Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Inogen Inc
Physical assets are 26.4% of total assets, a light footprint. Capex is 0.50x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets.
Fixed-asset turnover is 6.60x. Compare it with other names in the same basket.
Physical asset ratio
26.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.86MpropertyPlantAndEquipmentNetInventory$25.97MinventoryTotal assets$298.63MtotalAssetsResult 26.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$348.67MtotalRevenueNet PP&E$52.86MpropertyPlantAndEquipmentNetResult 6.60x
Revenue per dollar of the physical asset base.
Capex / D&A
0.50xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$10.38McapitalExpendituresD&A$20.66MdepreciationAndAmortizationResult 0.50x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$5.55Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$298.63MtotalAssetsGoodwill$10.70MgoodWillIntangibles$30.76MintangibleAssetsLiabilities$106.39MtotalLiabTangible book$150.77MShares27,176,742commonStockSharesOutstandingResult $5.55
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.24xPrice / tangible bookPrice / tangible book per sharePrice$6.86Latest quoteTangible book / share$5.552025-12-31Result 1.24x
Price $6.86.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.72MebitdaCapex$10.38McapitalExpendituresInterest—Not reportedShort-term debt$3.16MshortTermDebtEBITDA − capex-$13.10MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-11.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$21.60MfreeCashFlowMarket cap$192.40MMarketCapitalizationResult -11.2%
Latest free cash flow divided by current market cap ($192.40M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$30.21MoperatingIncomeTax expense-$632.00KincomeTaxExpensePretax income-$23.38MincomeBeforeTaxTax rate—Equity$192.23MtotalStockholderEquityDebt$17.48MshortLongTermDebtTotalCash$119.58McashAndShortTermInvestmentsInvested capital$90.13MROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.57x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 13.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.34MpropertyPlantEquipmentInventory$27.07MinventoryTotal assets$375.90MtotalAssetsResult 13.1% | 16.03xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$358.11MtotalRevenueNet PP&E$22.34MpropertyPlantEquipmentResult 16.03x | 1.15xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$12.97McapitalExpendituresD&A$11.30MdepreciationAndAmortizationResult 1.15x | $13.52Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$375.90MtotalAssetsGoodwill$2.26MgoodWillIntangibles$3.76MintangibleAssetsLiabilities$65.47MtotalLiabTangible book$304.41MShares22,514,513commonStockSharesOutstandingResult $13.52 | 2.77xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$49.19MebitdaCapex$12.97McapitalExpendituresInterest$0.00interestExpenseShort-term debt$13.07MshortTermDebtEBITDA − capex$36.21MPrincipal due is short-term debt.Result 2.77x | $47.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$59.98MtotalCashFromOperatingActivitiesCapex$12.97McapitalExpendituresFree cash flow$47.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $47.00M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.89MoperatingIncomeTax expense-$11.39MincomeTaxExpensePretax income$40.46MincomeBeforeTaxTax rate0.0%Equity$310.42MtotalStockholderEquityDebt—Not reportedCash$240.35McashAndShortTermInvestmentsInvested capital—Result — | 1.70xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$37.89MoperatingIncomeNet PP&E$22.34MpropertyPlantEquipmentResult 1.70x |
| 2019 | 13.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.29MpropertyPlantAndEquipmentNetInventory$35.66MinventoryTotal assets$447.34MtotalAssetsResult 13.6% | 14.31xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$361.94MtotalRevenueNet PP&E$25.29MpropertyPlantAndEquipmentNetResult 14.31x | 0.47xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$6.51McapitalExpendituresD&A$13.83MdepreciationAndAmortizationResult 0.47x | $10.53Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$447.34MtotalAssetsGoodwill$32.95MgoodWillIntangibles$77.53MintangibleAssetsLiabilities$102.72MtotalLiabTangible book$234.13MShares22,241,064commonStockSharesOutstandingResult $10.53 | 1.33xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$33.62MebitdaCapex$6.51McapitalExpendituresInterest$18.32MinterestExpenseShort-term debt$2.01MshortTermDebtEBITDA − capex$27.11MPrincipal due is short-term debt.Result 1.33x | $34.08MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$40.59MtotalCashFromOperatingActivitiesCapex$6.51McapitalExpendituresFree cash flow$34.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.08M | 12.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.79MoperatingIncomeTax expense$3.32MincomeTaxExpensePretax income$24.27MincomeBeforeTaxTax rate13.7%Equity$344.62MtotalStockholderEquityDebt$6.72MshortLongTermDebtTotalCash$209.09McashAndShortTermInvestmentsInvested capital$142.24MResult 12.0% | 0.78xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$19.79MoperatingIncomeNet PP&E$25.29MpropertyPlantAndEquipmentNetResult 0.78x |
