What is InnovAge's operating income?

InnovAge's total operating income in 2025 was -$29.76 million, based on the following breakdown: Total Gross Profit: $584.79 million Total Operating Expenses: $614.55 million

InnovAge (INNV) Financials

$11.56 +0.37 (+3.31%)

Closing price 07/24/2026 04:00 PM Eastern

Extended Trading

$11.56 0.00 (0.00%)

As of 07/24/2026 07:34 PM Eastern

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Annual Income Statements for InnovAge

This table shows InnovAge's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-268	-44	-6.52	-41	-21	-30
Consolidated Net Income / (Loss)	52	-45	-7.96	-44	-23	-35
Net Income / (Loss) Continuing Operations	-269	-45	-7.96	-44	-23	-35
Total Pre-Tax Income	-259	-35	-7.24	-51	-22	-34
Total Operating Income	51	-12	-4.41	-49	-23	-30
Total Gross Profit	-153	483	518	476	535	585
Total Revenue	0.00	638	699	688	764	854
Operating Revenue	-	638	699	688	764	854
Total Cost of Revenue	153	154	180	212	229	269
Operating Cost of Revenue	153	154	180	212	229	269
Total Operating Expenses	90	496	523	525	558	615
Selling, General & Admin Expense	58	132	102	116	111	122
Marketing Expense	19	22	24	20	25	28
Depreciation Expense	11	12	14	15	19	20
Other Operating Expenses / (Income)	0.92	329	383	375	403	431
Impairment Charge	-	-	-	-	-	14
Total Other Income / (Expense), net	-16	-23	-2.83	-1.40	1.36	-4.27
Interest & Investment Income	-0.68	11	-2.53	-1.52	-1.18	-6.01
Other Income / (Expense), net	-0.68	-17	-0.31	0.12	2.54	1.74
Income Tax Expense	9.87	9.77	0.72	-7.24	1.40	1.32
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.51	-0.75	-1.44	-2.88	-1.88	-5.03
Basic Earnings per Share	$0.20	($0.36)	($0.05)	($0.30)	($0.16)	($0.22)
Weighted Average Basic Shares Outstanding	132.62M	123.62M	135.52M	135.59M	135.90M	135.39M
Diluted Earnings per Share	$0.19	($0.36)	($0.05)	($0.30)	($0.16)	($0.22)
Weighted Average Diluted Shares Outstanding	135.23M	123.62M	135.52M	135.59M	135.90M	135.39M
Weighted Average Basic & Diluted Shares Outstanding	-	135.52M	135.57M	135.88M	135.62M	135.64M

This table shows InnovAge's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-10	-3.45	-5.89	-1.70	-4.93	-13	-11	-0.79	8.02	11	-29
Consolidated Net Income / (Loss)	-11	-3.82	-6.18	-2.25	-5.71	-13	-11	-5.01	7.67	12	-30
Net Income / (Loss) Continuing Operations	-11	-3.82	-6.18	-2.25	-5.71	-13	-11	-5.01	7.67	12	-30
Total Pre-Tax Income	-11	-3.73	-6.41	-0.95	-5.31	-13	-11	-4.20	7.92	12	-30
Total Operating Income	-11	-1.79	-5.79	-4.88	-4.90	-13	-10	-2.15	8.29	13	-29
Total Gross Profit	127	135	134	139	142	145	149	149	160	165	174
Total Revenue	182	189	193	199	205	209	218	221	236	240	252
Operating Revenue	182	189	193	199	205	209	218	221	236	240	252
Total Cost of Revenue	55	54	59	60	63	64	69	72	76	75	78
Operating Cost of Revenue	55	54	59	60	63	64	69	72	76	75	78
Total Operating Expenses	138	136	140	144	147	157	159	152	152	152	203
Selling, General & Admin Expense	29	25	28	30	28	28	39	28	30	27	77
Marketing Expense	5.38	5.86	7.18	6.54	6.49	7.70	6.92	7.10	7.61	8.08	8.74
Depreciation Expense	4.27	4.29	5.06	5.33	5.41	5.32	5.39	3.40	5.09	4.88	4.82
Other Operating Expenses / (Income)	99	101	100	103	107	108	108	108	109	112	113
Impairment Charge	-	0.00	0.00	-	-	8.50	0.00	-	-	-	0.00
Total Other Income / (Expense), net	-0.02	-1.94	-0.62	3.94	-0.41	-0.90	-0.90	-2.05	-0.37	-0.81	-0.69
Interest & Investment Income	-0.66	-2.82	-1.14	-	-1.24	-0.74	-1.16	-2.84	-1.25	-1.25	-0.99
Other Income / (Expense), net	0.64	0.87	0.53	2.38	0.83	-0.16	0.26	0.81	0.88	0.44	0.29
Income Tax Expense	0.23	0.09	-0.22	1.31	0.40	0.03	0.07	0.81	0.25	0.65	0.17
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.66	-0.37	-0.30	-0.55	-0.78	-0.27	0.25	-4.22	-0.35	1.19	-0.48
Basic Earnings per Share	($0.08)	($0.03)	($0.04)	($0.01)	($0.04)	($0.10)	($0.08)	-	$0.06	$0.08	($0.22)
Weighted Average Basic Shares Outstanding	135.79M	135.89M	135.91M	135.90M	135.77M	135.44M	135.20M	135.39M	135.59M	135.69M	135.70M
Diluted Earnings per Share	($0.08)	($0.03)	($0.04)	($0.01)	($0.04)	($0.10)	($0.08)	-	$0.06	$0.08	($0.22)
Weighted Average Diluted Shares Outstanding	135.79M	135.89M	135.91M	135.90M	135.77M	135.44M	135.20M	135.39M	136.76M	136.35M	135.70M
Weighted Average Basic & Diluted Shares Outstanding	135.88M	135.90M	135.99M	135.62M	135.46M	135.24M	135.01M	135.64M	135.68M	135.70M	135.74M

