Inogen, Inc — Earnings Quality Grade F
INGN · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 41 days, change +9 days YoY
AR growth 31.5% exceeds revenue growth 3.9%
Revenue 3.9%, CFFO -289.7%. Cash follows revenue
Expense Quality
Inventory 4.7% vs COGS 7.4%. Normal
CapEx growth -39.3% vs revenue 3.9%. Normal
SG&A/Gross Profit = 107.0%, exceeds 70%
Gross margin 44.2%, change -1.9pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -3.9%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 22% of equity. Manageable
Debt/EBITDA = -1.8x. Healthy
Other assets -25.7% vs revenue 3.9%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change 4% YoY. Normal
Manipulation Score
M-Score = -2.31 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25