InnovAge Holding Corp INNV

Health CareHealthcare Providers & ServicesUnited States of America

Last close 8.92 USD on Nov 2, 2026, +71.9% year to date

Quant rating

Quant rating B Rank 129 of 565 in Health Care

Growth A 41 of 565
Valuation B 162 of 565
Quality B 167 of 565
Revisions C 305 of 565
Momentum B 209 of 565

Wall Street consensus Hold (3.00)Average target 10.50 USD +17.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.2B
Enterprise value: 1.2B
52-week range: 3.94 – 12.63
3-year range: 2.62 – 12.63
Dividend yield: –
Beta (5 years): 0.19
Shares outstanding: 136M
Next earnings: Nov 3, 2026

About the company

InnovAge Holding Corp. is a healthcare delivery platform. The Company is engaged in managing the care of high-cost, frail, and dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE). Its programs are designed to allow frail seniors to live life on their terms by aging in place, in their own homes and communities, for as long as safely possible. Through its PACE program, it offers a range of medical and ancillary services for seniors, including in-home care services (skilled, unskilled and personal care), center services such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to and from the PACE center, and third-party medical appointments and care management. Its participant-centered approach is led by the Company's Interdisciplinary Care Teams (IDTs), who oversee all aspects of each participant’s care plan.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	990	854	764	688	699	–
Revenue growth	15.9%	11.8%	11.0%	−1.5%	9.5%	9.2%
EPS (basic, normalized)	−0.02	−0.22	−0.16	−0.30	−0.05	–
EPS growth	–	–	–	–	–	–
Gross margin	23.0%	18.0%	17.3%	14.7%	19.4%	18.5%
Net margin	−0.3%	−3.6%	−2.8%	−5.9%	−0.9%	−2.7%
ROE	−1.1%	−12.0%	−7.5%	−12.9%	−2.0%	−7.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	141
Current ratio	1.05x
Long-term debt (mil)	53.8
Net debt (mil)	−45.6
Total equity (mil)	236
Net debt / equity	−0.19x
Net debt / EBITDA	−0.48x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	990	+15.9%	1.2x	94.6	+211.6%	12.4x	−0.02	+90.9%	−446.0x
2027	1,074	+8.5%	1.1x	106	+11.6%	11.1x	0.41	+2,125.0%	22.0x
2028	1,148	+6.9%	1.0x	115	+9.0%	10.2x	0.47	+14.8%	19.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	1,074	0.0%	+3.4%	+4.0%	0.41	0.0%	−3.6%	+9.5%
2028	1,148	0.0%	+2.6%	+3.2%	0.47	0.0%	−6.4%	+3.3%
2029	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	193	199	205	209	218	221	236	240	252	262
Sales mean (mil)	188	191	203	210	214	220	227	228	234	238
Surprise	+2.6%	+4.1%	+0.9%	−0.6%	+1.9%	+0.7%	+4.2%	+5.0%	+7.5%	+9.9%
EPS reported	−0.04	−0.01	−0.04	−0.03	−0.08	−0.01	0.06	0.08	−0.22	0.06
EPS mean	−0.03	−0.03	−0.04	−0.01	−0.01	−0.02	0.01	0.04	0.06	0.07
Surprise	−16.8%	+62.0%	−6.7%	−300.0%	−540.0%	+57.1%	+500.0%	+100.0%	−466.7%	−18.2%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
INNV InnovAge Holding Corp	1.2B	−0.48x	−0.3%	5.15x	22.0x	19.2x	11.1x	10.2x
HCA HCA Healthcare, Inc.	97.7B	3.41x	9.0%	−12.21x	15.6x	14.9x	9.5x	9.4x
THC Tenet Healthcare Corp	21.4B	3.22x	6.6%	3.93x	12.0x	13.1x	7.1x	7.4x
BTSG Brightspring Health Services Inc	13.2B	2.41x	0.8%	6.05x	35.8x	27.9x	17.3x	14.7x
EHC Encompass Health Corporation	13.5B	2.68x	9.5%	5.05x	22.0x	20.0x	12.1x	11.1x
UHS Universal Health Services, Inc.	10.6B	2.19x	8.6%	1.40x	8.0x	7.9x	6.2x	6.1x
Mean		2.24x	5.7%	1.56x	19.2x	17.2x	10.5x	9.8x
Median		2.55x	7.6%	4.49x	18.8x	17.0x	10.3x	9.8x