| 2020 | 13.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$37.06MpropertyPlantAndEquipmentNetInventory$24.82MinventoryTotal assets$461.85MtotalAssetsResult 13.4% | 8.32xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$308.49MtotalRevenueNet PP&E$37.06MpropertyPlantAndEquipmentNetResult 8.32x | 0.93xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$17.34McapitalExpendituresD&A$18.58MdepreciationAndAmortizationResult 0.93x | $11.27Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$461.85MtotalAssetsGoodwill$33.17MgoodWillIntangibles$68.80MintangibleAssetsLiabilities$112.23MtotalLiabTangible book$247.66MShares21,980,326commonStockSharesOutstandingResult $11.27 | -0.40xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.56MebitdaCapex$17.34McapitalExpendituresInterest$25.33MinterestExpenseShort-term debt$1.93MshortTermDebtEBITDA − capex-$10.79MPrincipal due is short-term debt.Result -0.40x | $19.67MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$37.01MtotalCashFromOperatingActivitiesCapex$17.34McapitalExpendituresFree cash flow$19.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $19.67M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.03MoperatingIncomeTax expense$549.00KincomeTaxExpensePretax income-$5.28MincomeBeforeTaxTax rate—Equity$349.62MtotalStockholderEquityDebt$10.01MshortLongTermDebtTotalCash$231.22McashAndShortTermInvestmentsInvested capital$128.41MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.32xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$12.03MoperatingIncomeNet PP&E$37.06MpropertyPlantAndEquipmentNetResult -0.32x |
| 2021 | 19.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$63.84MpropertyPlantAndEquipmentNetInventory$31.87MinventoryTotal assets$489.51MtotalAssetsResult 19.6% | 5.61xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$358.00MtotalRevenueNet PP&E$63.84MpropertyPlantAndEquipmentNetResult 5.61x | 1.11xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$23.94McapitalExpendituresD&A$21.63MdepreciationAndAmortizationResult 1.11x | $12.32Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$489.51MtotalAssetsGoodwill$32.98MgoodWillIntangibles$60.15MintangibleAssetsLiabilities$119.29MtotalLiabTangible book$277.10MShares22,490,027commonStockSharesOutstandingResult $12.32 | 0.26xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$30.29MebitdaCapex$23.94McapitalExpendituresInterest$21.05MinterestExpenseShort-term debt$3.39MshortTermDebtEBITDA − capex$6.35MPrincipal due is short-term debt.Result 0.26x | -$302.00KFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$23.63MtotalCashFromOperatingActivitiesCapex$23.94McapitalExpendituresFree cash flow-$302.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$302.00K | 3.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.24MoperatingIncomeTax expense$14.99MincomeTaxExpensePretax income$8.66MincomeBeforeTaxTax rate40.0%Equity$370.23MtotalStockholderEquityDebt$26.67MshortLongTermDebtTotalCash$245.51McashAndShortTermInvestmentsInvested capital$151.39MThe effective tax rate was above 40% and was capped at 40%.Result 3.7% | 0.14xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$9.24MoperatingIncomeNet PP&E$63.84MpropertyPlantAndEquipmentNetResult 0.14x |
| 2022 | 24.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$64.92MpropertyPlantAndEquipmentNetInventory$34.09MinventoryTotal assets$405.04MtotalAssetsResult 24.4% | 5.81xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$377.24MtotalRevenueNet PP&E$64.92MpropertyPlantAndEquipmentNetResult 5.81x | 0.90xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$21.22McapitalExpendituresD&A$23.51MdepreciationAndAmortizationResult 0.90x | $11.57Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$405.04MtotalAssetsGoodwill$32.85MgoodWillIntangibles$177.00KintangibleAssetsLiabilities$107.64MtotalLiabTangible book$264.38MShares22,852,571commonStockSharesOutstandingResult $11.57 | -4.85xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$9.57MebitdaCapex$21.22McapitalExpendituresInterest$2.84MinterestExpenseShort-term debt$3.52MshortTermDebtEBITDA − capex-$30.79MPrincipal due is short-term debt.Result -4.85x | -$58.75MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$37.53MtotalCashFromOperatingActivitiesCapex$21.22McapitalExpendituresFree cash flow-$58.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$58.75M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$85.24MoperatingIncomeTax expense$504.00KincomeTaxExpensePretax income-$83.27MincomeBeforeTaxTax rate—Equity$297.41MtotalStockholderEquityDebt$23.28MshortLongTermDebtTotalCash$187.01McashInvested capital$133.67MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.31xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$85.24MoperatingIncomeNet PP&E$64.92MpropertyPlantAndEquipmentNetResult -1.31x |
