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Inogen Balance Sheet 2025-2011 | INGN
Brief overview of Inogen's financial position
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
The asset base decreased -39%, from $489.5 million to $298.6 million. Resources became smaller over the five periods.
Liabilities expanded faster than the asset base, -10.8% versus -39%. Debt-service capacity deserves attention.
Equity funds 64.4% of assets versus 75.6% initially. This creates a conservative balance sheet structure.
Negative net debt of -$86.3 million means cash holdings are larger than debt obligations.
The cash share moved from 48.1% to 34.7%. A higher figure generally provides more room in an adverse scenario.
The accumulated result is -$175.6 million and remains below zero. The number alone does not explain whether losses, dividends or repurchases were the main cause.
Conclusion
Inogen's balance sheet profile is moderate. It should be considered alongside profitability, cash flow and liability maturities.
Annual Balance Sheet Inogen
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-86.3 M | -94.4 M | -104 M | -164 M | -209 M | -202 M | -191 M | -197 M | -143 M | -92.9 M | -65.8 M | -56.2 M | -2.87 M | -6.18 M | 5.72 M |
Long Term Debt |
14.3 M | 16.6 M | 18.3 M | 19.8 M | 23.3 M | 8.08 M | - | - | - | - | - | 315 K | 5.39 M | 5.06 M | 7.1 M |
Long Term Debt Current |
3.16 M | 2.81 M | 3.65 M | 3.52 M | 3.39 M | 1.93 M | 2.01 M | - | - | - | 315 K | 299 K | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 52.5 M | 18.9 M | 14.1 M | 9.12 M | 5.28 M | 3.2 M | 6.43 M | 5.22 M | 7.43 M |
Total Current Liabilities |
63.5 M | 76.7 M | 72.5 M | 65.3 M | 61.5 M | 56.7 M | 50.2 M | 46.6 M | 33.9 M | 22.8 M | 22 M | 18.7 M | - | - | - |
Total Liabilities |
106 M | 122 M | 121 M | 108 M | 119 M | 112 M | 103 M | 65.5 M | 48 M | 32 M | 27.3 M | 21.9 M | 26.1 M | 19 M | 16.6 M |
Deferred Revenue |
- | - | - | - | - | - | 5.48 M | 4.45 M | 3.53 M | 2.24 M | 2.32 M | 2.32 M | 1.49 M | 1.09 M | 594 K |
Retained Earnings |
-176 M | -153 M | -117 M | -14.5 M | 69.3 M | 75.6 M | 81.4 M | 60.5 M | 8.64 M | -12.4 M | -45.1 M | -56.7 M | -62.6 M | -81 M | -75.8 M |
Total Assets |
299 M | 296 M | 326 M | 405 M | 490 M | 462 M | 447 M | 376 M | 275 M | 214 M | 161 M | 140 M | 82.4 M | 47.6 M | 24.1 M |
Cash and Cash Equivalents |
104 M | 114 M | 125 M | 187 M | 236 M | 212 M | 198 M | 197 M | 143 M | 92.9 M | 66.1 M | 56.8 M | 13.5 M | 15.1 M | - |
Book Value |
192 M | 174 M | 205 M | 297 M | 370 M | 350 M | 345 M | 310 M | 227 M | 182 M | 134 M | 118 M | 56.3 M | 28.6 M | 7.56 M |
Total Shareholders Equity |
192 M | 174 M | 205 M | 297 M | 370 M | 350 M | 345 M | 310 M | 227 M | 182 M | 134 M | 118 M | -62.4 M | -80.8 M | - |
All numbers in USD currency
Quarterly Balance Sheet Inogen
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
13.4 M | 15.1 M | 16 M | 16.3 M | 16.6 M | 17.4 M | 18.1 M | 18.6 M | 18.3 M | 18.9 M | 18.3 M | 19.2 M | 19.8 M | 20.7 M | - | 22.4 M | 23.3 M | 24.1 M | 24.9 M | 16.4 M | 8.08 M | 8.08 M | 8.08 M | 8.08 M | 4.7 M | 4.7 M | 4.7 M | 4.7 M | - | - | - | - | - | - | - | - | - | 80 K | 159 K | 238 K | 315 K | 80 K | 159 K | 237 K | 315 K | 315 K | 315 K | 315 K | 5.39 M | 5.39 M | 5.39 M | 5.39 M | - | - | - | - | - | - | - | - |
Total Liabilities |
