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InnovAge (INNV) Financials

InnovAge logo
$8.84 -0.16 (-1.78%)
Closing price 04:00 PM Eastern
Extended Trading
$8.83 -0.01 (-0.11%)
As of 07:30 PM Eastern
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Annual Income Statements for InnovAge

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 2026
Period end date 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -268 -44 -6.52 -41 -21 -30 -2.54
Consolidated Net Income / (Loss)		 52 -45 -7.96 -44 -23 -35 -0.68
Net Income / (Loss) Continuing Operations		 -269 -45 -7.96 -44 -23 -35 -0.68
Total Pre-Tax Income 		-259 -35 -7.24 -51 -22 -34 0.27
Total Operating Income		 51 -12 -4.41 -49 -23 -30 2.62
Total Gross Profit		 -153 483 518 476 535 585 678
Total Revenue		 0.00 638 699 688 764 854 990
Operating Revenue		 - 638 699 688 764 854 990
Total Cost of Revenue		 153 154 180 212 229 269 312
Operating Cost of Revenue		 153 154 180 212 229 269 312
Total Operating Expenses		 90 496 523 525 558 615 675
Selling, General & Admin Expense		 58 132 102 116 111 122 166
Marketing Expense		 19 22 24 20 25 28 34
Depreciation Expense		 11 12 14 15 19 20 21
Other Operating Expenses / (Income)		 0.92 329 383 375 403 431 450
Impairment Charge		 - - - - - 14 3.15
Total Other Income / (Expense), net		 -16 -23 -2.83 -1.40 1.36 -4.27 -2.35
Interest & Investment Income		 -0.68 11 -2.53 -1.52 -1.18 -6.01 -4.26
Other Income / (Expense), net		 -0.68 -17 -0.31 0.12 2.54 1.74 1.91
Income Tax Expense		 9.87 9.77 0.72 -7.24 1.40 1.32 0.95
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.51 -0.75 -1.44 -2.88 -1.88 -5.03 1.85
Basic Earnings per Share		 $0.20 ($0.36) ($0.05) ($0.30) ($0.16) ($0.22) ($0.02)
Weighted Average Basic Shares Outstanding		 132.62M 123.62M 135.52M 135.59M 135.90M 135.39M 135.70M
Diluted Earnings per Share		 $0.19 ($0.36) ($0.05) ($0.30) ($0.16) ($0.22) ($0.02)
Weighted Average Diluted Shares Outstanding		 135.23M 123.62M 135.52M 135.59M 135.90M 135.39M 135.70M
Weighted Average Basic & Diluted Shares Outstanding		 - 135.52M 135.57M 135.88M 135.62M 135.64M 136.45M

Quarterly Income Statements for InnovAge

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

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -3.45 -5.89 -1.70 -4.93 -13 -11 -0.79 8.02 11 -29 8.29
Consolidated Net Income / (Loss)		 -3.82 -6.18 -2.25 -5.71 -13 -11 -5.01 7.67 12 -30 9.78
Net Income / (Loss) Continuing Operations		 -3.82 -6.18 -2.25 -5.71 -13 -11 -5.01 7.67 12 -30 9.78
Total Pre-Tax Income 		-3.73 -6.41 -0.95 -5.31 -13 -11 -4.20 7.92 12 -30 9.67
Total Operating Income		 -1.79 -5.79 -4.88 -4.90 -13 -10 -2.15 8.29 13 -29 10
Total Gross Profit		 135 134 139 142 145 149 149 160 165 174 178
Total Revenue		 189 193 199 205 209 218 221 236 240 252 262
Operating Revenue		 189 193 199 205 209 218 221 236 240 252 262
Total Cost of Revenue		 54 59 60 63 64 69 72 76 75 78 84
Operating Cost of Revenue		 54 59 60 63 64 69 72 76 75 78 84
Total Operating Expenses		 136 140 144 147 157 159 152 152 152 203 168
Selling, General & Admin Expense		 25 28 30 28 28 39 28 30 27 77 33
Marketing Expense		 5.86 7.18 6.54 6.49 7.70 6.92 7.10 7.61 8.08 8.74 9.93
Depreciation Expense		 4.29 5.06 5.33 5.41 5.32 5.39 3.40 5.09 4.88 4.82 6.36
Other Operating Expenses / (Income)		 101 100 103 107 108 108 108 109 112 113 116
Total Other Income / (Expense), net		 -1.94 -0.62 3.94 -0.41 -0.90 -0.90 -2.05 -0.37 -0.81 -0.69 -0.48
Interest & Investment Income		 -2.82 -1.14 - -1.24 -0.74 -1.16 -2.84 -1.25 -1.25 -0.99 -0.77
Other Income / (Expense), net		 0.87 0.53 2.38 0.83 -0.16 0.26 0.81 0.88 0.44 0.29 0.29
Income Tax Expense		 0.09 -0.22 1.31 0.40 0.03 0.07 0.81 0.25 0.65 0.17 -0.12
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.37 -0.30 -0.55 -0.78 -0.27 0.25 -4.22 -0.35 1.19 -0.48 1.50
Basic Earnings per Share		 ($0.03) ($0.04) ($0.01) ($0.04) ($0.10) ($0.08) - $0.06 $0.08 ($0.22) $0.06
Weighted Average Basic Shares Outstanding		 135.89M 135.91M 135.90M 135.77M 135.44M 135.20M 135.39M 135.59M 135.69M 135.70M 135.70M
Diluted Earnings per Share		 ($0.03) ($0.04) ($0.01) ($0.04) ($0.10) ($0.08) - $0.06 $0.08 ($0.22) $0.06
Weighted Average Diluted Shares Outstanding		 135.89M 135.91M 135.90M 135.77M 135.44M 135.20M 135.39M 136.76M 136.35M 135.70M 135.70M
Weighted Average Basic & Diluted Shares Outstanding		 135.90M 135.99M 135.62M 135.46M 135.24M 135.01M 135.64M 135.68M 135.70M 135.74M 136.45M

