Inogen Inc. (INGN) intrinsic value & 10-year financials
Inogen Inc. (INGN) has a Graham intrinsic value of $17.37 per share. At $6.25 on Oct 17, 2026, the stock trades 64% below that value. Over the last 10 fiscal years revenue grew 6.5% a year to $295.3M, with an average return on invested capital of -19.5%.
- Graham intrinsic value
- $17.37
- Share price (Oct 17, 2026)
- $6.25
- Price vs Graham value
- 64% below
- Market cap
- $166.3M
- Revenue (FY2025)
- $295.3M
- Revenue growth (10-yr CAGR)
- 6.5%
- ROIC (10-yr avg)
- -19.5%
- Free cash flow (FY2025)
- -$13.7M
INGN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $295.3M | -$22.7M | -$0.86 | -$13.7M | -10.2% | -32.8% |
| FY2024 | $278.8M | -$35.9M | -$1.52 | $2.6M | -15.3% | -48.0% |
| FY2023 | $251.6M | -$102.4M | -$4.42 | -$8.5M | -43.5% | -96.1% |
| FY2022 | $320.5M | -$83.8M | -$3.67 | -$40.9M | -26.6% | -59.2% |
| FY2021 | $311.7M | -$6.3M | -$0.28 | $18.2M | 3.0% | 3.0% |
| FY2020 | $280.2M | -$5.8M | -$0.27 | $32.6M | -4.3% | -8.1% |
| FY2019 | $340.5M | $20.9M | $0.94 | $37.5M | 5.8% | 11.3% |
| FY2018 | $336.0M | $51.8M | $2.30 | $51.9M | 11.3% | 14.1% |
| FY2017 | $225.5M | $21.0M | $0.96 | $57.6M | 12.2% | 9.6% |
| FY2016 | $168.2M | $20.5M | $0.97 | $29.3M | 13.6% | 11.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Inogen Inc has demonstrated mature, steady growth, with revenue compounding at 6.5% annually over the past decade.
Inogen Inc has historically struggled to out-earn its cost of capital, averaging just -32.8% ROIC.
Inogen Inc has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Inogen Inc is modeled at 6.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $17.37 per share.