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

INNV•NASDAQ
Price updated Jun 19, 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%

INNV Key Insights

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

✓Strengths

  • ✓Momentum leader: RS Rating 84 (top 16%)
  • ✓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.

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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
Metric
Actual
Est
EPS
$0.22-466.7%
$0.06
Rev
$252M+7.5%
$234M
Q1 2026
Feb 3, 2026
Metric
Actual
Est
EPS
$0.08+100.0%
$0.04
Rev
$240M+5.0%
$228M
Q4 2025
Nov 4, 2025
Metric
Actual
Est
EPS
$0.06+500.0%
$0.01
Rev
$218M-3.8%
$227M
Q4 2025
Sep 9, 2025
Metric
Actual
Est
EPS
$0.01+50.0%
$0.02
Rev
$218M-0.8%
$220M
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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ALHC logoALHCAlignment Healthcare, Inc.Direct Competitor4.47B21.86-5908.1146.06%0.47%11.5%1.89
OSCR logoOSCROscar Health, Inc.Direct Competitor7.36B28.40-16.8027.5%-0.3%-3.26%0.44
ENSG logoENSGThe Ensign Group, Inc.Product Competitor8.98B153.6526.3118.72%6.89%16.61%1.86
CCRN logoCCRNCross Country Healthcare, Inc.Product Competitor425.82M13.17-4.49-21.56%-9.84%-27.1%0.01
UNH logoUNHUnitedHealth Group IncorporatedSupply Chain363.94B400.9630.3111.81%2.68%11.54%0.77
HUM logoHUMHumana Inc.Supply Chain43.3B360.6536.6510.06%0.82%6.17%0.73
CVS logoCVSCVS Health CorporationSupply Chain125.45B98.3270.737.85%0.72%3.86%1.24
CNC logoCNCCentene CorporationSupply Chain30.13B61.02-4.4819.44%-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
MetricJun'19Jun'20Jun'21Jun'22Jun'23Jun'24Jun'25TTM
Sales/Revenue
465.63M567.19M637.8M698.64M688.09M763.86M853.7M945.9M
Revenue Growth %
-21.81%12.45%9.54%-1.51%11.01%11.76%13.73%
Cost of Goods Sold
355M425.89M476.01M563.27M586.8M631.79M268.91M553.9M
COGS % of Revenue
76.24%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 Expenses
70.95M90.37M86.96M139.78M150.68M155.24M614.55M211.09M
OpEx % of Revenue
15.24%15.93%13.63%20.01%21.9%20.32%71.99%-
Selling, General & Admin
64.71M77.48M154.57M125.85M135.26M136.29M150.28M203.36M
SG&A % of Revenue
13.9%13.66%24.23%18.01%19.66%17.84%17.6%-
Research & Development
00000000
R&D % of Revenue
--------
Other Operating Expenses
6.24M12.89M-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%-
EBITDA
48.67M62.22M87.12M9.52M-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
EBIT
36.92M50.25M-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 Income
00000000
Interest Expense
9.59M14.62M16.79M2.53M1.52M4.02M4.61M2.58M
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 Tax
6.32M9.87M9.77M723K-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 Operations
00000000
Minority Interest
7.25M6.74M23.41M21.38M30.55M30.55M27.94M26.11M
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 Outstanding
133.19M133.19M135.52M135.52M135.59M135.9M135.39M135.7M
Basic Shares Outstanding
133.19M133.19M135.52M135.52M135.59M135.9M135.39M135.7M
Dividend Payout Ratio
339.7%-------

