Inogen, Inc.

Inogen did about $349M in 2025 revenue and still posted a GAAP net loss of about $0.86 a share.

If you own INGN, your problem is that people need the product more than the company earns from it.

ingn

healthcare · medical devices small cap updated feb 6, 2026
$6.01
market cap ~$165M · 52-week range $5–$9
xvary composite: 47 / 100 · below average
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
Inogen sells portable oxygen machines and accessories that help people breathe without being stuck to a tank.
how it gets paid
Last year Inogen made about $349M in revenue. Portable oxygen concentrators was still the main engine at about $242M, or roughly 70% of sales.
why it's growing
Revenue grew about 3.9% last year. Gross margin for the full year was about 44.2% (Q4 2025 printed 43.1% on channel mix).
what just happened
Inogen posted about $82M of Q4 2025 revenue (up about 2% vs. prior year); GAAP losses narrowed but the bottom line was still red.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
$(0.86) fy2025 GAAP EPS
$366–373M fy2026 revenue guide
~−9% GAAP operating margin (FY2025)
xvary composite: 47/100 — below average
What they do
Inogen sells portable oxygen machines and accessories that help people breathe without being stuck to a tank.
Its machines run 24 hours a day and can be used at home, in a car, or in public outlets. That makes leaving painful for you when your breathing setup, batteries, and deliveries all live in one ecosystem. It has 766 employees and about $349M of revenue, so the company wins by being small, focused, and annoying to replace.
medical-devices micro-cap hardware oxygen-therapy turnaround
How they make money
$349M annual revenue · their business grew +3.9% last year
Portable oxygen concentrators
$242M
+4.0%
Stationary oxygen concentrators
$41M
+6.0%
Accessories and supplies
$30M
+3.0%
Bronchiectasis therapy
$18M
+20.0%
Other respiratory products
$18M
0.0%
The products that matter
portable oxygen therapy devices
Portable Oxygen Concentrators
2.8–4.8 lbs · faa-approved
this is the core pitch: oxygen devices light enough to travel with, weighing 2.8–4.8 pounds instead of living in the corner of a room.
mobility is the sell
stationary home oxygen system
Inogen At Home
5 liters continuous flow
it delivers five liters of continuous oxygen, which matters because portable units usually rely on pulse delivery instead.
home-use anchor
Key numbers
$349M
annual revenue
You are looking at about a $349M business, not a giant. That makes every margin swing louder.
44.2%
gross margin (FY2025)
The company keeps about $44 of every $100 before operating costs. Channel mix has been pressuring that number (Q4 2025 was 43.1%).
~−9%
GAAP operating margin (FY2025)
After payroll, rent, and sales costs, GAAP results still show an operating loss — roughly $0.09 of operating loss per $1 of revenue last year.
0
net debt
The balance sheet carried no debt at year-end 2025 with about $121M in cash and equivalents (per the company). That is flexibility, not automatic profit.
Financial health
B
strength
  • balance sheet grade B — adequate — nothing special
  • risk rank 3 — safer than 50% of stocks
  • price stability 10 / 100
  • long-term debt $0 — none outstanding (FY2025)
B — functional but not a standout on the balance sheet.
Total return vs. market

Return history isn't available for INGN right now.

same standard. no invented return math.

source: institutional data · return history unavailable
What just happened
mixed vs. estimates
Inogen posted $81.7M of Q4 2025 revenue (below the sales consensus), while adjusted EPS loss was narrower than expected.
Revenue rose about 2% vs. prior year in Q4. Gross margin was 43.1% in the quarter, so the issue is not demand alone. It is how much is left after making and shipping the product.
$81.7M
revenue (Q4)
$(0.26)
GAAP EPS (Q4)
43.1%
gross margin (Q4)
the number that mattered
The Q4 revenue print mattered most: sales grew modestly vs. prior year, but the mix-driven margin is what decides whether the 2026 guide is achievable.
source: Inogen Q4 & FY2025 earnings release (Feb 24, 2026)

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What could go wrong

the top risk is channel mix and pricing pressure in portable oxygen concentrators. that's already visible in the 43.1% gross margin print.

!
high
margin compression
gross margin fell to 43.1% in Q4 2025, down 220 basis points from a year ago. on a business guiding only about 6% growth, that kind of slippage can erase the benefit of higher sales.
gross margin fell to 43.1% in Q4 2025, down 220 basis points from a year ago. on a business guiding only about 6% growth, that kind of slippage can erase the benefit of higher sales.
∘
med
back-half-loaded growth
Q1 2026 was guided flat even as the full year points to $366M–$373M. that means later quarters need to do the heavy lifting.
Q1 2026 was guided flat even as the full year points to $366M–$373M. that means later quarters need to do the heavy lifting.
∘
med
no clear moat
the core product is a portable oxygen machine weighing 2.8–4.8 pounds. that's a real customer benefit, but it is not the same thing as durable pricing power.
the core product is a portable oxygen machine weighing 2.8–4.8 pounds. that's a real customer benefit, but it is not the same thing as durable pricing power.
∘
med
buyback optics over operating proof
a $30M repurchase authorization is meaningful against a $165M market cap. it helps less if negative EPS and weak margin keep doing the real compounding in reverse.
a $30M repurchase authorization is meaningful against a $165M market cap. it helps less if negative EPS and weak margin keep doing the real compounding in reverse.
the risk stack is simple: 43.1% gross margin on an expected $366M–$373M revenue year leaves limited room for operational mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
gross margin recovery
43.1% is the problem. if that number keeps falling, the whole 2026 growth story gets less valuable.
calendar
Q1 2026 results
management already set expectations for a flat start to the year. the next report needs to show the back half is more than a promise.
trend
direct-to-consumer mix
direct-to-consumer is about 60% of sales versus 40% business-to-business. if that mix shifts, margin can move before revenue does.
risk
$30M buyback execution
repurchases can support per-share math, but they do not fix demand, pricing, or product economics. watch pace and context, not just headlines.
Analyst rankings
earnings predictability
30 / 100
in human-speak: analysts do not view this as a smooth, easily modeled earnings story.
risk rank
3
middle-of-the-pack risk. safer than some small caps, but the 10 / 100 price stability score says the stock still trades like it has something to prove.
source: institutional data
Institutional activity

institutional ownership data for INGN is being compiled.

source: institutional data
source: institutional data
Price targets
3-5 year target range
n/a n/a
$6 current price
n/a target midpoint · n/a from current
target data not available

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