InnovAge (INNV) Financials

$7.96 -0.21 (-2.57%)

Closing price 04:00 PM Eastern

Extended Trading

$7.94 -0.02 (-0.24%)

As of 07:58 PM Eastern

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-11	-10	-3.45	-5.89	-1.70	-4.93	-13	-11	-0.79	8.02	11
Consolidated Net Income / (Loss)	-12	-11	-3.82	-6.18	-2.25	-5.71	-13	-11	-5.01	7.67	12
Net Income / (Loss) Continuing Operations	-12	-11	-3.82	-6.18	-2.25	-5.71	-13	-11	-5.01	7.67	12
Total Pre-Tax Income	-11	-11	-3.73	-6.41	-0.95	-5.31	-13	-11	-4.20	7.92	12
Total Operating Income	-11	-11	-1.79	-5.79	-4.88	-4.90	-13	-10	-2.15	8.29	13
Total Gross Profit	123	127	135	134	139	142	145	149	149	160	165
Total Revenue	177	182	189	193	199	205	209	218	221	236	240
Operating Revenue	177	182	189	193	199	205	209	218	221	236	240
Total Cost of Revenue	53	55	54	59	60	63	64	69	72	76	75
Operating Cost of Revenue	53	55	54	59	60	63	64	69	72	76	75
Total Operating Expenses	134	138	136	140	144	147	157	159	152	152	152
Selling, General & Admin Expense	29	29	25	28	30	28	28	39	28	30	27
Marketing Expense	6.13	5.38	5.86	7.18	6.54	6.49	7.70	6.92	7.10	7.61	8.08
Depreciation Expense	4.33	4.27	4.29	5.06	5.33	5.41	5.32	5.39	3.40	5.09	4.88
Other Operating Expenses / (Income)	95	99	101	100	103	107	108	108	108	109	112
Total Other Income / (Expense), net	-0.55	-0.02	-1.94	-0.62	3.94	-0.41	-0.90	-0.90	-2.05	-0.37	-0.81
Interest & Investment Income	-	-0.66	-2.82	-1.14	-	-1.24	-0.74	-1.16	-2.84	-1.25	-1.25
Other Income / (Expense), net	-0.26	0.64	0.87	0.53	2.38	0.83	-0.16	0.26	0.81	0.88	0.44
Income Tax Expense	0.51	0.23	0.09	-0.22	1.31	0.40	0.03	0.07	0.81	0.25	0.65
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.82	-0.66	-0.37	-0.30	-0.55	-0.78	-0.27	0.25	-4.22	-0.35	1.19
Basic Earnings per Share	($0.08)	($0.08)	($0.03)	($0.04)	($0.01)	($0.04)	($0.10)	($0.08)	-	$0.06	$0.08
Weighted Average Basic Shares Outstanding	135.59M	135.79M	135.89M	135.91M	135.90M	135.77M	135.44M	135.20M	135.39M	135.59M	135.69M
Diluted Earnings per Share	($0.08)	($0.08)	($0.03)	($0.04)	($0.01)	($0.04)	($0.10)	($0.08)	-	$0.06	$0.08
Weighted Average Diluted Shares Outstanding	135.59M	135.79M	135.89M	135.91M	135.90M	135.77M	135.44M	135.20M	135.39M	136.76M	136.35M
Weighted Average Basic & Diluted Shares Outstanding	135.88M	135.88M	135.90M	135.99M	135.62M	135.46M	135.24M	135.01M	135.64M	135.68M	135.70M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	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
Net Change in Cash & Equivalents	5.54	-39	-34	0.01	2.85	-18	7.06	14	4.73	3.02	16
Net Cash From Operating Activities	13	-33	-9.29	3.51	1.87	-7.52	6.75	25	9.00	3.92	21
Net Cash From Continuing Operating Activities	13	-33	-9.29	3.51	1.87	-7.52	6.75	25	9.00	3.92	21
Net Income / (Loss) Continuing Operations	-12	-11	-3.82	-6.18	-2.25	-5.71	-13	-11	-5.01	7.67	12
Consolidated Net Income / (Loss)	-12	-11	-3.82	-6.18	-2.25	-5.71	-13	-11	-5.01	7.67	12
Depreciation Expense	4.33	4.27	4.29	5.06	5.33	5.41	5.32	5.39	3.39	5.09	4.88
Amortization Expense	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.21	0.19
Non-Cash Adjustments To Reconcile Net Income	0.48	4.10	7.70	4.99	2.44	2.55	9.11	5.65	6.76	3.84	2.15
Changes in Operating Assets and Liabilities, net	20	-30	-18	-0.47	-3.75	-9.87	5.71	25	3.75	-13	2.34
Net Cash From Investing Activities	-5.19	-3.14	-23	-1.06	0.93	-2.79	4.40	-8.14	0.98	-0.81	-2.91
Net Cash From Continuing Investing Activities	-5.19	-3.14	-23	-1.06	0.93	-2.79	4.40	-8.14	0.98	-0.81	-2.91
Purchase of Property, Plant & Equipment	-4.03	-2.57	-1.59	-0.45	-3.31	-2.20	-1.34	-2.90	0.18	-4.08	-2.36
Purchase of Investments	-1.17	-0.57	-0.61	-0.60	-0.60	-0.59	-0.56	-0.46	-0.46	-0.45	-0.54
Net Cash From Financing Activities	-2.42	-2.73	-1.91	-2.44	0.04	-7.62	-4.09	-2.12	-5.25	-0.01	-2.40
Net Cash From Continuing Financing Activities	-2.42	-2.73	-1.91	-2.44	0.04	-7.62	-4.09	-2.12	-5.25	-0.01	-2.40
Repayment of Debt	-0.95	-0.95	-0.95	-0.95	-0.95	-0.95	-0.95	-0.95	-0.95	-62	-1.06
Other Financing Activities, net	-1.47	-1.78	-0.96	-1.49	1.17	-1.85	-2.05	-0.06	-4.00	1.49	-1.34
Cash Interest Paid	1.17	0.40	0.85	1.64	1.17	1.18	1.12	1.11	0.94	1.30	1.01
Cash Income Taxes Paid	-	0.00	-	4.45	-	0.00	-	-	-	0.00	0.34

