INGN
Inogen, Inc.
INGN has lower modeled downside risk, despite its lower overall score.
NVO
Novo Nordisk A/S
NVO has the edge over INGN overall, supported by stronger fundamentals and stronger modeled upside.
INGN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Under pressure | |
| Strong |
INGN's balance sheet is currently strong, but its revenue, profitability and cash flow are under pressure.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
INGN PE Valuation
INGN has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
INGN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Decline | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect INGN's losses to shrink, with revenue declining.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
INGN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.31 | -$0.30 |
| Q2 2026 | -$0.90 | +$0.16 |
| Q1 2026 | -$0.91 | +$0.24 |
| Q4 2025 | -$0.86 | +$0.66 |
| Q3 2025 | -$1.01 | +$1.25 |
| Q2 2025 | -$1.06 | +$2.92 |
| Q1 2025 | -$1.15 | +$3.01 |
| Q4 2024 | -$1.52 | +$2.90 |
INGN is still losing money, but far less than before: $1.31 per share over the past year, against $5.75 at its worst in late 2023.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over INGN on earnings quality, reporting a profit while its opponent remains loss making.
INGN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $77.2M | -16% |
| Q2 2026 | $95.1M | +3% |
| Q1 2026 | $85.1M | +3.4% |
| Q4 2025 | $81.7M | +2% |
| Q3 2025 | $92.4M | +4% |
| Q2 2025 | $92.3M | +4% |
| Q1 2025 | $82.3M | +5.5% |
| Q4 2024 | $80.1M | +5.5% |
INGN's revenue fell from its 2022 peak and has held roughly level since: $77M last quarter, down 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -20% | -13 points |
| Q2 2026 | -5.4% | +1.3 points |
| Q1 2026 | -11% | -1.7 points |
| Q4 2025 | -11% | +2.8 points |
| Q3 2025 | -7.7% | +1.1 points |
| Q2 2025 | -6.6% | +1.3 points |
| Q1 2025 | -9.3% | +12 points |
| Q4 2024 | -14% | +24 points |
INGN's operating margin was −20% last quarter, down 12 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over INGN on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over INGN on profitability, with a higher operating margin.
INGN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$4.8M | -397% |
| Q2 2026 | $2.2M | -39% |
| Q1 2026 | -$6.9M | +$10.2M |
| Q4 2025 | -$1.9M | +$1.4M |
| Q3 2025 | $1.6M | -70% |
| Q2 2025 | $3.7M | -45% |
| Q1 2025 | -$17.1M | -$11M |
| Q4 2024 | -$3.3M | +$1.2M |
INGN's free cash flow was −$11M over the past year, against −$15M the year before.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO has the edge over INGN on cash generation, producing positive trailing cash flow while its opponent burns cash.
INGN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.2% | -584K shares |
| 1 year | -2.3% | -614K shares |
| 3 years | +14% | +3.2M shares |
| 5 years | +16% | +3.6M shares |
| Available history | +21% | +4.6M shares |
INGN has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3.7M |
| Q2 2026 | $5.6M |
| Q1 2026 | $1.9M |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
INGN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | -122.1x | Net Cash |
| Q1 2022 | -13.6x | Net Cash |
| Q4 2021 | -8.9x | Net Cash |
| Q3 2021 | -9.0x | Net Cash |
| Q2 2021 | -13.6x | Net Cash |
| Q1 2021 | -80.5x | Net Cash |
| Q4 2020 | -103.4x | Net Cash |
| Q3 2020 | -110.1x | Net Cash |
INGN has more cash than debt.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
INGN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.4 | Neutral |
| Stochastic | 47.7 | Neutral |
INGN's weekly RSI is 43 (neutral) and its Stochastic is 48 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
INGN PE vs Healthcare Sector
| Metric | INGN | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
INGN has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
INGN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.17 | 8.9% below |
| 20 week MA | $6.02 | 6.6% below |
| 50 week MA | $6.28 | 11% below |
| 100 week MA | $7.07 | 21% below |
| 200 week MA | $8.28 | 32% below |
INGN is in a downtrend: it's below all five of its weekly moving averages, and 32% below its 200-week average.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has the edge over INGN on trend strength, trading above more of its moving averages.
INGN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $68.5 | $43.3 | -37% |
| 2021 | $43.3 | $32.7 | -25% |
| 2022 | $32.7 | $19.9 | -39% |
| 2023 | $19.9 | $5.49 | -72% |
| 2024 | $5.49 | $8.58 | +56% |
| 2025 | $8.58 | $6.80 | -21% |
| 2026 YTD | $6.80 | $5.62 | -17% |
INGN has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.