Inogen
INGN on Nasdaq. Inogen sells respiratory health products to patients suffering from chronic respiratory conditions. Market value $158m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 39 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$5.77 a share, 14% above its 1-year low
Over the past year the price has ranged from $5.05 to $9.13.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $358m | $377m | $316m | $336m | $349m |
| Operating margin | |||||
| Operating margin | 2.6% | -22.6% | -34.7% | -12.7% | -8.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive2 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 2.5% a year
- Buying back its own sharesNo, 16% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $95 million last quarter, up 3% on a year ago.
- A loss of $4 million, compared with a loss of $4 million a year ago.
- It loses 9 cents on each $1 of sales, compared with 10 cents a year earlier.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $89m |
| December 2024 | $80m |
| March 2025 | $82m |
| June 2025 | $92m |
| September 2025 | $92m |
| December 2025 | $82m |
| March 2026 | $85m |
| June 2026 | $95m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$6m |
| December 2024 | -$10m |
| March 2025 | -$6m |
| June 2025 | -$4m |
| September 2025 | -$5m |
| December 2025 | -$7m |
| March 2026 | -$8m |
| June 2026 | -$4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
None of the long-term investors we follow own it. 129 funds in all.
Largest holders overall
- BlackRock$11mAdded
- Armistice Capital$7mCut
- Acadian Asset Management$7m
- Vanguard Capital Management$7m
- Ameriprise Financial$6mAdded
- AQR Capital Management$6mAdded
- DAFNA Capital Management$5m
- Arrowstreet Capital, Limited Partnership$5mAdded
- Morgan Stanley$4mAdded
- Geode Capital Management$4mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Yuwell (Hong Kong) Holdings LimitedPassive investorat least 9.9%(filed with 1 related holder)Since 21 February 2025
- BlackRock, Inc.Passive investor6.2%Since 30 June 2025
- Camber Capital Management LPPassive investorat least 3.7%(filed with 1 related holder)Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Brown Capital Management, LLCPassive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
Yuwell (Hong Kong) Holdings Limited Passive investor | at least 9.9% (filed with 1 related holder) | 21 February 2025 | |
BlackRock, Inc. Passive investor | 6.2% | 30 June 2025 | |
Camber Capital Management LP Passive investor | at least 3.7% (filed with 1 related holder) | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Brown Capital Management, LLC Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $142,474, $142,474 of it under preset trading plans.
- Yi Boyer Jennifer MEVP Entrprs Enblmnt, Ch HR OffSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 10,938
- Price
- $6.60
- Value
- $72,146
- Yi Boyer Jennifer MEVP Entrprs Enblmnt, Ch HR OffSoldunder a preset trading plan
- Date
- 29 May 2026
- Shares
- 10,770
- Price
- $6.53
- Value
- $70,328
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 July 2026 | Yi Boyer Jennifer M EVP Entrprs Enblmnt, Ch HR Off | Sold under a preset trading plan | 10,938 | $6.60 | $72,146 |
| 29 May 2026 | Yi Boyer Jennifer M EVP Entrprs Enblmnt, Ch HR Off | Sold under a preset trading plan | 10,770 | $6.53 | $70,328 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.