Inogen, Inc. (INGN) Stock

Inogen, Inc. (INGN) is a Healthcare stock trading at $5.60 (as of 2026-08-20), with a market capitalization of $148.61M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Inogen, Inc. designs, manufactures, and sells portable and home oxygen therapy devices, including portable oxygen concentrators, stationary concentrators, and ventilator systems with related accessories. Its products are used for long-term supplemental oxygen therapy for patients with chronic respiratory conditions and are marketed to patients, clinicians, and third-party payors in the U.S. and internationally.

Understand Inogen, Inc.: how it makes money

Inogen develops, manufactures, and markets portable oxygen concentrators and related respiratory devices, and it makes money through product sales and rental revenue tied to patients receiving supplemental long-term oxygen therapy.

Inogen's profit engine is scaling patients receiving supplemental long-term oxygen therapy, since revenue is split between product sales and rental revenue, and key operating metrics track how many patients are on service and billable.

Revenue by segment (latest quarter)
B2B Intl$0.0B
B2B Dom$0.0B
Direct Dom$0.0B
Rent$0.0B

Business quality (Weak): The business has a clear operating focus on patient on-service activity, but the latest quarter showed a negative operating margin, so investors should watch whether patient scale translates into sustained operating profitability.

Bull case

  • Recurring visibility through patient on-service activity: Investors can track Patients On Service (43,200) and Billable Patients On Service (32,800), which align with the company serving patients on long-term oxygen therapy.
  • Mixed revenue model (sales and rentals): Segment candidates indicate revenue comes from sales (Sales Revenue 0.07, plus B2B and Direct categories) and Rental Revenue (0.01), which can diversify demand across channels.

Bear case

  • Operating losses in the latest quarter: For 2026-03-31, operating margin was -11.0%, indicating the company did not convert gross profit into operating profit during the quarter.
  • Profitability could remain sensitive to patient monetization: Because key operating metrics focus on Patients On Service and Billable Patients On Service, any gap between on-service patients and billable patients would likely pressure sales and rental revenue conversion.
Valuation — source: SEC EDGAR (first-party)
Price$5.60
Market Cap$148.61M
Price / Book0.85
Price / Sales0.42
FCF Yield-3.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$348.67M
Net Margin-6.5%
Revenue Growth (YoY)3.0%
EPS Growth (YoY)-6.7%
FCF Growth (YoY)-39.0%
Financial Health — source: SEC EDGAR
Altman Z-Score1.41 (distress)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.6
Industry P/E (Medical Equipment)32.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock Fund Advisors ($87.74M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryMedical Equipment
CEOKevin R. Smith
Employees766
CountryUS
IPO Date2014-02-14

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INGN earnings history · INGN institutional & insider holders · INGN KPIs & operating metrics · INGN financials · INGN investor presentations & press releases · INGN SEC filings · INGN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.