INGN
Inogen, Inc.
INGN trails on the overall score without a compensating advantage in the available component scores.
UNH
UnitedHealth Group Incorporated
UNH has the edge over INGN overall, supported by stronger modeled upside and stronger fundamentals.
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.
UNH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Healthy |
UNH's cash flow and balance sheet are currently healthy, and its revenue and profitability are stable.
INGN PE Valuation
INGN has no meaningful PE right now: it lost money over the past year.
UNH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 18x | $405 | — |
| Cheap | 19x | $325 | -20% |
| Fair | 23x | $410 | +1.2% |
| Current | 23x | $405 | — |
| Expensive | 30x | $526 | +30% |
Historical ranges are pointers, not guarantees.
UNH's PE is in its fair range at 23x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
INGN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Decline | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect INGN's losses to shrink, with revenue declining.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
UNH has the edge over INGN on the outlook, with more favorable revenue expectations.
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.
UNH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $22.65 | +29% |
| Q3 2026 | $17.55 | -8.5% |
| Q2 2026 | $15.58 | -33% |
| Q1 2026 | $13.28 | -44% |
| Q4 2025 | $13.23 | -15% |
| Q3 2025 | $19.17 | +25% |
| Q2 2025 | $23.09 | +53% |
| Q1 2025 | $23.89 | +46% |
| Q4 2024 | $15.51 | -35% |
UNH 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.
UNH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $112.7B | -0.4% |
| Q2 2026 | $112B | +0.4% |
| Q1 2026 | $111.7B | +2% |
| Q4 2025 | $113.2B | +12% |
| Q3 2025 | $113.2B | +12% |
| Q2 2025 | $111.6B | +13% |
| Q1 2025 | $109.6B | +9.8% |
| Q4 2024 | $100.8B | +6.8% |
UNH has the edge over INGN on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.8% | +2 points |
| Q2 2026 | 7.1% | +2.5 points |
| Q1 2026 | 8.1% | -0.3 points |
| Q4 2025 | 0.3% | -7.4 points |
| Q3 2025 | 3.8% | -4.8 points |
| Q2 2025 | 4.6% | -3.4 points |
| Q1 2025 | 8.3% | +0.4 points |
| Q4 2024 | 7.7% | -0.4 points |
UNH 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.
UNH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $4.3B | -16% |
| Q2 2026 | $10.3B | +63% |
| Q1 2026 | $8.1B | +79% |
| Q4 2025 | $160M | -89% |
| Q3 2025 | $5.1B | -61% |
| Q2 2025 | $6.3B | +6.9% |
| Q1 2025 | $4.6B | +1037% |
| Q4 2024 | $1.5B | +$7.6B |
UNH 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 UNH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3.7M |
| Q2 2026 | $5.6M |
| Q1 2026 | $1.9M |
UNH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -4M shares |
| 1 year | -0.7% | -6M shares |
| 3 years | -3.6% | -34M shares |
| 5 years | -5.5% | -53M shares |
| Available history | -6.6% | -64M shares |
UNH has 902M diluted shares, down 0.7% from a year ago, with $5B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3.4B |
| Q2 2026 | $1.6B |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $2.5B |
| Q1 2025 | $3B |
| Q4 2024 | $5B |
UNH spent $5B buying back its own shares over the past year, down 52% 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.
UNH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.7x | Healthy |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.4x | Healthy |
UNH's net debt is about 1.7 years of its operating earnings (EBITDA), about the same as a year ago.
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).
UNH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.4 | Neutral |
| Stochastic | 60.0 | Neutral |
UNH's weekly RSI is 56 (neutral) and its Stochastic is 60 (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.
UNH PE vs Healthcare Sector
| Metric | UNH | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 26x | 11% below |
| PE % | 47 | 29 | 18 pts above |
UNH is trading at 23x earnings, a 11% discount to the Healthcare sector's median of 26x.
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.
UNH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $394.2 | 2.8% above |
| 20 week MA | $400.5 | 1.2% above |
| 50 week MA | $361.2 | 12% above |
| 100 week MA | $376.0 | 7.8% above |
| 200 week MA | $446.6 | 9.3% below |
UNH 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 finished lower in five of the last six years. It's down 17% so far in 2026.
UNH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $296.0 | $340.8 | +15% |
| 2021 | $340.8 | $495.4 | +45% |
| 2022 | $495.4 | $531.3 | +7.3% |
| 2023 | $531.3 | $526.5 | -0.9% |
| 2024 | $526.5 | $510.0 | -3.1% |
| 2025 | $510.0 | $331.8 | -35% |
| 2026 YTD | $331.8 | $405.1 | +22% |
UNH has the edge over INGN on returns for 2026, with the stronger performance.