This table details how cash moves in and out of InnovAge's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Change in Cash & Equivalents	53	89	-19	-57	-70	8.23
Net Cash From Operating Activities	44	-7.55	27	20	-37	33
Net Cash From Continuing Operating Activities	44	-7.55	27	20	-37	33
Net Income / (Loss) Continuing Operations	26	-45	-7.96	-44	-23	-35
Consolidated Net Income / (Loss)	26	-45	-7.96	-44	-23	-35
Depreciation Expense	11	12	14	15	19	20
Amortization Expense	0.55	1.06	0.43	0.43	0.43	0.43
Non-Cash Adjustments To Reconcile Net Income	3.31	12	12	8.48	17	24
Changes in Operating Assets and Liabilities, net	2.91	12	8.66	39	-50	24
Net Cash From Investing Activities	-12	-20	-40	-70	-26	-5.55
Net Cash From Continuing Investing Activities	-12	-20	-40	-70	-26	-5.55
Purchase of Property, Plant & Equipment	-12	-18	-38	-23	-7.91	-6.26
Acquisitions	0.00	-2.00	-	0.00	-24	-4.77
Purchase of Investments	-1.15	0.00	-2.00	-46	-2.39	-2.07
Divestitures	-	-	-	0.00	4.84	1.25
Sale and/or Maturity of Investments	-	-	-	0.00	3.00	6.30
Net Cash From Financing Activities	21	116	-6.32	-7.90	-7.03	-19
Net Cash From Continuing Financing Activities	21	116	-6.32	-7.90	-7.03	-19
Repayment of Debt	-1.93	-529	-3.79	-3.79	-3.80	-3.80
Repurchase of Common Equity	0.00	-78	-	0.00	-0.18	-7.32
Other Financing Activities, net	-1.83	-13	-2.53	-4.10	-3.06	-7.96
Cash Interest Paid	12	18	1.47	4.00	4.06	4.35
Cash Income Taxes Paid	4.75	7.05	0.08	0.01	4.45	0.00

This table details how cash moves in and out of InnovAge's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-39	-34	0.01	2.85	-18	7.06	14	4.73	3.02	16	12
Net Cash From Operating Activities	-33	-9.29	3.51	1.87	-7.52	6.75	25	9.00	3.92	21	18
Net Cash From Continuing Operating Activities	-33	-9.29	3.51	1.87	-7.52	6.75	25	9.00	3.92	21	18
Net Income / (Loss) Continuing Operations	-11	-3.82	-6.18	-2.25	-5.71	-13	-11	-5.01	7.67	12	-30
Consolidated Net Income / (Loss)	-11	-3.82	-6.18	-2.25	-5.71	-13	-11	-5.01	7.67	12	-30
Depreciation Expense	4.27	4.29	5.06	5.33	5.41	5.32	5.39	3.39	5.09	4.88	4.82
Amortization Expense	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.21	0.19	0.13
Non-Cash Adjustments To Reconcile Net Income	4.10	7.70	4.99	2.44	2.55	9.11	5.65	6.76	3.84	2.15	5.49
Changes in Operating Assets and Liabilities, net	-30	-18	-0.47	-3.75	-9.87	5.71	25	3.75	-13	2.34	38
Net Cash From Investing Activities	-3.14	-23	-1.06	0.93	-2.79	4.40	-8.14	0.98	-0.81	-2.91	-3.80
Net Cash From Continuing Investing Activities	-3.14	-23	-1.06	0.93	-2.79	4.40	-8.14	0.98	-0.81	-2.91	-3.80
Purchase of Property, Plant & Equipment	-2.57	-1.59	-0.45	-3.31	-2.20	-1.34	-2.90	0.18	-4.08	-2.36	-3.60
Purchase of Investments	-0.57	-0.61	-0.60	-0.60	-0.59	-0.56	-0.46	-0.46	-0.45	-0.54	-0.20
Net Cash From Financing Activities	-2.73	-1.91	-2.44	0.04	-7.62	-4.09	-2.12	-5.25	-0.01	-2.40	-2.01
Net Cash From Continuing Financing Activities	-2.73	-1.91	-2.44	0.04	-7.62	-4.09	-2.12	-5.25	-0.01	-2.40	-2.01
Repayment of Debt	-0.95	-0.95	-0.95	-0.95	-0.95	-0.95	-0.95	-0.95	-62	-1.06	-0.63
Other Financing Activities, net	-1.78	-0.96	-1.49	1.17	-1.85	-2.05	-0.06	-4.00	1.49	-1.34	-1.37
Cash Interest Paid	0.40	0.85	1.64	1.17	1.18	1.12	1.11	0.94	1.30	1.01	0.94
Cash Income Taxes Paid	0.00	-	4.45	-	0.00	-	-	-	0.00	0.34	0.28

This table presents InnovAge's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Total Assets	410	532	556	567	548	527
Total Current Assets	167	251	241	215	173	176
Cash & Equivalents	113	201	184	127	57	64
Restricted Cash	1.66	2.23	0.02	0.02	0.01	0.01
Short-Term Investments	-	-	0.00	46	46	42
Accounts Receivable	46	33	36	24	48	36
Prepaid Expenses	4.31	9.25	14	17	19	24
Current Deferred & Refundable Income Taxes	1.74	5.40	6.76	0.26	3.32	3.31
Other Current Assets	-	-	-	-	-	6.04
Plant, Property, & Equipment, net	102	143	176	192	193	168
Total Noncurrent Assets	140	138	138	160	181	183
Goodwill	116	124	124	124	140	142
Intangible Assets	5.18	6.52	5.86	5.20	4.54	3.88
Other Noncurrent Operating Assets	3.00	3.88	2.81	25	34	37
Total Liabilities & Shareholders' Equity	410	532	556	567	548	527
Total Liabilities	302	174	202	253	248	264
Total Current Liabilities	77	79	105	148	139	165
Short-Term Debt	3.73	3.79	3.79	3.80	3.80	2.25
Accounts Payable	29	32	51	55	55	77
Current Deferred Revenue	-	-	0.00	28	-	0.00
Other Current Liabilities	44	42	51	60	79	83
Other Current Nonoperating Liabilities	-	-	-	-	0.00	2.54
Total Noncurrent Liabilities	225	95	97	104	109	99
Long-Term Debt	210	72	68	65	61	57
Capital Lease Obligations	4.09	5.19	9.44	13	13	7.54
Noncurrent Deferred & Payable Income Tax Liabilities	9.28	16	18	6.24	7.46	8.76
Other Noncurrent Operating Liabilities	1.45	2.76	1.13	20	28	25
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	17	15	13	22	25
Total Equity & Noncontrolling Interests	108	341	338	302	278	238
Total Preferred & Common Equity	101	335	332	296	269	235
Total Common Equity	101	335	332	296	269	235
Common Stock	36	324	328	332	338	344
Retained Earnings	65	11	4.73	-36	-68	-101
Treasury Stock	-0.19	-	-	0.00	-0.18	-7.50
Noncontrolling Interest	6.74	6.42	6.10	5.79	8.35	2.93

