liabilities+	22.01M	22.84M	33.89M	46.59M	50.18M	56.71M	61.51M	65.35M	72.5M	76.69M
Accounts Payable	7.45M	5.74M	9.54M	13.72M	16.4M	12.52M	10.26M	18.24M	13.45M	16.62M
Days Payables Outstanding	32.85	19.85	27.16	27.89	31.49	26.83	20.63	29.76	25.99	33.51
Short-Term Debt	315K	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.1M	4.46M	6.34M	7.02M	8.13M	17.91M	6.48M	7.79M	19.63M	22.74M
Current Ratio	5.22x	7.07x	6.74x	6.75x	5.82x	5.39x	5.35x	4.66x	2.86x	2.42x
Quick Ratio	4.82x	6.44x	6.19x	6.17x	5.11x	4.95x	4.83x	4.14x	2.55x	2.09x
Cash Conversion Cycle	55.86	85.24	74.41	67.6	74.61	63.93	69.76	88.13	65.82	49.26
Total Non-Current Liabilities+	5.28M	9.12M	14.14M	18.89M	52.54M	55.52M	57.77M	42.29M	48.89M	45.64M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	4.7M	8.08M	23.28M	19.76M	18.27M	16.59M
Deferred Tax Liabilities	0	0	348K	232K	87K	25K	0	0	8.54M	6.95M
Other Non-Current Liabilities	1.08M	2.07M	4.39M	6.81M	34.21M	35.59M	22.63M	12.12M	13.85M	16.35M
Total Liabilities	27.3M	31.96M	48.03M	65.47M	102.72M	112.23M	119.29M	107.64M	121.38M	122.33M
Total Debt+	315K	0	0	0	6.72M	10.01M	26.67M	23.28M	21.92M	19.41M
Net Debt	-65.79M	-92.85M	-142.95M	-196.63M	-191.32M	-201.95M	-208.85M	-163.74M	-103.57M	-94.39M
Debt / Equity	0.00x	-	-	-	0.02x	0.03x	0.07x	0.08x	0.11x	0.11x
Debt / EBITDA	0.01x	-	-	-	0.20x	1.53x	0.86x	-	-	-
Net Debt / EBITDA	-2.26x	-2.55x	-3.58x	-4.00x	-5.69x	-30.80x	-6.77x	-	-	-
Interest Coverage	684.14x	3810.67x	-	-	-	-	-	-	-	-
Total Equity+	134.02M	182.09M	227.04M	310.42M	344.62M	349.62M	370.23M	297.41M	204.81M	173.86M
Equity Growth %	0.13%	0.36%	0.25%	0.37%	0.11%	0.01%	0.06%	-0.2%	-0.31%	-0.15%
Book Value per Share	6.47	8.63	10.37	13.79	15.49	15.91	16.46	13.01	8.84	7.35
Total Shareholders' Equity	134.02M	182.09M	227.04M	310.42M	344.62M	349.62M	370.23M	297.41M	204.81M	173.86M
Common Stock	20K	20K	21K	22K	22K	22K	23K	23K	23K	24K
Retained Earnings	-45.11M	-12.36M	8.64M	60.48M	81.43M	75.61M	69.27M	-14.5M	-116.95M	-152.84M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-37K	-35K	272K	724K	-87K	475K	1.47M	-243K	1.23M	-1.5M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	38.16M	31.03M	60.49M	59.98M	40.59M	37.01M	23.63M	-37.53M	-3.23M	5.91M
Operating CF Margin %	0.24%	0.15%	0.24%	0.17%	0.11%	0.12%	0.07%	-0.1%	-0.01%	0.02%
Operating CF Growth %	1.43%	-0.19%	0.95%	-0.01%	-0.32%	-0.09%	-0.36%	-2.59%	0.91%	2.83%
Net Income	11.59M	20.52M	21M	51.84M	20.95M	-5.83M	-6.33M	-83.77M	-102.45M	-35.89M
Depreciation & Amortization	14.01M	13.56M	12.3M	11.29M	13.83M	18.58M	21.63M	23.51M	18.15M	21M
Stock-Based Compensation	3.64M	7.29M	9.64M	12.79M	9.13M	0	0	0	0	7.4M
Deferred Taxes	4.76M	1.04M	7.95M	-11.6M	2.87M	-82K	14.44M	0	-251K	-1.15M
Other Non-Cash Items	19.09M	22.92M	20.24M	21.29M	21.69M	24.37M	13.96M	67.45M	67.05M	18.94M