Annual Cash Flow Statements for InnovAge

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 2026
Period end date 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Net Change in Cash & Equivalents		 53 89 -19 -57 -70 8.23 34
Net Cash From Operating Activities		 44 -7.55 27 20 -37 33 65
Net Cash From Continuing Operating Activities		 44 -7.55 27 20 -37 33 65
Net Income / (Loss) Continuing Operations		 26 -45 -7.96 -44 -23 -35 -0.68
Consolidated Net Income / (Loss)		 26 -45 -7.96 -44 -23 -35 -0.68
Depreciation Expense		 11 12 14 15 19 20 21
Amortization Expense		 0.55 1.06 0.43 0.43 0.43 0.43 0.77
Non-Cash Adjustments To Reconcile Net Income		 3.31 12 12 8.48 17 24 15
Changes in Operating Assets and Liabilities, net		 2.91 12 8.66 39 -50 24 29
Net Cash From Investing Activities		 -12 -20 -40 -70 -26 -5.55 -12
Net Cash From Continuing Investing Activities		 -12 -20 -40 -70 -26 -5.55 -12
Purchase of Property, Plant & Equipment		 -12 -18 -38 -23 -7.91 -6.26 -14
Acquisitions		 0.00 -2.00 - 0.00 -24 -4.77 0.00
Purchase of Investments		 -1.15 0.00 -2.00 -46 -2.39 -2.07 -1.75
Sale of Property, Plant & Equipment		 0.17 - - - - - 3.72
Divestitures		 - - - 0.00 4.84 1.25 0.00
Sale and/or Maturity of Investments		 - - - 0.00 3.00 6.30 0.00
Net Cash From Financing Activities		 21 116 -6.32 -7.90 -7.03 -19 -19
Net Cash From Continuing Financing Activities		 21 116 -6.32 -7.90 -7.03 -19 -19
Repayment of Debt		 -1.93 -529 -3.79 -3.79 -3.80 -3.80 -73
Repurchase of Common Equity		 0.00 -78 - 0.00 -0.18 -7.32 0.00
Payment of Dividends		 0.00 -9.50 - - - 0.00 -1.63
Issuance of Debt		 25 375 - - - 0.00 60
Other Financing Activities, net		 -1.83 -13 -2.53 -4.10 -3.06 -7.96 -3.71
Cash Interest Paid		 12 18 1.47 4.00 4.06 4.35 4.21
Cash Income Taxes Paid		 4.75 7.05 0.08 0.01 4.45 0.00 0.63

Quarterly Cash Flow Statements for InnovAge

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 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 -34 0.01 2.85 -18 7.06 14 4.73 3.02 16 12 2.36
Net Cash From Operating Activities		 -9.29 3.51 1.87 -7.52 6.75 25 9.00 3.92 21 18 21
Net Cash From Continuing Operating Activities		 -9.29 3.51 1.87 -7.52 6.75 25 9.00 3.92 21 18 21
Net Income / (Loss) Continuing Operations		 -3.82 -6.18 -2.25 -5.71 -13 -11 -5.01 7.67 12 -30 9.78
Consolidated Net Income / (Loss)		 -3.82 -6.18 -2.25 -5.71 -13 -11 -5.01 7.67 12 -30 9.78
Depreciation Expense		 4.29 5.06 5.33 5.41 5.32 5.39 3.39 5.09 4.88 4.82 6.36
Amortization Expense		 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.21 0.19 0.13 0.24
Non-Cash Adjustments To Reconcile Net Income		 7.70 4.99 2.44 2.55 9.11 5.65 6.76 3.84 2.15 5.49 3.04
Changes in Operating Assets and Liabilities, net		 -18 -0.47 -3.75 -9.87 5.71 25 3.75 -13 2.34 38 1.87
Net Cash From Investing Activities		 -23 -1.06 0.93 -2.79 4.40 -8.14 0.98 -0.81 -2.91 -3.80 -4.82
Net Cash From Continuing Investing Activities		 -23 -1.06 0.93 -2.79 4.40 -8.14 0.98 -0.81 -2.91 -3.80 -4.82
Purchase of Property, Plant & Equipment		 -1.59 -0.45 -3.31 -2.20 -1.34 -2.90 0.18 -4.08 -2.36 -3.60 -4.27
Purchase of Investments		 -0.61 -0.60 -0.60 -0.59 -0.56 -0.46 -0.46 -0.45 -0.54 -0.20 -0.55
Net Cash From Financing Activities		 -1.91 -2.44 0.04 -7.62 -4.09 -2.12 -5.25 -0.01 -2.40 -2.01 -14
Net Cash From Continuing Financing Activities		 -1.91 -2.44 0.04 -7.62 -4.09 -2.12 -5.25 -0.01 -2.40 -2.01 -14
Repayment of Debt		 -0.95 -0.95 -0.95 -0.95 -0.95 -0.95 -0.95 -62 -1.06 -0.63 -10
Other Financing Activities, net		 -0.96 -1.49 1.17 -1.85 -2.05 -0.06 -4.00 1.49 -1.34 -1.37 -2.48
Cash Interest Paid		 0.85 1.64 1.17 1.18 1.12 1.11 0.94 1.30 1.01 0.94 0.96
Cash Income Taxes Paid		 - 4.45 - 0.00 - - - 0.00 0.34 0.28 0.01

