INNV · Nasdaq · Healthcare
InnovAge Holding Corp. (INNV) — Rank #128 by gross profitability (GP/assets 0.41) · ROE -1.1% · Piotroski F-Score 6 / 9.
As-of 2026-10-30 · CIK 0001834376 · all metrics point-in-time as of the filing date.
About
InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors.
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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.
- Industry
- Medical Care Facilities
- Sector
- Healthcare
- State
- DE
- Filer Category
- Accelerated filerSmaller reporting company
- Fiscal Year End
- June 30
- Website
- innovage.com
Company Snapshot
P/S is the primary valuation lens for pre-profit companies.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
2,500
Industry
Medical Care Facilities
Exchange
Nasdaq
12/12
Flags passed
INNV passes 12/12 quality flags
- PASSGross margin holding
- PASSDilution within 2%
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSRevenue not declining
- PASSOperating margin holding
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo valuation convergence
Strengths Revenue growth accelerating
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passBurn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.
Profitability
Does it make money well?
No warning flags · GP/assets 0.41
Gross profitability (GP / assets)
0.41
Primary signal (Novy-Marx).
5th of 7 SIC 80 peers
Return on equity
-1.1%
Gross margin
23.0%
7th of 7 SIC 80 peers
Revenue growth (YoY)
15.9%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
12.9%
Revenue CAGR (5Y)
9.2%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
—
Cash Flow Health
Is the cash real?
No warning flags · FCF 2087% above net income
Free cash flow
$50.41M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
2086.8%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.7%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
No warning flags · net cash $93.27M, F-Score 6/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.21
6th of 6 SIC 80 peers (best = lowest)
Current ratio
1.05×
7th of 7 SIC 80 peers
Quick ratio
0.90×
Net cash
$93.27M
Cash & equivalents minus total debt.
Piotroski F-Score
6 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
No warning flags
Capital allocation quality
Composite score
3.3 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports