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InnovAge Holding Corp.(INNV)Earnings, Financials & Key Ratios
INNV•NASDAQ
$11.65
Price updated Jul 7, 2026
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 Price & Volume
InnovAge Holding Corp. (INNV) stock price & volume — 10-year historical chart
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Regulatory Recovery Masks Persistent Operational Margin Volatility
Investment Thesis • Updated 2026Q3
VerdictNeutral
Growth:Accelerating
Profitability:Strained
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Regulatory enrollment freeze vulnerability
Key Thesis Takeaways
- InnovAge is currently navigating a complex operational turnaround following the lifting of regulatory enrollment freezes, which has successfully accelerated revenue growth to 15.5% as of 2026Q3.
- However, the company continues to struggle with structural profitability, evidenced by a $29.5M net loss in the most recent quarter despite a significant reduction in total debt to $38.4M.
- Investors should remain cautious as the firm attempts to balance clinical labor costs against capitated payment models while managing the ongoing impact of negative retained earnings of -$111.9M.
Verdict Logic
while the company has successfully improved its liquidity with $95.5M in cash reserves, the persistent inability to generate positive net income, which reached -$29.5M in 2026Q3, warrants further investigation into the sustainability of its clinical cost structure.
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
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
May 5, 2026Metric
Actual
Est
EPS
$0.22-466.7%
$0.06
Rev
$252M+7.5%
$234M
Q1 2026
Feb 3, 2026Metric
Actual
Est
EPS
$0.08+100.0%
$0.04
Rev
$240M+5.0%
$228M
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$0.06+500.0%
$0.01
Rev
$218M-3.8%
$227M
Q4 2025
Sep 9, 2025Metric
Actual
Est
EPS
$0.01+50.0%
$0.02
Rev
$218M-0.8%
$220M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 5, 2026 | $0.22vs $0.06-466.7% | $252Mvs $234M+7.5% |
| Q1 2026 | Feb 3, 2026 | $0.08vs $0.04+100.0% | $240Mvs $228M+5.0% |
| Q4 2025 | Nov 4, 2025 | $0.06vs $0.01+500.0% | $218Mvs $227M-3.8% |
| Q4 2025 | Sep 9, 2025 | $0.01vs $0.02+50.0% | $218Mvs $220M-0.8% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for InnovAge Holding Corp. (INNV)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $11.65 | $1.58B | -52.95 | 11.76% | -3.55% | -10.77% | — | |
| $24.05 | $4.91B | -6500.00 | 46.06% | 0.47% | 11.5% | — | |
| $31.12 | $8.07B | -18.41 | 27.5% | -0.3% | -3.26% | — | |
| $170.87 | $9.98B | 29.26 | 18.72% | 6.89% | 16.61% | — | |
| $13.22 | $427.44M | -4.51 | -21.56% | -9.84% | -27.1% | — | |
| $428.19 | $388.86B | 32.37 | 11.81% | 2.68% | 11.54% | — |
Compare INNV vs Peers
InnovAge Holding Corp. (INNV) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
INNV SEC Filings & Documents
InnovAge Holding Corp. (INNV) SEC filings — annual & quarterly reports (10-K, 10-Q)
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INNV Frequently Asked Questions
InnovAge Holding Corp. (INNV) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is InnovAge Holding Corp.'s revenue?
InnovAge Holding Corp. (INNV) reported $945.9M in revenue for fiscal year 2025. This represents a 103% increase from $465.6M in 2019.
How fast is InnovAge Holding Corp. growing?
InnovAge Holding Corp. (INNV) grew revenue by 11.8% over the past year. This is steady growth.
Is INNV profitable?
InnovAge Holding Corp. (INNV) reported a net loss of $22.2M for fiscal year 2025.
Dividend & Returns
What is INNV's return on equity?
InnovAge Holding Corp. (INNV) has a return on equity (ROE) of -10.8%. Negative ROE indicates the company is unprofitable.
What is InnovAge Holding Corp.'s free cash flow?
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.