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INNV logoInnovAge Holding Corp.(INNV)Earnings, Financials & Key Ratios

INNV•NASDAQ
$8.10
$1.1B mkt cap·Price updated May 6, 2026
SectorHealthcareIndustryHealthcare FacilitiesSub-IndustryPhysician platforms and value-based care
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 Margin68.5%+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/Equity0.38+2.0%
  • Interest Coverage-3.50+20.9%
Technical→

INNV Key Insights

InnovAge Holding Corp. (INNV) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 88 (top 12%)
  • ✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

INNV Price & Volume

InnovAge Holding Corp. (INNV) stock price & volume — 10-year historical chart

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INNV Growth Metrics

InnovAge Holding Corp. (INNV) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years8.52%
3 Years6.91%
TTM13.73%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM28.9%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-27.63%

Return on Capital

10 Years3.53%
5 Years-1.22%
3 Years-8%
Last Year-7.14%

INNV Recent Earnings

InnovAge Holding Corp. (INNV) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
May 5, 2026
EPS
$0.22
Est $0.06
-466.7%
Revenue
$252M
Est $234M
+7.5%
Q1 2026
Feb 3, 2026
EPS
$0.08
Est $0.04
+100.0%
Revenue
$240M
Est $228M
+5.0%
Q4 2025
Nov 4, 2025
EPS
$0.06
Est $0.01
+500.0%
Revenue
$218M
Est $227M
-3.8%
Q4 2025
Sep 9, 2025
EPS
$0.01
Est $0.02
+50.0%
Revenue
$218M
Est $220M
-0.8%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.22vs $0.06-466.7%
$252Mvs $234M+7.5%
Q1 2026Feb 3, 2026
$0.08vs $0.04+100.0%
$240Mvs $228M+5.0%
Q4 2025Nov 4, 2025
$0.06vs $0.01+500.0%
$218Mvs $227M-3.8%
Q4 2025Sep 9, 2025
$0.01vs $0.02+50.0%
$218Mvs $220M-0.8%
Based on last 12 quarters of dataView full earnings history →

INNV Peer Comparison

InnovAge Holding Corp. (INNV) competitors in Physician platforms and value-based care — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ALHC logoALHCAlignment Healthcare, Inc.Direct Competitor3.71B18.14-4902.7046.06%0.47%11.5%1.89
OSCR logoOSCROscar Health, Inc.Direct Competitor5.14B19.84-11.7427.5%-0.3%-3.26%0.44
ENSG logoENSGThe Ensign Group, Inc.Product Competitor10.28B175.9330.1318.72%6.89%16.61%1.86
CCRN logoCCRNCross Country Healthcare, Inc.Product Competitor326.32M10.11-3.45-21.56%-9%-24.3%0.01
UNH logoUNHUnitedHealth Group IncorporatedSupply Chain333.37B367.2827.7611.81%2.68%11.54%0.77
HUM logoHUMHumana Inc.Supply Chain29.57B246.3325.0310.06%0.82%6.17%0.73
CVS logoCVSCVS Health CorporationSupply Chain111.32B86.8662.497.85%0.72%3.86%1.24
CNC logoCNCCentene CorporationSupply Chain27.31B55.32-4.0619.44%-3.25%-28.6%0.94

Compare INNV vs Peers

InnovAge Holding Corp. (INNV) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ALHC

Most directly comparable listed peer for INNV.

Scale Benchmark

vs UNH

Larger-name benchmark to compare INNV against a more recognizable public peer.

