InnovAge Holding Corp. (INNV) 10-Year Financial Performance & Capital Metrics

INNV • • Industrial / General

HealthcareHealthcare FacilitiesSenior Living & Long-Term CarePACE Program Providers

AboutInnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities. It manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. The company offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management. It serves approximately 6,850 PACE participants in the United States; and operates 18 PACE centers in Colorado, California, New Mexico, Pennsylvania, and Virginia. The company was formerly known as TCO Group Holdings, Inc. and changed its name to InnovAge Holding Corp. in January 2021. InnovAge Holding Corp. was founded in 2007 and is headquartered in Denver, Colorado.Show more

Revenue $854M +11.8%
EBITDA -$10M -142.3%
Net Income -$30M -42.1%
EPS (Diluted) -0.22 -37.5%
Gross Margin 68.5% +296.2%
EBITDA Margin -1.2% -116.8%
Operating Margin -3.49% -14.9%
Net Margin -3.55% -27.1%
ROE -10.77% -51.4%
ROIC -6.81% -39.4%
Debt/Equity 0.38 +2.0%
Interest Coverage -6.45 -12.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 82 (top 18%)
✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y8.52%

3Y6.91%

TTM9.78%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-196.65%

EPS CAGR

10Y-

5Y-

3Y-

TTM-180.98%

ROCE

10Y Avg3.53%

5Y Avg-1.22%

3Y Avg-8%

Latest-7.14%

Peer Comparison

PACE Program Providers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INNVInnovAge Holding Corp.	793.74M	5.85	-26.59	11.76%	-5.48%	-17.17%	3.35%	0.38

Profit & Loss

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	465.63M	567.19M	637.8M	698.64M	688.09M	763.86M	853.7M
Revenue Growth %	-	0.22%	0.12%	0.1%	-0.02%	0.11%	0.12%
Cost of Goods Sold+	355M	425.89M	476.01M	563.27M	586.8M	631.79M	268.91M
COGS % of Revenue	0.76%	0.75%	0.75%	0.81%	0.85%	0.83%	0.31%
Gross Profit+	110.63M	141.3M	161.79M	135.37M	101.29M	132.06M	584.79M
Gross Margin %	0.24%	0.25%	0.25%	0.19%	0.15%	0.17%	0.69%
Gross Profit Growth %	-	0.28%	0.14%	-0.16%	-0.25%	0.3%	3.43%
