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Innovage Holding Corp. (INNV) stock

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NASDAQ: INNV Nasdaq Health Care Services Next results ~November 3, 2026

B Fundamentals grade

Innovage Holding Corp. is a US-listed company in the health care services industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Innovage Holding Corp. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: our cash-flow value ($1.38) was left out of our combined valuation (it is 0.15x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Innovage Holding Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 9 sales by directors and officers, last 12 monthsInsider trades
  • Funds71 adding, 42 cuttingOf 27 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Innovage Holding files

Where Innovage stands after its latest 10-K

Revenue for the twelve months to June 2026 was $990m, up 15.9% on a year earlier, faster than the 14.1% growth a quarter earlier. Free-cash-flow margin rose to 5.1% from 3.1% a year earlier. Operating margin widened to 0.3% from -3.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 7 of our 7 financial-health checks.

Our model value for Innovage Holding is under review, so past values are not shown until it is resolved.

Source: 10-K filed September 9, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Innovage Holding Corp.'s trailing-twelve-month revenue grew 15.9% year on year, with a free-cash-flow margin of 5.1%. Where it stands out: days sales outstanding of 16 days ranks 3 of 31 health care services companies we cover.

Our discounted-cash-flow model values the business at ~$1.4 per share in the base case (~$1.1–$1.7 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 15.9% (+1.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.9% over the last 12 months, against a median of 7.3% for health care services companies we cover.
  • Margins widening. Operating margin is up 3.8 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 75% and a beta of 0.5 against the S&P 500.
  • Insiders selling. 6 insiders sold $227M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q4

Filed September 9, 2026
Earnings per share
$0.10 against an average estimate of $0.08: beat by 29.2%
Revenue
$262m, up 18.3% on a year earlier
Share reaction
+2.6% in the first session after the results on September 8, 2026, against -1.0% for the S&P 500
Guidance given
census 8625 to 8850 (Full Fiscal Year 2027); total Member Months 101000 to 102500 (Full Fiscal Year 2027)
Next report
November 3, 2026; average EPS estimate $0.09

Innovage Holding's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.9%
  • 1 week-3.8%
  • 1 month-0.4%
  • This year+71.9%
  • 1 year+98.7%
  • 5 years+36.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$990M
Operating margin
0.3%
Net margin
-0.3%
EPS (TTM, diluted)
$-0.02

Growth

Revenue growth
+15.9%
Change in growth rate
+1.8 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
$50.4M
FCF margin
5.1%
Stock pay % of revenue
0.7%

Earnings

Last results
September 8, 2026
Next results (est.)
December 8, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Insider trade
  4. Announcement
  5. Insider trade
  6. Insider trade
  7. Results
  8. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Innovage Holding Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($1.38) was left out of our combined valuation (it is 0.15x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Innovage Holding Corp.'s free cash flow after stock-based pay ( $4.1M, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Innovage Holding Corp. as an operating company, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.71 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$1.4 ~$1.1–$1.7 Left out: out of range vs price (0.15x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Innovage Holding Corp. with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202120222023202420252026
Share price$21.31$4.38$7.50$4.96$3.69$11.85
Market value$2.6bn$594m$1.0bn$674m$500m$1.6bn
+ Net debt (− = net cash)−$124m−$111m−$57m$9m−$4m−$49m
Enterprise value$2.5bn$483m$959m$683m$495m$1.6bn
Multiples
Price / sales 4.1x0.8x1.5x0.9x0.6x1.6x
Price / earnings ——————
Price / free cash flow ————18.8x31.9x
EV / EBITDA —50.7x———65.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard Innovage Holding's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -4.8% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -2.5%; its worst year was -7.2%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 6 years, at a median -1.0% of revenue.

  • Discipline 13 / 20

    The diluted share count rose 9.8% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (33 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $256m and EPS of $0.09 (range $0.09 to $0.09) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.45 +1% $1.1bn +9%
Next $0.50 +11% $1.2bn +8%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +18.4% on 90 days ago. In the last 30 days, 1 analyst raised Innovage Holding Corp.'s forecast and 0 cut it.