Working Capital Changes	-14.92M	-34.3M	-10.64M	-25.65M	-27.89M	-31K	-20.07M	-44.72M	14.27M	-4.39M
Change in Receivables	-16.7M	-32.74M	-18.26M	-25.96M	-17.03M	-7.25M	-5.42M	-51.62M	11.13M	-5.07M
Change in Inventory	-2.57M	-7.46M	-5.89M	-9.97M	-10.34M	7.59M	-10.78M	-5.6M	7.88M	-3.54M
Change in Payables	1.58M	-86K	7.44M	6.36M	3.2M	-5.83M	-6.48M	6.76M	-9.18M	-3.41M
Cash from Investing+	-29.3M	-11.93M	-24.43M	-24.96M	-44.06M	-25.64M	-14.64M	-10.88M	-59.31M	-13.97M
Capital Expenditures	-12.49M	-8.02M	-10.23M	-12.97M	-6.26M	-17.6M	-24.07M	-21.22M	-27.01M	0
CapEx % of Revenue	0.08%	0.04%	0.04%	0.04%	0.02%	0.06%	0.07%	0.06%	0.09%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-45K	501K	183K	365K	-60K	0	0	0	0	-16.82M
Cash from Financing+	381K	7.71M	14M	18.3M	4.93M	2.07M	15M	380K	960K	265K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	680K	8.03M	14M	18.3M	4.93M	-350K	-647K	-1.35M	-518K	-546K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	25.67M	23.02M	50.27M	47M	34.08M	19.67M	-302K	-58.75M	-29.75M	-11.18M
FCF Margin %	0.16%	0.11%	0.2%	0.13%	0.09%	0.06%	-0%	-0.16%	-0.09%	-0.03%
FCF Growth %	48.54%	-0.1%	1.18%	-0.06%	-0.27%	-0.42%	-1.02%	-193.55%	0.49%	0.62%
FCF per Share	1.24	1.09	2.30	2.09	1.53	0.89	-0.01	-2.57	-1.28	-0.47
FCF Conversion (FCF/Net Income)	3.29x	1.51x	2.88x	1.16x	1.94x	-6.35x	-3.73x	0.45x	0.03x	-0.16x
Interest Paid	26K	0	0	0	0	0	0	0	0	0
Taxes Paid	19K	0	1.27M	1.65M	239K	0	0	0	0	375K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.19%	12.98%	10.27%	19.29%	6.4%	-1.68%	-1.76%	-25.1%	-40.8%	-18.95%
Return on Invested Capital (ROIC)	17.35%	21.78%	23.88%	28.72%	11.11%	-5.99%	4.48%	-43.34%	-69.85%	-35.29%
Gross Margin	47.96%	47.98%	48.6%	49.87%	47.48%	44.79%	49.3%	40.7%	40.14%	46.09%
Net Margin	7.29%	10.12%	8.42%	14.48%	5.79%	-1.89%	-1.77%	-22.21%	-32.46%	-10.69%
Debt / Equity	0.00x	-	-	-	0.02x	0.03x	0.07x	0.08x	0.11x	0.11x
Interest Coverage	684.14x	3810.67x	-	-	-	-	-	-	-	-
FCF Conversion	3.29x	1.51x	2.88x	1.16x	1.94x	-6.35x	-3.73x	0.45x	0.03x	-0.16x
Revenue Growth	41.29%	27.56%	22.98%	43.57%	1.07%	-14.77%	16.05%	5.37%	-16.32%	6.35%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	152.72M	193.92M	280.78M	283.98M	246.34M	278.54M	276.08M	226.26M	218.5M
UNITED STATES Growth	-	-	26.97%	44.79%	1.14%	-13.26%	13.07%	-0.88%	-18.05%	-3.43%
Non-US	-	-	-	-	-	-	-	101.16M	89.4M	117.21M
Non-US Growth	-	-	-	-	-	-	-	-	-11.63%	31.10%
Non Us	35.34M	50.11M	55.52M	77.33M	77.96M	62.15M	79.46M	-	-	-
Non Us Growth	-	41.76%	10.80%	39.29%	0.81%	-20.28%	27.86%	-	-	-
U S	123.66M	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Inogen, Inc. (INGN) reported $347.0M in revenue for fiscal year 2024. This represents a 1033% increase from $30.6M in 2011.

