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InnovAge Holding Corp.

INNV

InnovAge is a leading healthcare delivery platform focused on providing all-inclusive, capitated care to high-cost, frail seniors, primarily those who are dually eligible for Medicare and Medicaid.

Market cap
$1.49B+121%
Revenue$989.7M+15.9%
Free cash flow$50.4M+89.5%
Trailing twelve months · change vs. prior year

Earnings

Next report

Nov 3, 2026 (in 2 months)
Revenue estimate$257.2M
EPS estimate$0.12

Financials

Q4 2026

Income statement

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Revenue$262.0M+18.3%
Operating income$10.1M+572%

Balance sheet

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Cash & equivalents$97.9M+52.6%
Total debt$87.0M-14.0%
Total equity$235.6M+0.3%
Total assets$557.4M+5.8%

Cash flow

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Operating cash flow$21.3M+137%
CapEx$4.3M
Free cash flow$17.0M+85.4%

Valuation & ratios

Valuation

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Market cap$1.49B+121%
Enterprise value$1.48B+100%
P/S1.5×+0.7×

Profitability

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Operating margin0.3%+0.1pp
FCF margin5.1%+2.0pp

Returns & leverage

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Debt / equity0.4×-0.1×
Current ratio1.1×0.0×

Segments

By segment

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PACE$262.0M+18.4%
Other Operating Segment--100%

By product

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Capitation revenue$261.5M+18.3%
Other service revenue$440.0K+23.2%

Competitors

Profile

InnovAge is a leading healthcare delivery platform focused on providing all-inclusive, capitated care to high-cost, frail seniors, primarily those who are dually eligible for Medicare and Medicaid. The company utilizes a participant-centered approach through the Program of All-Inclusive Care for the Elderly (PACE) to deliver medical and social services that allow seniors to age independently in their homes. By operating under a full-risk, value-based model, the company aims to improve health outcomes while reducing the over-utilization of high-cost settings like hospitals and nursing homes.

Competitive position

InnovAge is the largest PACE provider in the United States by participants served, maintaining a scale significantly larger than typical operators in a highly fragmented market.

GeographiesUnited States, California, Colorado, Florida, New Mexico, Pennsylvania, Virginia
Customer segmentsFrail elderly, Dual-eligible beneficiaries, Nursing home-eligible seniors
Business modelCapitated managed care, Value-based care, Direct-to-government contracting
SuppliersClinical technology licensors, Medical supply providers, Specialized healthcare clinicians, Real estate for care centers
CustomersCenters for Medicare and Medicaid Services (CMS), State Medicaid agencies, Veterans Administration (VA)
Listed2021
Employees2.1K
CEOPatrick Blair
FilingsSEC EDGAR

FAQ

What is InnovAge Holding Corp.'s market cap?
InnovAge Holding Corp. (INNV) has a market capitalization of $1.5B and trades on NASDAQ.
What is InnovAge Holding Corp.'s revenue and profitability?
InnovAge Holding Corp. generated $989.7M in trailing twelve-month revenue, representing a net margin of -1.2%, with free cash flow of $50.4M. The latest reported period is Q4 2026.
Who are InnovAge Holding Corp.'s competitors?
InnovAge Holding Corp.'s key competitors include P3 Health Partners Inc. Common Stock, Astrana Health Inc. Common Stock, Clover Health Investments, Corp, and others. These companies compete in similar markets and product categories.
Who does InnovAge Holding Corp. partner with?
InnovAge Holding Corp.'s notable partners include Qualtrics, Bain and Company.
What subsidiaries does InnovAge Holding Corp. have?
InnovAge Holding Corp.'s subsidiaries include Total Community Options, Inc..
Where is InnovAge Holding Corp. headquartered?
InnovAge Holding Corp. is headquartered in United States of America and employs approximately 2,100 people. It has been publicly traded since 2021.