Annual Balance Sheets for InnovAge

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 2026
Period end date 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Total Assets		 410 532 556 567 548 527 557
Total Current Assets		 167 251 241 215 173 176 214
Cash & Equivalents		 113 201 184 127 57 64 98
Restricted Cash		 1.66 2.23 0.02 0.02 0.01 0.01 0.01
Short-Term Investments		 - - 0.00 46 46 42 43
Accounts Receivable		 46 33 36 24 48 36 42
Prepaid Expenses		 4.31 9.25 14 17 19 24 27
Current Deferred & Refundable Income Taxes		 1.74 5.40 6.76 0.26 3.32 3.31 3.28
Other Current Nonoperating Assets		 - - - - 0.00 6.04 0.00
Plant, Property, & Equipment, net		 102 143 176 192 193 168 166
Total Noncurrent Assets		 140 138 138 160 181 183 177
Goodwill		 116 124 124 124 140 142 142
Intangible Assets		 5.18 6.52 5.86 5.20 4.54 3.88 3.22
Other Noncurrent Operating Assets		 3.00 3.88 2.81 25 34 37 32
Total Liabilities & Shareholders' Equity		 410 532 556 567 548 527 557
Total Liabilities		 302 174 202 253 248 264 289
Total Current Liabilities		 77 79 105 148 139 165 204
Short-Term Debt		 3.73 3.79 3.79 3.80 3.80 2.25 2.54
Accounts Payable		 29 32 51 55 55 77 115
Other Current Liabilities		 44 42 51 60 79 83 86
Other Current Nonoperating Liabilities		 - - - - 0.00 2.54 0.00
Total Noncurrent Liabilities		 225 95 97 104 109 99 85
Long-Term Debt		 210 72 68 65 61 57 46
Capital Lease Obligations		 4.09 5.19 9.44 13 13 7.54 8.25
Noncurrent Deferred & Payable Income Tax Liabilities		 9.28 16 18 6.24 7.46 8.76 9.05
Other Noncurrent Operating Liabilities		 1.45 2.76 1.13 20 28 25 22
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - 17 15 13 22 25 30
Total Equity & Noncontrolling Interests		 108 341 338 302 278 238 239
Total Preferred & Common Equity		 101 335 332 296 269 235 236
Total Common Equity		 101 335 332 296 269 235 236
Common Stock		 36 324 328 332 338 344 349
Retained Earnings		 65 11 4.73 -36 -68 -101 -106
Treasury Stock		 -0.19 - - 0.00 -0.18 -7.50 -7.50
Noncontrolling Interest		 6.74 6.42 6.10 5.79 8.35 2.93 3.16

