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InnovAge Holding Corp. (INNV)

NASDAQ / Healthcare / Medical - Care Facilities

Share price

8.98 USD Market dataClose of Oct 15, 2026

Market capitalisation

1.23B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Sep 9, 2026
Ratios computed
Oct 15, 2026
Filed years
7, FY2020 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-1.1% Computed

From the FY2026 filing

Read quality

Valuation

Price to book

5.17x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

4.1% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2019 Revenue: 465.6M USDFY2019 Net income: 19.6M USDFY2020 Revenue: 567.2M USDFY2020 Net income: 26.3M USDFY2021 Revenue: 637.8M USDFY2021 Net income: -44.0M USDFY2022 Revenue: 698.6M USDFY2022 Net income: -6.5M USDFY2023 Revenue: 688.1M USDFY2023 Net income: -40.7M USDFY2024 Revenue: 763.9M USDFY2024 Net income: -21.3M USDFY2025 Revenue: 853.7M USDFY2025 Net income: -30.3M USDFY2026 Revenue: 989.7M USDFY2026 Net income: -2.5M USD
Revenue Net income8 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -1.1% in FY2026, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Medical - Care Facilities industry (30 companies), -1.1% sits at the 31st percentile; the middle half of that group runs from -6.0% to 18.2%.

Is it safe

InnovAge Holding Corp. held more cash than debt at the end of FY2026 (net cash of 10.9m USD), so net debt to EBITDA is a net cash position rather than a leverage reading.

Year by year against peers
Whether InnovAge Holding Corp.'s return on equity stayed above the median of the Healthcare sector, year by year. (FY2019 to FY2025, 7 fiscal years of InnovAge Holding Corp. with a comparable figure)
The direction
Which way InnovAge Holding Corp.'s return on equity has moved, and how steadily. (FY2019 to FY2026, 8 filed years of InnovAge Holding Corp.)
What could explain it
What in InnovAge Holding Corp.'s filed statements could explain the movements. (6 readings drawn from the statement lines InnovAge Holding Corp. filed)
What to check next
What to check next on InnovAge Holding Corp., and where in its filings. (4 questions for InnovAge Holding Corp.)
In one paragraph
One paragraph on InnovAge Holding Corp.'s returns, cash, balance sheet and price. (11 of sixteen figures read for InnovAge Holding Corp.)

These are INNV’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research INNVPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Sep 9, 2026, accession 0001834376-26-000049.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

InnovAge Holding Corp: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.

n/a ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Return on equity-1.1% ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Return on capital employed, pre-tax0.7% ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Return on assets-0.5% ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Gross margin23.0% ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Operating margin0.3% ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Net margin-0.3% ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
INNV -0.3%
PNTG 3.1%AGL -6.6%AUNA 2.5%AMN -3.5%CYH 4.1%
-6.6%4.1%
Net margin: INNV against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

InnovAge Holding Corp: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.37 ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Current ratio1.05 ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Quick ratio1.05 ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Altman Z-score4.08 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Net debt-54.4M ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Total assets 557.4MTotal liabilities 288.6MShareholders' equity 235.6MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What InnovAge Holding Corp owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Sep 9, 2026, 0001834376-26-000049).

InnovAge Holding Corp: balance sheet position
Total assets557.4M FiledFY2026 10-K, filed Sep 9, 2026
Total liabilities288.6M FiledFY2026 10-K, filed Sep 9, 2026
Shareholders' equity235.6M FiledFY2026 10-K, filed Sep 9, 2026
Cash141.3M FiledFY2026 10-K, filed Sep 9, 2026
Total debt87.0M FiledFY2026 10-K, filed Sep 9, 2026
Net debt-54.4M
Current ratio1.05
Debt to equity0.37
  • Interest cover: FY2026: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

InnovAge Holding Corp: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
P/E on trailing twelve months134.67x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book5.17x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Price to sales1.23x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Enterprise value to EBIT461.28x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Enterprise value to EBITDA50.83x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Diluted earnings per share-0.02 USD FiledFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049

We publish no fair value or price target of our own. Value INNV on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for InnovAge Holding Corp today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

