Inogen (INGN) just closed out FY 2025 with Q4 revenue of US$81.7 million, a basic EPS loss of US$0.26 and net income loss of US$7.1 million, set against trailing 12 month revenue of US$348.7 million and a basic EPS loss of US$0.86. Over recent quarters the company has seen quarterly revenue move from US$80.1 million in Q4 2024 to US$92.4 million in Q3 2025 before landing at US$81.7 million in Q4 2025, while quarterly basic EPS losses ranged between US$0.15 and US$0.41 across that span. With the stock trading at US$7.19 and the business still loss making, the focus for investors this season is on how quickly margins can tighten from here.

See our full analysis for Inogen.

With the latest numbers on the table, the next step is to see how this earnings profile lines up with the key bullish and bearish narratives that have built around Inogen over the past year.

TTM loss of US$22.7 million keeps profitability in focus

• On a trailing 12 month basis, Inogen reported a net income loss of US$22.7 million and a basic EPS loss of US$0.86, compared with a loss of US$35.9 million and a basic EPS loss of US$1.52 at the end of FY 2024.
• Bears highlight that Inogen has been unprofitable over the last 12 months and is forecast to remain unprofitable over the next three years, and this latest TTM loss of US$22.7 million feeds into that concern even as it is smaller than the US$35.9 million TTM loss a year earlier.
  • Losses have grown at about 17.5% per year over the past five years, so the current loss profile still fits a longer history of negative earnings even with recent TTM improvement.
  • Even with TTM revenue at US$348.7 million, forecasts cited in the data still do not point to profitability within three years. This is what cautious investors focus on when they question the durability of any margin progress.

Over four of the last five quarters the company has reported positive adjusted EBITDA. However, the TTM net loss shows how far earnings still have to move before cash generation translates into consistent profitability. Bears argue that this gap is exactly why they think the stock deserves a discount. 🐻 Inogen Bear Case

Revenue at US$348.7 million versus slower 6.4% growth outlook

• Trailing 12 month revenue reached US$348.7 million at FY 2025, compared with US$335.7 million at FY 2024, while forecasts in the data point to about 6.4% annual revenue growth going forward versus 11.4% per year for the broader US market.
• Supporters of the bullish view argue that portfolio expansion with products like Voxi 5 and platforms such as Simeox could justify stronger long term growth than the 6.4% forecast. Yet the actual TTM step from US$335.7 million to US$348.7 million is closer to that mid single digit pace than to the higher growth bulls talk about.
  • Quarterly revenue over FY 2025 ranged from US$81.7 million to US$92.4 million, which lines up with the TTM outcome and does not yet reflect the kind of acceleration bulls associate with new launches and bundled oxygen solutions.
  • Bulls also lean on secular drivers like aging populations and increased respiratory disease to argue for a longer runway, but the data provided here only confirms mid single digit growth rather than the stronger expansion implied in those arguments.

Bulls suggest that as new products scale and digital health features gain traction, revenue growth could outpace the current 6.4% forecast, making today's numbers a starting point rather than an endpoint. 🐂 Inogen Bull Case

P/S of 0.6x against 4.7x peers and DCF fair value gap

• At a share price of US$7.19 and trailing 12 month revenue of US$348.7 million, Inogen trades on a P/S of 0.6x compared with 4.7x for peers and 2.8x for the US Medical Equipment industry, while the provided DCF fair value is US$13.20.
• Supporters of the consensus narrative point out that this low P/S multiple and the gap to the US$13.20 DCF fair value sit alongside an analyst price target of US$12.67. Yet the same dataset also flags ongoing unprofitability and a slower 6.4% revenue growth outlook versus the wider US market at 11.4%, so valuation arguments have to be weighed directly against the earnings profile.
  • The stock trading roughly 45.5% below the cited DCF fair value and below the US$12.67 analyst target suggests the market is placing a discount on the shares relative to both modelled cash flows and analyst expectations.
  • At the same time, the forecast for continued losses over at least three years, despite current revenue scale of US$348.7 million, illustrates why some investors may see the discount as a reflection of profit risk rather than a clear mispricing.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Inogen on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Conflicted by the mix of risks and rewards across this update? Use the full dataset to stress test your own thesis and evaluate the trade off of 3 key rewards and 1 important warning sign.

See What Else Is Out There

Inogen is still recording losses, faces forecasts for continued unprofitability and slower 6.4% revenue growth, and trades at a discount that reflects these risks.

If you want ideas where the balance of growth and risk looks more comfortable right now, check out 72 resilient stocks with low risk scores that prioritizes resilience and financial strength over uncertainty.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.