Peer Set

Compare Top 5

vs ALHC, OSCR, ENSG, CCRN

INNV Income Statement

InnovAge Holding Corp. (INNV) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemJun'19Jun'20Jun'21Jun'22Jun'23Jun'24Jun'25TTM
Sales/Revenue465.63M567.19M637.8M698.64M688.09M763.86M853.7M945.9M
Revenue Growth %-21.81%12.45%9.54%-1.51%11.01%11.76%13.73%
Cost of Goods Sold355M425.89M476.01M563.27M586.8M631.79M268.91M553.9M
COGS % of Revenue76.24%75.09%74.63%80.62%85.28%82.71%31.5%-
Gross Profit
110.63M▲ 0%
141.3M▲ 27.7%
161.79M▲ 14.5%
135.37M▼ 16.3%
101.29M▼ 25.2%
132.06M▲ 30.4%
584.79M▲ 342.8%
140.05M▲ 0%
Gross Margin %23.76%24.91%25.37%19.38%14.72%17.29%68.5%14.81%
Gross Profit Growth %-27.73%14.49%-16.33%-25.18%30.38%342.81%-
Operating Expenses70.95M90.37M86.96M139.78M150.68M155.24M614.55M211.09M
OpEx % of Revenue15.24%15.93%13.63%20.01%21.9%20.32%71.99%-
Selling, General & Admin64.71M77.48M154.57M125.85M135.26M136.29M150.28M203.36M
SG&A % of Revenue13.9%13.66%24.23%18.01%19.66%17.84%17.6%-
Research & Development00000000
R&D % of Revenue--------
Other Operating Expenses6.24M12.89M-67.61M13.92M15.42M18.95M464.28M1000K
Operating Income
39.67M▲ 0%
50.93M▲ 28.4%
74.82M▲ 46.9%
-4.41M▼ 105.9%
-49.4M▼ 1021.1%
-23.18M▲ 53.1%
-29.76M▼ 28.4%
14.23M▲ 0%
Operating Margin %8.52%8.98%11.73%-0.63%-7.18%-3.03%-3.49%1.5%
Operating Income Growth %-28.38%46.9%-105.89%-1021.08%53.07%-28.39%-
EBITDA48.67M62.22M87.12M9.52M-33.98M-4.23M-10.25M4.12M
EBITDA Margin %10.45%10.97%13.66%1.36%-4.94%-0.55%-1.2%0.44%
EBITDA Growth %-27.85%40.01%-89.07%-456.97%87.55%-142.34%137.31%
D&A (Non-Cash Add-back)9M11.29M12.29M13.92M15.42M18.95M19.51M20.17M
EBIT36.92M50.25M-18.18M-4.71M-49.27M-17.8M-16.15M15.37M
Net Interest Income-9.59M-14.62M-16.79M-2.53M-1.52M-4.02M-4.61M-3.57M
Interest Income00000000
Interest Expense9.59M14.62M16.79M2.53M1.52M4.02M4.61M2.58M
Other Income/Expense-14.29M-15.3M-109.79M-2.83M-1.4M1.36M-4.27M-4.92M
Pretax Income
25.39M▲ 0%
35.63M▲ 40.4%
-34.97M▼ 198.1%
-7.24M▲ 79.3%
-50.79M▼ 601.9%
-21.82M▲ 57.0%
-34.03M▼ 56.0%
-20.46M▲ 0%
Pretax Margin %5.45%6.28%-5.48%-1.04%-7.38%-2.86%-3.99%-2.16%
Income Tax6.32M9.87M9.77M723K-7.24M1.4M1.32M1.14M
Effective Tax Rate %24.88%27.69%-27.94%-9.99%14.26%-6.43%-3.87%-5.56%
Net Income
19.58M▲ 0%
26.28M▲ 34.2%
-43.99M▼ 267.4%
-6.52M▲ 85.2%
-40.67M▼ 523.7%
-21.34M▲ 47.5%
-30.31M▼ 42.1%
-22.2M▲ 0%
Net Margin %4.2%4.63%-6.9%-0.93%-5.91%-2.79%-3.55%-2.35%
Net Income Growth %-34.22%-267.39%85.17%-523.72%47.54%-42.06%28.9%
Net Income (Continuing)19.07M25.77M-44.74M-7.96M-43.55M-23.22M-35.34M-21.12M
Discontinued Operations00000000
Minority Interest7.25M6.74M23.41M21.38M30.55M30.55M27.94M26.11M
EPS (Diluted)
0.15▲ 0%
0.20▲ 33.3%
-0.33▼ 265.0%
-0.05▲ 84.8%
-0.30▼ 500.0%
-0.16▲ 46.7%
-0.22▼ 37.5%
-0.16▲ 0%
EPS Growth %-33.33%-265%84.85%-500%46.67%-37.5%-27.63%
EPS (Basic)0.150.20-0.33-0.05-0.30-0.16-0.22-
Diluted Shares Outstanding133.19M133.19M135.52M135.52M135.59M135.9M135.39M135.7M
Basic Shares Outstanding133.19M133.19M135.52M135.52M135.59M135.9M135.39M135.7M
Dividend Payout Ratio339.7%-------

INNV Balance Sheet

InnovAge Holding Corp. (INNV) balance sheet — assets, liabilities & shareholders' equity