Operating Expenses+	70.95M	90.37M	86.96M	139.78M	150.68M	155.24M	614.55M
OpEx % of Revenue	0.15%	0.16%	0.14%	0.2%	0.22%	0.2%	0.72%
Selling, General & Admin	64.71M	77.48M	154.57M	125.85M	135.26M	136.29M	150.28M
SG&A % of Revenue	0.14%	0.14%	0.24%	0.18%	0.2%	0.18%	0.18%
Research & Development	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-
Other Operating Expenses	6.24M	12.89M	-67.61M	13.92M	15.42M	18.95M	464.28M
Operating Income+	39.67M	50.93M	74.82M	-4.41M	-49.4M	-23.18M	-29.76M
Operating Margin %	0.09%	0.09%	0.12%	-0.01%	-0.07%	-0.03%	-0.03%
Operating Income Growth %	-	0.28%	0.47%	-1.06%	-10.21%	0.53%	-0.28%
EBITDA+	48.67M	62.22M	87.12M	9.52M	-33.98M	-4.23M	-10.25M
EBITDA Margin %	0.1%	0.11%	0.14%	0.01%	-0.05%	-0.01%	-0.01%
EBITDA Growth %	-	0.28%	0.4%	-0.89%	-4.57%	0.88%	-1.42%
D&A (Non-Cash Add-back)	9M	11.29M	12.29M	13.92M	15.42M	18.95M	19.51M
EBIT	36.92M	50.25M	-18.18M	-4.71M	-49.27M	-17.8M	-16.15M
Net Interest Income+	-9.59M	-14.62M	-16.79M	-2.53M	-1.52M	-4.02M	-4.61M
Interest Income	0	0	0	0	0	0	0
Interest Expense	9.59M	14.62M	16.79M	2.53M	1.52M	4.02M	4.61M
Other Income/Expense	-14.29M	-15.3M	-109.79M	-2.83M	-1.4M	1.36M	-4.27M
Pretax Income+	25.39M	35.63M	-34.97M	-7.24M	-50.79M	-21.82M	-34.03M
Pretax Margin %	0.05%	0.06%	-0.05%	-0.01%	-0.07%	-0.03%	-0.04%
Income Tax+	6.32M	9.87M	9.77M	723K	-7.24M	1.4M	1.32M
Effective Tax Rate %	0.77%	0.74%	1.26%	0.9%	0.8%	0.98%	0.89%
Net Income+	19.58M	26.28M	-43.99M	-6.52M	-40.67M	-21.34M	-30.31M
Net Margin %	0.04%	0.05%	-0.07%	-0.01%	-0.06%	-0.03%	-0.04%
Net Income Growth %	-	0.34%	-2.67%	0.85%	-5.24%	0.48%	-0.42%
Net Income (Continuing)	19.07M	25.77M	-44.74M	-7.96M	-43.55M	-23.22M	-35.34M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	7.25M	6.74M	23.41M	21.38M	30.55M	30.55M	27.94M
EPS (Diluted)+	0.15	0.20	-0.33	-0.05	-0.30	-0.16	-0.22
EPS Growth %	-	0.33%	-2.65%	0.85%	-5%	0.47%	-0.38%
EPS (Basic)	0.15	0.20	-0.33	-0.05	-0.30	-0.16	-0.22
Diluted Shares Outstanding	133.19M	133.19M	135.52M	135.52M	135.59M	135.9M	135.39M
Basic Shares Outstanding	133.19M	133.19M	135.52M	135.52M	135.59M	135.9M	135.39M
Dividend Payout Ratio	3.4%	-	-	-	-	-	-

