Free cash flow totaled negative $39.4M over ten quarters with an FCF margin of just 1.1% in 2026Q2, as $8.1M of share buybacks ran against cash burn while operating cash flow of negative $9.0M lagged net losses of $71.0M primarily due to $51.2M of depreciation add-backs.
Inogen, Inc. (INGN) cash flow statement — 15-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -14.55M | -11.22M | 5.91M | -3.23M | -37.53M | 23.63M | 37.01M | 40.59M | 59.98M | 60.49M | 31.03M | 38.16M | 15.7M | 13.47M | 4M | 1.86M |
| Operating CF Margin % | - | -3.22% | 1.76% | -1.02% | -9.95% | 6.6% | 12% | 11.22% | 16.75% | 24.25% | 15.3% | 24% | 13.95% | 17.85% | 8.24% | 6.07% |
| Operating CF Growth % | -458.85% | -289.65% | 282.87% | 91.38% | -258.81% | -36.15% | -8.82% | -32.32% | -0.85% | 94.93% | -18.68% | 143.11% | 16.56% | 236.34% | 115.38% | - |
| Net Income | -35.46M | -22.75M | -35.89M | -102.45M | -83.77M | -6.33M | -5.83M | 20.95M | 51.84M | 21M | 20.52M | 11.59M | 6.83M | 25.43M | 564K | -2M |
| Depreciation & Amortization | 11.64M | 20.66M | 21M | 18.15M | 23.51M | 21.63M | 18.58M | 13.83M | 11.29M | 12.3M | 13.56M | 14.01M | 12.08M | 8.54M | 4.98M | 3.2M |
| Stock-Based Compensation | 7.23M | 8.01M | 7.4M | 7.43M | 12.28M | 10.94M | 8.2M | 9.13M | 12.79M | 9.64M | 7.29M | 3.64M | 1.45M | 230K | 60K | 144K |
| Deferred Taxes | -1.2M | -1.1M | -1.15M | -251K | 0 | 14.44M | -82K | 2.87M | -11.6M | 7.95M | 1.04M | 4.76M | 1.56M | -21.79M | 3K | 0 |
| Other Non-Cash Items | 5.01M | 10.87M | 18.94M | 59.62M | 55.16M | 3.02M | 16.17M | 21.69M | 21.29M | 20.24M | 22.92M | 19.09M | 13.46M | 11.09M | 1.27M | 3.72M |
| Working Capital Changes | -1.78M | -26.91M | -4.39M | 14.27M | -44.72M | -20.07M | -31K | -27.89M | -25.65M | -10.64M | -34.3M | -14.92M | -19.69M | -10.04M | -2.87M | -3.2M |
| Change in Receivables | 101K | -14.62M | -5.07M | 11.13M | -51.62M | -5.42M | -7.25M | -17.03M | -25.96M | -18.26M | -32.74M | -16.7M | -22.16M | -13.63M | -3.76M | -4.06M |
| Change in Inventory | -2.15M | -3.21M | -3.54M | 7.88M | -5.6M | -10.78M | 7.59M | -10.34M | -9.97M | -5.89M | -7.46M | -2.57M | -3.57M | -267K | -2.44M | 109K |
| Change in Payables | -18K | 5.6M | -3.41M | -9.18M | 6.76M | -6.48M | -5.83M | 3.2M | 6.36M | 7.44M | -86K | 1.58M | 3.64M | 2.15M | 2.6M | 340K |
| Cash from Investing | -4.43M | -26.21M | -13.97M | -59.31M | -10.88M | -14.64M | -25.64M | -44.06M | -24.96M | -24.43M | -11.93M | -29.3M | -16.25M | -18.14M | -12.47M | -8.92M |
| Capital Expenditures | -2.37M | -10.38M | -15M | -27.01M | -21.22M | -24.07M | -17.6M | -6.26M | -12.97M | -10.23M | -8.02M | -12.49M | -16.24M | -18.14M | -12.45M | -8.96M |
| CapEx % of Revenue | 0.7% | 2.98% | 4.47% | 8.56% | 5.63% | 6.72% | 5.7% | 1.73% | 3.62% | 4.1% | 3.95% | 7.85% | 14.43% | 24.05% | 25.63% | 29.25% |
