INNV
InnovAge Holding Corp.
INNV has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
INNV Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Strong |
INNV's revenue, profitability, cash flow and balance sheet are all currently healthy.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
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.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over INNV in the historical PE scenario, which offers more potential upside but is not a forecast.
INNV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
INNV has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over INNV on earnings, with more consistent year-over-year improvement.
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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over INNV on profitability, with a higher operating margin.
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 has the edge over NVO on cash flow, with more consistent year-over-year improvement.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
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 | — |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over INNV on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
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 the edge over NVO on leverage, with a lower net debt burden relative to earnings.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over INNV on valuation relative to its sector.
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 has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below 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 has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.