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
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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2022	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
Total Assets	585	546	569	546	534	527	528	525	537	510	527
Total Current Assets	243	199	216	196	157	153	159	168	176	162	182
Cash & Equivalents	188	99	122	88	54	54	39	46	60	67	83
Restricted Cash	0.02	0.02	0.02	0.02	0.02	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
Accounts Receivable	38	39	34	44	43	36	47	50	44	23	21
Prepaid Expenses	12	12	14	16	14	14	23	28	27	26	31
Current Deferred & Refundable Income Taxes	5.01	3.73	0.25	0.26	0.26	3.33	3.32	3.32	3.32	3.31	3.31
Other Current Assets	-	-	-	-	-	-	-	-	-	0.00	0.00
Plant, Property, & Equipment, net	181	186	0.00	190	196	191	190	179	0.00	166	165
Total Noncurrent Assets	161	161	353	159	182	183	179	178	360	182	181
Goodwill	124	124	124	124	142	140	140	140	142	142	142
Intangible Assets	5.69	5.53	5.36	5.03	4.87	4.70	4.37	4.21	4.04	3.71	3.55
Other Noncurrent Operating Assets	26	26	218	25	32	35	32	31	212	37	35
Total Liabilities & Shareholders' Equity	585	546	569	546	534	527	528	525	537	510	527
Total Liabilities	244	214	244	241	231	229	237	247	269	234	239
Total Current Liabilities	131	106	138	139	123	122	131	145	225	138	145
Short-Term Debt	3.79	3.79	7.20	3.80	3.80	3.80	3.80	3.80	61	3.00	2.54
Accounts Payable	51	49	48	47	52	49	46	58	75	51	56
Other Current Liabilities	53	53	55	61	66	69	82	83	89	85	86
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	0.00
Total Noncurrent Liabilities	112	108	106	102	108	107	106	102	44	96	94
Long-Term Debt	67	67	66	64	63	62	61	60	1.77	56	56
Capital Lease Obligations	8.79	9.03	-	12	11	9.90	11	8.97	-	6.31	5.41
Noncurrent Deferred & Payable Income Tax Liabilities	14	11	5.71	6.46	6.56	6.16	7.86	7.90	7.97	9.01	9.27
Other Noncurrent Operating Liabilities	22	21	35	19	27	29	26	25	34	25	23
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	15	14	13	12	12	12	22	22	22	26	28
Total Equity & Noncontrolling Interests	327	318	312	293	291	287	269	256	246	250	261
Total Preferred & Common Equity	321	312	306	287	286	281	261	248	238	245	257
Total Common Equity	321	312	306	287	286	281	261	248	238	245	257
Common Stock	329	330	331	333	335	337	339	341	343	346	347
Retained Earnings	-8.34	-18	-25	-46	-50	-56	-73	-86	-98	-93	-82
Treasury Stock	-	-	-	-	-	-	-5.00	-6.09	-7.20	-7.50	-7.50
Noncontrolling Interest	6.02	5.95	5.86	5.71	5.64	5.58	8.11	7.89	7.64	4.85	4.38

