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Innovage Holding Corp. key statistics and ratios

In fiscal 2026, Innovage Holding Corp. had return on equity of -1.1%, an operating margin of 0.3%, debt equal to 20.7% of equity and a current ratio of 1.05. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2020Jun 20202021Jun 20212022Jun 20222023Jun 20232024Jun 20242025Jun 20252026Jun 2026
Gross margin——19.4%14.7%17.3%18.0%23.0%
Operating margin9.0%−1.9%−0.6%−7.2%−3.0%−3.5%0.3%
Net margin4.6%−6.9%−0.9%−5.9%−2.8%−3.6%−0.3%
Free-cash-flow margin5.6%−3.9%−1.6%−0.5%−5.9%3.1%5.1%
Return on equity26.0%−20.2%−2.0%−12.9%−7.5%−12.0%−1.1%
Return on assets6.4%−9.3%−1.2%−7.2%−3.8%−5.6%−0.5%
Asset turnover1.381.351.281.231.371.591.83
Current ratio2.183.192.291.451.251.071.05
Debt to equity212.9%23.1%22.1%23.6%24.5%25.5%20.7%
Interest cover (operating income ÷ interest)3.5xn/mn/m————
Capital spending as % of revenue2.1%2.8%5.5%3.4%1.0%0.7%1.4%
Free cash flow ÷ net income121.7%——————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: CRVL vs INNVINNV vs PNTGGH vs INNVINNV vs USPH

More: Health Care Services stocks compared, Health Care sector, rankings of US companies

Figures from Innovage Holding Corp.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Innovage Holding Corp.