InnovAge Holding Corp.
INNV Nasdaq Services-Health Services Financials FY2020–FY2026
Revenue
Total sales reported in the income statement.
$990M
15.9%
vs prior year
Operating margin
Operating income as a share of revenue.
0.3%
3.8 pts
Net income
Profit after all expenses, interest and tax.
−$2.5M
Free cash flow
Cash from operations minus capital spending.
$50.4M
89.5%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
1.2%
13.6 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.02 EPS (TTM)
What InnovAge Holding Corp. does
No business description yet.
- Legal name
- InnovAge Holding Corp.
- Fiscal year ends
- June 30, 2026
- Latest annual report
- 10-K · Sep 9, 2026
- Accession · CIK
- 0001834376-26-000049
0001834376
Revenue and margins
InnovAge Holding Corp. had $990M of revenue in fiscal 2026, up 15.9% on the year before.
FY20
Revenue $567M
FY21
Revenue $638M
FY22
Revenue $699M
FY23
Revenue $688M
FY24
Revenue $764M
FY25
Revenue $854M
FY26
Revenue $990M
Q1 '24
Revenue $182M
Q2 '24
Revenue $189M
Q3 '24
Revenue $193M
Q4 '24
Revenue $199M
Q1 '25
Revenue $205M
Q2 '25
Revenue $209M
Q3 '25
Revenue $218M
Q4 '25
Revenue $221M
Q1 '26
Revenue $236M
Q2 '26
Revenue $240M
Q3 '26
Revenue $252M
Q4 '26
Revenue $262M
FY20
Gross —
Operating 9.0%
Net 4.6%
FCF 5.6%
FY21
Gross —
Operating −1.9%
Net −6.9%
FCF −3.9%
FY22
Gross 19.4%
Operating −0.6%
Net −0.9%
FCF −1.6%
FY23
Gross 14.7%
Operating −7.2%
Net −5.9%
FCF −0.5%
FY24
Gross 17.3%
Operating −3.0%
Net −2.8%
FCF −5.9%
FY25
Gross 18.0%
Operating −3.5%
Net −3.6%
FCF 3.1%
FY26
Gross 23.0%
Operating 0.3%
Net −0.3%
FCF 5.1%
Gross
Operating
Net
FCF
Q1 '24
Gross 15.3%
Operating −5.9%
Net −5.6%
FCF −19.5%
Q2 '24
Gross 17.8%
Operating −0.9%
Net −1.8%
FCF −5.8%
Q3 '24
Gross 17.6%
Operating −3.0%
Net −3.0%
FCF 1.6%
Q4 '24
Gross 18.3%
Operating −2.4%
Net −0.9%
FCF −0.7%
Q1 '25
Gross 16.8%
Operating −2.4%
Net −2.4%
FCF −4.7%
Q2 '25
Gross 17.7%
Operating −6.0%
Net −6.3%
FCF 2.6%
Q3 '25
Gross 18.7%
Operating −4.7%
Net −5.2%
FCF 10.0%
Q4 '25
Gross 18.6%
Operating −1.0%
Net −0.4%
FCF 4.1%
Q1 '26
Gross 21.8%
Operating 3.5%
Net 3.4%
FCF −0.1%
Q2 '26
Gross 22.0%
Operating 5.5%
Net 4.4%
FCF 7.9%
Q3 '26
Gross 24.2%
Operating −11.5%
Net −11.7%
FCF 5.8%
Q4 '26
Gross 23.9%
Operating 3.9%
Net 3.2%
FCF 6.5%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income $26.3M
FY21
Net income −$44.0M
FY22
Net income −$6.5M
FY23
Net income −$40.7M
FY24
Net income −$21.3M
FY25
Net income −$30.3M
FY26
Net income −$2.5M
Q1 '24
Net income −$10.3M
Q2 '24
Net income −$3.4M
Q3 '24
Net income −$5.9M
Q4 '24
Net income −$1.7M
Q1 '25
Net income −$4.9M
Q2 '25
Net income −$13.2M
Q3 '25
Net income −$11.4M
Q4 '25
Net income −$0.8M
Q1 '26
Net income $8.0M
Q2 '26
Net income $10.6M
Q3 '26
Net income −$29.5M
Q4 '26
Net income $8.3M
FY20
Diluted EPS $0.19
FY21
Diluted EPS −$0.36
FY22
Diluted EPS −$0.05
FY23
Diluted EPS −$0.30
FY24
