Does Inogen Inc have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Inogen Inc (INGN) 45.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 85, returns on capital 14, balance-sheet safety 55, capital discipline 24.

How has INGN's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 45.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Inogen Inc

INGN · Healthcare · $178.9M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power85

Median gross margin 52.7% over 10y, very stable.

Returns on capital14

Median ROIC -1.2%, above the 9% hurdle in 40% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $6.57
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for INGN yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — INGN has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#166 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#164ZOMDF Zomedica Corp.45.7 out of 100, Shallow moatShallow moat
#165HAE HAEMONETICS CORPORATION45.6 out of 100, Shallow moatShallow moat
#167MMSI MERIT MEDICAL SYSTEMS INC45.4 out of 100, Shallow moatShallow moat
#168SDGR Schrodinger, Inc.45.1 out of 100, Shallow moatShallow moat

Compare INGN with its nearest peers →All Healthcare companies on the Index →

Common questions about INGN

Does Inogen Inc have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Inogen Inc (INGN) 45.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 85, returns on capital 14, balance-sheet safety 55, capital discipline 24.
How has INGN's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 45.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell INGN. See the disclaimer.