Technical analysis

1M−0.4%
3M−21.5%
1Y+98.7%
3Y+60.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, InnovAge Holding Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	990	854	764	688	699	638
Cost of revenue	762	700	632	587	563	464
Gross profit	228	154	132	101	135	174
Selling, general & administrative expenses	201	150	136	135	126	155
Research & development	–	–	–	–	–	–
Depreciation/amortization	21.2	19.5	19.0	15.5	14.0	12.3
Interest expense (income), operating	–	–	–	–	0	1.3
Unusual expense (income)	3.2	13.6	–	–	0	14.5
Other operating expenses	−0.1	0	−0.1	−0.1	−0.1	18.2
Operating income	2.6	−29.8	−23.2	−49.4	−4.4	−26.8
Net interest income (expense)	−4.3	−6.0	−1.2	−1.5	−2.5	−5.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.9	1.7	2.5	0.1	−0.3	−2.2
Net income before taxes	0.3	−34.0	−21.8	−50.8	−7.2	−35.0
Provision for taxes	0.9	1.3	1.4	−7.2	0.7	9.8
Minority interest	−1.9	5.0	1.9	2.9	1.4	0.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−2.5	−30.3	−21.3	−40.7	−6.5	−44.0
Extraordinary items	–	–	–	–	–	–
Net income	−2.5	−30.3	−21.3	−40.7	−6.5	−44.0
EBIT, normalized	65.9	10.2	−7.5	−21.8	16.9	56.7
EBITDA, normalized	87.1	29.7	11.5	−6.3	30.9	69.0
Basic EPS, normalized	−0.02	−0.22	−0.16	−0.30	−0.05	–

Balance sheet in millions of USD, fiscal years

Balance sheet, InnovAge Holding Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	141	106	103	173	184	201
Receivables	45.7	39.7	51.4	24.6	42.7	38.0
Total inventory	–	–	–	–	–	–
Prepaid expenses	27.3	24.5	18.9	17.1	13.8	9.2
Other current assets	0	6.0	0	0	0	2.2
Total current assets	214	176	173	215	241	251
Property, plant & equipment	187	195	221	213	176	143
Goodwill	142	142	140	124	124	124
Intangibles	3.2	3.9	4.5	5.2	5.9	6.5
Long-term investments	–	0	2.6	5.5	5.5	3.5
Note receivable	–	–	–	–	–	–
Other long-term assets	10.3	9.9	5.9	3.8	2.8	3.9
Total assets	557	527	548	567	556	532
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	115	76.8	55.5	54.9	50.6	32.4
Accrued expenses	4.6	4.7	4.1	3.5	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	8.8	7.5	8.4	8.5	7.2	5.9
Other current liabilities	75.1	75.9	70.6	81.5	47.6	40.3
Total current liabilities	204	165	139	148	105	78.6
Long-term debt	53.8	65.0	74.2	78.0	77.7	76.8
Minority interest	33.2	27.9	30.5	18.5	21.4	22.8
Other liabilities	31.0	34.1	35.0	26.2	18.9	18.5
Total liabilities	322	292	278	271	223	197
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	349	343	338	332	327	324
Retained earnings (accumulated deficit)	−106	−101	−68.3	−35.9	4.7	11.2
Treasury stock	−7.5	−7.5	−0.2	–	–	0
Other equity	0	0	0	0	0	0
Total equity	236	235	269	296	332	335
Total liabilities & shareholders' equity	557	527	548	567	556	532

Cash flow statement in millions of USD, fiscal years

Cash flow statement, InnovAge Holding Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−0.7	−35.3	−23.2	−43.6	−8.0	−44.7
Depreciation, depletion & amortization	21.1	19.5	18.9	15.4	13.9	12.3
Deferred taxes	0.3	1.3	1.2	−11.5	2.1	6.4
Non-cash items	20.5	32.2	18.3	14.3	10.7	18.6
Changes in working capital	23.4	15.2	−52.1	45.6	8.6	−0.1
Cash from operations	64.6	32.9	−36.9	20.2	27.3	−7.5
Investing activities
Capital expenditures	−14.3	−6.3	−7.9	−23.4	−38.2	−19.5
Other investing cash flows	2.0	0.7	−18.5	−46.2	−2.0	0
Cash from investing	−12.3	−5.5	−26.4	−69.5	−40.2	−19.5
Financing activities
Financing cash flow items	−2.1	−1.9	1.6	–	0	−13.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−16.4	−17.2	−8.6	−7.9	−6.3	129
Cash from financing	−18.5	−19.1	−7.0	−7.9	−6.3	116
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	33.8	8.2	−70.3	−57.2	−19.3	89.1
Free cash flow	50.3	26.6	−44.8	−3.1	−10.9	−27.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.