This table presents InnovAge's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	12/31/2022	3/31/2023	9/30/2023	12/31/2023	3/31/2024	9/30/2024	12/31/2024	3/31/2025	9/30/2025	12/31/2025	3/31/2026
Total Assets	546	569	546	534	527	528	525	537	510	527	547
Total Current Assets	199	216	196	157	153	159	168	176	162	182	203
Cash & Equivalents	99	122	88	54	54	39	46	60	67	83	96
Restricted Cash	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Short-Term Investments	45	46	47	45	45	47	41	41	42	43	43
Accounts Receivable	39	34	44	43	36	47	50	44	23	21	29
Prepaid Expenses	12	14	16	14	14	23	28	27	26	31	32
Current Deferred & Refundable Income Taxes	3.73	0.25	0.26	0.26	3.33	3.32	3.32	3.32	3.31	3.31	3.39
Other Current Assets	-	-	-	-	-	-	-	-	0.00	0.00	0.00
Plant, Property, & Equipment, net	186	0.00	190	196	191	190	179	0.00	166	165	165
Total Noncurrent Assets	161	353	159	182	183	179	178	360	182	181	179
Goodwill	124	124	124	142	140	140	140	142	142	142	142
Intangible Assets	5.53	5.36	5.03	4.87	4.70	4.37	4.21	4.04	3.71	3.55	3.38
Other Noncurrent Operating Assets	26	218	25	32	35	32	31	212	37	35	34
Total Liabilities & Shareholders' Equity	546	569	546	534	527	528	525	537	510	527	547
Total Liabilities	214	244	241	231	229	237	247	269	234	239	289
Total Current Liabilities	106	138	139	123	122	131	145	225	138	145	196
Short-Term Debt	3.79	7.20	3.80	3.80	3.80	3.80	3.80	61	3.00	2.54	2.54
Accounts Payable	49	48	47	52	49	46	58	75	51	56	106
Current Deferred Revenue	-	26	26	0.00	0.00	-	-	-	-	-	0.28
Other Current Liabilities	53	55	61	66	69	82	83	89	85	86	87
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	0.00	0.00	0.00
Total Noncurrent Liabilities	108	106	102	108	107	106	102	44	96	94	93
Long-Term Debt	67	66	64	63	62	61	60	1.77	56	56	55
Capital Lease Obligations	9.03	-	12	11	9.90	11	8.97	-	6.31	5.41	5.45
Noncurrent Deferred & Payable Income Tax Liabilities	11	5.71	6.46	6.56	6.16	7.86	7.90	7.97	9.01	9.27	9.28
Other Noncurrent Operating Liabilities	21	35	19	27	29	26	25	34	25	23	22
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	14	13	12	12	12	22	22	22	26	28	26
Total Equity & Noncontrolling Interests	318	312	293	291	287	269	256	246	250	261	233
Total Preferred & Common Equity	312	306	287	286	281	261	248	238	245	257	229
Total Common Equity	312	306	287	286	281	261	248	238	245	257	229
Common Stock	330	331	333	335	337	339	341	343	346	347	348
Retained Earnings	-18	-25	-46	-50	-56	-73	-86	-98	-93	-82	-112
Treasury Stock	-	-	-	-	-	-5.00	-6.09	-7.20	-7.50	-7.50	-7.50
Noncontrolling Interest	5.95	5.86	5.71	5.64	5.58	8.11	7.89	7.64	4.85	4.38	3.75

