The company maintains a stable debt profile with a debt-to-equity ratio of 0.09, though retained earnings have declined to a negative $183.9 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 190.66M | 198.3M | 185.45M | 207.07M | 304.64M | 329.19M | 305.7M | 292.22M | 314.58M | 228.49M | 161.54M | 114.84M | 92.54M | 32.83M | 26.67M | 10.44M |
| Cash & Short-Term Investments | 111.47M | 119.58M | 113.8M | 128.47M | 187.01M | 245.51M | 231.22M | 209.09M | 240.35M | 173.94M | 113.88M | 82.9M | 56.84M | 13.52M | 15.11M | 3.91M |
| Cash Only | 94.41M | 103.73M | 113.8M | 125.49M | 187.01M | 235.52M | 211.96M | 198.04M | 196.63M | 142.95M | 92.85M | 66.11M | 56.84M | 13.52M | 15.11M | 3.91M |
| Short-Term Investments | 17.06M | 15.85M | 0 | 2.98M | 0 | 9.99M | 19.26M | 11.06M | 43.72M | 30.99M | 21.03M | 16.79M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 41.87M | 38.86M | 30.1M | 42.91M | 64.35M | 25.8M | 31.77M | 37.3M | 39.7M | 32.76M | 30.83M | 22.03M | 21.48M | 10.32M | 7.03M | 4.37M |
| Days Sales Outstanding | 41.46 | 40.68 | 32.73 | 49.62 | 62.26 | 26.3 | 37.58 | 37.62 | 40.46 | 47.93 | 55.48 | 50.57 | 69.66 | 49.92 | 52.83 | 52.06 |
| Inventory | 24.99M | 25.97M | 24.81M | 21.84M | 34.09M | 31.87M | 24.82M | 35.66M | 27.07M | 18.84M | 14.34M | 8.65M | 7.62M | 4.25M | 4.06M | 1.67M |
| Days Inventory Outstanding | 50.81 | 51.86 | 50.05 | 42.19 | 55.63 | 64.09 | 53.18 | 68.48 | 55.04 | 53.64 | 49.61 | 38.15 | 48.75 | 42.54 | 60.16 | 38.15 |
| Other Current Assets | 12.33M | 13.89M | 16.74M | 13.85M | 19.19M | 0 | 0 | 0 | 0 | 1.67M | 831K | 397K | 5.49M | 4.45M | 159K | 70K |
| Total Non-Current Assets | 95.26M | 100.33M | 110.73M | 119.13M | 100.4M | 160.33M | 156.16M | 155.12M | 61.31M | 46.58M | 52.5M | 46.47M | 47.54M | 49.57M | 20.92M | 13.69M |
| Property, Plant & Equipment | 49.41M | 52.86M | 62.7M | 70.65M | 64.92M | 63.84M | 37.06M | 25.29M | 22.34M | 20.1M | 25.2M | 30.68M | 31.93M | 29.72M | 20.28M | 12.84M |
| Fixed Asset Turnover | 6.54x | 6.60x | 5.35x | 4.47x | 5.81x | 5.61x | 8.32x | 14.31x | 16.03x | 12.41x | 8.05x | 5.18x | 3.52x | 2.54x | 2.40x | 2.39x |
| Goodwill | 10.48M | 10.7M | 9.46M | 10.06M | 32.85M | 32.98M | 33.16M | 32.95M | 2.26M | 2.36M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 28.91M | 30.76M | 30.49M | 34.59M | 177K | 60.15M | 68.8M | 77.53M | 3.75M | 4.72M | 241K | 229K | 270K | 215K | 558K | 793K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 6.45M | 6M | 8.08M | 3.83M | 2.44M | 3.36M | 2.67M | 4.89M | 2.83M | 765K | 410K | 97K | 97K | 1.76M | 79K | 52K |
| Total Assets | 285.93M | 298.63M | 296.19M | 326.19M | 405.04M | 489.51M | 461.85M | 447.34M | 375.9M | 275.07M | 214.05M | 161.31M | 140.09M | 82.4M | 47.59M | 24.13M |
| Asset Turnover | 1.17x | 1.17x | 1.13x | 0.97x | 0.93x | 0.73x | 0.67x | 0.81x | 0.95x | 0.91x | 0.95x | 0.99x | 0.80x | 0.92x | 1.02x | 1.27x |
| Asset Growth % | -5.18% | 0.82% | -9.2% | -19.47% | -17.26% | 5.99% | 3.24% | 19.01% | 36.65% | 28.51% | 32.69% | 15.15% | 70.01% | 73.15% | 97.2% | - |
| Total Current Liabilities | 61.45M | 63.53M | 76.69M | 72.5M | 65.35M | 61.51M | 56.71M | 50.18M | 46.59M | 33.89M | 22.84M | 22.01M | 18.73M | 19.67M | 13.79M | 9.14M |
| Accounts Payable | 31.3M | 29.44M | 16.62M | 13.45M | 18.24M | 10.26M | 12.52M | 16.4M | 13.72M | 9.54M | 5.74M | 7.45M | 6.71M | 8.76M | 5.98M | 5.74M |