Line itemJun'19Jun'20Jun'21Jun'22Jun'23Jun'24Jun'25TTM
Total Current Assets119.45M166.93M250.93M240.96M173.14M173.14M176.11M202.61M
Cash & Short-Term Investments61.2M114.56M203.7M184.45M102.78M102.79M105.92M138.59M
Cash Only61.2M114.56M203.7M184.45M56.95M56.96M64.14M95.54M
Short-Term Investments000045.83M45.83M41.77M43.05M
Accounts Receivable55.01M48.05M37.98M42.67M51.43M51.43M39.68M28.58M
Days Sales Outstanding43.1230.9221.7422.2927.2824.5816.9711.51
Inventory00000000
Days Inventory Outstanding--------
Other Current Assets3.25M4.31M0014K06.04M35.44M
Total Non-Current Assets243.78M242.7M287.68M321.92M374.52M406.69M381.12M344.78M
Property, Plant & Equipment101.19M102.49M142.72M176.26M221.44M221.44M194.94M189.02M
Fixed Asset Turnover4.60x5.53x4.47x3.96x3.11x3.45x4.38x4.94x
Goodwill117.27M116.14M124.22M124.22M139.95M139.95M0142.05M
Intangible Assets5.84M5.18M6.52M5.86M4.54M4.54M145.92M3.38M
Long-Term Investments15.43M15.89M3.49M5.49M2.65M5.45M2.2M2.2M
Other Non-Current Assets4.07M3M4.54M3.47M5.95M1.71M7.67M39.35M
Total Assets
363.23M▲ 0%
409.63M▲ 12.8%
538.61M▲ 31.5%
562.87M▲ 4.5%
547.66M▼ 2.7%
579.84M▲ 5.9%
557.23M▼ 3.9%
547.39M▲ 0%
Asset Turnover1.28x1.38x1.18x1.24x1.26x1.32x1.53x1.77x
Asset Growth %-12.77%31.49%4.5%-2.7%5.87%-3.9%-4.7%
Total Current Liabilities83.46M76.63M78.56M105.31M138.6M138.6M164.81M195.89M
Accounts Payable30.35M28.88M32.36M50.56M55.46M55.46M76.75M0
Days Payables Outstanding31.2124.7524.8132.7634.532.04104.1830.22
Short-Term Debt3.63M3.43M5.87M7.16M3.79M12.54M12.17M12.34M
Deferred Revenue (Current)0000000275K
Other Current Liabilities49.48M44.32M40.34M47.58M55.4M70.6M75.89M183.28M
Current Ratio1.43x2.18x3.19x2.29x1.25x1.25x1.07x1.07x
Quick Ratio1.43x2.18x3.19x2.29x1.25x1.25x1.07x1.07x
Cash Conversion Cycle--------18.71
Total Non-Current Liabilities198.33M225.25M102.08M103.82M109.25M141.43M129.51M92.61M
Long-Term Debt186.82M210.43M71.57M68.21M61.48M61.48M57.46M26.08M
Capital Lease Obligations4.33M4.09M5.19M9.44M39.02M39.02M31.45M87.63M
Deferred Tax Liabilities6.11M9.28M22.56M25.04M7.46M39.63M39.14M66.7M
Other Non-Current Liabilities1.08M1.45M2.76M1.13M1.3M1.3M1.46M40.47M
Total Liabilities281.79M301.88M180.65M209.13M247.85M280.03M294.32M288.5M
Total Debt194.78M217.96M82.63M84.81M113.03M113.03M101.08M38.41M
Net Debt133.58M103.39M-121.07M-99.64M56.09M56.08M36.94M-57.12M
Debt / Equity2.39x2.02x0.23x0.24x0.38x0.38x0.38x0.38x
Debt / EBITDA4.00x3.50x0.95x8.91x---9.32x
Net Debt / EBITDA2.74x1.66x-1.39x-10.47x----13.86x
Interest Coverage3.85x3.44x-1.08x-1.87x-32.37x-4.42x-3.50x5.96x
Total Equity
81.44M▲ 0%
107.75M▲ 32.3%
357.96M▲ 232.2%
353.74M▼ 1.2%
299.81M▼ 15.2%
299.81M▲ 0.0%
262.91M▼ 12.3%
258.89M▲ 0%
Equity Growth %-32.3%232.22%-1.18%-15.25%0%-12.31%-16.85%
Book Value per Share0.610.812.642.612.212.211.941.91
Total Shareholders' Equity74.19M101.02M334.56M332.36M269.26M269.26M234.97M232.78M
Common Stock133K133K136K136K136K137K137K137K
Retained Earnings38.46M64.74M10.66M4.73M-68.31M-68.31M-101.05M-111.87M
Treasury Stock-193K-193K00-179K-179K-7.5M0
Accumulated OCI00000000
Minority Interest7.25M6.74M23.41M21.38M30.55M30.55M27.94M26.11M

INNV Cash Flow Statement

InnovAge Holding Corp. (INNV) cash flow — operating, investing & free cash flow history