| Acquisitions | 0 | 0 | 0 | -29.43M | 331K | 153K | 163K | -70.4M | 350K | -4.49M | -113K | 45K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.71M | 0 | -1.81M | 0 | 0 | 0 | 0 | -60K | 365K | 183K | 501K | -45K | -222K | -37K | -27K | 42K |
| Cash from Financing | -11.37M | 24.18M | 265K | 960K | 380K | 15M | 2.07M | 4.93M | 18.3M | 14M | 7.71M | 381K | 43.87M | 3.08M | 19.68M | 5.18M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -315K | -299K | -10.07M | 1.79M | -693K | 5.13M |
| Equity Issued (Net) | -7.31M | 28.18M | 811K | 1.48M | 1.74M | 15.65M | 2.42M | 0 | 0 | 0 | 0 | 0 | 51.89M | 0 | 19.95M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -11.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.06M | -4M | -546K | -518K | -1.35M | -647K | -350K | 4.93M | 18.3M | 14M | 8.03M | 680K | 2.05M | 1.3M | 425K | 47K |
| Net Change in Cash | -19.18M | -12.4M | -8.08M | -61.52M | -48.51M | 23.56M | 13.93M | 1.4M | 53.68M | 50.1M | 26.75M | 9.27M | 43.31M | -1.59M | 11.21M | -1.88M |
| Free Cash Flow | -16.93M | -21.6M | -11.18M | -29.75M | -58.75M | -302K | 19.67M | 34.08M | 47M | 50.27M | 23.02M | 25.67M | -540K | -4.67M | -8.44M | -7.1M |
| FCF Margin % | -4.99% | -6.19% | -3.33% | -9.43% | -15.57% | -0.08% | 6.38% | 9.42% | 13.13% | 20.15% | 11.35% | 16.15% | -0.48% | -6.2% | -17.38% | -23.18% |
| FCF Growth % | 30.75% | -93.21% | 62.42% | 49.36% | -19354.97% | -101.54% | -42.28% | -27.5% | -6.49% | 118.38% | -10.34% | 4854.07% | 88.45% | 44.64% | -18.91% | - |
| FCF per Share | -0.64 | -0.79 | -0.47 | -1.28 | -2.57 | -0.01 | 0.89 | 1.53 | 2.09 | 2.30 | 1.09 | 1.24 | -0.03 | -0.26 | -0.52 | -0.43 |
| FCF Conversion (FCF/Net Income) | 0.48x | 0.49x | -0.16x | 0.03x | 0.45x | -3.73x | -6.35x | 1.94x | 1.16x | 2.88x | 1.51x | 3.29x | 2.30x | 0.53x | 7.10x | -0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26K | 487K | 552K | 462K | 258K |
| Taxes Paid | 36K | 0 | 375K | 0 | 0 | 0 | 0 | 239K | 1.65M | 1.27M | 0 | 19K | 2.06M | 311K | 37K | 16K |
Quick answers to the most common questions about buying INGN stock.
Inogen, Inc. (INGN) generated $-11.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Inogen, Inc. (INGN) reported negative free cash flow of $21.6M in 2025, indicating capital requirements exceeded cash from operations.
Inogen, Inc. (INGN) spent $10.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Buybacks despite free cash burn
Metrics are mathematically derived from official filings.
Losses Overstate Cash Erosion
Inogen's cumulative operating cash flow of negative $9.0M across ten quarters compares with cumulative net losses of $71.0M, a roughly $62M gap driven primarily by $51.2M of depreciation and amortization; according to Inogen's quarterly cash flow statements, reported cash burn substantially trails accounting losses.