Inogen, Inc. (INGN) grew revenue by 6.4% over the past year. This is steady growth.

Inogen, Inc. (INGN) reported a net loss of $25.4M for fiscal year 2024.

Dividend & Returns

Inogen, Inc. (INGN) has a return on equity (ROE) of -19.0%. Negative ROE indicates the company is unprofitable.

Inogen, Inc. (INGN) had negative free cash flow of $24.4M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Inogen, Inc. (INGN) 10-Year Financial Performance & Capital Metrics

INGN • • Industrial / General

HealthcareMedical DevicesRespiratory & Pulmonary DevicesAirway & Pulmonary Therapy

Revenue $336M +6.4%
EBITDA -$22M +76.4%
Net Income -$36M +65.0%
EPS (Diluted) -1.52 +65.6%
Gross Margin 46.09% +14.8%
EBITDA Margin -6.41% +77.8%
Operating Margin -12.66% +63.5%
Net Margin -10.69% +67.1%
ROE -18.95% +53.5%
ROIC -35.29% +49.5%
Debt/Equity 0.11 +4.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.8x book value
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 19 (bottom 19%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.55%

5Y-1.49%

3Y-2.12%

TTM4.68%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM51.83%

EPS CAGR

10Y-

5Y-

3Y-

TTM55.11%

ROCE

10Y Avg-2.09%

5Y Avg-15.56%

3Y Avg-25.68%

Latest-17.97%

Peer Comparison

Airway & Pulmonary Therapy

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ELMDElectromed, Inc.	239.29M	28.69	33.36	16.97%	12.38%	18.32%	4.63%	0.00
XAIRBeyond Air, Inc.	7.02M	0.88	-0.06	219.67%	-6.32%	-280.24%		0.82
LUNGPulmonx Corporation	82.08M	1.99	-1.38	22.01%	-61.91%	-94.54%		0.66
AVNSAvanos Medical, Inc.	555.63M	11.97	-1.40	2.15%	-67%	-60.27%	14.92%	0.21
INGNInogen, Inc.	168.59M	6.21	-4.09	6.35%	-7.31%	-12.87%		0.11
QIPTQuipt Home Medical Corp.	156.3M	3.55	-14.79	-0.23%	-4.11%	-10.06%	16.21%	0.16
IINNInspira Technologies Oxy B.H.N. Ltd.	34.51M	0.96	-1600			-190.28%		0.58