| Days Payables Outstanding | 59.16 | 58.79 | 33.51 | 25.99 | 29.76 | 20.63 | 26.83 | 31.49 | 27.89 | 27.16 | 19.85 | 32.85 | 42.97 | 87.76 | 88.63 | 131.45 |
| Short-Term Debt | 3.49M | 3.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 315K | 299K | 5.26M | 3.88M | 2.53M |
| Deferred Revenue (Current) | 22.82M | 5.5M | 6.65M | 7.98M | 8.88M | 8.57M | 6.99M | 5.48M | 4.45M | 3.53M | 2.24M | 2.32M | 2.32M | 1.49M | 1.09M | 594K |
| Other Current Liabilities | 11.38M | 25.25M | 22.74M | 19.63M | 7.79M | 6.48M | 17.91M | 8.13M | 7.02M | 6.34M | 4.46M | 3.1M | -3.64M | 809K | 457K | 250K |
| Current Ratio | 3.10x | 3.12x | 2.42x | 2.86x | 4.66x | 5.35x | 5.39x | 5.82x | 6.75x | 6.74x | 7.07x | 5.22x | 4.94x | 1.67x | 1.93x | 1.14x |
| Quick Ratio | 2.70x | 2.71x | 2.09x | 2.55x | 4.14x | 4.83x | 4.95x | 5.11x | 6.17x | 6.19x | 6.44x | 4.82x | 4.53x | 1.45x | 1.64x | 0.96x |
| Cash Conversion Cycle | 33.11 | 33.75 | 49.26 | 65.82 | 88.13 | 69.76 | 63.93 | 74.61 | 67.6 | 74.41 | 85.24 | 55.86 | 75.45 | 4.7 | 24.36 | -41.24 |
| Total Non-Current Liabilities | 41.57M | 42.86M | 45.64M | 48.89M | 42.29M | 57.77M | 55.52M | 52.54M | 18.89M | 14.14M | 9.12M | 5.28M | 3.2M | 6.43M | 5.22M | 7.43M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 315K | 5.39M | 5.06M | 7.1M |
| Capital Lease Obligations | 58.81M | 14.31M | 16.59M | 18.27M | 19.76M | 23.28M | 8.08M | 4.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 29.16M | 6.75M | 6.95M | 8.54M | 0 | 0 | 25K | 87K | 232K | 348K | 0 | 0 | 334K | 9.8M | 0 | 0 |
| Other Non-Current Liabilities | 18.39M | 18.19M | 16.35M | 13.85M | 12.12M | 22.63M | 35.59M | 34.21M | 6.81M | 4.39M | 2.07M | 1.08M | 709K | 260K | 164K | 337K |
| Total Liabilities | 103.02M | 106.39M | 122.33M | 121.38M | 107.64M | 119.29M | 112.23M | 102.72M | 65.47M | 48.03M | 31.96M | 27.3M | 21.93M | 26.1M | 19.01M | 16.57M |
| Total Debt | 16.93M | 17.48M | 19.41M | 21.92M | 23.28M | 26.67M | 10.01M | 6.72M | 0 | 0 | 0 | 315K | 614K | 10.65M | 8.94M | 9.63M |
| Net Debt | -77.47M | -86.25M | -94.39M | -103.57M | -163.74M | -208.85M | -201.95M | -191.32M | -196.63M | -142.95M | -92.85M | -65.79M | -56.22M | -2.87M | -6.18M | 5.72M |
| Debt / Equity | 0.09x | 0.09x | 0.11x | 0.11x | 0.08x | 0.07x | 0.03x | 0.02x | - | - | - | 0.00x | 0.01x | 0.19x | 0.31x | 1.27x |
| Debt / EBITDA | -1.60x | - | - | - | - | 0.86x | 1.53x | 0.20x | - | - | - | 0.01x | 0.03x | 0.82x | 1.54x | 6.52x |
| Net Debt / EBITDA | 7.31x | - | - | - | - | -6.77x | -30.80x | -5.69x | -4.00x | -3.58x | -2.55x | -2.26x | -2.49x | -0.22x | -1.06x | 3.88x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | 3810.67x | 684.14x | 23.41x | 7.94x | 2.18x | -6.62x |
| Total Equity | 182.91M | 192.23M | 173.86M | 204.81M | 297.41M | 370.23M | 349.62M | 344.62M | 310.42M | 227.04M | 182.09M | 134.02M | 118.15M | 56.3M | 28.57M | 7.56M |
| Equity Growth % | 15.66% | 10.57% | -15.11% | -31.13% | -19.67% | 5.89% | 1.45% | 11.02% | 36.73% | 24.69% | 35.87% | 13.43% | 109.86% | 97.02% | 278.18% | - |
| Book Value per Share | 6.69 | 7.07 | 7.35 | 8.84 | 13.01 | 16.46 | 15.91 | 15.49 | 13.79 | 10.37 | 8.63 | 6.47 | 6.55 | 3.12 | 1.75 | 0.46 |
| Total Shareholders' Equity | 182.91M | 192.23M | 173.86M | 204.81M | 297.41M | 370.23M | 349.62M | 344.62M | 310.42M | 227.04M | 182.09M | 134.02M | 118.15M | 56.3M | 28.57M | 7.56M |