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	135,243,747.00	135,012,952.00	135,637,975.00	135,681,431.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	135,243,747.00	135,012,952.00	135,637,975.00	135,681,431.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-0.08	-0.01	0.06	0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.32%	6.58%	12.80%	11.90%	12.74%	12.42%	10.64%	12.99%	11.04%	15.09%	14.69%
EBITDA Growth	22.28%	56.25%	136.84%	97.63%	143.40%	125.51%	-308.92%	-4,352.53%	104.94%	894.84%	357.67%
EBIT Growth	8.91%	39.18%	93.12%	36.30%	77.66%	59.67%	-1,295.50%	-87.95%	69.32%	325.62%	207.78%
NOPAT Growth	11.36%	35.45%	86.95%	29.09%	55.37%	54.32%	-603.42%	-75.35%	55.96%	334.31%	243.00%
Net Income Growth	11.35%	19.98%	63.77%	15.40%	81.21%	47.91%	-253.08%	-80.03%	-122.23%	234.31%	187.50%
EPS Growth	20.00%	20.00%	57.14%	20.00%	87.50%	50.00%	-233.33%	-100.00%	0.00%	250.00%	180.00%
Operating Cash Flow Growth	305.52%	-351.28%	73.53%	-87.93%	-85.76%	77.21%	172.66%	602.05%	380.57%	152.21%	216.32%
Free Cash Flow Firm Growth	188.66%	-46.35%	55.44%	-483.51%	-391.03%	-52.73%	146.79%	176.51%	186.11%	245.91%	417.11%
Invested Capital Growth	-11.28%	7.33%	6.95%	20.42%	25.19%	13.72%	-6.40%	-16.74%	-18.96%	-16.52%	-13.13%
Revenue Q/Q Growth	2.51%	3.17%	3.51%	2.21%	3.28%	2.88%	1.88%	4.37%	1.50%	6.63%	1.53%
EBITDA Q/Q Growth	-62.07%	15.70%	161.19%	-106.17%	3,063.64%	-50.44%	-601.03%	39.49%	148.91%	570.92%	29.77%
EBIT Q/Q Growth	-35.42%	10.04%	90.96%	-88.61%	52.51%	-62.39%	-212.90%	22.12%	86.42%	781.56%	49.47%
NOPAT Q/Q Growth	-33.96%	2.06%	83.35%	-224.54%	15.69%	-0.25%	-156.45%	19.10%	78.82%	633.33%	56.52%
Net Income Q/Q Growth	-64.10%	8.62%	65.14%	-61.84%	63.55%	-153.33%	-136.27%	17.48%	55.01%	253.10%	53.93%
EPS Q/Q Growth	-60.00%	0.00%	62.50%	-33.33%	75.00%	-300.00%	-150.00%	20.00%	0.00%	0.00%	33.33%
Operating Cash Flow Q/Q Growth	-54.77%	-350.82%	71.82%	137.74%	-46.61%	-501.28%	189.85%	264.70%	-63.45%	-56.40%	444.37%
Free Cash Flow Firm Q/Q Growth	53.18%	-220.87%	19.95%	-158.76%	-16.24%	36.57%	124.52%	323.17%	30.82%	7.48%	-13.09%
Invested Capital Q/Q Growth	-3.50%	12.21%	14.21%	-2.63%	0.33%	1.94%	-6.00%	-13.38%	-2.35%	5.01%	-2.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.82%	69.72%	71.24%	69.40%	69.84%	69.10%	69.35%	68.14%	67.50%	67.86%	68.76%
EBITDA Margin	-3.82%	-3.12%	1.85%	-0.05%	1.47%	0.71%	-3.49%	-2.02%	0.97%	6.13%	7.83%
Operating Margin	-6.19%	-5.87%	-0.95%	-3.00%	-2.45%	-2.39%	-6.01%	-4.66%	-0.97%	3.51%	5.53%
EBIT Margin	-6.33%	-5.52%	-0.48%	-2.73%	-1.25%	-1.98%	-6.08%	-4.54%	-0.61%	3.88%	5.72%
Profit (Net Income) Margin	-6.78%	-6.01%	-2.02%	-3.20%	-1.13%	-2.78%	-6.46%	-5.10%	-2.26%	3.25%	4.92%
Tax Burden Percent	104.40%	102.11%	102.49%	96.50%	238.01%	107.61%	100.25%	100.65%	119.18%	96.88%	94.77%
Interest Burden Percent	102.60%	106.56%	409.22%	121.64%	37.85%	130.59%	105.85%	111.72%	312.49%	86.35%	90.91%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.12%	5.23%