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	159M	202.83M	249.44M	358.11M	361.94M	308.49M	358M	377.24M	315.66M	335.7M
Revenue Growth %	0.41%	0.28%	0.23%	0.44%	0.01%	-0.15%	0.16%	0.05%	-0.16%	0.06%
Cost of Goods Sold+	82.75M	105.52M	128.2M	179.53M	190.08M	170.31M	181.52M	223.71M	188.96M	180.96M
COGS % of Revenue	0.52%	0.52%	0.51%	0.5%	0.53%	0.55%	0.51%	0.59%	0.6%	0.54%
Gross Profit+	76.26M	97.31M	121.24M	178.58M	171.86M	138.18M	176.48M	153.53M	126.7M	154.74M
Gross Margin %	0.48%	0.48%	0.49%	0.5%	0.47%	0.45%	0.49%	0.41%	0.4%	0.46%
Gross Profit Growth %	0.37%	0.28%	0.25%	0.47%	-0.04%	-0.2%	0.28%	-0.13%	-0.17%	0.22%
Operating Expenses+	61.21M	74.45M	93.65M	140.69M	152.07M	150.21M	167.24M	238.78M	236.09M	197.26M
OpEx % of Revenue	0.38%	0.37%	0.38%	0.39%	0.42%	0.49%	0.47%	0.63%	0.75%	0.59%
Selling, General & Admin	57.03M	69.33M	88.33M	133.66M	142.67M	136.13M	150.67M	164.67M	182.35M	175.65M
SG&A % of Revenue	0.36%	0.34%	0.35%	0.37%	0.39%	0.44%	0.42%	0.44%	0.58%	0.52%
Research & Development	4.18M	5.11M	5.31M	7.03M	9.4M	14.08M	16.58M	21.94M	20.84M	21.61M
R&D % of Revenue	0.03%	0.03%	0.02%	0.02%	0.03%	0.05%	0.05%	0.06%	0.07%	0.06%
Other Operating Expenses	-404K	-329K	0	-696K	0	0	0	52.16M	32.89M	0
Operating Income+	15.05M	22.86M	27.59M	37.89M	19.79M	-12.03M	9.24M	-85.24M	-109.39M	-42.52M
Operating Margin %	0.09%	0.11%	0.11%	0.11%	0.05%	-0.04%	0.03%	-0.23%	-0.35%	-0.13%
Operating Income Growth %	0.43%	0.52%	0.21%	0.37%	-0.48%	-1.61%	1.77%	-10.23%	-0.28%	0.61%
EBITDA+	29.06M	36.42M	39.89M	49.19M	33.62M	6.56M	30.87M	-61.73M	-91.23M	-21.51M
EBITDA Margin %	0.18%	0.18%	0.16%	0.14%	0.09%	0.02%	0.09%	-0.16%	-0.29%	-0.06%
EBITDA Growth %	0.29%	0.25%	0.1%	0.23%	-0.32%	-0.81%	3.71%	-3%	-0.48%	0.76%
D&A (Non-Cash Add-back)	14.01M	13.56M	12.3M	11.29M	13.83M	18.58M	21.63M	23.51M	18.15M	21M
EBIT	15.05M	22.86M	27.59M	37.89M	19.79M	-12.03M	9.24M	-33.08M	-76.49M	-42.52M
Net Interest Income+	80K	190K	765K	3.26M	4.71M	909K	129K	2.84M	6.57M	5.19M
Interest Income	102K	196K	765K	3.26M	4.71M	909K	129K	2.84M	6.57M	5.19M
Interest Expense	22K	6K	0	0	0	0	0	0	0	0
Other Income/Expense	-324K	-139K	2.07M	2.56M	4.48M	6.75M	-581K	1.98M	7.04M	6.04M
Pretax Income+	14.73M	22.73M	29.66M	40.45M	24.27M	-5.28M	8.66M	-83.27M	-102.34M	-36.48M
Pretax Margin %	0.09%	0.11%	0.12%	0.11%	0.07%	-0.02%	0.02%	-0.22%	-0.32%	-0.11%
Income Tax+	3.14M	2.21M	8.65M	-11.39M	3.32M	549K	14.99M	504K	105K	-588K
Effective Tax Rate %	0.79%	0.9%	0.71%	1.28%	0.86%	1.1%	-0.73%	1.01%	1%	0.98%
Net Income+	11.59M	20.52M	21M	51.84M	20.95M	-5.83M	-6.33M	-83.77M	-102.45M	-35.89M
Net Margin %	0.07%	0.1%	0.08%	0.14%	0.06%	-0.02%	-0.02%	-0.22%	-0.32%	-0.11%
Net Income Growth %	0.7%	0.77%	0.02%	1.47%	-0.6%	-1.28%	-0.09%	-12.23%	-0.22%	0.65%