This table displays calculated financial ratios and metrics derived from InnovAge's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
DEI Shares Outstanding	0.00	135,516,513.00	-	-	-	135,012,952.00
DEI Adjusted Shares Outstanding	0.00	135,516,513.00	-	-	-	135,012,952.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.32	-	-	-	-0.22
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	9.54%	-1.51%	11.01%	11.76%
EBITDA Growth	0.00%	-125.29%	161.40%	-446.64%	96.23%	-542.02%
EBIT Growth	0.00%	-157.81%	83.78%	-945.87%	58.11%	-35.78%
NOPAT Growth	0.00%	-124.22%	64.29%	-1,021.08%	53.07%	-28.39%
Net Income Growth	0.00%	-185.97%	82.21%	-447.14%	46.68%	-52.20%
EPS Growth	0.00%	-289.47%	86.11%	-500.00%	46.67%	-37.50%
Operating Cash Flow Growth	0.00%	-117.22%	461.71%	-25.88%	-282.34%	189.07%
Free Cash Flow Firm Growth	0.00%	0.00%	61.71%	59.36%	-927.86%	143.38%
Invested Capital Growth	0.00%	18.30%	6.02%	-11.28%	25.19%	-18.96%
Revenue Q/Q Growth	0.00%	0.00%	0.18%	0.59%	3.04%	2.65%
EBITDA Q/Q Growth	0.00%	0.00%	-69.99%	5.48%	88.51%	12.02%
EBIT Q/Q Growth	0.00%	0.00%	-125.83%	2.17%	29.65%	9.78%
NOPAT Q/Q Growth	0.00%	0.00%	-123.12%	2.76%	20.72%	8.41%
Net Income Q/Q Growth	0.00%	0.00%	-166.96%	3.41%	29.55%	-8.45%
EPS Q/Q Growth	0.00%	0.00%	-145.45%	6.25%	30.43%	4.35%
Operating Cash Flow Q/Q Growth	0.00%	-211.34%	-18.60%	95.93%	-44.02%	27.69%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	58.82%	-6.81%	35.79%
Invested Capital Q/Q Growth	0.00%	0.00%	0.41%	-3.50%	0.33%	-2.35%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	0.00%	75.79%	74.20%	69.15%	70.05%	68.50%
EBITDA Margin	0.00%	-2.46%	1.38%	-4.86%	-0.16%	-0.95%
Operating Margin	0.00%	-1.93%	-0.63%	-7.18%	-3.03%	-3.49%
EBIT Margin	0.00%	-4.56%	-0.67%	-7.16%	-2.70%	-3.28%
Profit (Net Income) Margin	0.00%	-7.01%	-1.14%	-6.33%	-3.04%	-4.14%
Tax Burden Percent	-20.12%	127.94%	109.99%	85.74%	106.43%	103.87%
Interest Burden Percent	-514.86%	120.36%	153.62%	103.09%	105.72%	121.43%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-4.05%	-1.29%	-14.94%	-6.62%	-8.45%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	181.85%	2.85%	-6.22%	4.60%	33.25%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-15.17%	-0.94%	1.91%	-0.93%	-4.11%
Return on Equity (ROE)	48.30%	-19.21%	-2.24%	-13.03%	-7.56%	-12.56%
Cash Return on Invested Capital (CROIC)	0.00%	-20.81%	-7.14%	-2.99%	-28.99%	12.50%
Operating Return on Assets (OROA)	0.00%	-6.17%	-0.87%	-8.78%	-3.70%	-5.22%
Return on Assets (ROA)	0.00%	-9.51%	-1.46%	-7.76%	-4.17%	-6.58%
Return on Common Equity (ROCE)	45.28%	-17.97%	-2.10%	-12.25%	-6.95%	-11.26%
Return on Equity Simple (ROE_SIMPLE)	51.52%	-13.37%	-2.40%	-14.70%	-8.62%	0.00%
Net Operating Profit after Tax (NOPAT)	36	-8.64	-3.08	-35	-16	-21
NOPAT Margin	0.00%	-1.35%	-0.44%	-5.03%	-2.12%	-2.44%
Net Nonoperating Expense Percent (NNEP)	-18.67%	-185.89%	-4.15%	-8.73%	-11.22%	-41.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-6.83%
Cost of Revenue to Revenue	0.00%	24.21%	25.80%	30.85%	29.95%	31.50%
SG&A Expenses to Revenue	0.00%	20.75%	14.55%	16.81%	14.58%	14.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	77.73%	74.83%	76.33%	73.08%	71.99%
Earnings before Interest and Taxes (EBIT)	50	-29	-4.71	-49	-21	-28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	62	-16	9.64	-33	-1.26	-8.08
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	3.46	8.63	1.79	3.43	2.51	2.12
Price to Tangible Book Value (P/TBV)	0.00	14.17	2.93	6.10	5.41	5.59
Price to Revenue (P/Rev)	0.00	4.53	0.85	1.48	0.88	0.58
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.27	12.04	2.07	4.31	2.49	2.21
Enterprise Value to Revenue (EV/Rev)	0.00	4.37	0.73	1.36	0.89	0.57
Enterprise Value to EBITDA (EV/EBITDA)	7.16	0.00	52.53	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	8.85	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	12.47	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.14	0.00	18.55	46.38	0.00	14.83
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	15.82
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	2.03	0.23	0.23	0.26	0.26	0.26
Long-Term Debt to Equity	1.99	0.21	0.22	0.25	0.25	0.25
Financial Leverage	0.81	-0.08	-0.33	-0.31	-0.20	-0.12
Leverage Ratio	3.80	2.02	1.53	1.68	1.81	1.91
Compound Leverage Factor	-19.57	2.43	2.35	1.73	1.92	2.32
Debt to Total Capital	66.95%	18.37%	18.71%	20.62%	20.65%	20.37%
Short-Term Debt to Total Capital	1.14%	0.86%	0.87%	0.96%	1.00%	0.68%
Long-Term Debt to Total Capital	65.80%	17.51%	17.84%	19.66%	19.64%	19.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.07%	5.34%	4.91%	4.67%	8.09%	8.46%
Common Equity to Total Capital	30.99%	76.29%	76.37%	74.72%	71.27%	71.17%
Debt to EBITDA	3.51	-5.13	8.45	-2.45	-61.97	-8.32
Net Debt to EBITDA	1.41	8.06	-11.25	2.91	21.78	4.78
Long-Term Debt to EBITDA	3.45	-4.89	8.05	-2.33	-58.95	-8.04
Debt to NOPAT	6.12	-9.33	-26.41	-2.36	-4.81	-3.23
Net Debt to NOPAT	2.46	14.66	35.18	2.81	1.69	1.86
Long-Term Debt to NOPAT	6.02	-8.89	-25.18	-2.25	-4.57	-3.12
Altman Z-Score	1.59	11.41	3.30	3.40	2.80	2.33
Noncontrolling Interest Sharing Ratio	6.25%	6.47%	6.29%	5.97%	7.98%	10.39%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	2.18	3.19	2.29	1.45	1.25	1.07
Quick Ratio	2.08	2.98	2.09	1.33	1.09	0.86
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-44	-17	-6.91	-71	31
Operating Cash Flow to CapEx	375.40%	-43.03%	71.40%	86.65%	-466.24%	524.76%
Free Cash Flow to Firm to Interest Expense	0.00	-2.65	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.00	-0.45	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.20	-1.49	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	1.36	1.29	1.23	1.37	1.59
Accounts Receivable Turnover	0.00	16.17	20.40	22.84	21.09	20.21
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	5.20	4.38	3.74	3.97	4.73
Accounts Payable Turnover	5.30	5.04	4.35	4.02	4.14	4.07
Days Sales Outstanding (DSO)	0.00	22.57	17.89	15.98	17.31	18.06
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	68.86	72.38	83.97	90.70	88.06	89.73
Cash Conversion Cycle (CCC)	0.00	-49.80	-66.08	-74.72	-70.75	-71.67
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	196	231	245	218	272	221
Invested Capital Turnover	0.00	2.99	2.93	2.97	3.12	3.46
Increase / (Decrease) in Invested Capital	0.00	36	14	-28	55	-52
Enterprise Value (EV)	445	2,785	506	939	678	487
Market Capitalization	350	2,888	594	1,017	674	498
Book Value per Share	$0.76	$2.47	$2.45	$2.18	$1.98	$1.74
Tangible Book Value per Share	($0.15)	$1.50	$1.49	$1.23	$0.92	$0.66
Total Capital	326	439	435	397	378	330
Total Debt	218	81	81	82	78	67
Total Long-Term Debt	215	77	78	78	74	65
Net Debt	88	-127	-108	-97	-27	-39
Capital Expenditures (CapEx)	12	18	38	23	7.91	6.26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-21	-28	-45	-103	-64	-92
Debt-free Net Working Capital (DFNWC)	94	176	139	71	38	14
Net Working Capital (NWC)	90	172	136	67	35	11
Net Nonoperating Expense (NNE)	-16	36	4.88	8.98	7.00	15
Net Nonoperating Obligations (NNO)	88	-127	-108	-97	-27	-42
Total Depreciation and Amortization (D&A)	12	13	14	16	19	20
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-4.32%	-6.44%	-14.96%	-8.44%	-10.82%
Debt-free Net Working Capital to Revenue	0.00%	27.62%	19.96%	10.26%	5.02%	1.59%
Net Working Capital to Revenue	0.00%	27.03%	19.42%	9.71%	4.52%	1.32%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.36)	($0.05)	($0.30)	($0.16)	($0.22)
Adjusted Weighted Average Basic Shares Outstanding	0.00	123.62M	135.52M	135.59M	135.90M	135.39M
Adjusted Diluted Earnings per Share	$0.00	($0.36)	($0.05)	($0.30)	($0.16)	($0.22)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	123.62M	135.52M	135.59M	135.90M	135.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	135.52M	135.57M	135.88M	135.62M	135.64M
Normalized Net Operating Profit after Tax (NOPAT)	36	-8.64	-3.08	-35	-16	-11
Normalized NOPAT Margin	0.00%	-1.35%	-0.44%	-5.03%	-2.12%	-1.32%
Pre Tax Income Margin	0.00%	-5.48%	-1.04%	-7.38%	-2.86%	-3.99%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	3.44	-1.73	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	2.44	-0.51	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	2.64	-2.78	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	1.64	-1.56	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-21.23%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-194.69%	0.00%	0.00%	-0.77%	-20.71%