Return on Invested Capital (ROIC)	-12.88%	-12.19%	-1.77%	-6.27%	-5.35%	-5.04%	-12.57%	-10.90%	-2.35%	11.81%	19.68%
ROIC Less NNEP Spread (ROIC-NNEP)	-8.66%	-8.23%	3.64%	-2.91%	-7.21%	1.14%	10.32%	0.85%	7.71%	13.08%	21.62%
Return on Net Nonoperating Assets (RNNOA)	2.67%	2.22%	-0.55%	0.59%	1.46%	-0.14%	-0.73%	-0.10%	-0.95%	-1.32%	-3.01%
Return on Equity (ROE)	-10.21%	-9.97%	-2.31%	-5.67%	-3.88%	-5.18%	-13.30%	-11.00%	-3.31%	10.50%	16.67%
Cash Return on Invested Capital (CROIC)	-2.99%	-19.99%	-14.91%	-26.76%	-28.99%	-17.50%	-0.68%	9.12%	12.50%	13.45%	16.52%
Operating Return on Assets (OROA)	-7.76%	-6.83%	-0.64%	-3.69%	-1.72%	-2.90%	-9.27%	-7.10%	-0.97%	6.62%	9.95%
Return on Assets (ROA)	-8.31%	-7.43%	-2.70%	-4.33%	-1.55%	-4.08%	-9.83%	-7.98%	-3.59%	5.54%	8.57%
Return on Common Equity (ROCE)	-9.60%	-9.37%	-2.18%	-5.34%	-3.57%	-4.76%	-12.22%	-10.09%	-2.96%	9.37%	14.86%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-14.21%	-11.94%	-11.72%	0.00%	-6.89%	-11.12%	-13.69%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.66	-7.50	-1.25	-4.06	-3.42	-3.43	-8.79	-7.11	-1.51	8.03	13
NOPAT Margin	-4.33%	-4.11%	-0.66%	-2.10%	-1.71%	-1.67%	-4.21%	-3.26%	-0.68%	3.40%	5.24%
Net Nonoperating Expense Percent (NNEP)	-4.22%	-3.96%	-5.40%	-3.35%	1.87%	-6.17%	-22.89%	-11.75%	-10.07%	-1.27%	-1.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.34%	-	-	-	-2.67%	-2.31%	-0.49%	2.55%	3.87%
Cost of Revenue to Revenue	30.18%	30.28%	28.76%	30.60%	30.16%	30.90%	30.65%	31.86%	32.50%	32.14%	31.24%
SG&A Expenses to Revenue	16.39%	15.86%	13.37%	14.27%	14.84%	13.42%	13.45%	17.69%	12.57%	12.82%	11.10%
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	76.00%	75.60%	72.19%	72.40%	72.29%	71.49%	75.35%	72.80%	68.48%	64.35%	63.23%
Earnings before Interest and Taxes (EBIT)	-11	-10	-0.91	-5.27	-2.50	-4.06	-13	-9.90	-1.35	9.17	14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.76	-5.70	3.49	-0.10	2.93	1.45	-7.29	-4.41	2.16	14	19
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.43	2.83	2.86	2.15	2.51	3.12	2.14	1.69	2.12	2.86	2.74
Price to Tangible Book Value (P/TBV)	6.10	5.15	5.86	4.42	5.41	6.98	5.10	4.39	5.59	7.05	6.33
Price to Revenue (P/Rev)	1.48	1.16	1.13	0.81	0.88	1.03	0.66	0.48	0.58	0.79	0.77
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	108.77
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%	0.00%	0.92%
Enterprise Value to Invested Capital (EV/IC)	4.31	3.16	2.90	2.19	2.49	2.99	2.09	1.73	2.21	2.96	2.97
Enterprise Value to Revenue (EV/Rev)	1.36	1.10	1.12	0.80	0.89	1.06	0.68	0.47	0.57	0.78	0.74
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	140.90	0.00	0.00	0.00	139.35	21.76
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	58.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	111.82
Enterprise Value to Operating Cash Flow (EV/OCF)	46.38	0.00	0.00	0.00	0.00	0.00	117.99	15.20	14.83	15.50	11.44
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.24	15.82	20.05	16.73