Net Income (Continuing)	11.59M	20.52M	21M	51.84M	20.95M	-5.83M	-6.33M	-83.77M	-102.45M	-35.89M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.56	0.97	0.96	2.30	0.94	-0.27	-0.28	-3.67	-4.42	-1.52
EPS Growth %	0.87%	0.73%	-0.01%	1.4%	-0.59%	-1.29%	-0.04%	-12.11%	-0.2%	0.66%
EPS (Basic)	0.60	1.02	1.02	2.30	0.96	-0.27	-0.28	-3.67	-4.42	-1.52
Diluted Shares Outstanding	20.71M	21.1M	21.9M	22.51M	22.24M	21.98M	22.49M	22.85M	23.18M	23.65M
Basic Shares Outstanding	19.4M	20.07M	20.68M	22.51M	21.82M	21.98M	22.49M	22.85M	23.18M	23.65M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	114.84M	161.54M	228.49M	314.58M	292.22M	305.7M	329.19M	304.64M	207.07M	185.45M
Cash & Short-Term Investments	82.9M	113.88M	173.94M	240.35M	209.09M	231.22M	245.51M	187.01M	128.47M	113.8M
Cash Only	66.11M	92.85M	142.95M	196.63M	198.04M	211.96M	235.52M	187.01M	125.49M	113.8M
Short-Term Investments	16.79M	21.03M	30.99M	43.72M	11.06M	19.26M	9.99M	0	2.98M	0
Accounts Receivable	22.03M	30.83M	32.76M	39.7M	37.3M	31.77M	25.8M	64.35M	42.91M	30.1M
Days Sales Outstanding	50.57	55.48	47.93	40.46	37.62	37.58	26.3	62.26	49.62	32.73
Inventory	8.65M	14.34M	18.84M	27.07M	35.66M	24.82M	31.87M	34.09M	21.84M	24.81M
Days Inventory Outstanding	38.15	49.61	53.64	55.04	68.48	53.18	64.09	55.63	42.19	50.05
Other Current Assets	397K	831K	1.67M	0	0	0	0	19.19M	13.85M	16.74M
Total Non-Current Assets+	46.47M	52.5M	46.58M	61.31M	155.12M	156.16M	160.33M	100.4M	119.13M	110.73M
Property, Plant & Equipment	30.68M	25.2M	20.1M	22.34M	25.29M	37.06M	63.84M	64.92M	70.65M	62.7M
Fixed Asset Turnover	5.18x	8.05x	12.41x	16.03x	14.31x	8.32x	5.61x	5.81x	4.47x	5.35x
Goodwill	0	0	2.36M	2.26M	32.95M	33.16M	32.98M	32.85M	10.06M	9.46M
Intangible Assets	229K	241K	4.72M	3.75M	77.53M	68.8M	60.15M	177K	34.59M	30.49M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	97K	410K	765K	2.83M	4.89M	2.67M	3.36M	2.44M	3.83M	8.08M
Total Assets+	161.31M	214.05M	275.07M	375.9M	447.34M	461.85M	489.51M	405.04M	326.19M	296.19M
Asset Turnover	0.99x	0.95x	0.91x	0.95x	0.81x	0.67x	0.73x	0.93x	0.97x	1.13x
Asset Growth %	0.15%	0.33%	0.29%	0.37%	0.19%	0.03%	0.06%	-0.17%	-0.19%	-0.09%
Total Current Liabilities+	22.01M	22.84M	33.89M	46.59M	50.18M	56.71M	61.51M	65.35M	72.5M	76.69M
Accounts Payable	7.45M	5.74M	9.54M	13.72M	16.4M	12.52M	10.26M	18.24M	13.45M	16.62M
Days Payables Outstanding	32.85	19.85	27.16	27.89	31.49	26.83	20.63	29.76	25.99	33.51
Short-Term Debt	315K	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.1M	4.46M	6.34M	7.02M	8.13M	17.91M	6.48M	7.79M	19.63M	22.74M
Current Ratio	5.22x	7.07x	6.74x	6.75x	5.82x	5.39x	5.35x	4.66x	2.86x	2.42x
Quick Ratio	4.82x	6.44x	6.19x	6.17x	5.11x	4.95x	4.83x	4.14x	2.55x	2.09x