Diluted EPS −$0.16
FY25
Diluted EPS −$0.22
FY26
Diluted EPS −$0.02
Q1 '24
Diluted EPS −$0.08
Q2 '24
Diluted EPS −$0.03
Q3 '24
Diluted EPS −$0.04
Q4 '24
Diluted EPS −$0.01
Q1 '25
Diluted EPS −$0.04
Q2 '25
Diluted EPS −$0.10
Q3 '25
Diluted EPS −$0.08
Q4 '25
Diluted EPS $0.00
Q1 '26
Diluted EPS $0.06
Q2 '26
Diluted EPS $0.08
Q3 '26
Diluted EPS −$0.22
Q4 '26
Diluted EPS $0.06
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital 20.1%
Return on equity 26.0%
Return on assets 6.4%
FY21
Return on capital −4.6%
Return on equity −20.2%
Return on assets −9.3%
FY22
Return on capital −1.6%
Return on equity −2.0%
Return on assets −1.2%
FY23
Return on capital −20.3%
Return on equity −12.9%
Return on assets −7.2%
FY24
Return on capital −7.9%
Return on equity −7.5%
Return on assets −3.8%
FY25
Return on capital −12.4%
Return on equity −12.0%
Return on assets −5.6%
FY26
Return on capital 1.2%
Return on equity −1.1%
Return on assets −0.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $50.4M in fiscal 2026, 5.1% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow $32.0M
FY21
Free cash flow −$25.1M
FY22
Free cash flow −$10.9M
FY23
Free cash flow −$3.1M
FY24
Free cash flow −$44.8M
FY25
Free cash flow $26.6M
FY26
Free cash flow $50.4M
Q1 '24
Free cash flow −$35.6M
Q2 '24
Free cash flow −$10.9M
Q3 '24
Free cash flow $3.1M
Q4 '24
Free cash flow −$1.4M
Q1 '25
Free cash flow −$9.7M
Q2 '25
Free cash flow $5.4M
Q3 '25
Free cash flow $21.7M
Q4 '25
Free cash flow $9.2M
Q1 '26
Free cash flow −$0.2M
Q2 '26
Free cash flow $19.0M
Q3 '26
Free cash flow $14.5M
Q4 '26
Free cash flow $17.0M
FY20
Cash from operations $43.8M
Capital spending $11.8M
FY21
Cash from operations −$7.5M
Capital spending $17.5M
FY22
Cash from operations $27.3M
Capital spending $38.2M
FY23
Cash from operations $20.2M
Capital spending $23.4M
FY24
Cash from operations −$36.9M
Capital spending $7.9M
FY25
Cash from operations $32.9M
Capital spending $6.3M
FY26
Cash from operations $64.7M
Capital spending $14.3M
Cash from operations
Capital spending
Q1 '24
Cash from operations −$33.0M
Capital spending $2.6M
Q2 '24
Cash from operations −$9.3M
Capital spending $1.6M
Q3 '24
Cash from operations $3.5M
Capital spending $0.5M
Q4 '24
Cash from operations $1.9M
Capital spending $3.3M
Q1 '25
Cash from operations −$7.5M
Capital spending $2.2M
Q2 '25
Cash from operations $6.8M
Capital spending $1.3M
Q3 '25
Cash from operations $24.6M
Capital spending $2.9M
Q4 '25
Cash from operations $9.0M
Capital spending −$0.2M
Q1 '26
Cash from operations $3.9M
Capital spending $4.1M
Q2 '26
Cash from operations $21.4M
Capital spending $2.4M
Q3 '26
Cash from operations $18.1M
Capital spending $3.6M
Q4 '26
Cash from operations $21.3M
Capital spending $4.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
InnovAge Holding Corp. returned — to shareholders in fiscal 2026. The diluted share count rose 0.2%.