Balance Sheet

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	119.45M	166.93M	250.93M	240.96M	173.14M	173.14M	176.11M
Cash & Short-Term Investments	61.2M	114.56M	203.7M	184.45M	102.78M	102.79M	105.92M
Cash Only	61.2M	114.56M	203.7M	184.45M	56.95M	56.96M	64.14M
Short-Term Investments	0	0	0	0	45.83M	45.83M	41.77M
Accounts Receivable	55.01M	48.05M	37.98M	42.67M	51.43M	51.43M	39.68M
Days Sales Outstanding	43.12	30.92	21.74	22.29	27.28	24.58	16.97
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	3.25M	4.31M	0	0	14K	0	6.04M
Total Non-Current Assets+	243.78M	242.7M	287.68M	321.92M	374.52M	406.69M	381.12M
Property, Plant & Equipment	101.19M	102.49M	142.72M	176.26M	221.44M	221.44M	194.94M
Fixed Asset Turnover	4.60x	5.53x	4.47x	3.96x	3.11x	3.45x	4.38x
Goodwill	117.27M	116.14M	124.22M	124.22M	139.95M	139.95M	0
Intangible Assets	5.84M	5.18M	6.52M	5.86M	4.54M	4.54M	145.92M
Long-Term Investments	15.43M	15.89M	3.49M	5.49M	2.65M	5.45M	2.2M
Other Non-Current Assets	4.07M	3M	4.54M	3.47M	5.95M	1.71M	7.67M
Total Assets+	363.23M	409.63M	538.61M	562.87M	547.66M	579.84M	557.23M
Asset Turnover	1.28x	1.38x	1.18x	1.24x	1.26x	1.32x	1.53x
Asset Growth %	-	0.13%	0.31%	0.05%	-0.03%	0.06%	-0.04%
Total Current Liabilities+	83.46M	76.63M	78.56M	105.31M	138.6M	138.6M	164.81M
Accounts Payable	30.35M	28.88M	32.36M	50.56M	55.46M	55.46M	76.75M
Days Payables Outstanding	31.21	24.75	24.81	32.76	34.5	32.04	104.18
Short-Term Debt	3.63M	3.43M	5.87M	7.16M	3.79M	12.54M	12.17M
Deferred Revenue (Current)	0	0	0	0	0	0	0
Other Current Liabilities	49.48M	44.32M	40.34M	47.58M	55.4M	70.6M	75.89M
Current Ratio	1.43x	2.18x	3.19x	2.29x	1.25x	1.25x	1.07x
Quick Ratio	1.43x	2.18x	3.19x	2.29x	1.25x	1.25x	1.07x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	198.33M	225.25M	102.08M	103.82M	109.25M	141.43M	129.51M
Long-Term Debt	186.82M	210.43M	71.57M	68.21M	61.48M	61.48M	57.46M
Capital Lease Obligations	4.33M	4.09M	5.19M	9.44M	39.02M	39.02M	31.45M
Deferred Tax Liabilities	6.11M	9.28M	22.56M	25.04M	7.46M	39.63M	39.14M
Other Non-Current Liabilities	1.08M	1.45M	2.76M	1.13M	1.3M	1.3M	1.46M
Total Liabilities	281.79M	301.88M	180.65M	209.13M	247.85M	280.03M	294.32M
Total Debt+	194.78M	217.96M	82.63M	84.81M	113.03M	113.03M	101.08M
Net Debt	133.58M	103.39M	-121.07M	-99.64M	56.09M	56.08M	36.94M
Debt / Equity	2.39x	2.02x	0.23x	0.24x	0.38x	0.38x	0.38x
Debt / EBITDA	4.00x	3.50x	0.95x	8.91x	-	-	-
Net Debt / EBITDA	2.74x	1.66x	-1.39x	-10.47x	-	-	-
Interest Coverage	4.14x	3.48x	4.46x	-1.74x	-32.45x	-5.76x	-6.45x
Total Equity+	81.44M	107.75M	357.96M	353.74M	299.81M	299.81M	262.91M
Equity Growth %	-	0.32%	2.32%	-0.01%	-0.15%	0%	-0.12%
Book Value per Share	0.61	0.81	2.64	2.61	2.21	2.21	1.94
Total Shareholders' Equity	74.19M	101.02M	334.56M	332.36M	269.26M	269.26M	234.97M
Common Stock	133K	133K	136K	136K	136K	137K	137K
Retained Earnings	38.46M	64.74M	10.66M	4.73M	-68.31M	-68.31M	-101.05M
Treasury Stock	-193K	-193K	0	0	-179K	-179K	-7.5M
Accumulated OCI	0	0	0	0	0	0	0
Minority Interest	7.25M	6.74M	23.41M	21.38M	30.55M	30.55M	27.94M