| 2023 | 28.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$70.65MpropertyPlantAndEquipmentNetInventory$21.84MinventoryTotal assets$326.19MtotalAssetsResult 28.4% | 4.47xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$315.66MtotalRevenueNet PP&E$70.65MpropertyPlantAndEquipmentNetResult 4.47x | 1.46xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$26.52McapitalExpendituresD&A$18.15MdepreciationAndAmortizationResult 1.46x | $6.91Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$326.19MtotalAssetsGoodwill$10.06MgoodWillIntangibles$34.59MintangibleAssetsLiabilities$121.38MtotalLiabTangible book$160.16MShares23,176,098commonStockSharesOutstandingResult $6.91 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$58.34MebitdaCapex$26.52McapitalExpendituresInterest—Not reportedShort-term debt$3.65MshortTermDebtEBITDA − capex-$84.86MPrincipal due is short-term debt.Result — | -$29.75MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$3.23MtotalCashFromOperatingActivitiesCapex$26.52McapitalExpendituresFree cash flow-$29.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$29.75M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$109.39MoperatingIncomeTax expense$105.00KincomeTaxExpensePretax income-$102.34MincomeBeforeTaxTax rate—Equity$204.81MtotalStockholderEquityDebt$21.92MshortLongTermDebtTotalCash$128.47McashAndShortTermInvestmentsInvested capital$98.26MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.55xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$109.39MoperatingIncomeNet PP&E$70.65MpropertyPlantAndEquipmentNetResult -1.55x |
| 2024 | 29.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$62.70MpropertyPlantAndEquipmentNetInventory$24.81MinventoryTotal assets$296.19MtotalAssetsResult 29.5% | 5.35xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$335.71MtotalRevenueNet PP&E$62.70MpropertyPlantAndEquipmentNetResult 5.35x | 0.81xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$17.09McapitalExpendituresD&A$21.00MdepreciationAndAmortizationResult 0.81x | $5.66Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$296.19MtotalAssetsGoodwill$9.47MgoodWillIntangibles$30.49MintangibleAssetsLiabilities$122.33MtotalLiabTangible book$133.90MShares23,654,395commonStockSharesOutstandingResult $5.66 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$15.47MebitdaCapex$17.09McapitalExpendituresInterest—Not reportedShort-term debt$2.81MshortTermDebtEBITDA − capex-$32.57MPrincipal due is short-term debt.Result — | -$11.18MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$5.91MtotalCashFromOperatingActivitiesCapex$17.09McapitalExpendituresFree cash flow-$11.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$11.18M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$42.52MoperatingIncomeTax expense-$588.00KincomeTaxExpensePretax income-$36.48MincomeBeforeTaxTax rate—Equity$173.86MtotalStockholderEquityDebt$19.41MshortLongTermDebtTotalCash$113.80McashInvested capital$79.47MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.68xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$42.52MoperatingIncomeNet PP&E$62.70MpropertyPlantAndEquipmentNetResult -0.68x |
| 2025 | 26.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.86MpropertyPlantAndEquipmentNetInventory$25.97MinventoryTotal assets$298.63MtotalAssetsResult 26.4% | 6.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$348.67MtotalRevenueNet PP&E$52.86MpropertyPlantAndEquipmentNetResult 6.60x | 0.50xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$10.38McapitalExpendituresD&A$20.66MdepreciationAndAmortizationResult 0.50x | $5.55Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$298.63MtotalAssetsGoodwill$10.70MgoodWillIntangibles$30.76MintangibleAssetsLiabilities$106.39MtotalLiabTangible book$150.77MShares27,176,742commonStockSharesOutstandingResult $5.55 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.72MebitdaCapex$10.38McapitalExpendituresInterest—Not reportedShort-term debt$3.16MshortTermDebtEBITDA − capex-$13.10MPrincipal due is short-term debt.Result — | -$21.60MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$11.22MtotalCashFromOperatingActivitiesCapex$10.38McapitalExpendituresFree cash flow-$21.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$21.60M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$30.21MoperatingIncomeTax expense-$632.00KincomeTaxExpensePretax income-$23.38MincomeBeforeTaxTax rate—Equity$192.23MtotalStockholderEquityDebt$17.48MshortLongTermDebtTotalCash$119.58McashAndShortTermInvestmentsInvested capital$90.13MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.57xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$30.21MoperatingIncomeNet PP&E$52.86MpropertyPlantAndEquipmentNetResult -0.57x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $52.86M
Inventory: $25.97M
Total assets: $298.63M
Goodwill: $10.70M
Intangibles: $30.76M
Liabilities: $106.39M
Tangible book: $150.77M
Shares: 27,176,742
Revenue: $348.67M
Capex: $10.38M
D&A: $20.66M
EBITDA: -$2.72M
Interest: —
Short-term debt: $3.16M
Free cash flow: -$21.60M
Operating income: -$30.21M
Invested capital: $90.13M
Tax rate: —