Quarterly Balance Sheets for InnovAge

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

Annual Metrics And Ratios for InnovAge

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

Metric 2020 2021 2022 2023 2024 2025 2026
Period end date 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
DEI Shares Outstanding		 0.00 135,516,513.00 - - - 135,012,952.00 135,736,393.00
DEI Adjusted Shares Outstanding		 0.00 135,516,513.00 - - - 135,012,952.00 135,736,393.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -0.32 - - - -0.22 -0.02
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 0.00% 9.54% -1.51% 11.01% 11.76% 15.93%
EBITDA Growth		 0.00% -125.29% 161.40% -446.64% 96.23% -542.02% 427.08%
EBIT Growth		 0.00% -157.81% 83.78% -945.87% 58.11% -35.78% 116.14%
NOPAT Growth		 0.00% -124.22% 64.29% -1,021.08% 53.07% -28.39% 67.73%
Net Income Growth		 0.00% -185.97% 82.21% -447.14% 46.68% -52.20% 98.07%
EPS Growth		 0.00% -289.47% 86.11% -500.00% 46.67% -37.50% 90.91%
Operating Cash Flow Growth		 0.00% -117.22% 461.71% -25.88% -282.34% 189.07% 96.90%
Free Cash Flow Firm Growth		 0.00% 0.00% 61.71% 59.36% -927.86% 143.38% -1.75%
Invested Capital Growth		 0.00% 18.30% 6.02% -11.28% 25.19% -18.96% -16.76%
Revenue Q/Q Growth		 0.00% 0.00% 0.18% 0.59% 3.04% 2.65% 4.27%
EBITDA Q/Q Growth		 0.00% 0.00% -69.99% 5.48% 88.51% 12.02% 128.74%
EBIT Q/Q Growth		 0.00% 0.00% -125.83% 2.17% 29.65% 9.78% 162.31%
NOPAT Q/Q Growth		 0.00% 0.00% -123.12% 2.76% 20.72% 8.41% 0.78%
Net Income Q/Q Growth		 0.00% 0.00% -166.96% 3.41% 29.55% -8.45% 95.59%
EPS Q/Q Growth		 0.00% 0.00% -145.45% 6.25% 30.43% 4.35% 75.00%
Operating Cash Flow Q/Q Growth		 0.00% -211.34% -18.60% 95.93% -44.02% 27.69% 23.44%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 58.82% -6.81% 35.79% -14.91%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.41% -3.50% 0.33% -2.35% 0.02%
Profitability Metrics		 - - - - - - -
Gross Margin		 0.00% 75.79% 74.20% 69.15% 70.05% 68.50% 68.47%
EBITDA Margin		 0.00% -2.46% 1.38% -4.86% -0.16% -0.95% 2.67%
Operating Margin		 0.00% -1.93% -0.63% -7.18% -3.03% -3.49% 0.26%
EBIT Margin		 0.00% -4.56% -0.67% -7.16% -2.70% -3.28% 0.46%
Profit (Net Income) Margin		 0.00% -7.01% -1.14% -6.33% -3.04% -4.14% -0.07%
Tax Burden Percent		 -20.12% 127.94% 109.99% 85.74% 106.43% 103.87% -256.77%
Interest Burden Percent		 -514.86% 120.36% 153.62% 103.09% 105.72% 121.43% 5.88%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 356.77%
Return on Invested Capital (ROIC)		 0.00% -4.05% -1.29% -14.94% -6.62% -8.45% -3.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 181.85% 2.85% -6.22% 4.60% 33.25% -12.82%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -15.17% -0.94% 1.91% -0.93% -4.11% 3.07%
Return on Equity (ROE)		 48.30% -19.21% -2.24% -13.03% -7.56% -12.56% -0.26%
Cash Return on Invested Capital (CROIC)		 0.00% -20.81% -7.14% -2.99% -28.99% 12.50% 14.97%
Operating Return on Assets (OROA)		 0.00% -6.17% -0.87% -8.78% -3.70% -5.22% 0.83%
Return on Assets (ROA)		 0.00% -9.51% -1.46% -7.76% -4.17% -6.58% -0.13%
Return on Common Equity (ROCE)		 45.28% -17.97% -2.10% -12.25% -6.95% -11.26% -0.23%
Return on Equity Simple (ROE_SIMPLE)		 51.52% -13.37% -2.40% -14.70% -8.62% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 36 -8.64 -3.08 -35 -16 -21 -6.72
NOPAT Margin		 0.00% -1.35% -0.44% -5.03% -2.12% -2.44% -0.68%
Net Nonoperating Expense Percent (NNEP)		 -18.67% -185.89% -4.15% -8.73% -11.22% -41.70% 9.50%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - -6.83% -2.28%
Cost of Revenue to Revenue		 0.00% 24.21% 25.80% 30.85% 29.95% 31.50% 31.53%
SG&A Expenses to Revenue		 0.00% 20.75% 14.55% 16.81% 14.58% 14.30% 16.82%
R&D to Revenue		 0.00% 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% 68.20%
Earnings before Interest and Taxes (EBIT)		 50 -29 -4.71 -49 -21 -28 4.52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 62 -16 9.64 -33 -1.26 -8.08 26
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 3.46 8.63 1.79 3.43 2.51 2.12 6.83
Price to Tangible Book Value (P/TBV)		 0.00 14.17 2.93 6.10 5.41 5.59 17.80
Price to Revenue (P/Rev)		 0.00 4.53 0.85 1.48 0.88 0.58 1.63
Price to Earnings (P/E)		 0.00 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% 0.00%
Earnings Yield		 0.00% 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 8.47
Enterprise Value to Revenue (EV/Rev)		 0.00 4.37 0.73 1.36 0.89 0.57 1.57
Enterprise Value to EBITDA (EV/EBITDA)		 7.16 0.00 52.53 0.00 0.00 0.00 58.88
Enterprise Value to EBIT (EV/EBIT)		 8.85 0.00 0.00 0.00 0.00 0.00 344.08
Enterprise Value to NOPAT (EV/NOPAT)		 12.47 0.00 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 24.05
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 15.82 51.42
Leverage & Solvency		 - - - - - - -
Debt to Equity		 2.03 0.23 0.23 0.26 0.26 0.26 0.21
Long-Term Debt to Equity		 1.99 0.21 0.22 0.25 0.25 0.25 0.20
Financial Leverage		 0.81 -0.08 -0.33 -0.31 -0.20 -0.12 -0.24
Leverage Ratio		 3.80 2.02 1.53 1.68 1.81 1.91 2.04
Compound Leverage Factor		 -19.57 2.43 2.35 1.73 1.92 2.32 0.12
Debt to Total Capital		 66.95% 18.37% 18.71% 20.62% 20.65% 20.37% 17.32%
Short-Term Debt to Total Capital		 1.14% 0.86% 0.87% 0.96% 1.00% 0.68% 0.78%
Long-Term Debt to Total Capital		 65.80% 17.51% 17.84% 19.66% 19.64% 19.69% 16.54%
Preferred Equity to Total Capital		 0.00% 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% 10.20%
Common Equity to Total Capital		 30.99% 76.29% 76.37% 74.72% 71.27% 71.17% 72.47%
Debt to EBITDA		 3.51 -5.13 8.45 -2.45 -61.97 -8.32 2.13
Net Debt to EBITDA		 1.41 8.06 -11.25 2.91 21.78 4.78 -3.22
Long-Term Debt to EBITDA		 3.45 -4.89 8.05 -2.33 -58.95 -8.04 2.03
Debt to NOPAT		 6.12 -9.33 -26.41 -2.36 -4.81 -3.23 -8.38
Net Debt to NOPAT		 2.46 14.66 35.18 2.81 1.69 1.86 12.65
Long-Term Debt to NOPAT		 6.02 -8.89 -25.18 -2.25 -4.57 -3.12 -8.00
Altman Z-Score		 1.59 11.41 3.30 3.40 2.80 2.33 4.90
Noncontrolling Interest Sharing Ratio		 6.25% 6.47% 6.29% 5.97% 7.98% 10.39% 11.49%
Liquidity Ratios		 - - - - - - -
Current Ratio		 2.18 3.19 2.29 1.45 1.25 1.07 1.05
Quick Ratio		 2.08 2.98 2.09 1.33 1.09 0.86 0.90
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -44 -17 -6.91 -71 31 30
Operating Cash Flow to CapEx		 375.40% -43.03% 71.40% 86.65% -466.24% 524.76% 610.91%
Free Cash Flow to Firm to Interest Expense		 0.00 -2.65 0.00 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 0.00
Operating Cash Flow Less CapEx to Interest Expense		 2.20 -1.49 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 1.36 1.29 1.23 1.37 1.59 1.83
Accounts Receivable Turnover		 0.00 16.17 20.40 22.84 21.09 20.21 25.13
Inventory Turnover		 0.00 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 5.92
Accounts Payable Turnover		 5.30 5.04 4.35 4.02 4.14 4.07 3.25
Days Sales Outstanding (DSO)		 0.00 22.57 17.89 15.98 17.31 18.06 14.52
Days Inventory Outstanding (DIO)		 0.00 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 89.73 112.33
Cash Conversion Cycle (CCC)		 0.00 -49.80 -66.08 -74.72 -70.75 -71.67 -97.81
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 196 231 245 218 272 221 184
Invested Capital Turnover		 0.00 2.99 2.93 2.97 3.12 3.46 4.89
Increase / (Decrease) in Invested Capital		 0.00 36 14 -28 55 -52 -37
Enterprise Value (EV)		 445 2,785 506 939 678 487 1,557
Market Capitalization		 350 2,888 594 1,017 674 498 1,608
Book Value per Share		 $0.76 $2.47 $2.45 $2.18 $1.98 $1.74 $1.74
Tangible Book Value per Share		 ($0.15) $1.50 $1.49 $1.23 $0.92 $0.66 $0.67
Total Capital		 326 439 435 397 378 330 325
Total Debt		 218 81 81 82 78 67 56
Total Long-Term Debt		 215 77 78 78 74 65 54
Net Debt		 88 -127 -108 -97 -27 -39 -85
Capital Expenditures (CapEx)		 12 18 38 23 7.91 6.26 11
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -21 -28 -45 -103 -64 -92 -128
Debt-free Net Working Capital (DFNWC)		 94 176 139 71 38 14 13
Net Working Capital (NWC)		 90 172 136 67 35 11 10
Net Nonoperating Expense (NNE)		 -16 36 4.88 8.98 7.00 15 -6.04
Net Nonoperating Obligations (NNO)		 88 -127 -108 -97 -27 -42 -85
Total Depreciation and Amortization (D&A)		 12 13 14 16 19 20 22
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -4.32% -6.44% -14.96% -8.44% -10.82% -12.97%
Debt-free Net Working Capital to Revenue		 0.00% 27.62% 19.96% 10.26% 5.02% 1.59% 1.31%
Net Working Capital to Revenue		 0.00% 27.03% 19.42% 9.71% 4.52% 1.32% 1.05%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.36) ($0.05) ($0.30) ($0.16) ($0.22) ($0.02)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 123.62M 135.52M 135.59M 135.90M 135.39M 135.70M
Adjusted Diluted Earnings per Share		 $0.00 ($0.36) ($0.05) ($0.30) ($0.16) ($0.22) ($0.02)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 123.62M 135.52M 135.59M 135.90M 135.39M 135.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 136.45M
Normalized Net Operating Profit after Tax (NOPAT)		 36 -8.64 -3.08 -35 -16 -11 4.04
Normalized NOPAT Margin		 0.00% -1.35% -0.44% -5.03% -2.12% -1.32% 0.41%
Pre Tax Income Margin		 0.00% -5.48% -1.04% -7.38% -2.86% -3.99% 0.03%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 3.44 -1.73 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 2.44 -0.51 0.00 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 0.00
NOPAT Less CapEx to Interest Expense		 1.64 -1.56 0.00 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% -239.24%
Augmented Payout Ratio		 0.00% -194.69% 0.00% 0.00% -0.77% -20.71% -239.24%

