MeritValue

Inogen Inc

INGNdata completeness 88%14 fiscal years on file
The thesis, from the filings

Inogen Inc earns about -45% on invested capital, but has diluted owners by 18% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$311.7M1$320.5M2$251.6M3$278.8M3$295.3M3
Net income−$6.33M4−$83.8M5−$102.4M6−$35.9M6−$22.7M6
Operating cash flow$23.6M7−$37.5M8−$3.23M9$5.91M9−$11.2M9
Capital expenditure$5.48M10$3.34M11$5.22M12$3.36M12$2.52M12
Free cash flow (derived)$18.2M7−$40.9M8−$8.45M9$2.55M9−$13.7M9
Total debt—————
Cash & equivalents$235.5M13$187M14$125.5M15$113.8M15$103.7M15
Diluted shares22.5M22.9M23.2M23.7M26.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$72.26
your share of equity
Profit it earned you last year
−$8.55
Free cash flow it threw off
−$5.16
Debt you’d be carrying
—

10 shares is a claim on $72.26 of net worth that earned you −$8.55 and generated −$5.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-45% avg · 5y
FY21 3%FY22 -60%FY23 -102%FY24 -48%FY25 -21%

It earned an average -45% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+18% shares · 5y

Share count is up 18% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-023820 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029993 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-082630 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-023820 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029993 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-082630 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-023820 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029993 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-082630 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-023820 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-029993 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-082630 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-004370 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-023820 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-082630 (CashAndCashEquivalentsAtCarryingValue)