InnovAge Holding Corp: valuation
Share price8.98 USD
Market capitalisation1.23B USD
Enterprise value to EBITDA50.83x
Graham numbern/m
Diluted earnings per share, FY2026-0.02 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Nov 9, 2021: low 26.92x, median 38.50x, high 176.67x, latest 134.67x. 152 trading days with a meaningful ratio, 1,085 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like InnovAge Holding Corp

  1. The Pennant Group, Inc. (PNTG)Market cap 1.48B USD
  2. Agilon Health, Inc. (AGL)Market cap 1.49B USD
  3. Auna S.A. (AUNA)Market cap 392.3M USD
  4. AMN Healthcare Services, Inc. (AMN)Market cap 1.55B USD
  5. Community Health Systems, Inc. (CYH)Market cap 421.6M USD

Same industry (Medical - Care Facilities) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

InnovAge Holding Corp: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield4.1% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Free cash flow50.4M USD ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Free cash flow margin5.1% ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
FY2019 Free cash flow: 11.4M USDFY2019 Net income: 19.6M USDFY2020 Free cash flow: 32.0M USDFY2020 Net income: 26.3M USDFY2021 Free cash flow: -25.1M USDFY2021 Net income: -44.0M USDFY2022 Free cash flow: -10.9M USDFY2022 Net income: -6.5M USDFY2023 Free cash flow: -3.1M USDFY2023 Net income: -40.7M USDFY2024 Free cash flow: -44.8M USDFY2024 Net income: -21.3M USDFY2025 Free cash flow: 26.6M USDFY2025 Net income: -30.3M USDFY2026 Free cash flow: 50.4M USDFY2026 Net income: -2.5M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

InnovAge Holding Corp.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2026Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
5.17xFY2026Oct 15, 2026
461.28xFY2026Oct 15, 2026
4.1%FY2026Oct 15, 2026
n/aFY2026Sep 9, 2026
n/a No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
n/aFY2026Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.37FY2026Sep 9, 2026
1.05FY2026Sep 9, 2026
1.23xFY2026Oct 15, 2026
n/mFY2026Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
4.08FY2026Oct 15, 2026
-3.01FY2026Sep 9, 2026
6/9FY2026Sep 9, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 7 filed fiscal years on record, FY2020 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

8 fiscal years, FY2019 to FY2026. 7 read from the annual reports InnovAge Holding Corp filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

InnovAge Holding Corp: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2026989.7M2.6M-2.5M-0.0250.4M0.3%-1.1%10-K, Sep 9, 20260001834376-26-000049
FY2025853.7M-29.8M-30.3M-0.2226.6M-3.5%-12.9%10-K, Sep 9, 20250001834376-25-000062
FY2024763.9M-23.2M-21.3M-0.16-44.8M-3.0%-7.9%10-K, Sep 10, 20240001834376-24-000074
FY2023688.1M-49.4M-40.7M-0.30-3.1M-7.2%-13.7%10-K, Sep 12, 20230001834376-23-000017
FY2022698.6M-4.4M-6.5M-0.05-10.9M-0.6%-2.0%10-K, Sep 13, 20220001558370-22-014380
FY2021637.8M-12.3M-44.0M-0.36-25.1M-1.9%-13.2%10-K, Sep 23, 20210001558370-21-012679
FY2020567.2M50.9M26.3M0.1932.0M9.0%26.0%10-K, Sep 23, 20210001558370-21-012679
FY2019465.6M39.7M19.6M0.1511.4M8.5%26.4%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2019 to FY2026: 11.4%
  • Earnings: Earnings was not positive in both 2019 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2019 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2019 to FY2026: 23.6%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

InnovAge Holding Corp: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-3.01 ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Piotroski F-score6/9 ComputedFY2026 10-K, filed Sep 9, 2026, 0001834376-26-000049
Named tests met1 of 30 Computed
Beta0.60 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 23 not met, 6 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Low P/S, rising earnings (James O'Shaughnessy)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
High yield, low payout; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(11)
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Return on Invested Capital: No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 11 figures could not be read on this company, among them P/E Ratio, Return on Invested Capital, PEG Ratio. Each blank in the table above names the rest, with its reason. 6 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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