Cash Flow

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	25.91M	43.83M	-7.55M	27.3M	-36.9M	-36.9M	32.87M
Operating CF Margin %	0.06%	0.08%	-0.01%	0.04%	-0.05%	-0.05%	0.04%
Operating CF Growth %	-	0.69%	-1.17%	4.62%	-2.35%	0%	1.89%
Net Income	19.07M	25.77M	-43.99M	-6.52M	-23.22M	-23.22M	-35.34M
Depreciation & Amortization	9M	11.29M	13.35M	14.35M	18.95M	18.95M	19.51M
Stock-Based Compensation	727K	543K	47.05M	3.74M	6.83M	6.83M	7.62M
Deferred Taxes	3.55M	3.17M	0	0	1.22M	1.22M	1.3M
Other Non-Cash Items	3.56M	9.39M	-21.37M	23.13M	11.46M	11.46M	24.54M
Working Capital Changes	-9.99M	-6.33M	-2.59M	-7.4M	-52.15M	-52.15M	15.23M
Change in Receivables	1.13M	-1.2M	5.88M	-9.51M	-33.4M	-30.33M	11.22M
Change in Inventory	-7.92M	-4.12M	0	0	0	0	0
Change in Payables	9.36M	-1.01M	0	0	1.37M	1.37M	20.43M
Cash from Investing+	-52.48M	-11.69M	-19.54M	-40.24M	-26.37M	-26.37M	-5.55M
Capital Expenditures	-14.49M	-11.84M	-17.54M	-38.24M	-7.91M	-7.91M	-6.26M
CapEx % of Revenue	0.03%	0.02%	0.03%	0.05%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	-37.99M	1.3M	-2M	-2M	0	0	0
Cash from Financing+	37.35M	21.23M	116.22M	-6.32M	-7.03M	-7.03M	-19.08M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	-66.51M	0	-9.5M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	-12.24M	0	342.77M	0	1.58M	1.58M	-1.85M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	11.42M	31.98M	-25.09M	-10.94M	-44.81M	-44.81M	26.6M
FCF Margin %	0.02%	0.06%	-0.04%	-0.02%	-0.07%	-0.06%	0.03%
FCF Growth %	-	1.8%	-1.78%	0.56%	-3.1%	0%	1.59%
FCF per Share	0.09	0.24	-0.19	-0.08	-0.33	-0.33	0.20
FCF Conversion (FCF/Net Income)	1.32x	1.67x	0.17x	-4.19x	0.91x	1.73x	-1.08x
Interest Paid	8.84M	11.55M	18.03M	1.47M	4.06M	4.06M	4.35M
Taxes Paid	4.53M	4.75M	0	0	4.45M	4.45M	1K

Key Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	24.04%	27.78%	-18.89%	-1.83%	-12.45%	-7.12%	-10.77%
Return on Invested Capital (ROIC)	13.84%	17.93%	25.05%	-1.35%	-12.15%	-4.88%	-6.81%
Gross Margin	23.76%	24.91%	25.37%	19.38%	14.72%	17.29%	68.5%
Net Margin	4.2%	4.63%	-6.9%	-0.93%	-5.91%	-2.79%	-3.55%
Debt / Equity	2.39x	2.02x	0.23x	0.24x	0.38x	0.38x	0.38x
Interest Coverage	4.14x	3.48x	4.46x	-1.74x	-32.45x	-5.76x	-6.45x
FCF Conversion	1.32x	1.67x	0.17x	-4.19x	0.91x	1.73x	-1.08x
Revenue Growth	-	21.81%	12.45%	9.54%	-1.51%	11.01%	11.76%

Revenue by Segment

	2021	2022	2023	2024	2025
Other Operating	-	-	-	975K	990K
Other Operating Growth	-	-	-	-	1.54%
Others	-	-	1.81M	-	-
Others Growth	-	-	-	-	-
Capitation revenue	-	697M	-	-	-
Capitation revenue Growth	-	-	-	-	-
Other service revenue	-	1.64M	-	-	-
Other service revenue Growth	-	-	-	-	-
Capitation Revenue	635.32M	-	-	-	-
Capitation Revenue Growth	-	-	-	-	-
Other Service Revenue	2.48M	-	-	-	-
Other Service Revenue Growth	-	-	-	-	-

Revenue by Geography

	2021	2022	2023	2024	2025
Others	-	1.24M	-	-	-
Others Growth	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

InnovAge Holding Corp. (INNV) reported $863.4M in revenue for fiscal year 2025. This represents a 85% increase from $465.6M in 2019.

InnovAge Holding Corp. (INNV) grew revenue by 11.8% over the past year. This is steady growth.

InnovAge Holding Corp. (INNV) reported a net loss of $47.4M for fiscal year 2025.

