Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 3, 2026
Inogen Inc (INGN)
A forensic read on Inogen Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
2.3
Distress distance
Clean
Earnings quality
6
Forensic signals
-11.8%
ROE
3.9%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Inogen Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 2.3, placing it in the Grey zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+38.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +38.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +31% against revenue +4%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 16% of net operating assets, against an accruals ratio of 38.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
-18.2%
FY2025
Return on invested capital.Return on invested capital is -18.2% in the latest fiscal year and rising across FY2023–FY2025 from -67.4%. After-tax operating profit was ($86M) in FY2023 and ($24M) in FY2025, with operating income at -34.7% of revenue in FY2023, -12.7% in FY2024 and -8.7% in FY2025. The capital base behind it went from $128M in FY2023 to $131M in FY2025 (+2%), while the revenue it carried went from $316M to $349M. $16M of the $131M base at FY2025 is short-term investments (12.1%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows. FY2023's operating profit carried a $33M goodwill write-off that alone took about 20.3 points off that year's return, so about 20.3 of the 49.2-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more.
+7.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +15% over the last 2 years to FY2025 (+7.1%/yr). The count is growing — 23.2M shares in FY2023, 26.6M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~7.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~13%.
Key fundamentals
Latest Revenue$348.7M
Revenue Growth YoY+3.9%
Revenue CAGR (2yr)+5.1%
Net Margin-6.5%
Free Cash Flow-$13.7M
Return on Equity-11.8%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Inogen Inc's actual 10-K/10-Q/8-K filings?
Stock-based comp load.Stock-based compensation ran 2% of revenue in FY2025 — about $0.30 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 7.1% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
41d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 32 to 41 days FY2024→FY2025 (receivables +31% vs revenue +4%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 49 → 32 → 41 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 4 consecutive quarters (Sep 2025 +5, Dec 2025 +10, Mar 2026 +4, Jun 2026 +6 days). In the latest of them the receivable balance grew +20% against sales +3%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
$33M
FY2023–FY2023
Goodwill impairments.Took $33M of goodwill writedowns across 1 year (FY2023 ($33M)). Writedowns mean past acquisitions underperformed what was paid for them.