| Common Stock | 27K | 27K | 24K | 23K | 23K | 23K | 22K | 22K | 22K | 21K | 20K | 20K | 19K | 1K | 1K | 1K |
| Retained Earnings | -183.91M | -175.58M | -152.84M | -116.95M | -14.5M | 69.27M | 75.61M | 81.43M | 60.48M | 8.64M | -12.36M | -45.11M | -56.69M | -62.62M | -81.02M | -75.81M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 3.42M | 4.24M | -1.5M | 1.23M | -243K | 1.47M | 475K | -87K | 724K | 272K | -35K | -37K | -25.84M | -15.96M | -10.64M | -6.14M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operating cash burn
According to reported financial statements, Inogen's total assets have declined from $326.2 million in 2023Q4 to $285.9 million in 2026Q1, signaling a contraction in the company's resource base as it navigates persistent operating losses and attempts to optimize its capital-intensive rental fleet and manufacturing footprint.
The reduction in total assets suggests a strategic pivot toward leaner operations, though it may also reflect the accelerated depreciation of the rental fleet. Investors should monitor whether this shrinkage is a deliberate effort to improve capital efficiency or a symptom of diminished growth prospects.
As indicated by the most recent quarterly data, Inogen maintains a current ratio of 3.10, providing a substantial liquidity buffer that, despite a cash position of $94.4 million, warrants close observation given the company's ongoing struggle to achieve consistent positive operating cash flow.
The high current ratio suggests that the company is not currently facing immediate solvency risks. However, the reliance on existing cash reserves to fund operations implies that the current liquidity position is a finite resource that requires a transition to self-sustaining cash generation.
Based on the provided balance sheet figures, Inogen's equity has decreased from $204.8 million in 2023Q4 to $182.9 million in 2026Q1, a trend primarily driven by the accumulation of losses that have pushed retained earnings to a negative $183.9 million as of the latest quarter.
The consistent decline in retained earnings highlights the structural difficulty the company faces in achieving profitability. This erosion of equity base may eventually limit the company's financial flexibility if the current trend of negative earnings is not reversed.
Data from recent filings reveals that deferred revenue has fallen from $16.2 million in 2023Q4 to $8.3 million in 2026Q1, which may indicate a softening in forward-looking demand or a shift in the timing of revenue recognition for the company's core product offerings.
This decline in deferred revenue is a non-obvious risk that suggests a potential slowdown in future performance obligations. Analysts should investigate whether this reflects a change in customer purchasing behavior or a reduction in the long-term service contracts that typically support the rental business model.
Quick answers to the most common questions about buying INGN stock.
As of 2025, Inogen, Inc. (INGN) had total assets of $298.6M including $198.3M in current assets.
Inogen, Inc. (INGN) carries total debt of $17.5M, offset by $119.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Inogen, Inc. (INGN) has total shareholders' equity (book value) of $192.2M ($7.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Inogen, Inc. (INGN) reported a current ratio of 3.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.