InnovAge Holding Corp.
Rank #243StartupINNV · Nasdaq · Healthcare
InnovAge Holding Corp. (INNV) — Rank #243 by gross profitability (GP/assets 0.28) · ROE -13.2% · Piotroski F-Score 6 / 9.
As-of 2026-09-15 · 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 in need of care and support to live independently in its homes and communities.
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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
- Emerging growth company
- Fiscal Year End
- June 30
- Website
- innovage.com
Price History
Company Snapshot
P/S is the primary valuation lens for pre-profit companies.
Market Cap
$1.46B
P/E (annual)
—
P/S (annual)
1.7
P/B
6.4
P/OCF (annual)
44.5
Shareholder Yield
0.4%
Employees
2,500
Industry
Medical Care Facilities
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 0/5 Terry Smith thresholds2 of 5 thresholds not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
21.4%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -0.4% — per-share value needs a total required return of 21.0% once share-count change is priced in.
vs. own 6-year median revenue growth: 11.4%
priced above its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
16.3%
r = 10% (base)
21.4%
r = 12%
25.8%
Net debt / market cap: -5.5%
Note: current FCF margin is 1.6σ above its historical mean — implied growth may understate valuation risk if the margin reverts.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Disclosure regression check
A previously-disclosed line item is no longer reported. Worth checking the filing for why.
Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.
Profitability
Gross profitability (GP / assets)
0.28
Primary signal (Novy-Marx).
7th of 8 SIC 80 peers
Return on equity
-13.2%
Gross margin
18.0%
8th of 8 SIC 80 peers
Revenue growth (YoY)
11.8%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
6.9%
Revenue CAGR (5Y)
8.5%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.24
7th of 7 SIC 80 peers (best = lowest)
Current ratio
1.03×
8th of 8 SIC 80 peers
Quick ratio
0.85×
Net cash
$80.62M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$26.60M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
1.88
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.9%
Stock-based comp intensity.
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).
Lifecycle Phase History
Lynch sell alert: Turnaround stalled
Classified startup for 2 consecutive fiscal years (2024-06-30, 2025-06-30) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.