This table displays calculated financial ratios and metrics derived from InnovAge's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	135,243,747.00	135,012,952.00	135,637,975.00	135,681,431.00	135,699,471.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	135,243,747.00	135,012,952.00	135,637,975.00	135,681,431.00	135,699,471.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.08	-0.01	0.06	0.08	-0.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.58%	12.80%	11.90%	12.74%	12.42%	10.64%	12.99%	11.04%	15.09%	14.69%	15.50%
EBITDA Growth	56.25%	136.84%	97.63%	143.40%	125.51%	-308.92%	-4,352.53%	104.94%	894.84%	357.67%	-440.70%
EBIT Growth	39.18%	93.12%	36.30%	77.66%	59.67%	-1,295.50%	-87.95%	69.32%	325.62%	207.78%	-190.73%
NOPAT Growth	35.45%	86.95%	29.09%	55.37%	54.32%	-603.42%	-75.35%	55.96%	334.31%	243.00%	-186.27%
Net Income Growth	19.98%	63.77%	15.40%	81.21%	47.91%	-253.08%	-80.03%	-122.23%	234.31%	187.50%	-168.93%
EPS Growth	20.00%	57.14%	20.00%	87.50%	50.00%	-233.33%	-100.00%	0.00%	250.00%	180.00%	-175.00%
Operating Cash Flow Growth	-351.28%	73.53%	-87.93%	-85.76%	77.21%	172.66%	602.05%	380.57%	152.21%	216.32%	-26.34%
Free Cash Flow Firm Growth	-46.35%	55.44%	-483.51%	-391.03%	-52.73%	146.79%	176.51%	186.11%	245.91%	417.11%	-42.61%
Invested Capital Growth	7.33%	6.95%	20.42%	25.19%	13.72%	-6.40%	-16.74%	-18.96%	-16.52%	-13.13%	-18.73%
Revenue Q/Q Growth	3.17%	3.51%	2.21%	3.28%	2.88%	1.88%	4.37%	1.50%	6.63%	1.53%	5.10%
EBITDA Q/Q Growth	15.70%	161.19%	-106.17%	3,063.64%	-50.44%	-601.03%	39.49%	148.91%	570.92%	29.77%	-226.97%
EBIT Q/Q Growth	10.04%	90.96%	-88.61%	52.51%	-62.39%	-212.90%	22.12%	86.42%	781.56%	49.47%	-310.08%
NOPAT Q/Q Growth	2.06%	83.35%	-224.54%	15.69%	-0.25%	-156.45%	19.10%	78.82%	633.33%	56.52%	-261.95%
Net Income Q/Q Growth	8.62%	65.14%	-61.84%	63.55%	-153.33%	-136.27%	17.48%	55.01%	253.10%	53.93%	-353.62%
EPS Q/Q Growth	0.00%	62.50%	-33.33%	75.00%	-300.00%	-150.00%	20.00%	0.00%	0.00%	33.33%	-375.00%
Operating Cash Flow Q/Q Growth	-350.82%	71.82%	137.74%	-46.61%	-501.28%	189.85%	264.70%	-63.45%	-56.40%	444.37%	-15.08%
Free Cash Flow Firm Q/Q Growth	-220.87%	19.95%	-158.76%	-16.24%	36.57%	124.52%	323.17%	30.82%	7.48%	-13.09%	-53.04%
Invested Capital Q/Q Growth	12.21%	14.21%	-2.63%	0.33%	1.94%	-6.00%	-13.38%	-2.35%	5.01%	-2.19%	-18.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.72%	71.24%	69.40%	69.84%	69.10%	69.35%	68.14%	67.50%	67.86%	68.76%	69.17%
EBITDA Margin	-3.12%	1.85%	-0.05%	1.47%	0.71%	-3.49%	-2.02%	0.97%	6.13%	7.83%	-9.46%
Operating Margin	-5.87%	-0.95%	-3.00%	-2.45%	-2.39%	-6.01%	-4.66%	-0.97%	3.51%	5.53%	-11.54%
EBIT Margin	-5.52%	-0.48%	-2.73%	-1.25%	-1.98%	-6.08%	-4.54%	-0.61%	3.88%	5.72%	-11.43%
Profit (Net Income) Margin	-6.01%	-2.02%	-3.20%	-1.13%	-2.78%	-6.46%	-5.10%	-2.26%	3.25%	4.92%	-11.88%
Tax Burden Percent	102.11%	102.49%	96.50%	238.01%	107.61%	100.25%	100.65%	119.18%	96.88%	94.77%	100.56%
Interest Burden Percent	106.56%	409.22%	121.64%	37.85%	130.59%	105.85%	111.72%	312.49%	86.35%	90.91%	103.43%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.12%	5.23%	0.00%
Return on Invested Capital (ROIC)	-12.19%	-1.77%	-6.27%	-5.35%	-5.04%	-12.57%	-10.90%	-2.35%	11.81%	19.68%	-37.43%
ROIC Less NNEP Spread (ROIC-NNEP)	-8.23%	3.64%	-2.91%	-7.21%	1.14%	10.32%	0.85%	7.71%	13.08%	21.62%	-21.02%
Return on Net Nonoperating Assets (RNNOA)	2.22%	-0.55%	0.59%	1.46%	-0.14%	-0.73%	-0.10%	-0.95%	-1.32%	-3.01%	4.66%
Return on Equity (ROE)	-9.97%	-2.31%	-5.67%	-3.88%	-5.18%	-13.30%	-11.00%	-3.31%	10.50%	16.67%	-32.77%
Cash Return on Invested Capital (CROIC)	-19.99%	-14.91%	-26.76%	-28.99%	-17.50%	-0.68%	9.12%	12.50%	13.45%	16.52%	17.36%
Operating Return on Assets (OROA)	-6.83%	-0.64%	-3.69%	-1.72%	-2.90%	-9.27%	-7.10%	-0.97%	6.62%	9.95%	-20.01%
Return on Assets (ROA)	-7.43%	-2.70%	-4.33%	-1.55%	-4.08%	-9.83%	-7.98%	-3.59%	5.54%	8.57%	-20.81%
Return on Common Equity (ROCE)	-9.37%	-2.18%	-5.34%	-3.57%	-4.76%	-12.22%	-10.09%	-2.96%	9.37%	14.86%	-29.06%
