Latest Ratios: P/E Ratio -54.5x · 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 | $1.6B | $500M | $674M | $1.0B | $594M | $2.9B | — | — |
| Enterprise Value | $1.7B | $537M | $730M | $1.1B | $494M | $2.8B | — | — |
| P/E Ratio → | -54.50 | — | — | — | — | — | — | — |
| P/S Ratio | 1.91 | 0.59 | 0.88 | 1.48 | 0.85 | 4.53 | — | — |
| P/B Ratio | 6.17 | 1.90 | 2.25 | 3.39 | 1.68 | 8.07 | — | — |
| P/FCF | 61.16 | 18.78 | — | — | — | — | — | — |
| P/OCF | 49.51 | 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 | 1.6% | 5.3% | — | — | — | — | — | — |
| Buyback Yield | 0.4% | 1.5% | 0.0% | 0.0% | 0.0% | 2.7% | — | — |
| Total Shareholder Yield | 0.4% | 1.5% | 0.0% | 0.0% | 0.0% | 3.0% | — | — |
| Shares Outstanding | — | $135M | $136M | $136M | $136M | $136M | $133M | $133M |
Regulatory enrollment freeze vulnerability
According to current market data, InnovAge trades at a forward P/E of 99.81, suggesting that investors are pricing in a significant recovery in earnings power that remains unproven given the company's historical volatility and the ongoing challenges in normalizing its medical care ratios across its PACE centers.
The elevated forward multiple indicates that the market is looking past current losses toward a potential normalization of margins. However, this valuation appears aggressive when compared to the company's own history of negative earnings and the inherent risks associated with its capitated revenue model.
Based on reported figures, InnovAge's ROIC has struggled to maintain positive territory, fluctuating from a peak of 3.8% in 2026Q2 to negative levels in 2026Q3, which highlights the difficulty in generating meaningful returns on the capital invested in its physical PACE infrastructure and clinical service network.
The inability to consistently compound returns on invested capital suggests that the company's current operational scale is insufficient to cover its fixed cost base. Investors should monitor whether future capacity utilization improvements can drive a sustained shift toward positive ROIC, or if the model remains structurally inefficient.
As reported in recent financial statements, InnovAge's asset turnover has remained low at 0.47 in 2026Q3, reflecting the capital-intensive nature of its site-based care model and the ongoing challenges in optimizing the utilization of its physical facilities relative to the total participant census across its service areas.
The relatively stable DSO of 10 days suggests that the company maintains efficient collection cycles from government payers, which is a positive aspect of the capitated model. However, the low asset turnover ratio implies that the company must significantly increase participant density to improve its overall operational efficiency.
According to the latest quarterly data, InnovAge maintains a current ratio of 1.03, which provides a modest liquidity cushion that appears sufficient to support ongoing operations while the company navigates the regulatory recovery phase and works to stabilize its medical care ratios in its key markets.
While the current ratio is adequate, the lack of a significant margin of safety suggests that any unexpected surge in medical claims or regulatory-driven revenue delays could quickly strain the company's cash position. The current liquidity profile appears appropriate for a firm in a turnaround phase but warrants close monitoring.
The market frequently misapplies standard P/S multiples to InnovAge, failing to account for the fact that revenue growth is constrained by regulatory enrollment caps rather than market demand, which obscures the true operational health of the company's existing PACE centers and their underlying contribution margins.
Investors should instead focus on center-level contribution margins and participant census growth, as these metrics provide a more accurate picture of the company's ability to scale its model profitably. Relying on top-line growth metrics alone may lead to an overestimation of the company's current earnings potential.
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 -54.5x. 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 -54.5x. 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.