Company Analysis

Inogen, Inc (INGN)

Nasdaq: INGN · Orthopedic, Prosthetic & Surgical Appliances & Supplies · Beverly, MA · filing with the SEC since 2004
Grade5.2
◀ Past 5.8● Present 4.6▶ Future 5.2
1 est.

The grade of Inogen, Inc

Nine metrics read from its own filings, by tense
Headline grade
5.2/10
◀ Past5.830% of the headline
● Present4.640% of the headline
▶ Future5.230% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.8/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
7.8/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 33% of this tense · 78th percentile among 29 sector filers · read for itself

From the record

Inogen, Inc's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
4.9/10

What has it actually done, year after year?

+6.2% a year over 10 filed years; profitable in 4 of 10.

weight 45% of this tense · 49th percentile among 25 sector filers · read for its customers

From the record

Inogen, Inc's 10 filed years say what it did: revenue went from $203 million in fiscal 2016 to $349 million in fiscal 2025, up 6.2% a year; it rose in 7 of 9 years; the deepest fall was 16% from fiscal 2022 to fiscal 2023; net income was positive in 4 of 10 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span6.2%top 50% of its family
  • the share of years revenue rosebottom 46% of its family
  • the share of filed years with a profittop 50% of its family
  • the deepest fall from a revenue peak16.3%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
4.8/10

How has it treated the people who own it?

SI estimate 4.8/10, confidence 35 of 100 (one part).

weight 22% of this tense · 48th percentile among 26 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the bottom 48% of 26 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 26 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Inogen, Inc's shareholder treatment is put at 4.8 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 48% of 26 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.6/1040% of the headline grade · 3 of 3 filed

Financial health

as filed
5.9/10

Is it financially healthy right now?

ROE -12%: lost 12¢ per shareholder dollar. Leverage 36%: owes 36¢ per asset dollar.

weight 45% of this tense · 59th percentile among 27 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Inogen, Inc lost about 12 cents for every dollar of shareholders' money, and gross profitability: its products earned about 52 cents per dollar of everything the company owns. Leverage: it owed about 36 cents per dollar of assets, and net share issuance: its share count grew 12.5% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 34% of its family
  • return on equitytop 44% of its family
  • gross profit against assetstop 14% of its family
  • the share count against the year beforebottom 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
4.4/10

How strong is its position in its industry?

bottom 44% of 26 in its family; net margin -6.5%.

weight 33% of this tense · 44th percentile among 26 sector filers · read for its customers

From the record

Inogen, Inc's standing among 26 graded names in its industry family: revenue of $349 million in fiscal 2025 ranks in the top 40% by size; a net margin of -6.5% ranks in the top 44%; revenue growth of -2.6% a year over the last 3 filed years ranks in the bottom 17% (its annual reports).

What it rests on

  • revenue against the family$349Mtop 40% of its family
  • net margin-6.5%top 44% of its family
  • three-year revenue growth-2.6%bottom 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
2.3/10

What are the people in charge doing?

bottom 23% of 17 in its family for leadership; chief executive since 2023.

weight 22% of this tense · 23rd percentile among 17 sector filers · read for its shareholders

From the record

Inogen, Inc's leadership, from its insiders' filings and its current reports: the chief executive on the record is Smith, Kevin Raymond Merrill (CEO and President, as filed), filing under that title since 2023-11-13, 3 years (bottom 44% of its family); the 15 officers and directors filing in the last fifteen months have been on the record a median of 2.7 years (bottom 9%); 17 officer or director changes were reported on Form 8-K since 2023-11-13, against the 15 people in charge now (bottom 16%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge17 in three years among 15 peoplebottom 16% of its family
  • the median years the people in charge have filed2.7 yearsbottom 9% of its family
  • the chief executive's years on the record3.0 yearsbottom 44% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

5.2/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
5.1/10

How much room does it have to grow?

top 49% of 25 in its family for room to expand.

weight 45% of this tense · 51st percentile among 25 sector filers · read for itself

From the record

Inogen, Inc's room to grow, from the newest filed statements (fiscal 2025): cash of $104 million against no long-term debt tagged leaves 34.7% of its assets as net cash, top 24% of its family; cash from operations less capital spending is -3.9% of revenue (top 46%); a gross margin of 44.2% (bottom 42%); research spending of 5.6% of revenue (bottom 33%) (its annual report).

What it rests on

  • cash less debt against assets34.7%top 24% of its family
  • cash from operations less capital spending against revenue-3.9%top 46% of its family
  • gross margin44.2%bottom 42% of its family
  • research spending against revenue5.6%bottom 33% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
3.1/10

What could actually drive growth from here?

bottom 31% of 25 in its family for growth drivers.

weight 33% of this tense · 31st percentile among 25 sector filers · read for its customers

From the record

Inogen, Inc's growth drivers, from the filed years to fiscal 2025: revenue grew -2.6% a year over the last three filed years against 6.2% over all 10, slowing (bottom 22% of its family); the newest year grew 3.9% (bottom 42%); research spending grew -4% a year (bottom 31%); capital spending grew -8.9% a year (bottom 27%) (its annual reports). Inogen, Inc tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span-8.8 points a yearbottom 22% of its family
  • the newest year's revenue growth3.9%bottom 42% of its family
  • three-year growth of research spending-4.0%bottom 31% of its family
  • three-year growth of capital spending-8.9%bottom 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
8.6/10

Did its newest year beat what its own record pointed to?

top 14% of 23 in its family for expectations against reality.

weight 22% of this tense · 86th percentile among 23 sector filers · read for its shareholders

From the record

Inogen, Inc's newest year against its own record: revenue of $349 million in fiscal 2025 came in 10.1% above the $317 million its prior three years' pace pointed to (top 15% of its family); net income of $23 million against a prior three-year average of $74 million (top 11%); a net margin of -6.5% against -21.8% before (top 15%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace10.1%top 15% of its family
  • net income against the prior three years' average+69%top 11% of its family
  • net margin against its prior average+15.3 pointstop 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton INGN · research, not advice