Logo

INNV

InnovAge Holding Corp.

INNV

InnovAge Holding Corp. • NASDAQ
$5.28 ▲ 6.45% (+0.32)
Market Cap $714.66 M
52w High $6.26
52w Low $2.60
Dividend Yield 0%
P/E -44
Volume 83.53K
Outstanding Shares 135.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $218.142M $50.905M $-11.378M -5.216% $-0.08 $-4.515M
Q4-2025 $218.142M $50.905M $-11.378M -5.216% $-0.08 ▲ $-4.515M
Q3-2025 $218.142M ▲ $50.905M ▲ $-11.378M ▲ -5.216% ▲ $-0.084 ▲ $-4.515M ▲
Q2-2025 $208.999M ▲ $49.621M ▲ $-13.221M ▼ -6.326% ▼ $-0.1 ▼ $-7.377M ▼
Q1-2025 $205.142M $39.437M $-4.929M -2.403% $-0.04 $1.347M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $109.429M ▲ $510.234M ▼ $234.468M ▼ $244.976M ▲
Q4-2025 $105.915M ▲ $557.229M ▲ $294.321M ▲ $234.968M ▼
Q3-2025 $101.745M ▲ $536.648M ▲ $268.943M ▲ $237.964M ▼
Q2-2025 $86.866M ▲ $524.784M ▼ $246.831M ▲ $248.457M ▼
Q1-2025 $85.691M $527.719M $237.009M $260.944M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-11.133M ▲ $24.628M ▲ $-8.136M ▼ $-2.117M ▲ $14.375M ▲ $21.729M ▲
Q4-2025 $-13.491M ▼ $6.753M ▼ $4.4M ▲ $-4.094M ▼ $7.059M ▼ $5.41M ▼
Q3-2025 $-11.133M ▲ $24.628M ▲ $-8.136M ▼ $-2.117M ▲ $14.375M ▲ $21.729M ▲
Q2-2025 $-13.221M ▼ $6.753M ▲ $4.4M ▲ $-4.094M ▲ $7.059M ▲ $5.41M ▲
Q1-2025 $-5.71M $-7.516M $-2.79M $-7.622M $-17.928M $-9.716M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Other Operating Segment
Other Operating Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past few years, with only a small dip in the middle, suggesting that demand for InnovAge’s services is intact and likely improving. Profitability, however, has lagged: the company has stayed close to break-even at the operating level and has reported small losses each year. The most recent year shows a very sharp improvement in gross profitability, which, if sustainable, could be a turning point, but it is too early to call it a stable new level. Overall, the income statement reflects a business with growing scale but still working to convert that growth into consistent, durable profits.

Balance Sheet

Balance Sheet The balance sheet is relatively compact and stable, with total assets holding roughly flat over time. Cash reserves have declined meaningfully from earlier years but have recently stopped falling, indicating some stabilization in the company’s liquidity position. Debt remains moderate, but shareholder equity has been slowly eroded by recurring losses, which reduces the financial cushion over time. Taken together, InnovAge appears reasonably funded today, but it does not have an abundance of excess balance sheet strength, so ongoing discipline around losses and investment will matter.

Cash Flow

Cash Flow Cash generation has been uneven, swinging between modest inflows and modest outflows from operations. The latest year shows a return to positive operating cash flow and the strongest free cash flow in the period, helped by tighter capital spending. Investment in property and centers has come down from earlier, heavier build-out years, which supports near-term cash but may also slow the pace of physical expansion if maintained. The cash flow profile suggests a business edging toward self-funding, yet still vulnerable if performance or reimbursement trends were to weaken.

Competitive Edge

Competitive Edge InnovAge operates in a specialized niche as one of the largest providers under the PACE model, which gives it meaningful scale advantages over smaller regional players. Its vertically integrated setup—offering medical, social, dental, and behavioral services under one coordinated program—creates a service bundle that is not easy for traditional, fragmented providers to copy. Long-standing relationships with Medicare and Medicaid programs, plus the complexity of operating PACE centers, form practical barriers to new entrants. On the risk side, this same dependence on government programs and strict regulatory oversight means that policy changes, compliance issues, or center sanctions can have an outsized impact on growth and margins.

Innovation and R&D

Innovation and R&D InnovAge’s “R&D” is largely operational and technology-driven rather than lab-based. The company has invested in a PACE-tailored electronic health record system, moved to well-known platforms like Epic and Oracle, and built data and analytics capabilities to better manage care for frail seniors. Telehealth and remote monitoring are now embedded in the model, supporting care at home and potentially lowering high-cost hospital use. Future innovation seems focused on using data to predict risk earlier, refine care pathways, and scale the PACE model into new geographies more efficiently, though each new market requires careful execution and regulatory navigation.

Summary

InnovAge shows a business with a clear niche and growing revenue, but only gradually improving profitability and a history of small but persistent losses. The balance sheet and cash flows are adequate but not plush, placing a premium on continued improvement in margins and careful capital allocation. Strategically, its scale, integrated care model, and technology investments create a meaningful edge in the PACE space, while heavy reliance on government payors and complex compliance rules remain key structural risks. The company’s long-term story hinges on whether it can translate its operational model and technology investments into stable, repeatable profits as it expands, without overextending its financial position or stumbling on regulatory or execution challenges.

NEWS

November 11, 2025 · 3:00 PM UTC

InnovAge and Tampa General Hospital Celebrate Partnership of Senior Care in Grand Re-Opening

Read more

November 4, 2025 · 4:05 PM UTC

InnovAge Announces Financial Results for the Fiscal First Quarter Ended September 30, 2025

Read more

November 3, 2025 · 4:05 PM UTC

InnovAge Appoints Dr. Paul Taheri as Chief Medical Officer

Read more

October 22, 2025 · 4:22 PM UTC

Halper Sadeh LLC Encourages InnovAge Holding Inc. Shareholders to Contact the Firm to Discuss Their Rights

Read more

October 21, 2025 · 8:00 AM UTC

InnovAge to Announce Fiscal First Quarter 2026 Financial Results and Host Conference Call Tuesday, November 4, 2025

Read more