InnovAge Holding (INNV) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

InnovAge Holding

NasdaqGS•Healthcare•Medical Care Facilities

$10.75-0.02(<0.01%)Market closed

Market Cap

$1.43B

P/S

1.5x

P/B

6.1x

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. It manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. The company also 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 and from the PACE center and third-party medical appointments; and care management. It serves participants in the United States; and operates PACE centers in Colorado, California, New Mexico, Pennsylvania, Florida, 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 1989 and is headquartered in Denver, Colorado.

How this company scores

GoodMetricSide Score: 63/100

Strongest: Growth (19/25); weakest: Cash & Earnings Quality (14/25).

Profitability14/25

Growth19/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality14/25

Strengths

Rising free cash flowLong cash runwayLow leverageProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 110.2x5y range 110.2x – 110.2x

P/S · 1.5x5y range 0.5x – 1.5x

Currently above its 18-quarter median.

P/B · 6.1x5y range 1.5x – 7.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -1.2x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $1.43B

Metrics at a Glance

as of March 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $949.17M
Q. Revenue: $251.94M
TTM EBITDA: $8.50M
TTM Op. Income: $-9.68M
Q. Op. Income: $-29.08M
TTM Net Income: $-11.61M
Q. Net Income: $-29.46M
EPS: $-0.22
Shares Out.: $135.70M

$949.17M in TTM revenue grew 14.1% YoY, reaching $251.94M last quarter. TTM EBITDA of $8.50M and TTM operating income of $-9.68M show growth is flowing through to the bottom line. However, net income is negative at $11.61M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 24.2%
EBITDA Margin: -9.6%
Op. Margin: -11.5%
Net Margin: -11.7%

Op. margin of -11.5% is down 6.9% YoY — costs are rising relative to revenue. Net margin at -11.7% and gross margin of 24.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 148% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1.5x
P/B Ratio: 6.1x

P/S of 1.5x and P/B of 6.1x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $547.39M
Cash: $95.54M
Long-Term Debt: $55.43M
Book Value: $232.78M
D/E Ratio: 0.2
Debt/EBITDA: N/A

With $547.39M in assets and $55.43M in long-term debt, D/E is 0.2and book value is $232.78M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 3214% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $18.14M
TTM Free Cash Flow: $42.56M
FCF Margin: 4.5%
FCF / Net Income: -3.7

TTM FCF of $42.56M on $18.14M in operating cash flow. The FCF / Net Income ratio of -3.7x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 166% — a weakening trend.