A portable mechanical ventilator uses a constant-speed compressor compressor and a recirculating bypass circuit. Bypass flow is governed by a spring-biased bypass valve so connected to both the inlet and the outlet of the main flow control valve as to maintain a differential pressure across the flow valve sufficient to operate the ventilator with minimal energy consumption. The flow valve is operated by a microprocessor in accordance with empirically derived lookup tables to both produce the desired air flow and provide a measure of that air flow.