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.26	0.26	0.26	0.25	0.26	0.26	0.26	0.23	0.26	0.24	0.22
Long-Term Debt to Equity	0.25	0.25	0.25	0.24	0.25	0.25	0.25	0.01	0.25	0.23	0.21
Financial Leverage	-0.31	-0.27	-0.15	-0.20	-0.20	-0.12	-0.07	-0.12	-0.12	-0.10	-0.14
Leverage Ratio	1.68	1.75	1.70	1.76	1.81	1.80	1.82	1.88	1.91	1.83	1.86
Compound Leverage Factor	1.72	1.86	6.97	2.14	0.69	2.35	1.93	2.10	5.97	1.58	1.69
Debt to Total Capital	20.62%	20.75%	20.53%	20.31%	20.65%	20.57%	20.70%	18.99%	20.37%	19.18%	18.13%
Short-Term Debt to Total Capital	0.96%	0.99%	1.00%	1.01%	1.00%	1.04%	1.08%	18.45%	0.68%	0.88%	0.72%
Long-Term Debt to Total Capital	19.66%	19.76%	19.53%	19.29%	19.64%	19.53%	19.62%	0.53%	19.69%	18.30%	17.41%
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	4.67%	4.64%	4.58%	4.59%	8.09%	8.13%	8.42%	9.00%	8.46%	9.02%	9.07%
Common Equity to Total Capital	74.72%	74.62%	74.89%	75.11%	71.27%	71.30%	70.88%	72.01%	71.17%	71.79%	72.81%
Debt to EBITDA	-2.45	-3.06	-5.96	-6.94	-61.97	12.77	-14.87	-6.83	-8.32	13.28	2.06
Net Debt to EBITDA	2.91	2.33	1.84	2.45	21.78	-2.21	3.48	4.53	4.78	-8.92	-2.00
Long-Term Debt to EBITDA	-2.33	-2.91	-5.67	-6.59	-58.95	12.13	-14.10	-0.19	-8.04	12.67	1.98
Debt to NOPAT	-2.36	-2.62	-3.54	-3.71	-4.81	-6.20	-3.68	-2.76	-3.23	-5.64	10.61
Net Debt to NOPAT	2.81	2.00	1.09	1.31	1.69	1.07	0.86	1.83	1.86	3.79	-10.29
Long-Term Debt to NOPAT	-2.25	-2.50	-3.37	-3.53	-4.57	-5.88	-3.49	-0.08	-3.12	-5.38	10.18
Altman Z-Score	3.62	3.26	3.40	2.88	2.91	3.39	2.57	2.02	2.50	3.38	3.46
Noncontrolling Interest Sharing Ratio	5.97%	5.97%	5.90%	5.85%	7.98%	7.99%	8.08%	8.29%	10.39%	10.69%	10.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.45	1.41	1.27	1.25	1.25	1.21	1.16	0.78	1.07	1.17	1.26
Quick Ratio	1.33	1.29	1.16	1.11	1.09	1.01	0.94	0.65	0.86	0.96	1.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	20	-24	-19	-50	-58	-37	9.06	38	50	54	47
Operating Cash Flow to CapEx	326.73%	-1,282.96%	-586.00%	776.11%	56.67%	-341.64%	502.83%	849.53%	0.00%	1,086.98%	903.98%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-49.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	3.43	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	0.00	2.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.23	1.24	1.33	1.35	1.37	1.47	1.52	1.56	1.59	1.70	1.74
Accounts Receivable Turnover	22.84	17.12	17.56	20.98	21.09	17.30	17.31	20.57	20.21	25.31	25.76
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	3.74	3.77	3.78	0.00	3.97	4.14	4.31	0.00	4.73	4.97	5.33
Accounts Payable Turnover	4.02	4.38	4.28	4.57	4.14	5.11	4.47	4.14	4.07	5.82	5.13
Days Sales Outstanding (DSO)	15.98	21.32	20.79	17.39	17.31	21.10	21.09	17.74	18.06	14.42	14.17
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)	90.70	83.40	85.21	79.80	88.06	71.46	81.70	88.07	89.73	62.68	71.16
Cash Conversion Cycle (CCC)	-74.72	-62.08	-64.42	-62.41	-70.75	-50.37	-60.61	-70.33	-71.67	-48.26	-56.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	218	244	279	271	272	278	261	226	221	232	227
