INGN · Health care(orthopedic, prosthetic & surgical appliances & supplies) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Inogen Inc reported revenue of $295.3 million in fiscal 2025, after growing 6.5% a year over the previous 9 years. Its operating margin narrowed from 13.6% in 2016 to -10.2%. Of the $206.7 million its operations generated over 10 years, 50.6% went to acquisitions and 19.4% back into the business; the share count rose 26.1%. On the accounting screens, it passes 4 of 8 Piotroski tests, its Altman Z'' of 2.26 is in the grey zone and its Beneish M-score is below the -1.78 line; 3 of the six cross-checks between its statements fire.
Revenue, fiscal 2025295.3M+6.5% a year over 9 years
Operating margin-10.2%gross margin 44.5%
Return on invested capital—
Free cash flow after stock pay-21.8M-7.4% of revenue
Net debt ÷ EBITDA—net debt —
Piotroski F-score4/8tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-200.0M0200.0M400.0M
2016Revenue 168.2MOperating income 22.9M
2017Revenue 225.5MOperating income 27.6M
2018Revenue 336.0MOperating income 37.9M
2019Revenue 340.5MOperating income 19.8M
2020Revenue 280.2MOperating income -12.0M
2021Revenue 311.7MOperating income 9.2M
2022Revenue 320.5MOperating income -85.2M
2023Revenue 251.6MOperating income -109.4M
2024Revenue 278.8MOperating income -42.5M
2025Revenue 295.3MOperating income -30.2M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
-2.7%
+1.1%
+6.5%
Shares
+5.2%
+3.9%
+2.6%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
-11.8%
Return on assets
-7.6%
Asset turnover
0.99×
Research & development
6.6% of revenue
Overheads (SG&A)
22.8% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-150.0M-100.0M-50.0M050.0M100.0M
2016Net income 20.5MFree cash flow 29.3MAfter stock-based pay 22.0M
2017Net income 21.0MFree cash flow 57.6MAfter stock-based pay 47.9M
2018Net income 51.8MFree cash flow 51.9MAfter stock-based pay 39.1M
2019Net income 20.9MFree cash flow 37.5MAfter stock-based pay 28.3M
2020Net income -5.8MFree cash flow 32.6MAfter stock-based pay 24.4M
2021Net income -6.3MFree cash flow 18.2MAfter stock-based pay 7.2M
2022Net income -83.8MFree cash flow -40.9MAfter stock-based pay -53.2M
2023Net income -102.4MFree cash flow -8.5MAfter stock-based pay -15.9M
2024Net income -35.9MFree cash flow 2.6MAfter stock-based pay -4.8M
2025Net income -22.7MFree cash flow -13.7MAfter stock-based pay -21.8M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
206.7M generated by the business. Each band is its share of that total.
Reinvested in the business 19%40.1M
Acquisitions 51%104.5M
Dividends 0%0
Share buybacks 0%0
Kept, or used to pay down debt 30%62.0M
Over the same years it paid 93.1M in stock. The share count rose 26.1%.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-6.00$-4.00$-2.00$0.00$2.00$4.00
2016Earnings per share $0.97Free cash flow per share $1.39
2017Earnings per share $0.96Free cash flow per share $2.63
2018Earnings per share $2.30Free cash flow per share $2.31
2019Earnings per share $0.94Free cash flow per share $1.68
2020Earnings per share $-0.27Free cash flow per share $1.48
2021Earnings per share $-0.28Free cash flow per share $0.81
2022Earnings per share $-3.67Free cash flow per share $-1.79
2023Earnings per share $-4.42Free cash flow per share $-0.36
2024Earnings per share $-1.52Free cash flow per share $0.11
2025Earnings per share $-0.86Free cash flow per share $-0.52
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
20.0M22.0M24.0M26.0M28.0M
2016Diluted shares 21.1M
2017Diluted shares 21.9M
2018Diluted shares 22.5M
2019Diluted shares 22.2M
2020Diluted shares 22.0M
2021Diluted shares 22.5M
2022Diluted shares 22.9M
2023Diluted shares 23.2M
2024Diluted shares 23.7M
2025Diluted shares 26.6M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
3.12 current assets ÷ current liabilities
Cash conversion cycle
61 days collects in 48d, stock 58d, pays in 45d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 8 tests passed
✕ProfitableReturn on assets above zerofailed
✕Cash from operationsOperating cash flow above zerofailed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
✕Better gross marginGross margin higher than a year beforefailed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
2.26grey zone
1.12.6
Working capital ÷ assets 0.45 × 6.56+2.96
Retained earnings ÷ assets -0.59 × 3.26-1.92
Operating income ÷ assets -0.10 × 6.72-0.68
Equity ÷ liabilities 1.81 × 1.05+1.90
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.31below the -1.78 line
-1.78
Receivables vs sales 1.24+1.14
Gross margin slipping 1.05+0.55
Soft assets 0.96+0.39
Sales growth 1.06+0.94
Slower depreciation 0.89+0.10
Overheads vs sales 0.88-0.15
Profit not in cash -0.04-0.18
Leverage rising 0.82-0.27
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Receivables are growing 31% against revenue growing 6%.
Benign
A shift towards larger customers on longer terms, or sales concentrated at the end of the period.
Worrying
Sales are being made on looser credit, or revenue has been booked that may never be collected.
Capital spending (3M) is well below depreciation (21M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
The effective tax rate is -2.7%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$72,1461 sale(s) by 1 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (orthopedic, prosthetic & surgical appliances & supplies) first, then the rest of health care.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