Consensus EPS forecast Innovage Holding Corp., last 90 days
$0.35 $0.40 $0.45 $0.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.38 Current fiscal year, 60 days ago: $0.38 Current fiscal year, 30 days ago: $0.41 Current fiscal year, 7 days ago: $0.41 Current fiscal year, Now: $0.45 $0.45 Next fiscal year, 30 days ago: $0.46 Next fiscal year, 7 days ago: $0.46 Next fiscal year, Now: $0.50 $0.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.38$0.46
60 days ago $0.38$0.46
30 days ago $0.41$0.50
7 days ago $0.41$0.00
Now $0.45$0.00

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.08 $0.10 +29.2%
Mar 2026 $0.05 $0.17 +246.4%
Dec 2025 $0.04 $0.10 +144.0%
Sept 2025 $0.04 $0.07 +74.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 8, 2026
  • Total revenues Full Fiscal Year 2027 $1,050m to $1,085m New
    “Total revenues $ 1,050 $ 1,085” source
  • Census Full Fiscal Year 2027 8,625 to 8,850 New
    “Census 8,625 8,850” source
  • Total Member Months Full Fiscal Year 2027 101,000 to 102,500 New
    “Total Member Months (1) 101,000 102,500” source
  • Adjusted EBITDA Full Fiscal Year 2027 $105m to $115m Non-GAAP New
    “Adjusted EBITDA (2) 105 115” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Innovage Holding Corp.'s revenue by +10.0% next year and +13.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.5%, weight 25%) , management guidance (+7.9%, weight 45%) and the company's own record (+14.4%, weight 30%) . How the weights are set.

Analyst recommendations

3 analysts, Oct 2026
Buy133%
Hold133%
Sell133%

Monthly trend

  1. Oct 20261113
  2. Sep 20261113
  3. Aug 2026213

Counts of recommendations published by analysts covering Innovage Holding Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.2%
of tradable shares
Days to cover
1.36
at average volume
Short interest, 1 month
−2%
to October 15, 2026
Held by institutions
15%
of shares
Held by insiders
74.9%
of shares
Employees
2,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +98.7%

$4.49 on October 31, 2025 to $8.92

ThenNowEffect
Revenue (last 12 months) $854m $990m +15.9%
P/S multiple 0.7x 1.2x +71.8%
Share count 135m 136m −0.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +60.4%

$5.56 on November 3, 2023 to $8.92

ThenNowEffect
Revenue (last 12 months) $688m $990m +43.8%
P/S multiple 1.1x 1.2x +11.6%
Share count 136m 136m −0.1%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
INNV+44%−16%−35%+32%+72%
Industry peers (median)−28%+8%−6%−9%+15%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
INNV67%67%33%42%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
INNV−48%−35%−45%−34%−33%
S&P 500−25%−10%−8%−19%−9%

Worst fall since March 4, 2021: 90% from March 11, 2021 to April 8, 2025. Getting back needed a 892% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.99 – $12.11
From 52-week high
−26.3%
vs 50-day average
−9.0%
vs 200-day average
−1.8%
Volatility (1 year)
75%
Beta vs S&P 500
0.47

