Inogen, Inc.

INGN

HealthcareMedical - DevicesNASDAQ

$6.68

Market Cap: $182.53M

Inogen, Inc. (INGN) Valuation Summary

Updated Apr 23, 2026 22:31

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$2.07 – $35.23	$12.37	+77.0%
Revenue DCF 10Y	$3.47 – $33.77	$13.02	+86.2%
▸ Trading Multiples
EV/Revenue	$19.62 – $80.07	$33.95	+385.7%

Valuation History

DCF Analysis

Inogen, Inc. (INGN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$13.02

Market Price

$6.68

Upside / Downside

+94.9%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -8.7% to a target of 13.3% over 5 years, discounted at a WACC of 8.4%, Inogen, Inc. (INGN) has an intrinsic value of $13.02 per share (range: $3.47 – $33.77).

Key Assumptions

Current Operating Margin

-8.7%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

9.1%

D&A/Revenue

6.0%

Tax Rate

40.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	369	5.9%	-4.3%	-16	-16	22	(22)	18	-34	-33
2027	398	7.8%	0.1%	0	0	24	(26)	4	-5	-5
2028	429	7.7%	4.5%	19	12	26	(29)	4	4	3
2029	455	6.1%	8.9%	41	24	27	(32)	4	16	12
2030	476	4.7%	13.3%	63	38	29	(35)	3	28	20
2031	473	-0.7%	13.3%	63	38	29	(37)	-0	30	19
2032	470	-0.7%	13.3%	63	38	28	(38)	-0	28	17
2033	467	-0.7%	13.3%	62	37	28	(39)	-0	27	15
2034	469	0.6%	13.3%	62	37	28	(41)	0	24	12
2035	478	1.8%	13.3%	64	38	29	(43)	1	22	10

Enterprise Value Bridge

Sum of PV(FCFF)71

Terminal Value (Gordon Growth at 3.0%)425

PV of Terminal Value197

Enterprise Value268

(–) Net Debt-86

Equity Value354

(÷) Shares Outstanding27

Fair Value per Share$13.02

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.5%	$6	$13	$20	$27	$34
7.4%	$5	$10	$16	$21	$26
8.4%	$4	$9	$13	$17	$22
9.4%	$4	$7	$11	$15	$18
10.4%	$3	$7	$10	$13	$16

Current price: $6.68. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Inogen, Inc. (INGN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$12.37

Market Price

$6.68

Upside / Downside

+85.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-8.7%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

9.1%

D&A/Revenue

6.0%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	369	5.9%	-4.3%	-16	-16	22	(24)	18	-35	-34
2027	398	7.8%	0.1%	0	0	24	(28)	4	-8	-7
2028	429	7.7%	4.5%	19	12	26	(33)	4	-0	-0
2029	455	6.1%	8.9%	41	24	27	(38)	4	10	7
2030	476	4.7%	13.3%	63	38	29	(43)	3	21	14

Enterprise Value Bridge

Sum of PV(FCFF)-19

Terminal Value (Gordon Growth at 3.0%)388

PV of Terminal Value269

Enterprise Value250

(–) Net Debt-86

Equity Value336

(÷) Shares Outstanding27

Fair Value per Share$12.37

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.5%	$4	$12	$20	$27	$35
7.4%	$3	$9	$15	$21	$27
8.4%	$3	$7	$12	$17	$22
9.4%	$2	$6	$10	$15	$19
10.4%	$2	$6	$9	$13	$16

Current price: $6.68. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$33.95

Market Price

$6.68

Upside / Downside

+408.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Inogen, Inc. (INGN) has a fair value of $33.95 based on 8 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Inogen, Inc.INGN	182	0.3x	0.3x
Shoulder Innovations, Inc.SI	270	5.5x	1.1x
Sight Sciences, Inc.SGHT	233	2.4x	2.3x
SANUWAVE Health, Inc.SNWV	164	4.0x	2.7x
Quanterix CorporationQTRX	148	1.1x	0.9x
Nano-X Imaging Ltd.NNOX	119	6.0x	5.9x
Health Catalyst, Inc.HCAT	98	0.7x	0.7x
Outset Medical, Inc.OM	84	1.3x	1.2x
Solana CompanyHSDT	83	12.6x	161.8x
Industry Median		3.2x	1.7x
(*) Revenue		349	327
= Enterprise Value		1,104	569
(-) Net Debt		-86	-86
Equity Value		1,190	655
(/) Outstanding shares		27	27
Fair Price		$44	$24

Selected Fair Value (avg of trailing + forward)

$33.95

+408.3%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$2.07 – $35.23

$12.37

+77.0%

Revenue DCF 10Y

$3.47 – $33.77

$13.02

+86.2%

▸ Trading Multiples

EV/Revenue

$19.62 – $80.07

$33.95

+385.7%

DCF Analysis

Inogen, Inc. (INGN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$13.02

Market Price

$6.68

Upside / Downside

+94.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-8.7%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

9.1%

D&A/Revenue

6.0%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	369	5.9%	-4.3%	-16	-16	22	(22)	18	-34	-33
2027	398	7.8%	0.1%	0	0	24	(26)	4	-5	-5
2028	429	7.7%	4.5%	19	12	26	(29)	4	4	3
2029	455	6.1%	8.9%	41	24	27	(32)	4	16	12
2030	476	4.7%	13.3%	63	38	29	(35)	3	28	20
2031	473	-0.7%	13.3%	63	38	29	(37)	-0	30	19
2032	470	-0.7%	13.3%	63	38	28	(38)	-0	28	17
2033	467	-0.7%	13.3%	62	37	28	(39)	-0	27	15
2034	469	0.6%	13.3%	62	37	28	(41)	0	24	12
2035	478	1.8%	13.3%	64	38	29	(43)	1	22	10

Enterprise Value Bridge

Sum of PV(FCFF)71

Terminal Value (Gordon Growth at 3.0%)425

PV of Terminal Value197

Enterprise Value268

(–) Net Debt-86

Equity Value354

(÷) Shares Outstanding27

Fair Value per Share$13.02

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.5%	$6	$13	$20	$27	$34
7.4%	$5	$10	$16	$21	$26
8.4%	$4	$9	$13	$17	$22
9.4%	$4	$7	$11	$15	$18
10.4%	$3	$7	$10	$13	$16

Current price: $6.68. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$33.95

Market Price

$6.68

Upside / Downside

+408.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Inogen, Inc. (INGN) has a fair value of $33.95 based on 8 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Inogen, Inc.INGN	182	0.3x	0.3x
Shoulder Innovations, Inc.SI	270	5.5x	1.1x
Sight Sciences, Inc.SGHT	233	2.4x	2.3x
SANUWAVE Health, Inc.SNWV	164	4.0x	2.7x
Quanterix CorporationQTRX	148	1.1x	0.9x
Nano-X Imaging Ltd.NNOX	119	6.0x	5.9x
Health Catalyst, Inc.HCAT	98	0.7x	0.7x
Outset Medical, Inc.OM	84	1.3x	1.2x
Solana CompanyHSDT	83	12.6x	161.8x
Industry Median		3.2x	1.7x
(*) Revenue		349	327
= Enterprise Value		1,104	569
(-) Net Debt		-86	-86
Equity Value		1,190	655
(/) Outstanding shares		27	27
Fair Price		$44	$24

Selected Fair Value (avg of trailing + forward)

$33.95

+408.3%