Cash Conversion Cycle	55.86	85.24	74.41	67.6	74.61	63.93	69.76	88.13	65.82	49.26
Total Non-Current Liabilities+	5.28M	9.12M	14.14M	18.89M	52.54M	55.52M	57.77M	42.29M	48.89M	45.64M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	4.7M	8.08M	23.28M	19.76M	18.27M	16.59M
Deferred Tax Liabilities	0	0	348K	232K	87K	25K	0	0	8.54M	6.95M
Other Non-Current Liabilities	1.08M	2.07M	4.39M	6.81M	34.21M	35.59M	22.63M	12.12M	13.85M	16.35M
Total Liabilities	27.3M	31.96M	48.03M	65.47M	102.72M	112.23M	119.29M	107.64M	121.38M	122.33M
Total Debt+	315K	0	0	0	6.72M	10.01M	26.67M	23.28M	21.92M	19.41M
Net Debt	-65.79M	-92.85M	-142.95M	-196.63M	-191.32M	-201.95M	-208.85M	-163.74M	-103.57M	-94.39M
Debt / Equity	0.00x	-	-	-	0.02x	0.03x	0.07x	0.08x	0.11x	0.11x
Debt / EBITDA	0.01x	-	-	-	0.20x	1.53x	0.86x	-	-	-
Net Debt / EBITDA	-2.26x	-2.55x	-3.58x	-4.00x	-5.69x	-30.80x	-6.77x	-	-	-
Interest Coverage	684.14x	3810.67x	-	-	-	-	-	-	-	-
Total Equity+	134.02M	182.09M	227.04M	310.42M	344.62M	349.62M	370.23M	297.41M	204.81M	173.86M
Equity Growth %	0.13%	0.36%	0.25%	0.37%	0.11%	0.01%	0.06%	-0.2%	-0.31%	-0.15%
Book Value per Share	6.47	8.63	10.37	13.79	15.49	15.91	16.46	13.01	8.84	7.35
Total Shareholders' Equity	134.02M	182.09M	227.04M	310.42M	344.62M	349.62M	370.23M	297.41M	204.81M	173.86M
Common Stock	20K	20K	21K	22K	22K	22K	23K	23K	23K	24K
Retained Earnings	-45.11M	-12.36M	8.64M	60.48M	81.43M	75.61M	69.27M	-14.5M	-116.95M	-152.84M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-37K	-35K	272K	724K	-87K	475K	1.47M	-243K	1.23M	-1.5M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	38.16M	31.03M	60.49M	59.98M	40.59M	37.01M	23.63M	-37.53M	-3.23M	5.91M
Operating CF Margin %	0.24%	0.15%	0.24%	0.17%	0.11%	0.12%	0.07%	-0.1%	-0.01%	0.02%
Operating CF Growth %	1.43%	-0.19%	0.95%	-0.01%	-0.32%	-0.09%	-0.36%	-2.59%	0.91%	2.83%
Net Income	11.59M	20.52M	21M	51.84M	20.95M	-5.83M	-6.33M	-83.77M	-102.45M	-35.89M
Depreciation & Amortization	14.01M	13.56M	12.3M	11.29M	13.83M	18.58M	21.63M	23.51M	18.15M	21M
Stock-Based Compensation	3.64M	7.29M	9.64M	12.79M	9.13M	0	0	0	0	7.4M
Deferred Taxes	4.76M	1.04M	7.95M	-11.6M	2.87M	-82K	14.44M	0	-251K	-1.15M
Other Non-Cash Items	19.09M	22.92M	20.24M	21.29M	21.69M	24.37M	13.96M	67.45M	67.05M	18.94M
Working Capital Changes	-14.92M	-34.3M	-10.64M	-25.65M	-27.89M	-31K	-20.07M	-44.72M	14.27M	-4.39M
Change in Receivables	-16.7M	-32.74M	-18.26M	-25.96M	-17.03M	-7.25M	-5.42M	-51.62M	11.13M	-5.07M
Change in Inventory	-2.57M	-7.46M	-5.89M	-9.97M	-10.34M	7.59M	-10.78M	-5.6M	7.88M	-3.54M
Change in Payables	1.58M	-86K	7.44M	6.36M	3.2M	-5.83M	-6.48M	6.76M	-9.18M	-3.41M
Cash from Investing+	-29.3M	-11.93M	-24.43M	-24.96M	-44.06M	-25.64M	-14.64M	-10.88M	-59.31M	-13.97M
