Quality Investor

Inseego Corp.

Rank #18Capital Return

INSG · Nasdaq · Technology

Inseego Corp. (INSG) — Rank #18 by gross profitability (GP/assets 0.79) · ROE -2.7% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001022652 · all metrics point-in-time as of the filing date.

About

Inseego Corp. engages in the design and development of cloud-managed wireless wide area network (WAN) and intelligent edge solutions for businesses, consumers, and governments in the United Stated, Europe, and internationally.

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The company offers 5G and 4G mobile broadband solutions, such as mobile hotspots under the MiFi brand. It also provides fixed wireless access solutions, including indoor, outdoor, and industrial routers and gateways. In addition, the company provides cloud management solutions, as well as wireless subscriber lifecycle management solutions. Further, the company offers Inseego Subscribe, a wireless subscriber management solution for carrier's servicing of their government and complex enterprise customer. It serves transportation companies, industrial companies, governmental agencies, manufacturers, mobile operators, system integrators, distributors, and enterprises. Inseego Corp.

was founded in 1996 and is based in San Diego, California.

Industry
Communication Equipment
Sector
Technology
Filer Category
Accelerated filerSmaller reporting company
Fiscal Year End
December 31

Price History

INSG-94.8% · -44.6% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$67.32M

P/E (annual)

P/S (annual)

0.4

P/B

P/OCF (annual)

9.4

Shareholder Yield

80.7%

Employees

266

Industry

Communication Equipment

Exchange

Nasdaq

Signal Flags

1 yellow1 red
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Revenue declining YoYRevenue contracted year over year

Quality Profile

Profitability

1/1 pass
GP / assets
0.79
Return on equity
-2.7%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
Current ratio
1.07×
Net cash

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
4.5%

Growth

1/2 pass
Revenue growth
-24.3%
Piotroski F-Score
N/A
Share dilution
-80.7%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-2.6%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -80.7% — per-share value needs a total required return of -83.3% once share-count change is priced in.

vs. own 6-year median revenue growth: 9.3%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-6.3%

r = 10% (base)

-2.6%

r = 12%

0.6%

Note: current FCF margin is 2.0σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $6.5M3Y mean FCF: -$4.5M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

47.6xExpensive
2.1xmed 4.8x47.6x

P / B

Price / book value per share

N/A
6.7xmed 15.5x71.7x

P / GP

Price / gross profit per share

164.5xExpensive
9.8xmed 15.4x164.5x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.79

Primary signal (Novy-Marx).

1st of 5 SIC 3669 peers

Return on equity

-2.7%

Gross margin

42.7%

3rd of 5 SIC 3669 peers

Revenue growth (YoY)

-24.3%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2017201820192020
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

Current ratio

1.07×

5th of 5 SIC 3669 peers

Quick ratio

0.77×

Net cash

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$6.53M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

6.80

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

4.5%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20152020
Startup
Decline
Hypergrowth