Latest Ratios: P/E Ratio -4.5x · EV/EBITDA N/A · ROE -12.4%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $163M | $183M | $217M | $127M | $450M | $765M | $982M | $1.5B | $2.8B | $2.6B | $1.4B |
| Enterprise Value | $77M | $96M | $123M | $24M | $287M | $556M | $780M | $1.3B | $2.6B | $2.5B | $1.3B |
| P/E Ratio → | -4.50 | — | — | — | — | — | — | 72.69 | 53.99 | 124.04 | 69.25 |
| P/S Ratio | 0.48 | 0.52 | 0.65 | 0.40 | 1.19 | 2.14 | 3.18 | 4.20 | 7.81 | 10.45 | 6.99 |
| P/B Ratio | 0.85 | 0.95 | 1.25 | 0.62 | 1.51 | 2.07 | 2.81 | 4.41 | 9.01 | 11.49 | 7.78 |
| P/FCF | — | — | — | — | — | — | 49.93 | 44.59 | 59.48 | 51.88 | 61.56 |
| P/OCF | — | — | 36.68 | — | — | 32.36 | 26.53 | 37.44 | 46.61 | 43.11 | 45.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.28 | 0.36 | 0.07 | 0.76 | 1.55 | 2.53 | 3.67 | 7.26 | 9.88 | 6.53 |
| EV / EBITDA | — | — | — | — | — | 18.01 | 118.99 | 39.51 | 52.84 | 61.78 | 36.36 |
| EV / EBIT | — | — | — | — | — | 64.19 | — | 67.13 | 68.59 | 89.33 | 57.91 |
| EV / FCF | — | — | — | — | — | — | 39.66 | 38.98 | 55.29 | 49.03 | 57.53 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.6% | 47.6% | 46.1% | 40.1% | 40.7% | 49.3% | 44.8% | 47.5% | 49.9% | 48.6% | 48.0% |
| Operating Margin | -8.7% | -8.7% | -12.7% | -34.7% | -22.6% | 2.6% | -3.9% | 5.5% | 10.6% | 11.1% | 11.3% |
| Net Profit Margin | -6.5% | -6.5% | -10.7% | -32.5% | -22.2% | -1.8% | -1.9% | 5.8% | 14.5% | 8.4% | 10.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.4% | -12.4% | -19.0% | -40.8% | -25.1% | -1.8% | -1.7% | 6.4% | 19.3% | 10.3% | 13.0% |
| ROA | -7.6% | -7.6% | -11.5% | -28.0% | -18.7% | -1.3% | -1.3% | 5.1% | 15.9% | 8.6% | 10.9% |
| ROIC | -24.4% | -24.4% | -35.3% | -69.8% | -43.3% | 4.5% | -6.0% | 11.1% | 28.7% | 23.9% | 21.8% |
| ROCE | -13.3% | -13.3% | -18.0% | -36.9% | -22.2% | 2.2% | -3.0% | 5.4% | 13.3% | 12.8% | 13.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.11 | 0.11 | 0.08 | 0.07 | 0.03 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 0.86 | 1.53 | 0.20 | — | — | — |
| Net Debt / Equity | — | -0.45 | -0.54 | -0.51 | -0.55 | -0.56 | -0.58 | -0.56 | -0.63 | -0.63 | -0.51 |
| Net Debt / EBITDA | — | — | — | — | — | -6.77 | -30.80 | -5.69 | -4.00 | -3.58 | -2.55 |
| Debt / FCF | — | — | — | — | — | — | -10.27 | -5.61 | -4.18 | -2.84 | -4.03 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | 3810.67 |
Net cash position: cash ($104M) exceeds total debt ($17M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.12 | 3.12 | 2.42 | 2.86 | 4.66 | 5.35 | 5.39 | 5.82 | 6.75 | 6.74 | 7.07 |
| Quick Ratio | 2.71 | 2.71 | 2.09 | 2.55 | 4.14 | 4.83 | 4.95 | 5.11 | 6.17 | 6.19 | 6.44 |
| Cash Ratio | 1.88 | 1.88 | 1.48 | 1.77 | 2.86 | 3.99 | 4.08 | 4.17 | 5.16 | 5.13 | 4.99 |
| Asset Turnover | — | 1.17 | 1.13 | 0.97 | 0.93 | 0.73 | 0.67 | 0.81 | 0.95 | 0.91 | 0.95 |
| Inventory Turnover | 7.04 | 7.04 | 7.29 | 8.65 | 6.56 | 5.70 | 6.86 | 5.33 | 6.63 | 6.80 | 7.36 |
| Days Sales Outstanding | — | 40.68 | 32.73 | 49.62 | 62.26 | 26.30 | 37.58 | 37.62 | 40.46 | 47.93 | 55.48 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 1.4% | 1.9% | 0.8% | 1.4% |
| FCF Yield | — | — | — | — | — | — | 2.0% | 2.2% | 1.7% | 1.9% | 1.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $27M | $24M | $23M | $23M | $22M | $22M | $22M | $23M | $22M | $21M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying INGN stock.