Dividend & Returns

InnovAge Holding Corp. (INNV) has a return on equity (ROE) of -10.8%. Negative ROE indicates the company is unprofitable.

InnovAge Holding Corp. (INNV) generated $54.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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InnovAge Holding Corp. (INNV) 10-Year Financial Performance & Capital Metrics

INNV • • Industrial / General

HealthcareHealthcare FacilitiesSenior Living & Long-Term CarePACE Program Providers

Revenue $854M +11.8%
EBITDA -$10M -142.3%
Net Income -$30M -42.1%
EPS (Diluted) -0.22 -37.5%
Gross Margin 68.5% +296.2%
EBITDA Margin -1.2% -116.8%
Operating Margin -3.49% -14.9%
Net Margin -3.55% -27.1%
ROE -10.77% -51.4%
ROIC -6.81% -39.4%
Debt/Equity 0.38 +2.0%
Interest Coverage -6.45 -12.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 82 (top 18%)
✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y8.52%

3Y6.91%

TTM9.78%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-196.65%

EPS CAGR

10Y-

5Y-

3Y-

TTM-180.98%

ROCE

10Y Avg3.53%

5Y Avg-1.22%

3Y Avg-8%

Latest-7.14%

Peer Comparison

PACE Program Providers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INNVInnovAge Holding Corp.	793.74M	5.85	-26.59	11.76%	-5.48%	-17.17%	3.35%	0.38

Profit & Loss

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	465.63M	567.19M	637.8M	698.64M	688.09M	763.86M	853.7M
Revenue Growth %	-	0.22%	0.12%	0.1%	-0.02%	0.11%	0.12%
Cost of Goods Sold+	355M	425.89M	476.01M	563.27M	586.8M	631.79M	268.91M
COGS % of Revenue	0.76%	0.75%	0.75%	0.81%	0.85%	0.83%	0.31%
Gross Profit+	110.63M	141.3M	161.79M	135.37M	101.29M	132.06M	584.79M
Gross Margin %	0.24%	0.25%	0.25%	0.19%	0.15%	0.17%	0.69%
Gross Profit Growth %	-	0.28%	0.14%	-0.16%	-0.25%	0.3%	3.43%
Operating Expenses+	70.95M	90.37M	86.96M	139.78M	150.68M	155.24M	614.55M
OpEx % of Revenue	0.15%	0.16%	0.14%	0.2%	0.22%	0.2%	0.72%
Selling, General & Admin	64.71M	77.48M	154.57M	125.85M	135.26M	136.29M	150.28M