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±9.1%
After a week
6 up, 6 down
typical move ±14.4%
After a month
5 up, 7 down
typical move ±20.3%
Results releasedNext dayS&P 500 next day5 days21 days
September 8, 2026 +2.6% −1.0% +1.6% −15.1%
May 5, 2026 −0.6% +2.2% −7.6% −11.9%
February 3, 2026 +36.5% −1.3% +46.8% +67.2%
November 4, 2025 −15.8% −0.8% +14.3% +8.6%
September 9, 2025 +3.0% +0.5% +28.5% +44.9%
May 6, 2025 +12.8% −0.4% +37.0% +37.4%
February 4, 2025 −5.0% +1.1% −4.8% −2.5%
November 5, 2024 +6.8% +3.7% −2.7% −18.5%
September 10, 2024 −8.0% +1.5% −5.3% −9.7%
May 7, 2024 −1.4% +0.1% −6.9% +11.8%
February 6, 2024 −9.7% +1.1% −8.8% −13.6%
November 7, 2023 −6.6% +0.4% +8.7% −2.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Innovage Holding Corp. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Innovage Holding Corp.
$600M $700M $800M $900M $1B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $699.4M Revenue (TTM), FY24 Q2: $720.8M Revenue (TTM), FY24 Q3: $741.3M Revenue (TTM), FY24 Q4: $763.9M Revenue (TTM), FY25 Q1: $786.5M Revenue (TTM), FY25 Q2: $806.6M Revenue (TTM), FY25 Q3: $831.7M Revenue (TTM), FY25 Q4: $853.7M Revenue (TTM), FY26 Q1: $884.7M Revenue (TTM), FY26 Q2: $915.4M Revenue (TTM), FY26 Q3: $949.2M Revenue (TTM), FY26 Q4: $989.7M $989.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $699.4M
FY24 Q2 $720.8M
FY24 Q3 $741.3M
FY24 Q4 $763.9M
FY25 Q1 $786.5M
FY25 Q2 $806.6M
FY25 Q3 $831.7M
FY25 Q4 $853.7M
FY26 Q1 $884.7M
FY26 Q2 $915.4M
FY26 Q3 $949.2M
FY26 Q4 $989.7M
Revenue growth, TTM YoY Innovage Holding Corp.
0% 5% 10% 15% 20% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: 0.4% Revenue growth, TTM YoY, FY24 Q2: 4.6% Revenue growth, TTM YoY, FY24 Q3: 8.4% Revenue growth, TTM YoY, FY24 Q4: 11.0% Revenue growth, TTM YoY, FY25 Q1: 12.5% Revenue growth, TTM YoY, FY25 Q2: 11.9% Revenue growth, TTM YoY, FY25 Q3: 12.2% Revenue growth, TTM YoY, FY25 Q4: 11.8% Revenue growth, TTM YoY, FY26 Q1: 12.5% Revenue growth, TTM YoY, FY26 Q2: 13.5% Revenue growth, TTM YoY, FY26 Q3: 14.1% Revenue growth, TTM YoY, FY26 Q4: 15.9% 15.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 0.4%
FY24 Q2 4.6%
FY24 Q3 8.4%
FY24 Q4 11.0%
FY25 Q1 12.5%
FY25 Q2 11.9%
FY25 Q3 12.2%
FY25 Q4 11.8%
FY26 Q1 12.5%
FY26 Q2 13.5%
FY26 Q3 14.1%
FY26 Q4 15.9%
Operating margin (TTM) Innovage Holding Corp.
-8% -6% -4% -2% 0% 2% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: -6.2% Operating margin (TTM), FY24 Q2: -4.4% Operating margin (TTM), FY24 Q3: -3.9% Operating margin (TTM), FY24 Q4: -3.0% Operating margin (TTM), FY25 Q1: -2.2% Operating margin (TTM), FY25 Q2: -3.5% Operating margin (TTM), FY25 Q3: -3.9% Operating margin (TTM), FY25 Q4: -3.5% Operating margin (TTM), FY26 Q1: -1.9% Operating margin (TTM), FY26 Q2: 1.0% Operating margin (TTM), FY26 Q3: -1.0% Operating margin (TTM), FY26 Q4: 0.3% 0.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 -6.2%
FY24 Q2 -4.4%
FY24 Q3 -3.9%
FY24 Q4 -3.0%
FY25 Q1 -2.2%
FY25 Q2 -3.5%
FY25 Q3 -3.9%
FY25 Q4 -3.5%
FY26 Q1 -1.9%
FY26 Q2 1.0%
FY26 Q3 -1.0%
FY26 Q4 0.3%
FCF margin (TTM) Innovage Holding Corp.
-10% -5% 0% 5% 10% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: -6.3% FCF margin (TTM), FY24 Q2: -1.8% FCF margin (TTM), FY24 Q3: -4.6% FCF margin (TTM), FY24 Q4: -5.9% FCF margin (TTM), FY25 Q1: -2.4% FCF margin (TTM), FY25 Q2: -0.3% FCF margin (TTM), FY25 Q3: 1.9% FCF margin (TTM), FY25 Q4: 3.1% FCF margin (TTM), FY26 Q1: 4.1% FCF margin (TTM), FY26 Q2: 5.4% FCF margin (TTM), FY26 Q3: 4.5% FCF margin (TTM), FY26 Q4: 5.1% 5.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 -6.3%
FY24 Q2 -1.8%
FY24 Q3 -4.6%
FY24 Q4 -5.9%
FY25 Q1 -2.4%
FY25 Q2 -0.3%
FY25 Q3 1.9%
FY25 Q4 3.1%
FY26 Q1 4.1%
FY26 Q2 5.4%
FY26 Q3 4.5%
FY26 Q4 5.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Jun 2020 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026
Income
Revenue 567 638 699 688 764 854 990
Gross profit — — 135 101 132 154 228