Invested Capital Turnover	2.97	2.97	2.67	2.98	3.12	3.01	2.99	3.34	3.46	3.47	3.75
Increase / (Decrease) in Invested Capital	-28	17	18	46	55	34	-18	-45	-52	-46	-34
Enterprise Value (EV)	939	771	809	594	678	830	545	391	487	687	674
Market Capitalization	1,017	814	815	603	674	814	532	403	498	700	704
Book Value per Share	$2.18	$2.11	$2.10	$2.07	$1.98	$1.92	$1.83	$1.76	$1.74	$1.81	$1.89
Tangible Book Value per Share	$1.23	$1.16	$1.02	$1.00	$0.92	$0.86	$0.77	$0.68	$0.66	$0.73	$0.82
Total Capital	397	385	381	374	378	366	351	330	330	341	353
Total Debt	82	80	78	76	78	75	73	63	67	65	64
Total Long-Term Debt	78	76	74	72	74	71	69	1.77	65	62	61
Net Debt	-97	-61	-24	-27	-27	-13	-17	-42	-39	-44	-62
Capital Expenditures (CapEx)	4.03	2.57	1.59	0.45	3.31	2.20	1.34	2.90	-0.18	0.36	2.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-103	-74	-61	-64	-64	-55	-60	-90	-92	-83	-86
Debt-free Net Working Capital (DFNWC)	71	61	38	35	38	31	27	12	14	26	40
Net Working Capital (NWC)	67	57	34	31	35	27	23	-49	11	23	37
Net Nonoperating Expense (NNE)	4.34	3.46	2.57	2.13	-1.16	2.28	4.70	4.02	3.50	0.36	0.76
Net Nonoperating Obligations (NNO)	-97	-61	-24	-27	-27	-13	-17	-42	-42	-44	-62
Total Depreciation and Amortization (D&A)	4.44	4.38	4.40	5.17	5.44	5.52	5.43	5.49	3.50	5.30	5.07
Debt-free, Cash-free Net Working Capital to Revenue	-14.96%	-10.60%	-8.48%	-8.69%	-8.44%	-6.95%	-7.45%	-10.81%	-10.82%	-9.41%	-9.43%
Debt-free Net Working Capital to Revenue	10.26%	8.73%	5.22%	4.71%	5.02%	3.94%	3.32%	1.42%	1.59%	2.96%	4.34%
Net Working Capital to Revenue	9.71%	8.19%	4.69%	4.19%	4.52%	3.46%	2.85%	-5.91%	1.32%	2.62%	4.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.08)	($0.08)	($0.03)	($0.04)	($0.01)	($0.04)	($0.10)	($0.08)	$0.00	$0.06	$0.08
Adjusted Weighted Average Basic Shares Outstanding	135.59M	135.79M	135.89M	135.91M	135.90M	135.77M	135.44M	135.20M	135.39M	135.59M	135.69M
Adjusted Diluted Earnings per Share	($0.08)	($0.08)	($0.03)	($0.04)	($0.01)	($0.04)	($0.10)	($0.08)	$0.00	$0.06	$0.08
Adjusted Weighted Average Diluted Shares Outstanding	135.59M	135.79M	135.89M	135.91M	135.90M	135.77M	135.44M	135.20M	135.39M	136.76M	136.35M
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	135.88M	135.90M	135.99M	135.62M	135.46M	135.24M	135.01M	135.64M	135.68M	135.70M
Normalized Net Operating Profit after Tax (NOPAT)	-7.66	-7.50	-1.25	-4.06	-3.42	-3.43	-2.84	-7.11	-1.51	8.03	13
Normalized NOPAT Margin	-4.33%	-4.11%	-0.66%	-2.10%	-1.71%	-1.67%	-1.36%	-3.26%	-0.68%	3.40%	5.24%
Pre Tax Income Margin	-6.50%	-5.88%	-1.97%	-3.32%	-0.47%	-2.59%	-6.44%	-5.07%	-1.90%	3.35%	5.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-5.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	-3.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-5.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-4.41	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%	0.00%	-0.77%	-27.83%	-22.04%	-22.10%	-20.71%	-11.38%	42.29%