Return on Equity Simple (ROE_SIMPLE)	-14.21%	-11.94%	-11.72%	0.00%	-6.89%	-11.12%	-13.69%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.50	-1.25	-4.06	-3.42	-3.43	-8.79	-7.11	-1.51	8.03	13	-20
NOPAT Margin	-4.11%	-0.66%	-2.10%	-1.71%	-1.67%	-4.21%	-3.26%	-0.68%	3.40%	5.24%	-8.08%
Net Nonoperating Expense Percent (NNEP)	-3.96%	-5.40%	-3.35%	1.87%	-6.17%	-22.89%	-11.75%	-10.07%	-1.27%	-1.93%	-16.41%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.34%	-	-	-	-2.67%	-2.31%	-0.49%	2.55%	3.87%	-6.87%
Cost of Revenue to Revenue	30.28%	28.76%	30.60%	30.16%	30.90%	30.65%	31.86%	32.50%	32.14%	31.24%	30.83%
SG&A Expenses to Revenue	15.86%	13.37%	14.27%	14.84%	13.42%	13.45%	17.69%	12.57%	12.82%	11.10%	30.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	75.60%	72.19%	72.40%	72.29%	71.49%	75.35%	72.80%	68.48%	64.35%	63.23%	80.71%
Earnings before Interest and Taxes (EBIT)	-10	-0.91	-5.27	-2.50	-4.06	-13	-9.90	-1.35	9.17	14	-29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-5.70	3.49	-0.10	2.93	1.45	-7.29	-4.41	2.16	14	19	-24
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.83	2.86	2.15	2.51	3.12	2.14	1.69	2.12	2.86	2.74	4.75
Price to Tangible Book Value (P/TBV)	5.15	5.86	4.42	5.41	6.98	5.10	4.39	5.59	7.05	6.33	13.02
Price to Revenue (P/Rev)	1.16	1.13	0.81	0.88	1.03	0.66	0.48	0.58	0.79	0.77	1.15
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	108.77	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.92%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.16	2.90	2.19	2.49	2.99	2.09	1.73	2.21	2.96	2.97	5.68
Enterprise Value to Revenue (EV/Rev)	1.10	1.12	0.80	0.89	1.06	0.68	0.47	0.57	0.78	0.74	1.10
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	140.90	0.00	0.00	0.00	139.35	21.76	90.24
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	58.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	111.82	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	117.99	15.20	14.83	15.50	11.44	19.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	17.24	15.82	20.05	16.73	29.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.26	0.26	0.25	0.26	0.26	0.26	0.23	0.26	0.24	0.22	0.25
Long-Term Debt to Equity	0.25	0.25	0.24	0.25	0.25	0.25	0.01	0.25	0.23	0.21	0.24
Financial Leverage	-0.27	-0.15	-0.20	-0.20	-0.12	-0.07	-0.12	-0.12	-0.10	-0.14	-0.22
Leverage Ratio	1.75	1.70	1.76	1.81	1.80	1.82	1.88	1.91	1.83	1.86	2.06
Compound Leverage Factor	1.86	6.97	2.14	0.69	2.35	1.93	2.10	5.97	1.58	1.69	2.13
Debt to Total Capital	20.75%	20.53%	20.31%	20.65%	20.57%	20.70%	18.99%	20.37%	19.18%	18.13%	19.68%
Short-Term Debt to Total Capital	0.99%	1.00%	1.01%	1.00%	1.04%	1.08%	18.45%	0.68%	0.88%	0.72%	0.79%
Long-Term Debt to Total Capital	19.76%	19.53%	19.29%	19.64%	19.53%	19.62%	0.53%	19.69%	18.30%	17.41%	18.89%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.64%	4.58%	4.59%	8.09%	8.13%	8.42%	9.00%	8.46%	9.02%	9.07%	9.27%
Common Equity to Total Capital	74.62%	74.89%	75.11%	71.27%	71.30%	70.88%	72.01%	71.17%	71.79%	72.81%	71.06%
Debt to EBITDA	-3.06	-5.96	-6.94	-61.97	12.77	-14.87	-6.83	-8.32	13.28	2.06	5.49
Net Debt to EBITDA	2.33	1.84	2.45	21.78	-2.21	3.48	4.53	4.78	-8.92	-2.00	-6.50
Long-Term Debt to EBITDA	-2.91	-5.67	-6.59	-58.95	12.13	-14.10	-0.19	-8.04	12.67	1.98	5.27
Debt to NOPAT	-2.62	-3.54	-3.71	-4.81	-6.20	-3.68	-2.76	-3.23	-5.64	10.61	-9.36
Net Debt to NOPAT	2.00	1.09	1.31	1.69	1.07	0.86	1.83	1.86	3.79	-10.29	11.10
Long-Term Debt to NOPAT	-2.50	-3.37	-3.53	-4.57	-5.88	-3.49	-0.08	-3.12	-5.38	10.18	-8.99
Altman Z-Score	3.26	3.40	2.88	2.91	3.39	2.57	2.02	2.50	3.38	3.46	3.55
Noncontrolling Interest Sharing Ratio	5.97%	5.90%	5.85%	7.98%	7.99%	8.08%	8.29%	10.39%	10.69%	10.85%	11.32%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.41	1.27	1.25	1.25	1.21	1.16	0.78	1.07	1.17	1.26	1.03
Quick Ratio	1.29	1.16	1.11	1.09	1.01	0.94	0.65	0.86	0.96	1.02	0.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-24	-19	-50	-58	-37	9.06	38	50	54	47	22
