Inogen Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Inogen Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	203	249	358	362	308	358	377	316	336	349
Cost of revenue	106	128	180	190	170	182	224	189	181	194
Gross profit	97.3	121	179	172	138	176	154	127	155	154
Research and development	5.11	5.31	7.03	9.4	14.1	16.6	21.9	20.8	21.6	19.4
Selling and marketing	37.5	50.8	95.6	106	97.5	113	121	107	103	97.7
General and administrative	31.8	37.6	38	37.1	38.6	37.9	43.9	75.3	72.6	67.4
Operating expenses	74.4	93.6	141	152	150	167	239	236	197	184
Operating income	22.9	27.6	37.9	19.8	-12	9.24	-85.2	-109	-42.5	-30.2
Interest expense	0.01
Interest income	0.2	0.77	3.26	4.71	0.91	0.13	2.84	6.57	5.19	4.39
Other non-operating income	-0.14	2.07	2.56	4.48	6.75	-0.58	1.98	7.04	6.04	6.83
Pre-tax income	22.7	29.7	40.5	24.3	-5.28	8.66	-83.3	-102	-36.5	-23.4
Income tax	2.21	8.65	-11.4	3.32	0.55	15	0.5	0.11	-0.59	-0.63
Net income	20.5	21	51.8	21	-5.83	-6.33	-83.8	-102	-35.9	-22.7
EBITDA	36.4	39.9	49.2	33.6	6.56	30.9	-61.7	-91.2	-21.5	-9.55
EPS, basic	1.02	1.02	2.44	0.96	-0.27	-0.28	-3.67	-4.42	-1.52	-0.86
EPS, diluted	0.97	0.96	2.30	0.94	-0.27	-0.28	-3.67	-4.42	-1.52	-0.86
Shares, basic (weighted)	20.1	20.7	21.3	21.8	22	22.5	22.9	23.2	23.7	26.6
Shares, diluted (weighted)	21.1	21.9	22.5	22.2	22	22.5	22.9	23.2	23.7	26.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	92.9	143	197	198	212	236	187	125	114	104
Short-term investments	21	31	43.7	11.1	19.3	9.99		2.98	0	15.8
Receivables	30.8	31.4	37	34.3	29.7	24.5	62.7	42.2	29.6	38.9
Inventory	14.3	18.8	27.1	35.7	24.8	31.9	34.1	21.8	24.8	26
Other current assets	1.66	2.58	7.47	10.2	17.9	26	19.2	13.8	13.7	12.6
Total current assets	162	228	315	292	306	329	305	207	185	198
Property, plant and equipment	25.2	20.1	22.3	19.4	28.2	38.9	43.3	50.3	44.4	36.4
Lease right-of-use assets				5.86	8.83	24.9	21.7	20.3	18.3	16.5
Goodwill		2.36	2.26	33	33.2	33	32.9	10.1	9.47	10.7
Intangible assets	0.24	4.72	3.76	77.5	68.8	60.1	0.18	34.6	30.5	30.8
Other non-current assets	0.41	0.77	2.83	4.89	2.67	3.36	2.45	3.83	8.08	6
Total assets	214	275	376	447	462	490	405	326	296	299
Accounts payable	5.74	9.54	13.7	16.4	12.5	10.3	18.2	13.5	16.6	20.3
Accrued liabilities	6.12	6.88	11.4	6.22	7.09	17.3	11.2	11.1	17.2	10.6
Deferred revenue	2.24	3.53
Total current liabilities	22.8	33.9	46.6	50.2	56.7	61.5	65.3	72.5	76.7	63.5
Lease liabilities				4.7	8.08	23.3	19.8	18.3	16.6	14.3
Other non-current liabilities	0.28	0.73	0.83
Total liabilities	32	48	65.5	103	112	119	108	121	122	106
Paid-in capital	194	218	249	263	274	299	312	321	328	364
Retained earnings	-12.4	8.64	60.5	81.4	75.6	69.3	-14.5	-117	-153	-176
Other comprehensive income	-0.04	0.27	0.72	-0.09	0.48	1.47	-0.24	1.23	-1.5	4.24
Shareholders' equity	182	227	310	345	350	370	297	205	174	192
Total equity	182	227	310	345	350	370	297	205	174	192
Total liabilities and equity	214	275	376	447	462	490	405	326	296	299
Shares outstanding	20.4	21	21.8	22	22.1	22.7	22.9	23.3	23.9	27.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	20.5	21	51.8	21	-5.83	-6.33	-83.8	-102	-35.9	-22.7
Depreciation and amortization	13.6	12.3	11.3	13.8	18.6	21.6	23.5	18.2	21	20.7
Stock-based compensation	7.29	9.64	12.8	9.13	8.2	10.9	12.3	7.43	7.4	8.01
Deferred income tax	1.04	7.95	-11.6	2.87	-0.08	14.4		-0.25	-1.15	-1.1
Change in receivables	-32.7	-18.3	-26	-16.7	-8.18	-6.13	-51.3	10.1	-5.19	-14.6
Change in inventory	-7.46	-5.89	-9.97	-10.3	7.59	-10.8	-5.6	7.88	-3.54	-3.21
Change in payables	-0.09	7.44	6.36	3.2	-5.83	-6.48	6.76	-9.18	-3.41	5.6
Cash from operations	31	60.5	60	40.6	37	23.6	-37.5	-3.23	5.91	-11.2
Capital expenditures	-1.72	-2.91	-8.04	-3.14	-4.39	-5.48	-3.34	-5.22	-3.36	-2.52
Acquisitions		-4.49		-70.4				-29.6
Purchases of investments	-33.1	-46.9	-76.2	-58.7	-22.8	-9.99		-26.9	-32.7	-29.8
Sales and maturities of investments	28.8	37	63.5	91.4	14.5	19.3	10	24	35.5	14
Cash from investing	-11.9	-24.4	-25	-44.1	-25.6	-14.6	-10.9	-59.3	-14	-26.2
Debt repaid	-0.32
Stock issued	6.97	12.6	17.2	3.11	0.33	13.7	0.04	0.38		27.2
Cash from financing	7.71	14	18.3	4.93	2.07	15	0.38	0.96	0.27	24.2
Net change in cash	26.7	50.1	53.7	1.4	13.9	23.6	-48.5	-61.5	-8.08	-12.4
Free cash flow	29.3	57.6	51.9	37.5	32.6	18.2	-40.9	-8.45	2.55	-13.7
Interest paid	0.01
Income taxes paid	-0.45	1.27	1.65	0.24	-0.71	1.54	0.5	-0.7	0.38	0.32