The divergence is dominated by non-cash charges rather than working capital release, since working capital actually consumed $42.1M of cash over the same period, implying pre-depreciation cash generation was considerably weaker than the headline OCF/NI ratios suggest. The reconciliation also leans on $19.1M of stock-based compensation add-backs, which are real non-cash items but dilute shareholders, so investors should treat the narrowing OCF/NI ratio as an accounting artifact of a fixed asset base more than evidence of an improving business model.
FCF Recovery Remains Thin
Free cash flow was negative in five of ten quarters and totaled negative $39.4M, with the deepest print of negative $18.8M in 2025Q1; as reported in Inogen's filings, FCF margin has not exceeded 2.4% even as net losses narrowed to negative $3.9M in 2026Q2.
The trajectory has improved from the 2025Q1 trough to positive $1.0M in 2026Q2, but the positive quarters cluster at margins near zero, so the swing appears driven by working capital timing rather than a durable step-change in earnings quality. Given the prior finding that SG&A still consumes roughly 45% of revenue, the cash recovery looks contingent on cost discipline Inogen has not yet demonstrated across a full cycle.
Capex Trails Depreciation Replacement
Capital expenditure of $28.1M over ten quarters fell short of $51.2M in depreciation and amortization, and quarterly capex intensity declined from 5.3% of revenue in 2024Q1 to 2.0% in 2026Q2, per Inogen's reported cash flow data, suggesting the asset base may be under-replaced.
Sustained capex below D&A can flatter free cash flow while quietly eroding manufacturing capacity, an important consideration for a device maker whose gross margin has already been volatile between 44.1% and 50.8%. The data does not separate maintenance from growth capex, so the decline from $4-5M quarterly outlays in 2024 to under $2M recently could equally reflect a deliberate shift toward capital-light production or deferred investment; warrants further investigation in the fixed-asset disclosures.
Episodic WC Drives Cash Volatility
Working capital absorbed $42.1M of cash over the ten-quarter period, including a $21.3M outflow in 2025Q1 and an $8.2M outflow in 2026Q1; according to Inogen's quarterly statements, those episodic drains repeatedly pushed reported operating cash flow negative or sharply lower even when pre-working-capital cash generation was positive.
The concentration of outflows in first-half quarters, against small releases in 2024Q2 and 2024Q3, suggests a seasonal or project-driven collection and inventory pattern rather than a smooth operating cycle, making any single-quarter OCF print an unreliable signal. Because working capital has been a net cash user in eight of ten quarters while revenue growth decelerated from 8.1% to 3.0%, investors should monitor whether receivables and inventory are building ahead of demand that has yet to materialize.
Buybacks Run Against Cash Burn
Inogen repurchased $8.1M of shares across five quarters, including $5.6M in 2026Q2, while cumulative free cash flow over the period was negative $39.4M; as disclosed in its cash flow statements, no dividends were paid, making buybacks the sole shareholder return during a period of cash consumption.
The largest repurchase occurred in the same quarter free cash flow turned barely positive at $1.0M, a sequencing that may indicate management views the recovery as durable, though a single near-breakeven quarter offers limited evidence. With no acquisition activity beyond a nominal $70K in 2024Q1, capital deployment has been narrowly focused, and the trade-off between buybacks and rebuilding the capex base highlighted above is the key judgment investors should weigh.
Add-Backs Mask Cash Shortfall
Stock-based compensation of $19.1M over ten quarters was added back in reconciling losses to operating cash flow, and excluding it, operating cash flow would have been roughly negative $28.1M; as shown in Inogen's filings, reported cash performance leans on non-cash add-backs while capex trails depreciation.
The cash flow statement also presents capital expenditure net of any capitalized costs, and with capex at 2.0-5.5% of revenue versus depreciation near $5M quarterly, capitalized spending choices may be shifting costs between the income statement and balance sheet in ways that flatter both margins and OCF. Combined with recurring working capital outflows, the counter-case is that Inogen's cash profile depends on non-recurring timing effects and non-cash add-backs rather than self-sustaining operations, a view the improving 2026Q2 figures do not yet conclusively refute.