An inductor may include a magnetic material that may include α″-Fe16(NxZ1-x)2 or α′-Fe8(NxZ1-x), or a mixture of at least one of α″-Fe16N2 or α′-Fe8N and at least one of α″-Fe16Z2 or α′-Fe8Z, where Z includes at least one of C, B, or O, and x is a number greater than zero and less than one. In some examples, the magnetic material may include a relatively high magnetic saturation, such as greater than about 200 emu/gram, greater than about 242 emu/gram, or greater than about 250 emu/gram. In addition, in some examples, the magnetic material may include a relatively low coercivity or magnetocrystalline anisotropy. Techniques for forming the inductor including the magnetic material are also described.