Latest Ratios: P/E Ratio -40.7x · EV/EBITDA N/A · ROE -10.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $500M | $674M | $1.0B | $594M | $2.9B | — | — |
| Enterprise Value | $1.3B | $537M | $730M | $1.1B | $494M | $2.8B | — | — |
| P/E Ratio → | -40.73 | — | — | — | — | — | — | — |
| P/S Ratio | 1.42 | 0.59 | 0.88 | 1.48 | 0.85 | 4.53 | — | — |
| P/B Ratio | 4.61 | 1.90 | 2.25 | 3.39 | 1.68 | 8.07 | — | — |
| P/FCF | 45.70 | 18.78 | — | — | — | — | — | — |
| P/OCF | 36.99 | 15.20 | — | — | 21.74 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.63 | 0.96 | 1.56 | 0.71 | 4.34 | — | — |
| EV / EBITDA | — | — | — | — | 51.90 | 31.76 | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 20.17 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.5% | 68.5% | 17.3% | 14.7% | 19.4% | 25.4% | 24.9% | 23.8% |
| Operating Margin | -3.5% | -3.5% | -3.0% | -7.2% | -0.6% | 11.7% | 9.0% | 8.5% |
| Net Profit Margin | -3.6% | -3.6% | -2.8% | -5.9% | -0.9% | -6.9% | 4.6% | 4.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -10.8% | -10.8% | -7.1% | -12.4% | -1.8% | -18.9% | 27.8% | 24.0% |
| ROA | -5.3% | -5.3% | -3.8% | -7.3% | -1.2% | -9.3% | 6.8% | 5.4% |
| ROIC | -6.8% | -6.8% | -4.9% | -12.1% | -1.3% | 25.1% | 17.9% | 13.8% |
| ROCE | -7.1% | -7.1% | -5.5% | -11.4% | -1.0% | 18.9% | 16.6% | 14.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.38 | 0.38 | 0.38 | 0.38 | 0.24 | 0.23 | 2.02 | 2.39 |
| Debt / EBITDA | — | — | — | — | 8.91 | 0.95 | 3.50 | 4.00 |
| Net Debt / Equity | — | 0.14 | 0.19 | 0.19 | -0.28 | -0.34 | 0.96 | 1.64 |
| Net Debt / EBITDA | — | — | — | — | -10.47 | -1.39 | 1.66 | 2.74 |
| Debt / FCF | — | 1.39 | — | — | — | — | 3.23 | 11.70 |
| Interest Coverage | -3.50 | -3.50 | -4.42 | -32.37 | -1.87 | -1.08 | 3.44 | 3.85 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.07 | 1.07 | 1.25 | 1.25 | 2.29 | 3.19 | 2.18 | 1.43 |
| Quick Ratio | 1.07 | 1.07 | 1.25 | 1.25 | 2.29 | 3.19 | 2.18 | 1.43 |
| Cash Ratio | 0.64 | 0.64 | 0.74 | 0.74 | 1.75 | 2.59 | 1.49 | 0.73 |
| Asset Turnover | — | 1.53 | 1.32 | 1.26 | 1.24 | 1.18 | 1.38 | 1.28 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 16.97 | 24.58 | 27.28 | 22.29 | 21.74 | 30.92 | 43.12 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.3% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 339.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 2.2% | 5.3% | — | — | — | — | — | — |
| Buyback Yield | 0.6% | 1.5% | 0.0% | 0.0% | 0.0% | 2.7% | — | — |
| Total Shareholder Yield | 0.6% | 1.5% | 0.0% | 0.0% | 0.0% | 3.0% | — | — |
| Shares Outstanding | — | $135M | $136M | $136M | $136M | $136M | $133M | $133M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying INNV stock.
InnovAge Holding Corp.'s current P/E ratio is -40.7x. This places it at the 50th percentile of its historical range.
InnovAge Holding Corp.'s return on equity (ROE) is -10.8%. The historical average is 0.1%.
Based on historical data, InnovAge Holding Corp. is trading at a P/E of -40.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
InnovAge Holding Corp. has 68.5% gross margin and -3.5% operating margin.
Key Metrics
Top Statement Risk
Margin compression from labor costs
Metrics are mathematically derived from official filings.
Valuation Reflects Turnaround, Not Platform Premium
INNV trades at a forward EV/EBITDA of 61.7x based on analyst estimates, a significant premium to the negative TTM P/E, suggesting the market is pricing a full operational recovery rather than current earnings power.
The extreme forward multiple implies expectations for a dramatic margin expansion that has not yet materialized in the reported figures. This pricing contrasts with peers like Oscar Health (EV/EBITDA N/A) and Alignment Healthcare (52.3x), where valuations reflect clearer growth pathways or profitability milestones. The P/B of 5.54 appears elevated for a company with a history of negative returns on equity, indicating the market is valuing future earnings from the PACE participant base rather than tangible assets.
Gross Margin Surge Masks Persistent Operating Losses
While Q4 2026 reported a gross margin of 21.5%, the operating margin was just 6.1%, indicating that the strong initial spread between capitated revenue and care costs is largely consumed by significant overhead.
The quarterly volatility in operating margin, from -6.0% in Q2 2025 to 6.7% in Q2 2026, suggests profitability is highly sensitive to participant census and SG&A discipline rather than a stable structural advantage. The net margin of 3.2% in the latest quarter is a welcome improvement but remains fragile; a small uptick in medical claims or a failure to maintain SG&A controls could quickly erase these gains, as evidenced by the negative margins seen just two quarters prior.
Capital Returns Turn Positive Amid Structural Questions
ROIC has swung from a trough of -2.7% in Q2 2025 to a positive 5.2% in Q4 2026, a move driven almost entirely by the reversal in operating margins rather than a significant improvement in asset turnover.
The improvement in ROIC appears tied to the temporary benefits of operational restructuring and the one-time flow-through of higher revenue growth. Asset turnover has only marginally increased to 0.47 from 0.36 over two years, indicating that the capital base is not yet being utilized more efficiently. For the positive ROIC trend to be sustainable, InnovAge must demonstrate it can maintain higher margins while also growing the participant base to better utilize its fixed center infrastructure.
Ample Liquidity Provides Turnaround Runway
With a quick ratio of 1.05 in Q4 2026 and cash of $97.9M, as per the balance sheet, the company holds a solid liquidity buffer that appears sufficient to navigate near-term operational volatility without financing stress.
The liquidity position has strengthened considerably from a quick ratio of 0.78 in Q3 2025, providing crucial flexibility for a business model with inherent volatility in medical claim payments. However, the current ratio is barely above 1.0, meaning the company has limited cushion if a significant, unexpected operational cash outflow were to occur, such as a major adverse risk adjustment or audit penalty.
The P/E Multiple is Misleading for a Recovery Story
The negative TTM P/E ratio is a poor analytical tool for INNV at this stage, as it obscures the underlying operational improvement and the significant inflection in forward earnings potential.
Focusing on the trailing loss would lead investors to miss the positive trend in operating margins and free cash flow generation that began in 2026. For a capital-intensive service business in a turnaround phase, EV/EBITDA or P/S ratios are more relevant for assessing relative value, as they avoid the distortion of one-time costs and the impact of a negative equity base on earnings multiples.