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

As of Sep 24, 2026: fair value of Inogen Inc $2.88, price $5.23, upside -44.9%, quality 45 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · US · ISIN US45780L1044

II Inogen Inc logo Thin data Sep 23, 2026

Inogen Inc

INGN · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $2.88 · Strongly overvalued (−45%)
!Quality 45/100
!Weak Growth (revenue 5y +2.5 %/yr)
!Loss-making · -7.1% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/11)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
!Weak on future: 17 out of 100
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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

$82.26 $4.21 Fair Value $2.88 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $4.21 – $82.26 · fair‑value band $1.90 – $3.60 · the $5.23 price screens above the $2.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 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. The company offers portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.

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Inogen, Inc., a medical technology company, develops, manufactures, and markets respiratory health products in the United States and internationally. 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 $5.23, while our model-based Fair Value estimate is $2.88, implying the stock looks roughly 81.5% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: $1.90 (bear) to $3.60 (bull), the price of $5.23 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 45/100 (below-average 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 $174M · P/S ratio 0.49 · EPS (TTM) $−0.9100 · Net margin −6.5% · Return on equity −13.1% · Return on assets (EBIT) −15.4% · Operating margin −9.9% · Revenue (TTM) $351M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 42% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 5% fair-value upside, at −45%, INGN screens richer than that median.

Fair Value models

Bear $1.90 Fair Value $2.88 Bull $3.60
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
NCAV (Graham) $3.55 $4.76 $7.10 54
All 1 models by family
Asset-Based
NCAV (Graham) $3.55 $4.76 $7.10 54

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Quality Score breakdown

Overall quality 45/100

Of which business quality 46 · Market factors (momentum, volatility) 14

Profitability 38
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 2
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 28
Calm price path (market factor)
Momentum 12
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 10
Share count: buybacks or dilution?

Open the full quality analysis →

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 81% overvalued. 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 · 365 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 46 · Below median
Fair Value upside −43% · Below median
Profitability
Return on assets −6% · Below median
Net margin (TTM) −7% · Below median
Operating margin (TTM) −10% · Below median
Growth and dividend
Revenue growth 3% · Below median

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/B 0.90× · Cheaper than median
P/S (TTM) 0.49× · 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 10
FUTURE (revenue growth)17 · sector 31
PAST (return on equity)0 · sector 7
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · sector 40

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
Abbott Laboratories, ABT $101.07 $74.79 −26%
Medtronic plc MDT $89.30 $65.57 −27%
Stryker Corporation SYK $269.75 $296.73 +10%
Boston Scientific Corporation BSX $44.62 $49.08 +10%
Edwards Lifesciences Corporation EW $86.82 $82.04 −6%
Siemens Healthineers AG SHL €37.21 €35.22 −5%
DexCom, Inc DXCM $87.73 $96.50 +10%
GE HealthCare Technologies Inc GEHC $66.27 $69.62 +5%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥156.68 ¥172.35 +10%
Koninklijke Philips N.V PHIA €21.85 €15.32 −30%

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Inogen Inc · Fair Value
$2.88 −81%Fair Value
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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 Sep 23, 2026, our model estimates a fair value of $2.88 versus a price of $5.23, about −45% upside (overvalued).
What is the fair value of INGN?
Our model-based fair value for Inogen Inc is $2.88 (as of Sep 23, 2026), built from audited fundamentals. The current price: $5.23.
What is the quality score of INGN?
Inogen Inc has a Quality Score of 45/100. 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 $2.88 (as of Sep 23, 2026) from 1 valuation models. Cautious scenario $1.90, optimistic scenario $3.60. 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 $2.88, about −45% upside versus a price of $5.23 (overvalued). Cautious scenario $1.90, optimistic scenario $3.60. 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 $351M (latest available figure, as of Sep 23, 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 $2.88 per share (as of Sep 23, 2026), against a price of $5.23. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Inogen Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, INGN trades above its calculated fair value: price $5.23, fair value $2.88, a gap of about −45% (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 ($5.23); the fair value is what the company's own numbers justify ($2.88). For Inogen Inc the two are $2.35 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 $174M (market capitalisation, as of Sep 23, 2026). Per share that is $5.23; our models calculate a fair value of $2.88 per share.
What do the bullish and bearish scenarios say about INGN?
Our models span a range for Inogen Inc: cautious scenario $1.90, base $2.88, optimistic $3.60 per share (as of Sep 23, 2026, price $5.23). 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 Sep 23, 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 Sep 23, 2026): return on equity −13.1%. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is INGN from its 52-week high?
Inogen Inc trades at $5.23, about 42% below its 52-week high of $8.95 and 3% above the low of $5.09 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of $2.88 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 Sep 23, 2026: price $5.23, calculated fair value $2.88 (−45%), Quality Score 45/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.88, 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 14.0 % 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 Sep 24, 2026 was $5.23. Our model-based fair value is $2.88, about −45% upside (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 ($3.60). 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 (45/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($1.90 to $3.60) 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 $174M. 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 0.49 (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 $−0.9100. 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 −6.5% (fiscal year 2025). 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 −13.1% (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 −9.9% (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 +3.4% 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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