INNV Balance Sheet

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

MetricJun'19Jun'20Jun'21Jun'22Jun'23Jun'24Jun'25TTM
Total Current Assets
119.45M166.93M250.93M240.96M173.14M173.14M176.11M202.61M
Cash & Short-Term Investments
61.2M114.56M203.7M184.45M102.78M102.79M105.92M138.59M
Cash Only
61.2M114.56M203.7M184.45M56.95M56.96M64.14M95.54M
Short-Term Investments
000045.83M45.83M41.77M43.05M
Accounts Receivable
55.01M48.05M37.98M42.67M51.43M51.43M39.68M28.58M
Days Sales Outstanding
43.1230.9221.7422.2927.2824.5816.9711.51
Inventory
00000000
Days Inventory Outstanding
--------
Other Current Assets
3.25M4.31M0014K06.04M35.44M
Total Non-Current Assets
243.78M242.7M287.68M321.92M374.52M406.69M381.12M344.78M
Property, Plant & Equipment
101.19M102.49M142.72M176.26M221.44M221.44M194.94M189.02M
Fixed Asset Turnover
4.60x5.53x4.47x3.96x3.11x3.45x4.38x4.94x
Goodwill
117.27M116.14M124.22M124.22M139.95M139.95M0142.05M
Intangible Assets
5.84M5.18M6.52M5.86M4.54M4.54M145.92M3.38M
Long-Term Investments
15.43M15.89M3.49M5.49M2.65M5.45M2.2M2.2M
Other Non-Current Assets
4.07M3M4.54M3.47M5.95M1.71M7.67M10.33M
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 Turnover
1.28x1.38x1.18x1.24x1.26x1.32x1.53x1.77x
Asset Growth %
-12.77%31.49%4.5%-2.7%5.87%-3.9%-4.7%
Total Current Liabilities
83.46M76.63M78.56M105.31M138.6M138.6M164.81M195.89M
Accounts Payable
30.35M28.88M32.36M50.56M55.46M55.46M76.75M0
Days Payables Outstanding
31.2124.7524.8132.7634.532.04104.1830.22
Short-Term Debt
3.63M3.43M5.87M7.16M3.79M12.54M12.17M12.34M
Deferred Revenue (Current)
0000000275K
Other Current Liabilities
49.48M44.32M40.34M47.58M55.4M70.6M75.89M183.28M
Current Ratio
1.43x2.18x3.19x2.29x1.25x1.25x1.07x1.03x
Quick Ratio
1.43x2.18x3.19x2.29x1.25x1.25x1.07x1.03x
Cash Conversion Cycle
--------18.71
Total Non-Current Liabilities
198.33M225.25M102.08M103.82M109.25M141.43M129.51M92.61M
Long-Term Debt
186.82M210.43M71.57M68.21M61.48M61.48M57.46M26.08M
Capital Lease Obligations
4.33M4.09M5.19M9.44M39.02M39.02M31.45M87.63M
Deferred Tax Liabilities
6.11M9.28M22.56M25.04M7.46M39.63M39.14M66.7M
Other Non-Current Liabilities
1.08M1.45M2.76M1.13M1.3M1.3M1.46M57.25M
Total Liabilities
281.79M301.88M180.65M209.13M247.85M280.03M294.32M288.5M
Total Debt
194.78M217.96M82.63M84.81M113.03M113.03M101.08M38.41M
Net Debt
133.58M103.39M-121.07M-99.64M56.09M56.08M36.94M-57.12M
Debt / Equity
2.39x2.02x0.23x0.24x0.38x0.38x0.38x0.15x
Debt / EBITDA
4.00x3.50x0.95x8.91x---9.32x
Net Debt / EBITDA
2.74x1.66x-1.39x-10.47x----13.86x
Interest Coverage
3.85x3.44x-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 Share
0.610.812.642.612.212.211.941.91
Total Shareholders' Equity
74.19M101.02M334.56M332.36M269.26M269.26M234.97M232.78M
Common Stock
133K133K136K136K136K137K137K137K
Retained Earnings
38.46M64.74M10.66M4.73M-68.31M-68.31M-101.05M-111.87M
Treasury Stock
-193K-193K00-179K-179K-7.5M0
Accumulated OCI
00000000
Minority Interest
7.25M6.74M23.41M21.38M30.55M30.55M27.94M26.11M

INNV Cash Flow Statement

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

MetricJun'19Jun'20Jun'21Jun'22Jun'23Jun'24Jun'25TTM
Cash from Operations
25.91M43.83M-7.55M27.3M-36.9M-36.9M32.87M50.18M
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 Income
19.07M25.77M-43.99M-6.52M-23.22M-23.22M-35.34M-22.2M
Depreciation & Amortization
9M11.29M13.35M14.35M18.95M18.95M19.51M20.11M
Stock-Based Compensation
727K543K47.05M3.74M6.83M6.83M7.62M7.19M
Deferred Taxes
3.55M3.17M001.22M1.22M1.3M555K
Other Non-Cash Items
3.56M9.39M-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 Receivables
1.13M-1.2M5.88M-9.51M-33.4M-30.33M11.22M4.32M
Change in Inventory
-7.92M-4.12M000000
Change in Payables
9.36M-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 Revenue
3.11%2.09%2.75%5.47%1.15%1.04%0.73%1.2%
Acquisitions
-36.49M169K00-19.07M-19.07M-3.52M0
Investments
--------
Other Investing
-37.99M1.3M-2M-2M00010.02M
Cash from Financing
37.35M21.23M116.22M-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 Share
0.090.24-0.19-0.08-0.33-0.330.200.29
FCF Conversion (FCF/Net Income)
1.32x1.67x0.17x-4.19x0.91x1.73x-1.08x-1.75x
Interest Paid
8.84M11.55M18.03M1.47M4.06M4.06M4.35M2.23M
Taxes Paid
4.53M4.75M004.45M4.45M1K0

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%3.78%
Gross Margin
24.91%25.37%19.38%14.72%17.29%68.5%14.81%
Net Margin
4.63%-6.9%-0.93%-5.91%-2.79%-3.55%-2.35%
Debt / Equity
2.02x0.23x0.24x0.38x0.38x0.38x0.15x
Interest Coverage
3.44x-1.08x-1.87x-32.37x-4.42x-3.50x5.96x
FCF Conversion
1.67x0.17x-4.19x0.91x1.73x-1.08x-1.75x
Revenue Growth
21.81%12.45%9.54%-1.51%11.01%11.76%13.73%
Related:INNV Dividend History·INNV Revenue History·INNV Price History·INNV P/E History·INNV Financial Ratios·INNV Institutional Holders

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.

What if you invested $1,000 in INNV back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

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How much would $100/month in INNV be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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