Quarterly Metrics And Ratios for InnovAge

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

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - 135,243,747.00 135,012,952.00 135,637,975.00 135,681,431.00 135,699,471.00 135,736,393.00
DEI Adjusted Shares Outstanding		 - - - - - 135,243,747.00 135,012,952.00 135,637,975.00 135,681,431.00 135,699,471.00 135,736,393.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -0.08 -0.01 0.06 0.08 -0.22 0.06
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 12.80% 11.90% 12.74% 12.42% 10.64% 12.99% 11.04% 15.09% 14.69% 15.50% 18.31%
EBITDA Growth		 136.84% 97.63% 143.40% 125.51% -308.92% -4,352.53% 104.94% 894.84% 357.67% -440.70% 690.17%
EBIT Growth		 93.12% 36.30% 77.66% 59.67% -1,295.50% -87.95% 69.32% 325.62% 207.78% -190.73% 876.21%
NOPAT Growth		 86.95% 29.09% 55.37% 54.32% -603.42% -75.35% 55.96% 334.31% 243.00% -186.27% 781.93%
Net Income Growth		 63.77% 15.40% 81.21% 47.91% -253.08% -80.03% -122.23% 234.31% 187.50% -168.93% 295.31%
EPS Growth		 57.14% 20.00% 87.50% 50.00% -233.33% -100.00% 0.00% 250.00% 180.00% -175.00% 0.00%
Operating Cash Flow Growth		 73.53% -87.93% -85.76% 77.21% 172.66% 602.05% 380.57% 152.21% 216.32% -26.34% 136.52%
Free Cash Flow Firm Growth		 55.44% -483.51% -391.03% -52.73% 146.79% 176.51% 186.11% 245.91% 417.11% -42.61% -5.74%
Invested Capital Growth		 6.95% 20.42% 25.19% 13.72% -6.40% -16.74% -18.96% -16.52% -13.13% -18.73% -16.76%
Revenue Q/Q Growth		 3.51% 2.21% 3.28% 2.88% 1.88% 4.37% 1.50% 6.63% 1.53% 5.10% 3.97%
EBITDA Q/Q Growth		 161.19% -106.17% 3,063.64% -50.44% -601.03% 39.49% 148.91% 570.92% 29.77% -226.97% 171.48%
EBIT Q/Q Growth		 90.96% -88.61% 52.51% -62.39% -212.90% 22.12% 86.42% 781.56% 49.47% -310.08% 136.27%
NOPAT Q/Q Growth		 83.35% -224.54% 15.69% -0.25% -156.45% 19.10% 78.82% 633.33% 56.52% -261.95% 150.44%
Net Income Q/Q Growth		 65.14% -61.84% 63.55% -153.33% -136.27% 17.48% 55.01% 253.10% 53.93% -353.62% 132.68%
EPS Q/Q Growth		 62.50% -33.33% 75.00% -300.00% -150.00% 20.00% 0.00% 0.00% 33.33% -375.00% 127.27%
Operating Cash Flow Q/Q Growth		 71.82% 137.74% -46.61% -501.28% 189.85% 264.70% -63.45% -56.40% 444.37% -15.08% 17.36%
Free Cash Flow Firm Q/Q Growth		 19.95% -158.76% -16.24% 36.57% 124.52% 323.17% 30.82% 7.48% -13.09% -53.04% 114.88%
Invested Capital Q/Q Growth		 14.21% -2.63% 0.33% 1.94% -6.00% -13.38% -2.35% 5.01% -2.19% -18.97% 0.02%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 71.24% 69.40% 69.84% 69.10% 69.35% 68.14% 67.50% 67.86% 68.76% 69.17% 68.07%
EBITDA Margin		 1.85% -0.05% 1.47% 0.71% -3.49% -2.02% 0.97% 6.13% 7.83% -9.46% 6.50%
Operating Margin		 -0.95% -3.00% -2.45% -2.39% -6.01% -4.66% -0.97% 3.51% 5.53% -11.54% 3.87%
EBIT Margin		 -0.48% -2.73% -1.25% -1.98% -6.08% -4.54% -0.61% 3.88% 5.72% -11.43% 3.99%
Profit (Net Income) Margin		 -2.02% -3.20% -1.13% -2.78% -6.46% -5.10% -2.26% 3.25% 4.92% -11.88% 3.73%
Tax Burden Percent		 102.49% 96.50% 238.01% 107.61% 100.25% 100.65% 119.18% 96.88% 94.77% 100.56% 101.20%
Interest Burden Percent		 409.22% 121.64% 37.85% 130.59% 105.85% 111.72% 312.49% 86.35% 90.91% 103.43% 92.60%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.12% 5.23% 0.00% -1.20%
Return on Invested Capital (ROIC)		 -1.77% -6.27% -5.35% -5.04% -12.57% -10.90% -2.35% 11.81% 19.68% -37.43% 19.18%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.64% -2.91% -7.21% 1.14% 10.32% 0.85% 7.71% 13.08% 21.62% -21.02% 19.94%
Return on Net Nonoperating Assets (RNNOA)		 -0.55% 0.59% 1.46% -0.14% -0.73% -0.10% -0.95% -1.32% -3.01% 4.66% -4.77%
Return on Equity (ROE)		 -2.31% -5.67% -3.88% -5.18% -13.30% -11.00% -3.31% 10.50% 16.67% -32.77% 14.41%
Cash Return on Invested Capital (CROIC)		 -14.91% -26.76% -28.99% -17.50% -0.68% 9.12% 12.50% 13.45% 16.52% 17.36% 14.97%
Operating Return on Assets (OROA)		 -0.64% -3.69% -1.72% -2.90% -9.27% -7.10% -0.97% 6.62% 9.95% -20.01% 7.28%
Return on Assets (ROA)		 -2.70% -4.33% -1.55% -4.08% -9.83% -7.98% -3.59% 5.54% 8.57% -20.81% 6.82%
Return on Common Equity (ROCE)		 -2.18% -5.34% -3.57% -4.76% -12.22% -10.09% -2.96% 9.37% 14.86% -29.06% 12.75%
Return on Equity Simple (ROE_SIMPLE)		 -11.94% -11.72% 0.00% -6.89% -11.12% -13.69% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.25 -4.06 -3.42 -3.43 -8.79 -7.11 -1.51 8.03 13 -20 10
NOPAT Margin		 -0.66% -2.10% -1.71% -1.67% -4.21% -3.26% -0.68% 3.40% 5.24% -8.08% 3.92%
Net Nonoperating Expense Percent (NNEP)		 -5.40% -3.35% 1.87% -6.17% -22.89% -11.75% -10.07% -1.27% -1.93% -16.41% -0.76%
Return On Investment Capital (ROIC_SIMPLE)		 -0.34% - - - -2.67% -2.31% -0.49% 2.55% 3.87% -6.87% 3.48%
Cost of Revenue to Revenue		 28.76% 30.60% 30.16% 30.90% 30.65% 31.86% 32.50% 32.14% 31.24% 30.83% 31.94%
SG&A Expenses to Revenue		 13.37% 14.27% 14.84% 13.42% 13.45% 17.69% 12.57% 12.82% 11.10% 30.38% 12.63%
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		 72.19% 72.40% 72.29% 71.49% 75.35% 72.80% 68.48% 64.35% 63.23% 80.71% 64.19%
Earnings before Interest and Taxes (EBIT)		 -0.91 -5.27 -2.50 -4.06 -13 -9.90 -1.35 9.17 14 -29 10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3.49 -0.10 2.93 1.45 -7.29 -4.41 2.16 14 19 -24 17
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.86 2.15 2.51 3.12 2.14 1.69 2.12 2.86 2.74 4.75 6.83
Price to Tangible Book Value (P/TBV)		 5.86 4.42 5.41 6.98 5.10 4.39 5.59 7.05 6.33 13.02 17.80
Price to Revenue (P/Rev)		 1.13 0.81 0.88 1.03 0.66 0.48 0.58 0.79 0.77 1.15 1.63
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 108.77 0.00 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% 0.92% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.90 2.19 2.49 2.99 2.09 1.73 2.21 2.96 2.97 5.68 8.47
Enterprise Value to Revenue (EV/Rev)		 1.12 0.80 0.89 1.06 0.68 0.47 0.57 0.78 0.74 1.10 1.57
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 140.90 0.00 0.00 0.00 139.35 21.76 90.24 58.88
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 58.00 0.00 344.08
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 111.82 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 117.99 15.20 14.83 15.50 11.44 19.89 24.05
