Latest Ratios: P/E Ratio -7.7x · EV/EBITDA N/A · ROE -12.4%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $177M | $183M | $217M | $127M | $450M | $765M | $982M | $1.5B | $2.8B | $2.6B | $1.4B |
| Enterprise Value | $91M | $96M | $123M | $24M | $287M | $556M | $780M | $1.3B | $2.6B | $2.5B | $1.3B |
| P/E Ratio → | -7.69 | — | — | — | — | — | — | 72.69 | 53.99 | 124.04 | 69.25 |
| P/S Ratio | 0.51 | 0.52 | 0.65 | 0.40 | 1.19 | 2.14 | 3.18 | 4.20 | 7.81 | 10.45 | 6.99 |
| P/B Ratio | 0.92 | 0.95 | 1.25 | 0.62 | 1.51 | 2.07 | 2.81 | 4.41 | 9.01 | 11.49 | 7.78 |
| P/FCF | — | — | — | — | — | — | 49.93 | 44.59 | 59.48 | 51.88 | 61.56 |
| P/OCF | — | — | 36.68 | — | — | 32.36 | 26.53 | 37.44 | 46.61 | 43.11 | 45.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.28 | 0.36 | 0.07 | 0.76 | 1.55 | 2.53 | 3.67 | 7.26 | 9.88 | 6.53 |
| EV / EBITDA | — | — | — | — | — | 18.01 | 118.99 | 39.51 | 52.84 | 61.78 | 36.36 |
| EV / EBIT | — | — | — | — | — | 60.15 | — | 67.13 | 68.59 | 89.33 | 57.91 |
| EV / FCF | — | — | — | — | — | — | 39.66 | 38.98 | 55.29 | 49.03 | 57.53 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.6% | 47.6% | 46.1% | 40.1% | 40.7% | 49.3% | 44.8% | 47.5% | 49.9% | 48.6% | 48.0% |
| Operating Margin | -8.7% | -8.7% | -12.7% | -34.7% | -22.6% | 2.6% | -3.9% | 5.5% | 10.6% | 11.1% | 11.3% |
| Net Profit Margin | -6.5% | -6.5% | -10.7% | -32.5% | -22.2% | -1.8% | -1.9% | 5.8% | 14.5% | 8.4% | 10.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.4% | -12.4% | -19.0% | -40.8% | -25.1% | -1.8% | -1.7% | 6.4% | 19.3% | 10.3% | 13.0% |
| ROA | -7.6% | -7.6% | -11.5% | -28.0% | -18.7% | -1.3% | -1.3% | 5.1% | 15.9% | 8.6% | 10.9% |
| ROIC | -24.4% | -24.4% | -35.3% | -69.8% | -43.3% | 4.5% | -6.0% | 11.1% | 28.7% | 23.9% | 21.8% |
| ROCE | -13.3% | -13.3% | -18.0% | -36.9% | -22.2% | 2.2% | -3.0% | 5.4% | 13.3% | 12.8% | 13.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.11 | 0.11 | 0.08 | 0.07 | 0.03 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 0.86 | 1.53 | 0.20 | — | — | — |
| Net Debt / Equity | — | -0.45 | -0.54 | -0.51 | -0.55 | -0.56 | -0.58 | -0.56 | -0.63 | -0.63 | -0.51 |
| Net Debt / EBITDA | — | — | — | — | — | -6.77 | -30.80 | -5.69 | -4.00 | -3.58 | -2.55 |
| Debt / FCF | — | — | — | — | — | — | -10.27 | -5.61 | -4.18 | -2.84 | -4.03 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | 3810.67 |
Net cash position: cash ($104M) exceeds total debt ($17M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.12 | 3.12 | 2.42 | 2.86 | 4.66 | 5.35 | 5.39 | 5.82 | 6.75 | 6.74 | 7.07 |
| Quick Ratio | 2.71 | 2.71 | 2.09 | 2.55 | 4.14 | 4.83 | 4.95 | 5.11 | 6.17 | 6.19 | 6.44 |
| Cash Ratio | 1.88 | 1.88 | 1.48 | 1.77 | 2.86 | 3.99 | 4.08 | 4.17 | 5.16 | 5.13 | 4.99 |
| Asset Turnover | — | 1.17 | 1.13 | 0.97 | 0.93 | 0.73 | 0.67 | 0.81 | 0.95 | 0.91 | 0.95 |
| Inventory Turnover | 7.04 | 7.04 | 7.29 | 8.65 | 6.56 | 5.70 | 6.86 | 5.33 | 6.63 | 6.80 | 7.36 |
| Days Sales Outstanding | — | 40.68 | 32.73 | 49.62 | 62.26 | 26.30 | 37.58 | 37.62 | 40.46 | 47.93 | 55.48 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 1.4% | 1.9% | 0.8% | 1.4% |
| FCF Yield | — | — | — | — | — | — | 2.0% | 2.2% | 1.7% | 1.9% | 1.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $27M | $24M | $23M | $23M | $22M | $22M | $22M | $23M | $22M | $21M |
High customer acquisition costs
Based on current market data, INGN trades at a price-to-sales ratio of 0.54, which, according to recent financial filings, suggests that investors are heavily discounting the company's future growth prospects due to the persistent inability to translate its direct-to-consumer model into positive bottom-line earnings.
