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Inogen Inc (INGN) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Inogen Inc stock $3.46, price $6.03, that is 42.6% below the price, quality 52 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare US

II Inogen Inc logo Thin data Nov 8, 2026

Inogen Inc

INGN · US
Very expensive, in a downtrend

Our calculation puts a fair price 43% below what the stock costs today.

Low debt
Quality 52/100
Insiders sold $142,519 (6M)
Revenue last quarter 16% below a year ago.
Fair value $3.46 · Strongly overvalued
Weak Growth (revenue 3y −2.6 %/yr in USD)
Loss-making · -10.0% net margin (TTM)
Negative free cash flow
Trails peers (3/11)
Narrow moat 12/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$65.05 $4.21 Fair Value $3.46 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range $4.21 – $65.05 · fair‑value band $2.29 – $4.33 · the $6.03 price screens above the $3.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Inogen, Inc., a medical technology company, develops, manufactures, and markets respiratory health products in the United States and internationally.

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The company offers portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.

It provides Inogen One and Inogen Rove, an ambulatory solution for long-term oxygen therapy; Rove 4, a portable oxygen concentrator; Rove 6 concentrator; Inogen Voxi 5, a stationary oxygen concentrator; Aurora for continuous positive airway pressure; CPAP masks; Simeox for airway clearance treatment; and related accessories.

It also rents its products directly to patients. Inogen, Inc. was incorporated in 2001 and is headquartered in Beverly, Massachusetts.

Stock analysis

Inogen Inc (INGN) currently trades at $6.03, while our model-based Fair Value estimate is $3.46, 43% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: $2.29 (bear) to $4.33 (bull), the price of $6.03 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 52/100 (solid quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Inogen Inc reported revenue of $349M in FY2025 versus $358M in FY2021, a compound −0.7%/yr. Reported net income was −$22.7M in FY2025.

Key figures

Market cap $163M Micro · P/S ratio 0.45 · EPS (TTM) $−1.21 · Net margin −10.0% · Return on equity −19.8% · Return on assets (EBIT) −15.4% (5-year average) · Operating margin −5.7% · Revenue (TTM) $355M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).

What moves the price

The share trades about 18% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −15% fair-value upside, at −43%, INGN screens richer than that median.

Fair Value models

Bear $2.29 Fair Value $3.46 Bull $4.33
Price $6.03 · Downside -42.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) $2.29 $3.46 $4.33 54
All 1 models by family
Asset-Based
NCAV (Graham) $2.29 $3.46 $4.33 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 52/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 38
How much profit the company makes from its sales and capital
Quality Growth 69
Are margins and returns getting better?
Cashflow 2
Do the profits arrive as real cash?
Financial strength 79
Debt, balance sheet and risk of trouble
Investment 98
Does it invest with discipline instead of growing at any price?
Low Volatility 28
How calm the share price moves, does not count
Price momentum 27
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 27
Distance to the 52-week high, does not count
New shares 56
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, one officer or director sold shares worth $142,519 and none bought.

  • SaleBoyer Jennifer M YiEVP Entrprs Enblmnt, Ch HR Off2× since May 29, 2026: 21,708 shares, avg. $6.57$142,519Jul 1, 202610b5-1 plan

Plus 10 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 17/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+3.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.5%
Start year 2020 (pandemic). Over 10 years: +8.2% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.0%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−3.9% (2020) → −8.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

INGN screens overvalued: fair value 43% below the price. Compare with Abbott Laboratories, →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Devices · 318 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 52 · Below median
Fair Value upside −42.6% · Below median
Profitability
Return on assets −7.6% · Below median
Net margin (12 months) −10.0% · Bottom 25%
Operating margin (12 months) −5.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −16.4% · Bottom 25%

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/B 0.85× · Cheapest 25%
P/S (12 months) 0.46× · Cheapest 25%
PEG 3.48× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 6
FUTURE (revenue growth)0 · sector 36
PAST (return on equity)0 · sector 17
HEALTH (low debt)100 · sector 98
DIVIDEND (yield)0 · sector 34