SG&A % of Revenue	0.14%	0.14%	0.24%	0.18%	0.2%	0.18%	0.18%
Research & Development	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-
Other Operating Expenses	6.24M	12.89M	-67.61M	13.92M	15.42M	18.95M	464.28M
Operating Income+	39.67M	50.93M	74.82M	-4.41M	-49.4M	-23.18M	-29.76M
Operating Margin %	0.09%	0.09%	0.12%	-0.01%	-0.07%	-0.03%	-0.03%
Operating Income Growth %	-	0.28%	0.47%	-1.06%	-10.21%	0.53%	-0.28%
EBITDA+	48.67M	62.22M	87.12M	9.52M	-33.98M	-4.23M	-10.25M
EBITDA Margin %	0.1%	0.11%	0.14%	0.01%	-0.05%	-0.01%	-0.01%
EBITDA Growth %	-	0.28%	0.4%	-0.89%	-4.57%	0.88%	-1.42%
D&A (Non-Cash Add-back)	9M	11.29M	12.29M	13.92M	15.42M	18.95M	19.51M
EBIT	36.92M	50.25M	-18.18M	-4.71M	-49.27M	-17.8M	-16.15M
Net Interest Income+	-9.59M	-14.62M	-16.79M	-2.53M	-1.52M	-4.02M	-4.61M
Interest Income	0	0	0	0	0	0	0
Interest Expense	9.59M	14.62M	16.79M	2.53M	1.52M	4.02M	4.61M
Other Income/Expense	-14.29M	-15.3M	-109.79M	-2.83M	-1.4M	1.36M	-4.27M
Pretax Income+	25.39M	35.63M	-34.97M	-7.24M	-50.79M	-21.82M	-34.03M
Pretax Margin %	0.05%	0.06%	-0.05%	-0.01%	-0.07%	-0.03%	-0.04%
Income Tax+	6.32M	9.87M	9.77M	723K	-7.24M	1.4M	1.32M
Effective Tax Rate %	0.77%	0.74%	1.26%	0.9%	0.8%	0.98%	0.89%
Net Income+	19.58M	26.28M	-43.99M	-6.52M	-40.67M	-21.34M	-30.31M
Net Margin %	0.04%	0.05%	-0.07%	-0.01%	-0.06%	-0.03%	-0.04%
Net Income Growth %	-	0.34%	-2.67%	0.85%	-5.24%	0.48%	-0.42%
Net Income (Continuing)	19.07M	25.77M	-44.74M	-7.96M	-43.55M	-23.22M	-35.34M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	7.25M	6.74M	23.41M	21.38M	30.55M	30.55M	27.94M
EPS (Diluted)+	0.15	0.20	-0.33	-0.05	-0.30	-0.16	-0.22
EPS Growth %	-	0.33%	-2.65%	0.85%	-5%	0.47%	-0.38%
EPS (Basic)	0.15	0.20	-0.33	-0.05	-0.30	-0.16	-0.22
Diluted Shares Outstanding	133.19M	133.19M	135.52M	135.52M	135.59M	135.9M	135.39M
Basic Shares Outstanding	133.19M	133.19M	135.52M	135.52M	135.59M	135.9M	135.39M
Dividend Payout Ratio	3.4%	-	-	-	-	-	-