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 17.24 15.82 20.05 16.73 29.32 51.42
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.26 0.25 0.26 0.26 0.26 0.23 0.26 0.24 0.22 0.25 0.21
Long-Term Debt to Equity		 0.25 0.24 0.25 0.25 0.25 0.01 0.25 0.23 0.21 0.24 0.20
Financial Leverage		 -0.15 -0.20 -0.20 -0.12 -0.07 -0.12 -0.12 -0.10 -0.14 -0.22 -0.24
Leverage Ratio		 1.70 1.76 1.81 1.80 1.82 1.88 1.91 1.83 1.86 2.06 2.04
Compound Leverage Factor		 6.97 2.14 0.69 2.35 1.93 2.10 5.97 1.58 1.69 2.13 1.89
Debt to Total Capital		 20.53% 20.31% 20.65% 20.57% 20.70% 18.99% 20.37% 19.18% 18.13% 19.68% 17.32%
Short-Term Debt to Total Capital		 1.00% 1.01% 1.00% 1.04% 1.08% 18.45% 0.68% 0.88% 0.72% 0.79% 0.78%
Long-Term Debt to Total Capital		 19.53% 19.29% 19.64% 19.53% 19.62% 0.53% 19.69% 18.30% 17.41% 18.89% 16.54%
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		 4.58% 4.59% 8.09% 8.13% 8.42% 9.00% 8.46% 9.02% 9.07% 9.27% 10.20%
Common Equity to Total Capital		 74.89% 75.11% 71.27% 71.30% 70.88% 72.01% 71.17% 71.79% 72.81% 71.06% 72.47%
Debt to EBITDA		 -5.96 -6.94 -61.97 12.77 -14.87 -6.83 -8.32 13.28 2.06 5.49 2.13
Net Debt to EBITDA		 1.84 2.45 21.78 -2.21 3.48 4.53 4.78 -8.92 -2.00 -6.50 -3.22
Long-Term Debt to EBITDA		 -5.67 -6.59 -58.95 12.13 -14.10 -0.19 -8.04 12.67 1.98 5.27 2.03
Debt to NOPAT		 -3.54 -3.71 -4.81 -6.20 -3.68 -2.76 -3.23 -5.64 10.61 -9.36 -8.38
Net Debt to NOPAT		 1.09 1.31 1.69 1.07 0.86 1.83 1.86 3.79 -10.29 11.10 12.65
Long-Term Debt to NOPAT		 -3.37 -3.53 -4.57 -5.88 -3.49 -0.08 -3.12 -5.38 10.18 -8.99 -8.00
Altman Z-Score		 3.40 2.88 2.91 3.39 2.57 2.02 2.50 3.38 3.46 3.55 4.94
Noncontrolling Interest Sharing Ratio		 5.90% 5.85% 7.98% 7.99% 8.08% 8.29% 10.39% 10.69% 10.85% 11.32% 11.49%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.27 1.25 1.25 1.21 1.16 0.78 1.07 1.17 1.26 1.03 1.05
Quick Ratio		 1.16 1.11 1.09 1.01 0.94 0.65 0.86 0.96 1.02 0.85 0.90
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -19 -50 -58 -37 9.06 38 50 54 47 22 47
Operating Cash Flow to CapEx		 -586.00% 776.11% 56.67% -341.64% 502.83% 849.53% 0.00% 1,086.98% 903.98% 503.47% 499.04%
Free Cash Flow to Firm to Interest Expense		 0.00 -49.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 3.43 0.00 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 2.99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.33 1.35 1.37 1.47 1.52 1.56 1.59 1.70 1.74 1.75 1.83
Accounts Receivable Turnover		 17.56 20.98 21.09 17.30 17.31 20.57 20.21 25.31 25.76 26.01 25.13
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		 3.78 0.00 3.97 4.14 4.31 0.00 4.73 4.97 5.33 0.00 5.92
Accounts Payable Turnover		 4.28 4.57 4.14 5.11 4.47 4.14 4.07 5.82 5.13 3.32 3.25
Days Sales Outstanding (DSO)		 20.79 17.39 17.31 21.10 21.09 17.74 18.06 14.42 14.17 14.03 14.52
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)		 85.21 79.80 88.06 71.46 81.70 88.07 89.73 62.68 71.16 109.82 112.33
Cash Conversion Cycle (CCC)		 -64.42 -62.41 -70.75 -50.37 -60.61 -70.33 -71.67 -48.26 -56.99 -95.78 -97.81
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 279 271 272 278 261 226 221 232 227 184 184
Invested Capital Turnover		 2.67 2.98 3.12 3.01 2.99 3.34 3.46 3.47 3.75 4.63 4.89
Increase / (Decrease) in Invested Capital		 18 46 55 34 -18 -45 -52 -46 -34 -42 -37
Enterprise Value (EV)		 809 594 678 830 545 391 487 687 674 1,043 1,557
Market Capitalization		 815 603 674 814 532 403 498 700 704 1,088 1,608
Book Value per Share		 $2.10 $2.07 $1.98 $1.92 $1.83 $1.76 $1.74 $1.81 $1.89 $1.69 $1.74
Tangible Book Value per Share		 $1.02 $1.00 $0.92 $0.86 $0.77 $0.68 $0.66 $0.73 $0.82 $0.62 $0.67
Total Capital		 381 374 378 366 351 330 330 341 353 322 325
Total Debt		 78 76 78 75 73 63 67 65 64 63 56
Total Long-Term Debt		 74 72 74 71 69 1.77 65 62 61 61 54
Net Debt		 -24 -27 -27 -13 -17 -42 -39 -44 -62 -75 -85
Capital Expenditures (CapEx)		 1.59 0.45 3.31 2.20 1.34 2.90 -0.18 0.36 2.36 3.60 4.27
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -61 -64 -64 -55 -60 -90 -92 -83 -86 -129 -128
Debt-free Net Working Capital (DFNWC)		 38 35 38 31 27 12 14 26 40 9.26 13
Net Working Capital (NWC)		 34 31 35 27 23 -49 11 23 37 6.73 10
Net Nonoperating Expense (NNE)		 2.57 2.13 -1.16 2.28 4.70 4.02 3.50 0.36 0.76 9.58 0.48
Net Nonoperating Obligations (NNO)		 -24 -27 -27 -13 -17 -42 -42 -44 -62 -75 -85
Total Depreciation and Amortization (D&A)		 4.40 5.17 5.44 5.52 5.43 5.49 3.50 5.30 5.07 4.95 6.60
Debt-free, Cash-free Net Working Capital to Revenue		 -8.48% -8.69% -8.44% -6.95% -7.45% -10.81% -10.82% -9.41% -9.43% -13.63% -12.97%
Debt-free Net Working Capital to Revenue		 5.22% 4.71% 5.02% 3.94% 3.32% 1.42% 1.59% 2.96% 4.34% 0.98% 1.31%
Net Working Capital to Revenue		 4.69% 4.19% 4.52% 3.46% 2.85% -5.91% 1.32% 2.62% 4.06% 0.71% 1.05%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.03) ($0.04) ($0.01) ($0.04) ($0.10) ($0.08) $0.00 $0.06 $0.08 ($0.22) $0.06
Adjusted Weighted Average Basic Shares Outstanding		 135.89M 135.91M 135.90M 135.77M 135.44M 135.20M 135.39M 135.59M 135.69M 135.70M 135.70M
Adjusted Diluted Earnings per Share		 ($0.03) ($0.04) ($0.01) ($0.04) ($0.10) ($0.08) $0.00 $0.06 $0.08 ($0.22) $0.06
Adjusted Weighted Average Diluted Shares Outstanding		 135.89M 135.91M 135.90M 135.77M 135.44M 135.20M 135.39M 136.76M 136.35M 135.70M 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		 135.90M 135.99M 135.62M 135.46M 135.24M 135.01M 135.64M 135.68M 135.70M 135.74M 136.45M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.25 -4.06 -3.42 -3.43 -2.84 -7.11 -1.51 8.03 13 -20 7.10
Normalized NOPAT Margin		 -0.66% -2.10% -1.71% -1.67% -1.36% -3.26% -0.68% 3.40% 5.24% -8.08% 2.71%
Pre Tax Income Margin		 -1.97% -3.32% -0.47% -2.59% -6.44% -5.07% -1.90% 3.35% 5.20% -11.82% 3.69%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 -5.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 -3.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 -5.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 -4.41 0.00 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% -239.24%
Augmented Payout Ratio		 0.00% 0.00% -0.77% -27.83% -22.04% -22.10% -20.71% -11.38% 42.29% -1.92% -239.24%