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Devices stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Stryker Corporation SYK $325.87 $358.46 +10% vs INGN
Boston Scientific Corporation BSX $42.75 $47.03 +10% vs INGN
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥184.15 ¥202.57 +10% vs INGN
DexCom, Inc DXCM $79.41 $87.35 +10% vs INGN
GE HealthCare Technologies Inc GEHC $82.38 $69.92 −15% vs INGN
Edwards Lifesciences Corporation EW $102.14 $81.94 −20% vs INGN
Siemens Healthineers AG SHL €44.66 €34.51 −23% vs INGN
Abbott Laboratories, ABT $109.93 $75.28 −32% vs INGN
Medtronic plc MDT $101.80 $65.61 −36% vs INGN
Koninklijke Philips N.V PHIA €27.33 €15.23 −44% vs INGN

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Inogen Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Inogen Inc Fair Value". https://www.fairvalue-calculator.com/stock/INGN

Frequently asked questions

Is Inogen Inc (INGN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $3.46 versus a price of $6.03, about 43% lower (overvalued).
What is the fair value of INGN?
Our model-based fair value for Inogen Inc is $3.46 (as of Nov 8, 2026), built from audited fundamentals. The current price: $6.03.
What is the quality score of INGN?
Inogen Inc has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Inogen Inc (INGN)?
Our model-based price target is the fair value of $3.46 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario $2.29, optimistic scenario $4.33. It is a calculation from audited fundamentals, not an analyst target.
What is the Inogen Inc stock forecast for 2026?
Our models put fair value at $3.46, about 43% lower versus a price of $6.03 (overvalued). Cautious scenario $2.29, optimistic scenario $4.33. The calculation is refreshed regularly with new filings.
What is the revenue of Inogen Inc (INGN)?
Inogen Inc reported trailing-twelve-month revenue of about $355M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Inogen Inc (INGN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Inogen Inc it is $3.46 per share (as of Nov 8, 2026), against a price of $6.03. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Inogen Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, INGN trades above its calculated fair value: price $6.03, fair value $3.46, a gap of about −43% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INGN?
No. The price is what the market pays today ($6.03); the fair value is what the company's own numbers justify ($3.46). For Inogen Inc the two are $2.57 per share apart. That gap is exactly why we show both numbers side by side.
How much is Inogen Inc worth?
The market values Inogen Inc at about $163M (market capitalisation, as of Nov 8, 2026). Per share that is $6.03; our models calculate a fair value of $3.46 per share.
What do the bullish and bearish scenarios say about INGN?
Our models span a range for Inogen Inc: cautious scenario $2.29, base $3.46, optimistic $4.33 per share (as of Nov 8, 2026, price $6.03). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of INGN?
The PEG ratio of Inogen Inc is 3.48 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Inogen Inc (INGN)?
Balance-sheet figures for Inogen Inc (as of Nov 8, 2026): return on equity −19.8%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is INGN from its 52-week high?
Inogen Inc trades at $6.03, about 18% below its 52-week high of $7.35 and 18% above the low of $5.09 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $3.46 is for.
Which stocks are comparable to Inogen Inc?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Inogen Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $6.03, calculated fair value $3.46 (−43%), Quality Score 52/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INGN calculated?
We run Inogen Inc through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of $3.46 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Inogen Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Inogen Inc (INGN)?
The closing price on Nov 6, 2026 was $6.03. Our model-based fair value is $3.46, about 43% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Inogen Inc right now?
The price sits above even our optimistic bull case ($4.33). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($2.29 to $4.33) leaves room in how you read the outcome.

Key figures of Inogen Inc

How large is the market capitalisation of Inogen Inc (INGN)?
The market capitalisation of Inogen Inc is $163M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Inogen Inc (INGN)?
The price-to-sales ratio of Inogen Inc is 0.45 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Inogen Inc (INGN)?
Earnings per share at Inogen Inc are $−1.21. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Inogen Inc (INGN)?
The net margin of Inogen Inc is −10.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Inogen Inc (INGN)?
The return on equity (ROE) of Inogen Inc is −19.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Inogen Inc (INGN)?
On an EBIT basis the return on assets of Inogen Inc is −15.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Inogen Inc (INGN)?
The operating margin of Inogen Inc is −5.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Inogen Inc (INGN)?
Revenue at Inogen Inc is growing −16.4% versus a year earlier (3y avg −2.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Inogen Inc (INGN)?
Earnings per share at Inogen Inc are growing +87.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Inogen Inc (INGN) generate?
The free cash flow of Inogen Inc is −$21.6M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Inogen Inc (INGN) hold?
Inogen Inc holds more cash than debt, $86.3M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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