Balance Sheet

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	119.45M	166.93M	250.93M	240.96M	173.14M	173.14M	176.11M
Cash & Short-Term Investments	61.2M	114.56M	203.7M	184.45M	102.78M	102.79M	105.92M
Cash Only	61.2M	114.56M	203.7M	184.45M	56.95M	56.96M	64.14M
Short-Term Investments	0	0	0	0	45.83M	45.83M	41.77M
Accounts Receivable	55.01M	48.05M	37.98M	42.67M	51.43M	51.43M	39.68M
Days Sales Outstanding	43.12	30.92	21.74	22.29	27.28	24.58	16.97
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	3.25M	4.31M	0	0	14K	0	6.04M
Total Non-Current Assets+	243.78M	242.7M	287.68M	321.92M	374.52M	406.69M	381.12M
Property, Plant & Equipment	101.19M	102.49M	142.72M	176.26M	221.44M	221.44M	194.94M
Fixed Asset Turnover	4.60x	5.53x	4.47x	3.96x	3.11x	3.45x	4.38x
Goodwill	117.27M	116.14M	124.22M	124.22M	139.95M	139.95M	0
Intangible Assets	5.84M	5.18M	6.52M	5.86M	4.54M	4.54M	145.92M
Long-Term Investments	15.43M	15.89M	3.49M	5.49M	2.65M	5.45M	2.2M
Other Non-Current Assets	4.07M	3M	4.54M	3.47M	5.95M	1.71M	7.67M
Total Assets+	363.23M	409.63M	538.61M	562.87M	547.66M	579.84M	557.23M
Asset Turnover	1.28x	1.38x	1.18x	1.24x	1.26x	1.32x	1.53x
Asset Growth %	-	0.13%	0.31%	0.05%	-0.03%	0.06%	-0.04%
Total Current Liabilities+	83.46M	76.63M	78.56M	105.31M	138.6M	138.6M	164.81M
Accounts Payable	30.35M	28.88M	32.36M	50.56M	55.46M	55.46M	76.75M
Days Payables Outstanding	31.21	24.75	24.81	32.76	34.5	32.04	104.18
Short-Term Debt	3.63M	3.43M	5.87M	7.16M	3.79M	12.54M	12.17M
Deferred Revenue (Current)	0	0	0	0	0	0	0
Other Current Liabilities	49.48M	44.32M	40.34M	47.58M	55.4M	70.6M	75.89M
Current Ratio	1.43x	2.18x	3.19x	2.29x	1.25x	1.25x	1.07x
Quick Ratio	1.43x	2.18x	3.19x	2.29x	1.25x	1.25x	1.07x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	198.33M	225.25M	102.08M	103.82M	109.25M	141.43M	129.51M
Long-Term Debt	186.82M	210.43M	71.57M	68.21M	61.48M	61.48M	57.46M
Capital Lease Obligations	4.33M	4.09M	5.19M	9.44M	39.02M	39.02M	31.45M
Deferred Tax Liabilities	6.11M	9.28M	22.56M	25.04M	7.46M	39.63M	39.14M
Other Non-Current Liabilities	1.08M	1.45M	2.76M	1.13M	1.3M	1.3M	1.46M
Total Liabilities	281.79M	301.88M	180.65M	209.13M	247.85M	280.03M	294.32M
Total Debt+	194.78M	217.96M	82.63M	84.81M	113.03M	113.03M	101.08M
Net Debt	133.58M	103.39M	-121.07M	-99.64M	56.09M	56.08M	36.94M
Debt / Equity	2.39x	2.02x	0.23x	0.24x	0.38x	0.38x	0.38x
Debt / EBITDA	4.00x	3.50x	0.95x	8.91x	-	-	-
Net Debt / EBITDA	2.74x	1.66x	-1.39x	-10.47x	-	-	-
Interest Coverage	4.14x	3.48x	4.46x	-1.74x	-32.45x	-5.76x	-6.45x
Total Equity+	81.44M	107.75M	357.96M	353.74M	299.81M	299.81M	262.91M
Equity Growth %	-	0.32%	2.32%	-0.01%	-0.15%	0%	-0.12%
Book Value per Share	0.61	0.81	2.64	2.61	2.21	2.21	1.94
Total Shareholders' Equity	74.19M	101.02M	334.56M	332.36M	269.26M	269.26M	234.97M
Common Stock	133K	133K	136K	136K	136K	137K	137K
Retained Earnings	38.46M	64.74M	10.66M	4.73M	-68.31M	-68.31M	-101.05M
Treasury Stock	-193K	-193K	0	0	-179K	-179K	-7.5M
Accumulated OCI	0	0	0	0	0	0	0
Minority Interest	7.25M	6.74M	23.41M	21.38M	30.55M	30.55M	27.94M