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.5%	Gross profit / revenue.
Operating margin	-8.7%	Operating income / revenue.
EBITDA margin	-3.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.1%	Pre-tax income / revenue.
Net margin	-6.9%	Net income / revenue.
FCF margin	-1.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.7%	Cash from operations / revenue.
Return on equity (ROE)	-14.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-8.6%	Net income / average total assets.
Return on invested capital (ROIC)	-27.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.0%	Research and development expense / revenue.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	4.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-289.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-637.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	10.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-13.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-11.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-8.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	12.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.74x	Current assets / current liabilities.
Quick ratio	2.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.49x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	38.8%	Total liabilities / total assets.
Working capital	$123.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	13.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$137.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.24x	Revenue / average total assets.
Fixed asset turnover	11.1x	Revenue / average property, plant and equipment.
Inventory turnover	6.87x	Cost of revenue / average inventory.
Days inventory	53 days	365 x average inventory / cost of revenue.
Receivables turnover	7.68x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	54 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.91	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.10	Revenue / diluted weighted shares.
FCF per share	-$0.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.09	Cash from operations / diluted weighted shares.
Book value per share	$6.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.13	Tangible book value / shares outstanding.
Cash per share	$3.95	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$142.2M	Share price x shares outstanding.
Enterprise value	$36.7M	Market cap + total debt - cash - short-term investments.
P/S	0.40x	Market cap / revenue.
P/B	0.81x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.04x	Market cap / tangible book value, when positive.
EV/Sales	0.10x	Enterprise value / revenue.
FCF yield	-3.5%	Free cash flow / market cap.
Earnings yield	-17.3%	Net income / market cap (the inverse of P/E).

What was Inogen Inc's revenue in fiscal 2025?

Inogen Inc reported revenue of $348.7M for fiscal 2025, 3.9% higher than the year before.

Was Inogen Inc profitable in fiscal 2025?

No. It reported a net loss of $22.7M.

How much free cash flow did Inogen Inc generate in fiscal 2025?

Cash from operations of $11.2M minus capital expenditures of $2.5M left free cash flow of -$13.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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