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InnovAge Holdings, Inc.

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
$1.56B+225%
Revenue$949.2M+14.1%
Net income-$11.6M+62.8%
Free cash flow$42.6M+166%
EPS (diluted)-$0.08+66.7%
Trailing twelve months · change vs. prior year

Earnings

Next report

Sep 8, 2026 (in a month)
Revenue estimate$238.3M
EPS estimate$0.07

Financials

Q3 2026

Income statement

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Revenue$251.9M+15.5%
Operating income-$29.1M-186%
Net income-$29.5M-159%
EPS (diluted)-$0.22-175%

Balance sheet

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Cash & equivalents$95.5M+58.0%
Total debt$93.8M-11.0%
Total equity$229.0M-3.8%
Total assets$547.4M+2.0%

Cash flow

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Operating cash flow$18.1M-26.3%
CapEx$3.6M+24.3%
Free cash flow$14.5M-33.1%

Valuation & ratios

Valuation

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Market cap$1.56B+225%
Enterprise value$1.56B+187%
P/S1.6×+1.0×

Profitability

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Operating margin-1%-0.4pp
Net margin-1.2%-0.5pp
FCF margin4.5%+2.6pp

Returns & leverage

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Return on equity-5%-1.8pp
Debt / equity0.4×0.0×
Current ratio+0.3×

Segments

By segment

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PACE$251.9M+15.6%
All other--100%

By product

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Capitation revenue$251.5M+15.5%
Other service revenue$441.0K+36.5%

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 operates through the Program of All-Inclusive Care for the Elderly (PACE), utilizing a vertically integrated, value-based model to manage the medical and social needs of participants. Its core value proposition is to improve health outcomes and reduce over-utilization of high-cost settings like hospitals and nursing homes by enabling seniors to age independently in their own homes.

Competitive position

InnovAge is the largest PACE provider in the United States by participant count, maintaining a vertically integrated model that is significantly larger than typical PACE operators.

GeographiesUnited States, California, Colorado, Florida, New Mexico, Pennsylvania, Virginia
Customer segmentsFrail elderly, Dual-eligible beneficiaries, Nursing home-eligible seniors
Business modelValue-based care, Full-risk capitation, Direct-to-government contracting
SuppliersClinical technology licensors, Medical supply providers, Pharmaceutical manufacturers, Specialist medical providers
CustomersCenters for Medicare and Medicaid Services (CMS), State Medicaid agencies, Veterans Administration (VA)
Listed2021
Employees2.1K
CEOPatrick Blair
FilingsSEC EDGAR

Questions, answered.

What is InnovAge Holdings, Inc.'s market cap?
InnovAge Holdings, Inc. (INNV) has a market capitalization of $1.6B and trades on NASDAQ.
What is InnovAge Holdings, Inc.'s revenue and profitability?
InnovAge Holdings, Inc. generated $949.2M in trailing twelve-month revenue with a net loss of $11.6M, representing a net margin of -1.2%, with free cash flow of $42.6M. These figures are based on the Q1 2026 filing.
Who are InnovAge Holdings, Inc.'s competitors?
InnovAge Holdings, Inc.'s key competitors include UnitedHealth Group, Humana, CVS Health, and others. These companies compete in similar markets and product categories.
Who does InnovAge Holdings, Inc. partner with?
InnovAge Holdings, Inc.'s notable partners include Qualtrics, Bain and Company.
What subsidiaries does InnovAge Holdings, Inc. have?
InnovAge Holdings, Inc.'s subsidiaries include Total Community Options, Inc..
Where is InnovAge Holdings, Inc. headquartered?
InnovAge Holdings, Inc. is headquartered in United States of America and employs approximately 2,100 people. It has been publicly traded since 2021.