Line itemJun'19Jun'20Jun'21Jun'22Jun'23Jun'24Jun'25TTM
Cash from Operations25.91M43.83M-7.55M27.3M-36.9M-36.9M32.87M32.87M
Operating CF Margin %5.56%7.73%-1.18%3.91%-5.36%-4.83%3.85%-
Operating CF Growth %-69.18%-117.22%461.71%-235.15%0%189.07%602.73%
Net Income19.07M25.77M-43.99M-6.52M-23.22M-23.22M-35.34M-22.2M
Depreciation & Amortization9M11.29M13.35M14.35M18.95M18.95M19.51M20.11M
Stock-Based Compensation727K543K47.05M3.74M6.83M6.83M7.62M7.19M
Deferred Taxes3.55M3.17M001.22M1.22M1.3M555K
Other Non-Cash Items3.56M9.39M-21.37M23.13M11.46M11.46M24.54M44.45M
Working Capital Changes-9.99M-6.33M-2.59M-7.4M-52.15M-52.15M15.23M1.84M
Change in Receivables1.13M-1.2M5.88M-9.51M-33.4M-30.33M11.22M4.32M
Change in Inventory-7.92M-4.12M000000
Change in Payables9.36M-1.01M001.37M1.37M20.43M40.68M
Cash from Investing-52.48M-11.69M-19.54M-40.24M-26.37M-26.37M-5.55M-3.12M
Capital Expenditures-14.49M-11.84M-17.54M-38.24M-7.91M-7.91M-6.26M-11.39M
CapEx % of Revenue3.11%2.09%2.75%5.47%1.15%1.04%0.73%-
Acquisitions-36.49M169K00-19.07M-19.07M-3.52M0
Investments--------
Other Investing-37.99M1.3M-2M-2M00010.02M
Cash from Financing37.35M21.23M116.22M-6.32M-7.03M-7.03M-19.08M-8.51M
Debt Issued (Net)115.81M21.23M-139.45M-6.32M-8.43M-8.43M-9.91M-8.22M
Equity Issued (Net)277K0-77.6M0-179K-179K-7.32M2.08M
Dividends Paid-66.51M0-9.5M00000
Share Repurchases-193K0-77.6M0-179K-179K-7.32M-1.09M
Other Financing-12.24M0342.77M01.58M1.58M-1.85M-2.37M
Net Change in Cash
10.77M▲ 0%
53.37M▲ 395.3%
89.14M▲ 67.0%
-19.25M▼ 121.6%
-70.31M▼ 265.1%
-70.31M▲ 0.0%
8.23M▲ 111.7%
26.13M▲ 0%
Free Cash Flow
11.42M▲ 0%
31.98M▲ 180.1%
-25.09M▼ 178.4%
-10.94M▲ 56.4%
-44.81M▼ 309.8%
-44.81M▲ 0.0%
26.6M▲ 159.4%
38.79M▲ 0%
FCF Margin %2.45%5.64%-3.93%-1.57%-6.51%-5.87%3.12%4.1%
FCF Growth %-180.07%-178.44%56.41%-309.77%0%159.37%142.59%
FCF per Share0.090.24-0.19-0.08-0.33-0.330.200.20
FCF Conversion (FCF/Net Income)1.32x1.67x0.17x-4.19x0.91x1.73x-1.08x-1.75x
Interest Paid8.84M11.55M18.03M1.47M4.06M4.06M4.35M2.23M
Taxes Paid4.53M4.75M004.45M4.45M1K0

INNV Key Ratios

InnovAge Holding Corp. (INNV) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)27.78%-18.89%-1.83%-12.45%-7.12%-10.77%-8.18%
Return on Invested Capital (ROIC)17.93%25.05%-1.35%-12.15%-4.88%-6.81%-6.81%
Gross Margin24.91%25.37%19.38%14.72%17.29%68.5%14.81%
Net Margin4.63%-6.9%-0.93%-5.91%-2.79%-3.55%-2.35%
Debt / Equity2.02x0.23x0.24x0.38x0.38x0.38x0.38x
Interest Coverage3.44x-1.08x-1.87x-32.37x-4.42x-3.50x5.96x
FCF Conversion1.67x0.17x-4.19x0.91x1.73x-1.08x-1.75x
Revenue Growth21.81%12.45%9.54%-1.51%11.01%11.76%13.73%

INNV SEC Filings & Documents

InnovAge Holding Corp. (INNV) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Mar 17, 2026·SEC

Material company update

Feb 3, 2026·SEC

10-K Annual Reports

3
FY 2025

Sep 9, 2025·SEC

FY 2024

Sep 10, 2024·SEC

FY 2023

Sep 12, 2023·SEC

10-Q Quarterly Reports

6
FY 2026

Feb 3, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

May 6, 2025·SEC

INNV Frequently Asked Questions

InnovAge Holding Corp. (INNV) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

InnovAge Holding Corp. (INNV) reported $945.9M in revenue for fiscal year 2025. This represents a 103% 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 $22.2M 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 $38.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More INNV

InnovAge Holding Corp. (INNV) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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