Financials Breakdown Chart

Key Financial Trends

InnovAge (INNV) has shown improving profitability and solid quarterly cash generation in 2026, with a continuing uptrend in revenue and a manageable balance sheet. Over the last four years, revenue has trended higher, gross margins have stayed strong, and cash flow from operations has remained positive, helping to support a growing equity base and a modestly leveraged balance sheet.

Revenue trend improving: Q2 2026 operating revenue is $239.708 million, up from $208.999 million in Q2 2025 (roughly +14-15% YoY).
Gross margin stable and robust: Q2 2026 gross profit is $164.824 million on $239.708 million of revenue, implying a gross margin near 69%.
Profitability turning positive again: Net income attributed to common shareholders reaches $10.618 million in Q2 2026, after prior quarters showing losses.
Strong operating cash flow: Net cash from continuing operating activities in Q2 2026 is $21.361 million, contributing to a positive net change in cash of $16.056 million for the quarter.
Healthy liquidity: Cash & equivalents total $83.203 million in Q2 2026, and the current ratio is around 1.26x (Total current assets of $181.854 million vs. Total current liabilities of $144.702 million).
Solid balance sheet growth: Total assets reach approximately $527.5 million by Q2 2026, with total equity around $261.2 million, reflecting a stronger capital base.
Debt remains manageable: Long-term debt is in the mid-$50 million range (about $56.0 million in Q2 2026), with no material new debt issuance evident in the latest quarters.
Modest investing activity aligns with earnings: Net cash from continuing investing activities was a modest outflow of about $2.9 million in Q2 2026, offset by strong operating cash flow and a positive overall cash swing.
Annual capital structure remains relatively stable: Redeemable noncontrolling interest is a modest portion of liabilities/equity (about $27.6 million), with noncontrolling interests also small relative to total equity.
Consistent but varied quarterly profits: While Q2 2026 showed a positive bottom line, several prior quarters (e.g., Q3 2025 and Q4 2025) still posted net losses, reflecting ongoing earnings volatility typical of a multi-year transition.

The company’s latest results suggest operational momentum is returning, with improving revenue, stable margins, and robust cash flow supporting a stronger balance sheet. Potential investors may want to watch for continued profitability progression across upcoming quarters, any shifts in operating expenses (notably large one-time items in some periods), and how financing decisions influence liquidity over time.

05/05/26 08:11 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About InnovAge's Financials

When does InnovAge's fiscal year end?

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

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

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 InnovAge's forecast for analyst expectations on whatâ€™s next for the company.

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

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

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%.

How much debt does InnovAge have?

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.

How much cash does InnovAge have?

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.

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

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 4/9/2026 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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