Caris Life Sciences vs Innovage Holding
Innovage Holding is the larger business, with $990m of revenue in fiscal 2026 against $812m for Caris Life Sciences (1.2 times as much). Caris Life Sciences grew faster (97.0% against 15.9%). Innovage Holding kept more of each dollar of sales as profit: a net margin of -0.3% against -8.4%. Innovage Holding carries less debt relative to equity (20.7% against 65.6%).
| Latest fiscal year | Caris Life SciencesCAI, 2025 | Innovage HoldingINNV, 2026 |
|---|---|---|
| Revenue | $812m | $990m |
| Revenue growth | 97.0% | 15.9% |
| Net income | −$68.1m | −$2.5m |
| Operating margin | 5.6% | 0.3% |
| Net margin | -8.4% | -0.3% |
| Return on equity | — | -1.1% |
| Free cash flow | $66.9m | $50.4m |
| Cash | $796m | $97.9m |
| Total debt | $379m | $48.8m |
| Debt to equity | 65.6% | 20.7% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $113,000 | — |
| Employees | 1,846 | 2,500 |
| Market value | $9.33bn | $1.21bn |
| Price vs our value range | — | Above our value range |
| Moat score | — | 28 (Weak) |
| Insider trades, 12 months | 4 buys, 7 sales | 0 buys, 9 sales |