INNV
InnovAge Holding Corp.
INNV's fundamentals are strong: revenue grew 15% and its operating margin went from −1.9% to 1.4%. At 157x earnings, it's trading above its usual 87x. Analysts expect that strong growth to continue.
INNV Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Strong |
INNV's revenue, profitability, cash flow and balance sheet are all currently healthy.
INNV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 21x | $9.40 | — |
| Cheap | 44x | $2.62 | -72% |
| Fair | 87x | $5.22 | -44% |
| Expensive | 150x | $8.97 | -4.6% |
| Current | 157x | $9.40 | — |
Historical ranges are pointers, not guarantees.
INNV's PE is in its expensive range at 157x. If earnings grow as analysts expect, today's price would be 21x next year's earnings, in its cheap range.
INNV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for INNV, with profitability improving.
INNV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.45 | +655% |
| Q3 2026 | $0.06 | +$0.18 |
| Q2 2026 | -$0.02 | +$0.20 |
| Q1 2026 | -$0.08 | +$0.15 |
| Q4 2025 | $0.06 | +$0.25 |
| Q3 2025 | -$0.12 | $0.00 |
| Q2 2025 | -$0.22 | -$0.06 |
| Q1 2025 | -$0.23 | $0.00 |
| Q4 2024 | -$0.19 | +$0.05 |
INNV has returned to profit: it earned $0.06 per share over the past year, after losing money the year before.
INNV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $264.8M | +12% |
| Q2 2026 | $262M | +18% |
| Q1 2026 | $251.9M | +15% |
| Q4 2025 | $239.7M | +15% |
| Q3 2025 | $236.1M | +15% |
| Q2 2025 | $221.4M | +11% |
| Q1 2025 | $218.1M | +13% |
| Q4 2024 | $209M | +11% |
INNV's revenue has grown year over year for 14 quarters in a row: $265M last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.6% | +4.1 points |
| Q2 2026 | 3.9% | +4.8 points |
| Q1 2026 | -12% | -6.9 points |
| Q4 2025 | 5.5% | +12 points |
| Q3 2025 | 3.5% | +5.9 points |
| Q2 2025 | -1% | +1.5 points |
| Q1 2025 | -4.7% | -1.7 points |
| Q4 2024 | -6% | -5.1 points |
INNV's operating margin was 7.6% last quarter, up 4.1 points from the same quarter a year ago.
INNV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $25.8M | +$25.9M |
| Q2 2026 | $17M | +85% |
| Q1 2026 | $14.5M | -33% |
| Q4 2025 | $19M | +251% |
| Q3 2025 | -$153K | +$9.6M |
| Q2 2025 | $9.2M | +$10.6M |
| Q1 2025 | $21.7M | +611% |
| Q4 2024 | $5.4M | +$16.3M |
INNV generated $76M in free cash flow over the past year, up 111% from the year before.
INNV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +1.4M shares |
| 1 year | +0.2% | +308K shares |
| 3 years | +0.9% | +1.3M shares |
| 5 years | +1.1% | +1.6M shares |
| Available history | +1.2% | +1.6M shares |
INNV has 137M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2021 | — |
| Q4 2020 | — |
| Q3 2020 | $77.6M |
| Q2 2020 | — |
| Q1 2020 | — |
INNV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.0x | Net Cash |
| Q2 2026 | -2.1x | Net Cash |
| Q1 2026 | -4.4x | Net Cash |
| Q4 2025 | -0.9x | Net Cash |
| Q3 2025 | -3.1x | Net Cash |
| Q3 2024 | 9.3x | High |
| Q2 2022 | -11.8x | Net Cash |
| Q1 2022 | -4.0x | Net Cash |
INNV has more cash than debt.
INNV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.8 | Neutral |
| Stochastic | 20.7 | Neutral |
INNV's weekly RSI is 50 (neutral) and its Stochastic is 21 (neutral).
INNV PE vs Healthcare Sector
| Metric | INNV | Sector median | Relative |
|---|---|---|---|
| PE | 157x | 26x | 506% above |
| PE % | 90 | 35 | 55 pts above |
INNV is trading at 157x earnings, a 506% premium to the Healthcare sector's median of 26x.
INNV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.13 | 3% above |
| 20 week MA | $10.4 | 9.2% below |
| 50 week MA | $8.59 | 9.4% above |
| 100 week MA | $6.26 | 50% above |
| 200 week MA | $6.08 | 55% above |
INNV's trend is mixed: it's above four of its five weekly moving averages, and 55% above its 200-week average.
INNV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $24.1 | $5.31 | -78% |
| 2022 | $5.31 | $6.85 | +29% |
| 2023 | $6.85 | $6.00 | -12% |
| 2024 | $6.00 | $3.92 | -35% |
| 2025 | $3.92 | $5.54 | +41% |
| 2026 YTD | $5.54 | $9.40 | +70% |
INNV is up 70% so far in 2026, after finishing lower in three of the previous five years.