INNV Healthcare

InnovAge Holding Corp.

$8.85-0.78%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Healthcare
Industry: Medical Care Facilities
Country: United States
Market cap: 1.2B USD
Enterprise value: 1.1B USD
Full-time employees: 2,500

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: less short-term liquidity (current ratio 1.05 vs a peer median of 2.59)less liquidity (current ratio 1.05 vs peers 2.59)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #646 of 1,157 healthcare companies (bottom 45%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, InnovAge looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $8.3M profit in the quarter to June 2026.
InnovAge reported a net loss over the last twelve months, but its most recent quarter was profitable ($8.3M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.
Steadier share price. Beta 0.15: tends to move less than the market.
InnovAge's shares have swung less with the market than most peers' (beta 0.15, below the market's 1.0).

StockQuotient Score

49/ 100

Oct 5 48 → Nov 4 49 (+1)

Valuation

Is the price right?

37/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-0.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield2.1%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.47Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield4.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield19.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

65/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.3%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth12.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.84Sector median: 0.0584 · MAD: 0.0840

Revenue growth15.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.01Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

38/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin0.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.56Sector median: 0.0706 · MAD: 0.1217

Return on assets-0.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.39Sector median: 0.0166 · MAD: 0.0537

Return on invested capital1.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.36Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin23.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-1.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.15

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score 1.37Sector median: 0.6250 · MAD: 0.3380

Current ratio1.05×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.11Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.21×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.07Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about InnovAge

Is InnovAge getting weaker?: Its latest SEC filing (Sep 9, 2026) showed no major changes. Its overall score is unchanged at 49/100 since Oct 28, 2026.
How is InnovAge valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 37/100 against 1,393 healthcare peers. Earnings yield -0.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -0.2% vs peers 1.5% (weaker than 100% of peers).
Is InnovAge growing?: Yes, faster than most of its peers. Growth scores 65/100 against 1,393 healthcare peers. Revenue growth 15.9% vs a peer median of 6.1% (stronger than 73% of peers).Revenue growth 15.9% vs peers 6.1% (stronger than 73% of peers).
How profitable is InnovAge?: Less profitable than most of its peers. Profitability scores 38/100 against 1,393 healthcare peers. Operating margin 0.3% vs a peer median of 7.1% (weaker than 67% of peers).Operating margin 0.3% vs peers 7.1% (weaker than 67% of peers).
How risky is InnovAge?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.15 vs a peer median of 0.63 (stronger than 95% of peers).Beta 0.15 vs peers 0.63 (stronger than 95% of peers). Current ratio 1.05× vs a peer median of 2.59× (weaker than 88% of peers).Current ratio 1.05× vs peers 2.59× (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Sep 9, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	949.2M USD	989.7M USD	+4.3%
Net income (12 months)	−11.6M USD	−2.5M USD	−78.1%
Operating margin	-1.0%	0.3%	+1.3 pts
Free cash flow (12 months)	42.6M USD	50.4M USD	+18.4%
Debt	58.0M USD	48.8M USD	−15.8%
Cash	95.5M USD	97.9M USD	+2.5%
Shares outstanding	135.7M	136.5M	+0.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Care Facilities · 27 companies

Valuations in Medical Care Facilities are within their usual range since Jun 2017.

39% of months since Jun 2017 were valued lower than now.
28% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is −61% vs the whole market, against a usual −56%.