FY20
Dividends —
Buybacks —
FY21
Dividends $9.5M
Buybacks $77.6M
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.14B
FY21
Diluted shares 0.12B
FY22
Diluted shares 0.14B
FY23
Diluted shares 0.14B
FY24
Diluted shares 0.14B
FY25
Diluted shares 0.14B
FY26
Diluted shares 0.14B
Balance sheet
Cash, debt and the ratios that show how comfortably InnovAge Holding Corp. can carry it.
FY20
Cash $113M
Debt $212M
FY21
Cash $201M
Debt $77.4M
FY22
Cash $184M
Debt $73.6M
FY23
Cash $173M
Debt $87.6M
FY24
Cash $103M
Debt $83.3M
FY25
Cash $106M
Debt $72.8M
FY26
Cash $141M
Debt $63.3M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $184M | $173M | $103M | $106M | $141M |
| Debt incl. finance leases | $73.6M | $87.6M | $83.3M | $72.8M | $63.3M |
| Net debt / EBITDA | −11.6x | — | — | — | −3.3x |
| Debt / equity | 0.2x | 0.2x | 0.2x | 0.3x | 0.2x |
| Interest coverage | −1.7x | — | — | — | — |
| Current ratio | 2.3x | 1.4x | 1.2x | 1.1x | 1.1x |
| Quick ratio | 2.3x | 1.4x | 1.2x | 1.1x | 1.1x |
| Total assets | $556M | $567M | $548M | $527M | $557M |
| Total liabilities | $202M | $253M | $248M | $264M | $289M |
| Shareholders' equity | $332M | $296M | $269M | $235M | $236M |
| Net debt (− = net cash) | −$111M | −$85.8M | −$19.4M | −$33.1M | −$78.0M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Gross margin rose | — | — | — | ✕ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 4 / 8 | 5 / 8 | 3 / 9 | 4 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | −4.3% | −7.7% | −6.2% | −10.8% | 2.8% | −11.8% | −12.4% |
| Altman Z'' | 3.15 | 4.06 | 3.31 | 1.21 | 0.86 | 0.07 | 0.39 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $567M | $638M | $699M | $688M | $764M | $854M | $990M |
| Gross profit | — | — | $135M | $101M | $132M | $154M | $228M |
| Operating income | $50.9M | −$12.3M | −$4.4M | −$49.4M | −$23.2M | −$29.8M | $2.6M |
| Interest expense | $14.6M | $16.8M | $2.5M | — | — | — | — |
| Pretax income | — | — | — | — | — | −$34.0M | $0.3M |
| Income tax | $9.9M | $9.8M | $0.7M | −$7.2M | $1.4M | $1.3M | $0.9M |
| Net income | $26.3M | −$44.0M | −$6.5M | −$40.7M | −$21.3M | −$30.3M | −$2.5M |
| Diluted EPS | $0.19 | −$0.36 | −$0.05 | −$0.30 | −$0.16 | −$0.22 | −$0.02 |
| Diluted shares | 0.14B | 0.12B | 0.14B | 0.14B | 0.14B | 0.14B | 0.14B |
| Cash flow | |||||||
| Cash from operations | $43.8M | −$7.5M | $27.3M | $20.2M | −$36.9M | $32.9M | $64.7M |
| Capital expenditure | $11.8M | $17.5M | $38.2M | $23.4M | $7.9M | $6.3M | $14.3M |
| Free cash flow | $32.0M | −$25.1M | −$10.9M | −$3.1M | −$44.8M | $26.6M | $50.4M |
| Depreciation and amortization | $11.3M | $12.3M | $13.9M | $15.4M | $19.0M | $19.5M | $21.1M |
| Stock-based compensation | $0.5M | $1.7M | $3.7M | $4.6M | $6.8M | $7.6M | $7.0M |
| Share buybacks | — | $77.6M | — | — | — | — | — |
| Dividends paid | — | $9.5M | — | — | — | — | — |