EBITDA 62 −0 10 −34 −4 −10 24
Operating income 51 −12 −4 −49 −23 −30 3
Net income 26 −44 −7 −41 −21 −30 −3
Diluted EPS $0.19 −$0.36 −$0.05 −$0.30 −$0.16 −$0.22 −$0.02
Growth (year on year)
Revenue — +12.4% +9.5% −1.5% +11.0% +11.8% +15.9%
EBITDA — −100.1% — — — — —
Operating income — −124.2% — — — — —
Net income — −267.4% — — — — —
Diluted EPS — −289.5% — — — — —
Margins
Gross margin — — 19.4% 14.7% 17.3% 18.0% 23.0%
EBITDA margin 11.0% −0.0% 1.4% −4.9% −0.6% −1.2% 2.4%
Operating margin 9.0% −1.9% −0.6% −7.2% −3.0% −3.5% 0.3%
Net margin 4.6% −6.9% −0.9% −5.9% −2.8% −3.6% −0.3%
Free-cash-flow margin 5.6% −3.9% −1.6% −0.5% −5.9% 3.1% 5.1%
Cash flow
Cash from operations 44 −8 27 20 −37 33 65
Capital spending 12 18 38 23 8 6 14
Free cash flow 32 −25 −11 −3 −45 27 50
Stock-based pay 1 2 4 5 7 8 7
Free cash flow after stock pay 31 −27 −15 −8 −52 19 43
Balance sheet
Cash 113 201 184 127 57 64 98
Total debt 215 77 74 70 66 60 49
Net debt (negative = net cash) 102 −124 −111 −57 9 −4 −49
Diluted shares 135m 124m 136m 136m 136m 135m 136m
Returned to shareholders
Dividends — 10 — — — — —
Buybacks — 78 — — — — —
Total returned — 87 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · June 30, 2026
What it owns · $557m
Short-term assets $214mLonger-term assets $343m
What it owes, and who funded it · $524m
Short-term liabilities $204mLonger-term liabilities $85mShareholders' equity $236m
  • Short-term assets cover short-term liabilities $214m of assets due within a year against $204m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $214m short-term assets against $85m of longer-dated liabilities.
  • More cash than debt $98m of cash against $48m of debt.
  • Debt below 40% of shareholders' equity Debt is 20% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 20% to 20% over five years.
  • A year's operating cash flow covers at least 20% of debt $65m of operating cash flow against $48m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Innovage Holding Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.2%
year over year
Days sales outstanding
16 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated INNV CRVL PNTG GH USPH PGNY Median
Revenue, last 12 months $990m $984m $1.1bn $1.2bn $812m $1.3bn $1.2bn
Revenue growth, last 12 months 15.9% 7.1% 37.9% 42.7% 11.3% 5.5% 7.3%
Revenue growth, 3-year average 12.9% 10.3% 30.0% 32.4% 11.8% 11.0% 11.3%
Revenue growth, latest quarter 18.3% 10.7% 35.8% 44.3% 8.5% 5.3% 8.5%
Gross margin 23.0% 24.8% — 65.0% 18.7% 24.6% 27.9%
Operating margin 0.3% — 5.6% −39.7% 9.4% 8.6% 2.3%
Operating margin, 3-year average −2.1% — 5.5% −58.3% 9.0% 7.0% 2.3%
Net margin −0.3% 11.7% 2.9% −38.3% 4.0% 6.0% 1.2%
Cash from operations / revenue 6.5% 15.3% 4.8% −15.7% 10.2% 15.4% 6.1%
Free-cash-flow margin 5.1% 11.6% 3.1% −20.3% 7.9% 13.6% 5.1%
Free-cash-flow margin, 3-year average 0.8% 10.3% 3.5% −33.2% 9.0% 14.7% 3.6%
Stock pay / revenue 0.7% 0.5% 0.9% 16.2% 1.1% 8.2% 1.1%
Change in share count 0.2% −1.2% 3.6% 4.6% 0.2% −4.2% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth 15.9% 7.3% 14 of 41
Change in growth rate Growth +1.8pp +1.1pp 19 of 41
Gross margin Profitability 23.0% 29.0% 18 of 27
Operating margin Profitability 0.3% 2.6% 24 of 40
Net margin Profitability -0.3% 1.2% 23 of 41
Free-cash-flow margin Cash generation 5.1% 5.1% 20 of 40
Stock pay as % of revenue Cash generation 0.7% 0.9% 10 of 35
Long-term debt as % of assets Balance sheet 8.2% 27.7% 6 of 31
Change in share count Balance sheet 0.2% 0.4% 18 of 39
Days sales outstanding Balance sheet 16 days 39 days 3 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to June 30, 2026
Segments
Line of business Revenue Share YoY
Program of All Inclusive Care For Elderly Operating Segments $989M 100.0% ▲ 16.0%
All Other Segments $257,000 0.0% ▼ 74.0%
Products and services
Line of business Revenue Share YoY
Capitation Revenue $988M 99.9% ▲ 16.0%
Other Service Revenue $1.3M 0.1% ▼ 1.7%