Jun 2017Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Jun 2022	FY Jun 2023	FY Jun 2024	FY Jun 2025	FY Jun 2026	Change
Gross margin	19.4%	14.7%	17.3%	18.0%	23.0%	▲ 5.0 pts
Operating margin	-0.6%	-7.2%	-3.0%	-3.5%	0.3%	▲ 3.8 pts
Net margin	-0.9%	-5.9%	-2.8%	-3.6%	-0.3%	▲ 3.3 pts
Return on assets (ROA)	-1.2%	-7.2%	-3.9%	-5.8%	-0.5%	▲ 5.3 pts
Return on equity (ROE)	-2.0%	-13.7%	-7.9%	-12.9%	-1.1%	▲ 12 pts
Free cash flow margin	-1.6%	-0.5%	-5.9%	3.1%	5.1%	▲ 2.0 pts
Current ratio	2.29×	1.45×	1.25×	1.07×	1.05×	▼ 1.6%
Debt to equity	0.22×	0.24×	0.25×	0.26×	0.21×	▼ 19%
Interest coverage	-1.74×	—	—	—	—	—

INNV price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: less short-term liquidity (current ratio 1.05 vs a peer median of 2.59)less liquidity (current ratio 1.05 vs peers 2.59)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #646 of 1,157 healthcare companies (bottom 45%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, InnovAge looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $8.3M profit in the quarter to June 2026.

InnovAge reported a net loss over the last twelve months, but its most recent quarter was profitable ($8.3M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

Steadier share price. Beta 0.15: tends to move less than the market.

InnovAge's shares have swung less with the market than most peers' (beta 0.15, below the market's 1.0).

Questions investors ask about InnovAge

Is InnovAge getting weaker?

Its latest SEC filing (Sep 9, 2026) showed no major changes. Its overall score is unchanged at 49/100 since Oct 28, 2026.

How is InnovAge valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 37/100 against 1,393 healthcare peers. Earnings yield -0.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -0.2% vs peers 1.5% (weaker than 100% of peers).

Is InnovAge growing?

Yes, faster than most of its peers. Growth scores 65/100 against 1,393 healthcare peers. Revenue growth 15.9% vs a peer median of 6.1% (stronger than 73% of peers).Revenue growth 15.9% vs peers 6.1% (stronger than 73% of peers).

How profitable is InnovAge?

Less profitable than most of its peers. Profitability scores 38/100 against 1,393 healthcare peers. Operating margin 0.3% vs a peer median of 7.1% (weaker than 67% of peers).Operating margin 0.3% vs peers 7.1% (weaker than 67% of peers).

How risky is InnovAge?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.15 vs a peer median of 0.63 (stronger than 95% of peers).Beta 0.15 vs peers 0.63 (stronger than 95% of peers). Current ratio 1.05× vs a peer median of 2.59× (weaker than 88% of peers).Current ratio 1.05× vs peers 2.59× (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

949.2M USD

989.7M USD

+4.3%

Net income (12 months)

−11.6M USD

−2.5M USD

−78.1%

Operating margin

-1.0%

0.3%

+1.3 pts

Free cash flow (12 months)

42.6M USD

50.4M USD

+18.4%

Debt

58.0M USD

48.8M USD

−15.8%

Cash

95.5M USD

97.9M USD

+2.5%

Shares outstanding

135.7M

136.5M

+0.5%

Key ratios

FY Jun 2022

FY Jun 2023

FY Jun 2024

FY Jun 2025

FY Jun 2026

Change

Gross margin

19.4%

14.7%

17.3%

18.0%

23.0%

▲ 5.0 pts

Operating margin

-0.6%

-7.2%

-3.0%

-3.5%

0.3%

▲ 3.8 pts

Net margin

-0.9%

-5.9%

-2.8%

-3.6%

-0.3%

▲ 3.3 pts

Return on assets (ROA)

-1.2%

-7.2%

-3.9%

-5.8%

-0.5%

▲ 5.3 pts

Return on equity (ROE)

-2.0%

-13.7%

-7.9%

-12.9%

-1.1%

▲ 12 pts

Free cash flow margin

-1.6%

-0.5%

-5.9%

3.1%

5.1%

▲ 2.0 pts

Current ratio

2.29×

1.45×

1.25×

1.07×

1.05×

▼ 1.6%

Debt to equity

0.22×

0.24×

0.25×

0.26×

0.21×

▼ 19%

Interest coverage

-1.74×

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