103 M | 110 M | 113 M | 110 M | 122 M | 121 M | 121 M | 124 M | 121 M | 113 M | 99.6 M | 104 M | 108 M | 119 M | - | 116 M | 119 M | 122 M | 127 M | 120 M | 112 M | 112 M | 112 M | 112 M | 103 M | 103 M | 103 M | 103 M | 65.5 M | 65.5 M | 65.5 M | 65.5 M | 48 M | 48 M | 48 M | 48 M | 32 M | 32 M | 32 M | 32 M | 27.3 M | 27.3 M | 27.3 M | 27.3 M | 21.9 M | 21.9 M | 21.9 M | 21.9 M | 26.1 M | 26.1 M | 26.1 M | 26.1 M | - | - | - | - | - | - | - | - |
Deferred Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.15 M | 3.53 M | 3.65 M | 3.58 M | 2.76 M | 2.24 M | 2.24 M | 2.24 M | 2.24 M | 2.32 M | 2.32 M | 2.32 M | 2.32 M | 2.32 M | 2.32 M | 2.32 M | 2.32 M | 1.49 M | 1.49 M | 1.49 M | 1.49 M | - | - | - | - | - | - | - | - |
Retained Earnings |
-184 M | -168 M | -163 M | -159 M | -153 M | -143 M | -137 M | -132 M | -117 M | -90.4 M | -44.7 M | -34.8 M | -14.5 M | 42.1 M | - | 55.1 M | 69.3 M | 92.1 M | 80 M | 74.9 M | 75.6 M | 75.6 M | 75.6 M | 75.6 M | 81.4 M | 81.4 M | 81.4 M | 81.4 M | 60.5 M | 60.5 M | 60.5 M | 60.5 M | 8.64 M | 8.64 M | 8.64 M | 8.64 M | -12.4 M | -12.4 M | -12.4 M | -12.4 M | -45.1 M | -45.1 M | -45.1 M | -45.1 M | -56.7 M | -56.7 M | -56.7 M | -56.7 M | -62.6 M | -62.6 M | -62.6 M | -62.6 M | - | - | - | - | - | - | - | - |
Total Assets |
286 M | 307 M | 312 M | 308 M | 296 M | 306 M | 309 M | 316 M | 326 M | 344 M | 374 M | 386 M | 405 M | 470 M | - | 475 M | 490 M | 513 M | 498 M | 476 M | 462 M | 462 M | 462 M | 462 M | 447 M | 447 M | 447 M | 447 M | 376 M | 376 M | 376 M | 376 M | 275 M | 275 M | 275 M | 275 M | 214 M | 214 M | 214 M | 214 M | 161 M | 161 M | 161 M | 161 M | 140 M | 140 M | 140 M | 140 M | 82.4 M | 82.4 M | 82.4 M | 82.4 M | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
93.1 M | 106 M | 104 M | 119 M | 114 M | 106 M | 97.9 M | 107 M | 125 M | 125 M | 168 M | 164 M | 187 M | 210 M | - | 213 M | 236 M | 242 M | 239 M | 220 M | 212 M | 212 M | 212 M | 212 M | 198 M | 198 M | 198 M | 198 M | 197 M | 197 M | 197 M | 197 M | 143 M | 143 M | 143 M | 143 M | 92.9 M | 92.9 M | 92.9 M | 92.9 M | 66.1 M | 66.1 M | 66.1 M | 66.1 M | 56.8 M | 56.8 M | 56.8 M | 56.8 M | 13.5 M | 13.5 M | 13.5 M | 13.5 M | 15.1 M | 15.1 M | - | - | 3.91 M | - | - | - |
Book Value |
183 M | 197 M | 199 M | 198 M | 174 M | 185 M | 188 M | 192 M | 205 M | 231 M | 275 M | 281 M | 297 M | 351 M | - | 358 M | 370 M | 391 M | 371 M | 356 M | 350 M | 350 M | 350 M | 350 M | 345 M | 345 M | 345 M | 345 M | 310 M | 310 M | 310 M | 310 M | 227 M | 227 M | 227 M | 227 M | 182 M | 182 M | 182 M | 182 M | 134 M | 134 M | 134 M | 134 M | 118 M | 118 M | 118 M | 118 M | 56.3 M | 56.3 M | 56.3 M | 56.3 M | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
183 M | 197 M | 199 M | 198 M | 174 M | 185 M | 188 M | 192 M | 205 M | 231 M | 275 M | 281 M | 297 M | 351 M | 357 M | 358 M | 370 M | 391 M | 371 M | 356 M | 350 M | 350 M | 350 M | 350 M | 345 M | 345 M | 345 M | 345 M | 310 M | 310 M | 310 M | 310 M | 227 M | 227 M | 227 M | 227 M | 182 M | 182 M | 182 M | 182 M | 134 M | 134 M | 134 M | 134 M | 118 M | 118 M | 118 M | 118 M | -62.4 M | -62.4 M | -62.4 M | -62.4 M | -80.8 M | - | - | - | -75.6 M | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Inogen, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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