Operating Cash Flow to CapEx	-1,282.96%	-586.00%	776.11%	56.67%	-341.64%	502.83%	849.53%	0.00%	1,086.98%	903.98%	503.47%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-49.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	3.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	2.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.24	1.33	1.35	1.37	1.47	1.52	1.56	1.59	1.70	1.74	1.75
Accounts Receivable Turnover	17.12	17.56	20.98	21.09	17.30	17.31	20.57	20.21	25.31	25.76	26.01
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.77	3.78	0.00	3.97	4.14	4.31	0.00	4.73	4.97	5.33	0.00
Accounts Payable Turnover	4.38	4.28	4.57	4.14	5.11	4.47	4.14	4.07	5.82	5.13	3.32
Days Sales Outstanding (DSO)	21.32	20.79	17.39	17.31	21.10	21.09	17.74	18.06	14.42	14.17	14.03
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	83.40	85.21	79.80	88.06	71.46	81.70	88.07	89.73	62.68	71.16	109.82
Cash Conversion Cycle (CCC)	-62.08	-64.42	-62.41	-70.75	-50.37	-60.61	-70.33	-71.67	-48.26	-56.99	-95.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	244	279	271	272	278	261	226	221	232	227	184
Invested Capital Turnover	2.97	2.67	2.98	3.12	3.01	2.99	3.34	3.46	3.47	3.75	4.63
Increase / (Decrease) in Invested Capital	17	18	46	55	34	-18	-45	-52	-46	-34	-42
Enterprise Value (EV)	771	809	594	678	830	545	391	487	687	674	1,043
Market Capitalization	814	815	603	674	814	532	403	498	700	704	1,088
Book Value per Share	$2.11	$2.10	$2.07	$1.98	$1.92	$1.83	$1.76	$1.74	$1.81	$1.89	$1.69
Tangible Book Value per Share	$1.16	$1.02	$1.00	$0.92	$0.86	$0.77	$0.68	$0.66	$0.73	$0.82	$0.62
Total Capital	385	381	374	378	366	351	330	330	341	353	322
Total Debt	80	78	76	78	75	73	63	67	65	64	63
Total Long-Term Debt	76	74	72	74	71	69	1.77	65	62	61	61
Net Debt	-61	-24	-27	-27	-13	-17	-42	-39	-44	-62	-75
Capital Expenditures (CapEx)	2.57	1.59	0.45	3.31	2.20	1.34	2.90	-0.18	0.36	2.36	3.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-74	-61	-64	-64	-55	-60	-90	-92	-83	-86	-129
Debt-free Net Working Capital (DFNWC)	61	38	35	38	31	27	12	14	26	40	9.26
Net Working Capital (NWC)	57	34	31	35	27	23	-49	11	23	37	6.73
Net Nonoperating Expense (NNE)	3.46	2.57	2.13	-1.16	2.28	4.70	4.02	3.50	0.36	0.76	9.58
Net Nonoperating Obligations (NNO)	-61	-24	-27	-27	-13	-17	-42	-42	-44	-62	-75
Total Depreciation and Amortization (D&A)	4.38	4.40	5.17	5.44	5.52	5.43	5.49	3.50	5.30	5.07	4.95
Debt-free, Cash-free Net Working Capital to Revenue	-10.60%	-8.48%	-8.69%	-8.44%	-6.95%	-7.45%	-10.81%	-10.82%	-9.41%	-9.43%	-13.63%
Debt-free Net Working Capital to Revenue	8.73%	5.22%	4.71%	5.02%	3.94%	3.32%	1.42%	1.59%	2.96%	4.34%	0.98%
Net Working Capital to Revenue	8.19%	4.69%	4.19%	4.52%	3.46%	2.85%	-5.91%	1.32%	2.62%	4.06%	0.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.08)	($0.03)	($0.04)	($0.01)	($0.04)	($0.10)	($0.08)	$0.00	$0.06	$0.08	($0.22)
Adjusted Weighted Average Basic Shares Outstanding	135.79M	135.89M	135.91M	135.90M	135.77M	135.44M	135.20M	135.39M	135.59M	135.69M	135.70M
Adjusted Diluted Earnings per Share	($0.08)	($0.03)	($0.04)	($0.01)	($0.04)	($0.10)	($0.08)	$0.00	$0.06	$0.08	($0.22)
Adjusted Weighted Average Diluted Shares Outstanding	135.79M	135.89M	135.91M	135.90M	135.77M	135.44M	135.20M	135.39M	136.76M	136.35M	135.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	135.88M	135.90M	135.99M	135.62M	135.46M	135.24M	135.01M	135.64M	135.68M	135.70M	135.74M
Normalized Net Operating Profit after Tax (NOPAT)	-7.50	-1.25	-4.06	-3.42	-3.43	-2.84	-7.11	-1.51	8.03	13	-20
Normalized NOPAT Margin	-4.11%	-0.66%	-2.10%	-1.71%	-1.67%	-1.36%	-3.26%	-0.68%	3.40%	5.24%	-8.08%
Pre Tax Income Margin	-5.88%	-1.97%	-3.32%	-0.47%	-2.59%	-6.44%	-5.07%	-1.90%	3.35%	5.20%	-11.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-5.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	-3.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	-5.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	-4.41	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-0.77%	-27.83%	-22.04%	-22.10%	-20.71%	-11.38%	42.29%	-1.92%