Inogen, Inc.'s current P/E ratio is -4.5x. The historical average is 82.7x.
Inogen, Inc.'s return on equity (ROE) is -12.4%. The historical average is 0.1%.
Based on historical data, Inogen, Inc. is trading at a P/E of -4.5x. Compare with industry peers and growth rates for a complete picture.
Inogen, Inc. has 47.6% gross margin and -8.7% operating margin.
Key Metrics
Top Statement Risk
Negative ROIC despite SG&A drag
Metrics are mathematically derived from official filings.
Returns Still Below Cost of Capital
Inogen's ROIC improved to -3.7% in 2026Q2 from -11.7% two years earlier, yet remains below zero and far behind Lantheus at 21.7% and CorVel at 58.2%, as compiled from peer comparison data, indicating capital deployed in the business still fails to earn its cost.
The recovery in ROIC from -11.7% to -3.7% appears driven more by cost absorption on a steadying revenue base than by margin expansion, since operating margin remained negative throughout. ROE of -2.2% versus asset turnover of 0.33 suggests the shortfall is margin-driven rather than efficiency-driven, and investors should treat any convergence toward positive ROIC as conditional on operating leverage actually emerging.
Margin Recovery Rests on Cost Restraint
Operating margin of -5.4% in 2026Q2 marks a substantial narrowing from -20.9% in 2024Q1, but gross margin simultaneously slipped to 45.5% from 49.1%, per Inogen's quarterly income statements, suggesting reported improvement rests more on overhead restraint and non-operating items than on pricing recovery.
Gross margin has swung between 44.1% and 50.8% across ten quarters without a clear directional trend, which makes it a poor proxy for sustainable earning power; the operating margin, by contrast, is the cleaner measure of core performance. Net margin of -4.0% has converged toward the operating line, implying non-operating items now contribute less than they did in earlier periods, but with SG&A fixed near $40-44M per quarter, incremental gross profit still converts unevenly into earnings.
Payables Stretching Drives Cycle Gains
Inogen's cash conversion cycle shortened to 40 days in 2026Q2 from 67 days in 2024Q1, driven largely by payables stretching to 50 days from 31, as shown in reported working-capital metrics, while asset turnover of 0.33 still implies an asset base generating modest sales intensity.
Roughly two-thirds of the cycle improvement traces to DPO rather than faster collections or leaner inventory, so the working-capital benefit may be a supplier-financing choice rather than structural efficiency. Meanwhile, asset turnover rising from 0.24 to 0.33 appears partly a function of the asset base shrinking rather than sales intensifying, which flatters the ratio without evidence of improved asset productivity.
Ample Cushion, Gradually Easing
With a current ratio of 2.74 and quick ratio of 2.34 in 2026Q2, Inogen's liquidity compares comfortably with a debt-to-equity ratio of just 0.09, according to recent quarterly balance sheet data, yet both liquidity measures have eased from their 2025Q3 peaks above 3.1.
The quick ratio tracking only 0.40 below the current ratio indicates inventory is not the principal liquidity constraint, meaning near-term obligations can be met largely from receivables and cash. However, the sequential drift downward in both ratios alongside recurring negative free cash flow quarters and ongoing buybacks suggests the cushion is being consumed rather than rebuilt, a trend worth monitoring if losses persist.
Book Multiple Depressed by Losses
Inogen trades at 0.56 times sales and 1.02 times book, materially below peer price-to-book ratios of 1.88 at Apogee and 6.29 at Lantheus per peer market data, while the negative trailing P/E of -8.53 renders earnings-based comparison unusable.
The price-to-book of 1.02 sits close to liquidation-level pricing, which implies the market assigns little value to Inogen's going-concern earning power relative to peers generating mid-to-high single-digit or better returns on equity. Since book value itself has been eroded by an accumulated deficit nearing $188M, the low P/B may reflect a shrinking equity base rather than genuine deep value, and the absence of any usable EV/EBITDA or forward P/E removes the usual cross-checks.
P/E Misleads on Loss-Making Hardware
The trailing P/E of -8.53, the most cited Inogen multiple, is structurally meaningless given ten consecutive loss-making quarters and obscures whether the narrowing net margin of -4.0% reflects operational progress, as reported in Inogen's quarterly statements, rather than valuation discipline.
A negative P/E cannot be compared to peers such as Lantheus at 29.4 or Apogee at 17.8, and investors who anchor on its magnitude risk reading a deepening loss as cheapness. The appropriate adjustment is price-to-sales evaluated against margin trajectory and free-cash-flow conversion, since at a 0.56 P/S the entire valuation question hinges on whether negative operating margins can turn positive, which the ten-quarter record does not yet confirm.