The negative P/E ratio of -8.16 underscores the market's focus on the company's ongoing struggle to achieve profitability rather than traditional earnings-based valuation metrics. Investors should monitor whether the current P/S multiple represents a floor for the stock or if further multiple compression is likely as the company continues to navigate high customer acquisition costs.
As reported in financial statements, INGN's ROIC has remained consistently negative, reaching -6.0% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its investments in the portable oxygen concentrator rental fleet and manufacturing infrastructure.
The persistent negative return on capital suggests that the company's core business model is not yet generating returns that exceed its cost of capital. This trend warrants further investigation into whether management can optimize its asset base or if the current capital-intensive strategy is fundamentally incompatible with the company's current scale.
According to recent quarterly data, INGN's cash conversion cycle has fluctuated significantly, reaching 33 days in 2026Q1, which reflects the inherent challenges of managing inventory and receivables within a complex, multi-channel distribution network that relies heavily on both direct-to-consumer sales and business-to-business partnerships.
The variability in the cash conversion cycle suggests that the company lacks tight control over its working capital, potentially tying up cash in inventory that could otherwise be used to fund operations. Investors should monitor the DSO and DIO trends to determine if the company is becoming more efficient at collecting payments or if it is facing increased pressure from its B2B customers.
Based on the most recent quarterly filings, INGN maintains a current ratio of 3.10, which provides a substantial liquidity cushion, yet this metric may be misleading as it does not account for the ongoing cash burn required to sustain the company's high-cost direct-to-consumer marketing efforts.
While the current ratio appears healthy, the company's reliance on cash reserves to fund operating losses suggests that its liquidity position is not as robust as the headline numbers might imply. The lack of positive operating cash flow means that the company's ability to maintain this liquidity buffer is entirely dependent on its existing cash balance and potential future financing.
The market frequently misapplies traditional hardware-based valuation multiples to INGN, failing to recognize that the company operates as a specialized service and logistics provider for the oxygen-dependent population, which requires a different analytical framework than that used for standard medical device manufacturers.
By focusing on hardware sales multiples, analysts often overlook the recurring revenue potential of the rental fleet and the long-term value of the installed base. A more appropriate metric would be to adjust for the lifetime value of the patient relationship, rather than relying on P/S or P/E ratios that ignore the company's unique service-oriented business model.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying INGN stock.
Inogen, Inc.'s current P/E ratio is -7.7x. The historical average is 82.7x.
Inogen, Inc.'s return on equity (ROE) is -12.4%. The historical average is 0.1%.
Based on historical data, Inogen, Inc. is trading at a P/E of -7.7x. Compare with industry peers and growth rates for a complete picture.
Inogen, Inc. has 47.6% gross margin and -8.7% operating margin.