Financials Breakdown Chart

Key Financial Trends

InnovAge’s financial performance improved meaningfully through fiscal 2026. Revenue increased from $182.5 million in Q1 2024 to $262.0 million in Q4 2026, while the company returned to profitability in the latest quarter after a significant loss in Q3 2026. However, elevated operating expenses, substantial liabilities and continued reliance on working-capital movements remain important risks for investors.

  • Revenue growth has been consistent. Quarterly revenue rose from $193.1 million in Q3 2024 and $221.4 million in Q4 2025 to $262.0 million in Q4 2026. Fiscal 2026 revenue also increased sequentially in every reported quarter, reaching a new high in Q4.
  • Gross profit has expanded alongside revenue. Gross profit increased from $133.99 million in Q3 2024 to $178.30 million in Q4 2026. The latest gross margin was approximately 68.1%, broadly in line with the company’s recent range.
  • InnovAge returned to operating and net profitability in Q4 2026. Operating income was $10.1 million and net income attributable to common shareholders was $8.3 million, or $0.06 per diluted share, compared with a $29.5 million net loss and a $0.22 loss per share in Q3.
  • Operating cash flow remained positive. Cash flow from operations was $21.3 million in Q4 2026 and remained positive in every quarter of fiscal 2026. This is a notable improvement from negative operating cash flow in Q1 2025 and several earlier periods.
  • Liquidity has improved over the period. Cash increased from $39.0 million at September 30, 2024, to $95.5 million at March 31, 2026. InnovAge also held $43.1 million of short-term investments at the latest reported balance-sheet date.
  • Debt reduction accelerated in the latest quarter. InnovAge repaid $10.0 million of debt in Q4 2026, compared with less than $1.1 million in each of the prior three quarters. Reported long-term debt also declined from $56.0 million at December 31, 2025, to $55.4 million at March 31, 2026.
  • Recent cash generation partly reflects working-capital changes. Q3 operating cash flow included a $37.6 million benefit from changes in operating assets and liabilities, while Q4 included a smaller $1.9 million benefit. Investors should monitor whether cash generation continues when working-capital benefits moderate.
  • Share count has been relatively stable. Weighted average basic shares rose modestly from approximately 135.2 million in Q3 2025 to 135.7 million in Q4 2026, limiting but not eliminating per-share dilution concerns.
  • Operating expenses remain unusually high. Other operating expenses were $115.6 million in Q4 2026, and total operating expenses reached $168.2 million. A sharp increase in SG&A to $76.5 million contributed to the Q3 loss before falling to $33.1 million in Q4.
  • The balance sheet has limited current-liability coverage. At March 31, 2026, current assets of $202.6 million only modestly exceeded current liabilities of $195.9 million. Accounts payable rose to $105.6 million, while total liabilities reached $288.5 million, leaving less flexibility if profitability or cash flow weakens.

Overall, the statements show a business with strong revenue momentum, improving operating cash flow and a potentially important return to profitability. The main question for investors is whether the Q4 improvement can be sustained without continued dependence on working-capital inflows and while controlling the company’s large operating-cost base. Several historical periods in the supplied data were restated, so longer-term comparisons should be interpreted with care.

09/24/26 10:36 PM ETAI Generated. May Contain Errors.

InnovAge Financials - Frequently Asked Questions

According to the most recent income statement we have on file, InnovAge's financial year ends in June. Their financial year 2026 ended on June 30, 2026.

InnovAge's net income appears to be on a downward trend, with a most recent value of -$683 thousand in 2026, compared with $52.04 million in 2020. The previous period was -$35.34 million in 2025. See InnovAge's forecast for analyst expectations on what's next for the company.

InnovAge's total operating income in 2026 was $2.62 million, based on the following breakdown:
  • Total Gross Profit: $677.61 million
  • Total Operating Expenses: $674.99 million

Over the last 6 years, InnovAge's total revenue changed from $0.00 in 2020 to $989.71 million in 2026, a change of 98,970,700,000.0%.

In the past 13 quarters, InnovAge's cash and equivalents has ranged from $39.02 million in Q1 2025 to $121.71 million in Q3 2023, and is currently $95.54 million as of their latest financial filing in Q3 2026.

InnovAge had total debt of $56.31 million at the end of 2026, a 16.3% decrease from 2025, and a 74.2% decrease since 2020.

Over the last 6 years, InnovAge's book value per share changed from 0.76 in 2020 to 1.74 in 2026, a change of 127.9%.


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