Financials Breakdown Chart

Key Financial Trends

InnovAge Holding Corp. (NASDAQ: INNV) shows a sharp operational turnaround in the latest quarter, but the underlying business still carries meaningful balance sheet and earnings risks. In Q3 2026, the company posted a net loss of $29.9 million, versus net income of $11.8 million in Q2 2026. At the same time, operating cash flow remained positive at $18.1 million, suggesting the core business can still generate cash even when reported earnings are volatile.

Over the last several quarters, InnovAge has shown a mix of improving revenue, highly inconsistent bottom-line results, and a balance sheet that remains leveraged with a sizable liability load. The most encouraging trend is that operating revenue has continued to grow, while operating income swung from a loss in Q3 2025 to a profit in Q2 2026 before slipping back into the red in Q3 2026.

Revenue continued to grow year over year, rising to $251.9 million in Q3 2026 from $236.1 million in Q1 2026 and $199.4 million in Q4 2025.
Operating cash flow was strong in Q3 2026 at $18.1 million, and the company also generated $21.4 million in operating cash flow in Q2 2026.
The company ended Q3 2026 with $95.5 million in cash and equivalents plus $43.1 million in short-term investments, giving it a solid near-term liquidity cushion.
Accounts receivable improved materially from Q2 2026 to Q3 2026, rising only moderately as revenue grew, which can indicate better collection efficiency.
Q2 2026 showed a meaningful operating turnaround, with operating income of $13.3 million versus an operating loss of $29.1 million in Q3 2026 and a loss in Q1 2026.
The company has kept capital spending relatively modest in recent quarters, with quarterly property, plant and equipment purchases generally in the low single-digit millions.
Share count has remained fairly stable, with weighted average diluted shares around 135-136 million across the period.
Q3 2026 reported a net loss of $29.9 million, a sharp deterioration from the prior quarter’s $11.8 million profit.
Other operating expenses remain very large and have been a major drag on profitability across the period.
The balance sheet still carries substantial liabilities, including $105.6 million of current liabilities and $92.6 million of noncurrent liabilities in Q3 2026.
Redeemable noncontrolling interest remains significant at $26.1 million in Q3 2026, adding another layer of claims on equity value.
Net income has been extremely volatile over the past year, swinging between losses and profits, which makes earnings quality and consistency a concern.

Bottom line: InnovAge appears to have enough liquidity and operating cash generation to stay afloat near term, and revenue trends look constructive. However, profitability remains unstable, overhead is heavy, and the balance sheet is still burdened by sizable liabilities. For retail investors, the key question is whether the recent operating improvement can become durable rather than a one-quarter event.

07/26/26 07:44 AM ETAI Generated. May Contain Errors.

InnovAge Financials - Frequently Asked Questions

According to the most recent income statement we have on file, InnovAge's fiscal year ends in June. Their fiscal year 2025 ended on June 30, 2025.

InnovAge's net income appears to be on an upward trend, with a most recent value of -$35.34 million in 2025, falling from $52.04 million in 2020. The previous period was -$23.22 million in 2024. See where experts think InnovAge is headed by visiting InnovAge's forecast page.

InnovAge's total operating income in 2025 was -$29.76 million, based on the following breakdown:

Total Gross Profit: $584.79 million
Total Operating Expenses: $614.55 million

Over the last 5 years, InnovAge's total revenue changed from $0.00 in 2020 to $853.70 million in 2025, a change of 85,369,900,000.0%.

InnovAge's total liabilities were at $263.94 million at the end of 2025, a 6.5% increase from 2024, and a 12.6% decrease since 2020.

In the past 5 years, InnovAge's cash and equivalents has ranged from $56.95 million in 2024 to $201.47 million in 2021, and is currently $64.13 million as of their latest financial filing in 2025.

Over the last 5 years, InnovAge's book value per share changed from 0.76 in 2020 to 1.74 in 2025, a change of 128.5%.

Related Companies

Financial statements for NASDAQ:INNV last updated on 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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InnovAge (INNV) Financials

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InnovAge (INNV) Financials

Annual Income Statements for InnovAge

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Quarterly Metrics And Ratios for InnovAge

Financials Breakdown Chart

Key Financial Trends

InnovAge Financials - Frequently Asked Questions

When does InnovAge's financial year end?

How has InnovAge's net income changed over the last 5 years?

What is InnovAge's operating income?

How has InnovAge's revenue changed over the last 5 years?

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How has InnovAge's book value per share changed over the last 5 years?

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