| Dividends and buybacks | — | $87.1M | — | — | — | — | — |
| Balance sheet | |||||||
| Cash and short-term investments | $113M | $201M | $184M | $173M | $103M | $106M | $141M |
| Total debt | $212M | $77.4M | $73.6M | $69.8M | $66.0M | $60.0M | $48.8M |
| Finance lease liabilities | — | — | — | $17.8M | $17.3M | $12.8M | $14.5M |
| Current assets | $167M | $251M | $241M | $215M | $173M | $176M | $214M |
| Current liabilities | $76.6M | $78.6M | $105M | $148M | $139M | $165M | $204M |
| Property and equipment, net | $102M | $143M | $176M | — | — | — | — |
| Goodwill | $116M | $124M | $124M | $124M | $140M | $142M | $142M |
| Intangible assets | $5.2M | $6.5M | $5.9M | $5.2M | $4.5M | $3.9M | $3.2M |
| Total assets | $410M | $532M | $556M | $567M | $548M | $527M | $557M |
| Total liabilities | $302M | $174M | $202M | $253M | $248M | $264M | $289M |
| Shareholders' equity | $101M | $335M | $332M | $296M | $269M | $235M | $236M |
| Margins | |||||||
| Gross margin | — | — | 19.4% | 14.7% | 17.3% | 18.0% | 23.0% |
| Operating margin | 9.0% | −1.9% | −0.6% | −7.2% | −3.0% | −3.5% | 0.3% |
| EBITDA margin | 11.0% | −0.0% | 1.4% | −4.9% | −0.6% | −1.2% | 2.4% |
| Net margin | 4.6% | −6.9% | −0.9% | −5.9% | −2.8% | −3.6% | −0.3% |
| FCF margin | 5.6% | −3.9% | −1.6% | −0.5% | −5.9% | 3.1% | 5.1% |
| Returns | |||||||
| Return on capital | 20.1% | −4.6% | −1.6% | −20.3% | −7.9% | −12.4% | 1.2% |
| Return on capital employed | 15.3% | −2.7% | −1.0% | −11.8% | −5.7% | −8.2% | 0.7% |
| Return on equity | 26.0% | −20.2% | −2.0% | −12.9% | −7.5% | −12.0% | −1.1% |
| Return on assets | 6.4% | −9.3% | −1.2% | −7.2% | −3.8% | −5.6% | −0.5% |
| Return on tangible equity | — | −21.6% | −3.2% | −24.4% | −17.1% | −34.0% | −2.8% |
| Growth | |||||||
| Revenue growth | — | 12.4% | 9.5% | −1.5% | 11.0% | 11.8% | 15.9% |
| Net income growth | — | −267.4% | — | — | — | — | — |
| EPS growth | — | −289.5% | — | — | — | — | — |
| FCF growth | — | −178.4% | — | — | — | — | 89.5% |
| Share count change | — | −8.6% | 9.6% | 0.1% | 0.2% | −0.4% | 0.2% |
| Financial health | |||||||
| Net debt / EBITDA | 1.6x | — | −11.6x | — | — | — | −3.3x |
| Debt / equity | 2.1x | 0.2x | 0.2x | 0.2x | 0.2x | 0.3x | 0.2x |
| Interest coverage | 3.5x | −0.7x | −1.7x | — | — | — | — |
| Current ratio | 2.2x | 3.2x | 2.3x | 1.4x | 1.2x | 1.1x | 1.1x |
| Quick ratio | 2.2x | 3.2x | 2.3x | 1.4x | 1.2x | 1.1x | 1.1x |
| Capital allocation | |||||||
| Capex / revenue | 2.1% | 2.8% | 5.5% | 3.4% | 1.0% | 0.7% | 1.4% |
| Stock comp / revenue | 0.1% | 0.3% | 0.5% | 0.7% | 0.9% | 0.9% | 0.7% |
| Quality scores | |||||||
| Piotroski F-score | — | 4.0 | 5.0 | 3.0 | 4.0 | 6.0 | 6.0 |
| Altman Z'' | 3.1 | 4.1 | 3.3 | 1.2 | 0.9 | 0.1 | 0.4 |
| Accruals ratio | −4.3% | −7.7% | −6.2% | −10.8% | 2.8% | −11.8% | −12.4% |
Source: SEC EDGAR XBRL filings (CIK 0001834376). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.