Capital Expenditures	-12.49M	-8.02M	-10.23M	-12.97M	-6.26M	-17.6M	-24.07M	-21.22M	-27.01M	0
CapEx % of Revenue	0.08%	0.04%	0.04%	0.04%	0.02%	0.06%	0.07%	0.06%	0.09%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-45K	501K	183K	365K	-60K	0	0	0	0	-16.82M
Cash from Financing+	381K	7.71M	14M	18.3M	4.93M	2.07M	15M	380K	960K	265K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	680K	8.03M	14M	18.3M	4.93M	-350K	-647K	-1.35M	-518K	-546K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	25.67M	23.02M	50.27M	47M	34.08M	19.67M	-302K	-58.75M	-29.75M	-11.18M
FCF Margin %	0.16%	0.11%	0.2%	0.13%	0.09%	0.06%	-0%	-0.16%	-0.09%	-0.03%
FCF Growth %	48.54%	-0.1%	1.18%	-0.06%	-0.27%	-0.42%	-1.02%	-193.55%	0.49%	0.62%
FCF per Share	1.24	1.09	2.30	2.09	1.53	0.89	-0.01	-2.57	-1.28	-0.47
FCF Conversion (FCF/Net Income)	3.29x	1.51x	2.88x	1.16x	1.94x	-6.35x	-3.73x	0.45x	0.03x	-0.16x
Interest Paid	26K	0	0	0	0	0	0	0	0	0
Taxes Paid	19K	0	1.27M	1.65M	239K	0	0	0	0	375K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.19%	12.98%	10.27%	19.29%	6.4%	-1.68%	-1.76%	-25.1%	-40.8%	-18.95%
Return on Invested Capital (ROIC)	17.35%	21.78%	23.88%	28.72%	11.11%	-5.99%	4.48%	-43.34%	-69.85%	-35.29%
Gross Margin	47.96%	47.98%	48.6%	49.87%	47.48%	44.79%	49.3%	40.7%	40.14%	46.09%
Net Margin	7.29%	10.12%	8.42%	14.48%	5.79%	-1.89%	-1.77%	-22.21%	-32.46%	-10.69%
Debt / Equity	0.00x	-	-	-	0.02x	0.03x	0.07x	0.08x	0.11x	0.11x
Interest Coverage	684.14x	3810.67x	-	-	-	-	-	-	-	-
FCF Conversion	3.29x	1.51x	2.88x	1.16x	1.94x	-6.35x	-3.73x	0.45x	0.03x	-0.16x
Revenue Growth	41.29%	27.56%	22.98%	43.57%	1.07%	-14.77%	16.05%	5.37%	-16.32%	6.35%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	152.72M	193.92M	280.78M	283.98M	246.34M	278.54M	276.08M	226.26M	218.5M
UNITED STATES Growth	-	-	26.97%	44.79%	1.14%	-13.26%	13.07%	-0.88%	-18.05%	-3.43%
Non-US	-	-	-	-	-	-	-	101.16M	89.4M	117.21M
Non-US Growth	-	-	-	-	-	-	-	-	-11.63%	31.10%
Non Us	35.34M	50.11M	55.52M	77.33M	77.96M	62.15M	79.46M	-	-	-
Non Us Growth	-	41.76%	10.80%	39.29%	0.81%	-20.28%	27.86%	-	-	-
U S	123.66M	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Inogen, Inc. (INGN) reported $347.0M in revenue for fiscal year 2024. This represents a 1033% increase from $30.6M in 2011.

Inogen, Inc. (INGN) grew revenue by 6.4% over the past year. This is steady growth.

Inogen, Inc. (INGN) reported a net loss of $25.4M for fiscal year 2024.

Dividend & Returns

Inogen, Inc. (INGN) has a return on equity (ROE) of -19.0%. Negative ROE indicates the company is unprofitable.

Inogen, Inc. (INGN) had negative free cash flow of $24.4M in fiscal year 2024, likely due to heavy capital investments.