Cash Flow

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	25.91M	43.83M	-7.55M	27.3M	-36.9M	-36.9M	32.87M
Operating CF Margin %	0.06%	0.08%	-0.01%	0.04%	-0.05%	-0.05%	0.04%
Operating CF Growth %	-	0.69%	-1.17%	4.62%	-2.35%	0%	1.89%
Net Income	19.07M	25.77M	-43.99M	-6.52M	-23.22M	-23.22M	-35.34M
Depreciation & Amortization	9M	11.29M	13.35M	14.35M	18.95M	18.95M	19.51M
Stock-Based Compensation	727K	543K	47.05M	3.74M	6.83M	6.83M	7.62M
Deferred Taxes	3.55M	3.17M	0	0	1.22M	1.22M	1.3M
Other Non-Cash Items	3.56M	9.39M	-21.37M	23.13M	11.46M	11.46M	24.54M
Working Capital Changes	-9.99M	-6.33M	-2.59M	-7.4M	-52.15M	-52.15M	15.23M
Change in Receivables	1.13M	-1.2M	5.88M	-9.51M	-33.4M	-30.33M	11.22M
Change in Inventory	-7.92M	-4.12M	0	0	0	0	0
Change in Payables	9.36M	-1.01M	0	0	1.37M	1.37M	20.43M
Cash from Investing+	-52.48M	-11.69M	-19.54M	-40.24M	-26.37M	-26.37M	-5.55M
Capital Expenditures	-14.49M	-11.84M	-17.54M	-38.24M	-7.91M	-7.91M	-6.26M
CapEx % of Revenue	0.03%	0.02%	0.03%	0.05%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	-37.99M	1.3M	-2M	-2M	0	0	0
Cash from Financing+	37.35M	21.23M	116.22M	-6.32M	-7.03M	-7.03M	-19.08M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	-66.51M	0	-9.5M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	-12.24M	0	342.77M	0	1.58M	1.58M	-1.85M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	11.42M	31.98M	-25.09M	-10.94M	-44.81M	-44.81M	26.6M
FCF Margin %	0.02%	0.06%	-0.04%	-0.02%	-0.07%	-0.06%	0.03%
FCF Growth %	-	1.8%	-1.78%	0.56%	-3.1%	0%	1.59%
FCF per Share	0.09	0.24	-0.19	-0.08	-0.33	-0.33	0.20
FCF Conversion (FCF/Net Income)	1.32x	1.67x	0.17x	-4.19x	0.91x	1.73x	-1.08x
Interest Paid	8.84M	11.55M	18.03M	1.47M	4.06M	4.06M	4.35M
Taxes Paid	4.53M	4.75M	0	0	4.45M	4.45M	1K

Key Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	24.04%	27.78%	-18.89%	-1.83%	-12.45%	-7.12%	-10.77%
Return on Invested Capital (ROIC)	13.84%	17.93%	25.05%	-1.35%	-12.15%	-4.88%	-6.81%
Gross Margin	23.76%	24.91%	25.37%	19.38%	14.72%	17.29%	68.5%
Net Margin	4.2%	4.63%	-6.9%	-0.93%	-5.91%	-2.79%	-3.55%
Debt / Equity	2.39x	2.02x	0.23x	0.24x	0.38x	0.38x	0.38x
Interest Coverage	4.14x	3.48x	4.46x	-1.74x	-32.45x	-5.76x	-6.45x
FCF Conversion	1.32x	1.67x	0.17x	-4.19x	0.91x	1.73x	-1.08x
Revenue Growth	-	21.81%	12.45%	9.54%	-1.51%	11.01%	11.76%

Revenue by Segment

	2021	2022	2023	2024	2025
Other Operating	-	-	-	975K	990K
Other Operating Growth	-	-	-	-	1.54%
Others	-	-	1.81M	-	-
Others Growth	-	-	-	-	-
Capitation revenue	-	697M	-	-	-
Capitation revenue Growth	-	-	-	-	-
Other service revenue	-	1.64M	-	-	-
Other service revenue Growth	-	-	-	-	-
Capitation Revenue	635.32M	-	-	-	-
Capitation Revenue Growth	-	-	-	-	-
Other Service Revenue	2.48M	-	-	-	-
Other Service Revenue Growth	-	-	-	-	-

Revenue by Geography

	2021	2022	2023	2024	2025
Others	-	1.24M	-	-	-
Others Growth	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

InnovAge Holding Corp. (INNV) reported $863.4M in revenue for fiscal year 2025. This represents a 85% increase from $465.6M in 2019.

InnovAge Holding Corp. (INNV) grew revenue by 11.8% over the past year. This is steady growth.

InnovAge Holding Corp. (INNV) reported a net loss of $47.4M for fiscal year 2025.

Dividend & Returns

InnovAge Holding Corp. (INNV) has a return on equity (ROE) of -10.8%. Negative ROE indicates the company is unprofitable.

InnovAge Holding Corp. (INNV) generated $54.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.