From Innovage Holding Corp.'s 10-K filed September 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$217M
Institutions reporting
106
Shares held vs prior quarter
▲ 15.3%
Positions opened / closed
27 / 19

Top buyers and sellers, Q2 2026: 71 institutions bought and 42 sold ; the biggest buyer was Federated Hermes, Inc (+1.9M shares) and the biggest seller Coliseum Capital Management, LLC (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
T. Rowe Price Investment Management, Inc. $72.6M 6.1M 33.4% ▼ 0.1%
Federated Hermes, Inc. $22.6M 1.9M 10.4% ▲ 41465.8%
Blackrock, Inc. $17.7M 1.5M 8.1% ▲ 19.4%
Vanguard Capital Management LLC $11.1M 935K 5.1% ▲ 6.6%
Arrowstreet Capital, Limited Partnership $7.9M 669K 3.7% ▲ 60.2%
Algert Global LLC $7.5M 631K 3.4% ▲ 844.1%
Geode Capital Management, LLC $7.1M 602K 3.3% ▲ 5.0%
State Street Corp $5.5M 462K 2.5% ▲ 7.0%
Dimensional Fund Advisors LP $5.2M 440K 2.4% ▲ 86.0%
Acadian Asset Management LLC $4.6M 391K 2.1% ▲ 113.4%
O'Shaughnessy Asset Management, LLC $3.7M 315K 1.7% ▲ 15.4%
Renaissance Technologies LLC $3M 250K 1.4% ▼ 32.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Innovage Holding Corp.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $227M 9 trades by 6 insiders · 0% under pre-set plans
Net ▼ $227M net selling
Insider Date Trade Shares Price Value
Damato Nicole CHIEF LEGAL OFFICER October 22, 2026 Sell pre-set plan 3,402 $9.51 $32,353
Tco Group Holdings, L.P. 10% owner October 21, 2026 Sell 1,500,000 $9.25 $13.9M
Ignite Aggregator Lp 10% owner October 21, 2026 Sell 1,500,000 $9.25 $13.9M
Welsh, Carson, Anderson & Stowe Xii, L.P. 10% owner October 21, 2026 Sell 1,500,000 $9.25 $13.9M
Damato Nicole CHIEF LEGAL OFFICER September 25, 2026 Sell pre-set plan 23,814 $8.70 $207,182
Wcas Co-Invest Associates Llc 10% owner September 24, 2026 Sell 10,000,000 — $0
Ignite Aggregator Lp 10% owner September 24, 2026 Sell 10,000,000 $9.25 $92.5M
Tco Group Holdings, L.P. 10% owner September 24, 2026 Sell 10,000,000 $9.25 $92.5M
Scarbrough Michael Anthony President and COO November 14, 2025 Sell 33,000 $4.90 $161,700

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 8, 2026 estimated from the company's past filing pattern, not announced

  • September 8, 2026
  • May 5, 2026
  • February 3, 2026
  • November 4, 2025
  • September 9, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Innovage Holding Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Innovage Holding Corp. in brief

What does Innovage Holding Corp. do?
Innovage Holding Corp. is a US-listed company in the health care services industry. Its financial year ends in June.
What is Innovage Holding Corp.'s stock ticker?
Innovage Holding Corp. trades under the ticker INNV on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Innovage Holding Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Innovage Holding Corp. reported revenue of $990M, 15.9% higher than a year earlier, according to its SEC filings.
What is Innovage Holding Corp.'s free cash flow?
Innovage Holding Corp.'s free-cash-flow margin is 5.1% of revenue over the trailing twelve months, ranking 20 of the 40 health care services companies we cover.
Who are Innovage Holding Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are T. Rowe Price Investment Management, Inc., Federated Hermes, Inc. and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Innovage Holding Corp.'s market cap?
On June 30, 2026, Innovage Holding Corp.'s market capitalisation was about $1.6B and net debt of -$49.1M. Market figures come from third-party market data and may be delayed.
How much debt does Innovage Holding Corp. have?
Innovage Holding Corp.'s debt-to-equity ratio is 20.4%, from its latest balance sheet (20.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Innovage Holding Corp.'s competitors?
In our Health Care Services peer group, the companies closest to Innovage Holding Corp. are Corvel Corp, Pennant Group, Inc., Guardant Health, Inc., U S Physical Therapy Inc and Progyny, Inc. The side-by-side comparison below sets their revenue, margins and growth against Innovage Holding Corp.'s.
Are insiders buying or selling Innovage Holding Corp. stock?
Over the last 12 months, Innovage Holding Corp.'s directors and officers reported 0 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is Innovage Holding Corp.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Innovage Holding Corp. announces its own schedule.