INNV

MKT CAP:$1B

InnovAge Holding Corp.

Market Cap

$1B

Healthcare·Medical - Care Facilities·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$7.74+$2.55 (+49.13%)

Apr 23, 2026

Company Details

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities. It manages its business through Program of All-Inclusive Car...

CEO

Patrick Blair

IPO Date

Mar 4, 2021

Website

www.innovage.com

Key Metrics TTM

Revenue

$838M

+17.0% YoY

Net Income

-$13M

EPS (Diluted)

-$0.23

Free Cash Flow

$7M

Revenue / Share

$6.20

Gross Margin

19.0%

Operating Margin

-1.8%

Net Margin

-1.5%

FCF Margin

0.8%

P/S

1.3x

P/E

—

Earnings Reports

Q2 2026

May 5, 2026

PENDING

Q1 2026

Nov 4, 2025

$236MEPS -$0.08

Q2 2025

Feb 4, 2025

$209M+10.6%EPS -$0.10

Q4 2024

Sep 10, 2024

$199M+12.7%EPS -$0.01

Q3 2024

May 7, 2024

$193MEPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$153M	$41M	-$38M
Q3 21	$156M	$41M	-$5M
Q4 22	$173M	$24M	-$12M
Q2 23	$167M	$23M	-$14M
Q4 23	$177M	$29M	-$11M
Q1 24	$182M	$28M	-$11M
Q2 24	$189M	$34M	-$2M
Q3 24	$193M	$34M	-$6M
Q4 24	$199M	$37M	-$5M
Q2 25	$209M	$37M	-$13M
Q1 26	$236M	$51M	$8M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q3 21	—	—
Q4 22	—	—
Q2 23	1.6x	—
Q4 23	1.5x	—
Q1 24	1.2x	—
Q2 24	1.1x	—
Q3 24	0.8x	—
Q4 24	0.9x	—
Q2 25	0.7x	—
Q1 26	0.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$18M	-$23M
Q3 21	-$16M	-$19M
Q4 22	$3M	-$15M
Q2 23	-$35M	-$42M
Q4 23	$13M	$9M
Q1 24	-$33M	-$36M
Q2 24	-$9M	-$11M
Q3 24	$4M	$3M
Q4 24	$2M	-$1M
Q2 25	$7M	$5M
Q1 26	$4M	-$153.0K

Capital Expenditures

Quarter	CapEx
Q1 21	$5M
Q3 21	$3M
Q4 22	$18M
Q2 23	$7M
Q4 23	$4M
Q1 24	$3M
Q2 24	$2M
Q3 24	$452.0K
Q4 24	$3M
Q2 25	$1M
Q1 26	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	+15.9%	-1.5%
Q1 24	+16.7%	+19.5%
Q2 24	+9.3%	+3.0%
Q3 24	+15.3%	+9.8%
Q4 24	+12.7%	+8.8%
Q2 25	+14.5%	+14.7%
Q1 26	+25.0%	+19.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$46.0K	0.0%
Q3 21	$530.0K	0.3%
Q4 22	$1M	0.7%
Q2 23	$1M	0.7%
Q4 23	$1M	0.7%
Q1 24	$2M	1.0%
Q2 24	$2M	0.9%
Q3 24	$2M	0.8%
Q4 24	$2M	0.8%
Q2 25	$2M	0.9%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 21	$72M	$4M
Q3 21	$19M	$6M
Q4 22	$27M	$5M
Q2 23	$29M	$4M
Q4 23	$29M	$6M
Q1 24	$29M	$5M
Q2 24	$25M	$6M
Q3 24	$28M	$7M
Q4 24	$30M	$7M
Q2 25	$28M	$8M
Q1 26	$30M	$8M

Revenue Segments

Quarter	Capitation Revenue	Other Service Revenue	Capitation revenue	Other service revenue
Q3 21	$156M	$473.0K	—	—
Q4 22	—	—	$172M	$369.0K
Q2 23	—	—	$167M	$316.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$200M	$0	$200M
Q4 22	$184M	$0	$184M
Q1 23	$188M	$0	$188M
Q2 23	$99M	$45M	$145M
Q3 23	$122M	$46M	$168M
Q4 23	$57M	$46M	$103M
Q1 24	$88M	$47M	$135M
Q2 24	$54M	$45M	$99M
Q3 24	$54M	$45M	$99M
Q4 24	$57M	$46M	$103M
Q1 25	$39M	$47M	$86M
Q2 25	$46M	$41M	$87M
Q3 25	$60M	$41M	$102M
Q4 25	$64M	$42M	$106M
Q1 26	$67M	$42M	$109M
Q2 26	$83M	$43M	$126M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	135M	—	—
Q3 21	121M	-10.4%	—
Q4 22	134M	+10.5%	—
Q2 23	136M	+1.2%	—
Q4 23	136M	+0.0%	+0.1%
Q1 24	136M	+0.1%	+11.9%
Q2 24	136M	+0.1%	+1.4%
Q3 24	136M	+0.0%	+0.2%
Q4 24	136M	+0.1%	+0.3%
Q2 25	135M	-0.4%	-0.3%
Q1 26	135M	-0.2%	-0.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q3 21	—	—
Q4 22	$86.4K	2K
Q2 23	$83.7K	2K
Q4 23	$84.2K	2K
Q1 24	$86.9K	2K
Q2 24	$90.0K	2K
Q3 24	$91.9K	2K
Q4 24	$84.9K	2K
Q2 25	$88.9K	2K
Q1 26	$96.8K	2K

Revenue / Employee