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InnovAge Holding Corp.

InnovAge Holding Corp.

NASDAQ•INNV
CEO: Mr. Patrick Blair
Sector: Healthcare
Industry: Medical - Care Facilities
Listing Date: 2021-03-04
InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. The company manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. It also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management. The company serves participants in the United States; and operates PACE centers in Colorado, California, New Mexico, Pennsylvania, Florida, and Virginia. The company was formerly known as TCO Group Holdings, Inc. and changed its name to InnovAge Holding Corp. in January 2021. InnovAge Holding Corp. was founded in 2007 and is headquartered in Denver, Colorado.
Contact Information
8950 E. Lowry Boulevard, Denver, CO, 80230, United States
844-803-8745
www.innovage.com
Market Cap
$607.85M
P/E (TTM)
-20.0
30.1
Dividend Yield
--
52W High
$6.69
52W Low
$2.60
52W Range
46%
2.9
F-Score
Modified Piotroski Analysis
Based on 7-year fundamentals
Weak • 2.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2018-2024

Financial Dashboard

Q4 2025 Data

Revenue

$221.42M+11.04%
4-Quarter Trend

EPS

-$0.01-53.60%
4-Quarter Trend

FCF

$9.18M-741.06%
4-Quarter Trend

2025 Annual Earnings Highlights

Release Date: Sep 9, 2025

Key Highlights

Capitation Revenue Growth Capitation revenue reached $852.4M, increasing 11.8% driven by 10.3% growth in member months and rate increases.
Adjusted EBITDA Improvement Adjusted EBITDA reached $34.5M, nearly doubling from $16.5M in the prior year period, showing core profitability gains.
Participant Base Expansion Census grew to 7,740 participants across 20 centers in six states as of June 30, 2025, supporting revenue growth.
Member Months Increased Total Member Months totaled 89.1M, reflecting 10.3% growth, which is a key driver for capitation revenue expansion.

Risk Factors

Cost of Care Pressures Cost of care excluding D&A increased 17.5% to $268.9M, outpacing revenue growth and impacting margins.
Widening Net Loss Net Loss attributable to parent widened to ($30.3M) in 2025 compared to ($21.3M) in 2024, despite EBITDA gains.
Government Payer Dependence Operations heavily dependent on government payors; OBBBA mandates federal Medicaid spending reductions potentially impacting rates.
Growth Strategy Execution Growth strategy viability depends on recruiting participants and successfully completing acquisitions and strategic partnerships.

Outlook

Platform Technology Investment Plan continuous investment in the InnovAge Platform, focusing on technology improvements and enhanced data analytics capabilities.
Strategic Expansion Activities Growth strategy includes executing tuck-in acquisitions, joint ventures, and building new de novo centers in target markets.
Payor Sophistication Investment Investing in building capabilities to increase payor sophistication to drive clinical value, improve outcomes, and manage cost trends.
Long-Term Cost Reduction Intend to reduce medical costs long-term to generate savings for continuous Platform improvement reinvestment.

Peer Comparison

Revenue (TTM)

AMN Healthcare Services, Inc.AMN
$2.77B
-14.3%
InnovAge Holding Corp.INNV
$853.70M
+11.8%
The Pennant Group, Inc.PNTG
$798.92M
+30.6%

Gross Margin (Latest Quarter)

InnovAge Holding Corp.INNV
213.4%
+195.0 pp
Geron CorporationGERN
97.6%
+48.1 pp
Ginkgo Bioworks Holdings, Inc.DNA
81.0%
+5.4 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
GHRS$888.25M-21.7-16.7%0.2%
PVLA$883.00M-36.6-69.8%0.0%
PNTG$854.72M31.89.9%41.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4-Quarter Revenue CAGR
+2.6%
Moderate Growth
4-Quarter Net Income CAGR
N/M
Profitability Shift Observed
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years

  • Form 10-K - FY 2025

    Period End: Jun 30, 2025|Filed: Sep 9, 2025|
    Revenue: $853.70M+11.8%
    |
    EPS: $-0.22-37.5%
    Miss

  • Form 10-Q - Q3 2025

    Period End: Mar 31, 2025|Filed: May 6, 2025|
    Revenue: $218.14M+13.0%
    |
    EPS: $-0.08+110.5%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Dec 31, 2024|Filed: Feb 4, 2025|
    Revenue: $209.00M+10.6%
    |
    EPS: $-0.10+233.3%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Sep 30, 2024|Filed: Nov 5, 2024|
    Revenue: $205.14M+12.4%
    |
    EPS: $-0.04-50.0%
    Miss

  • Form 10-K - FY 2024

    Period End: Jun 30, 2024|Filed: Sep 10, 2024|
    Revenue: $763.86M+11.0%
    |
    EPS: $-0.16+46.7%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $193.07M+11.9%
    |
    EPS: $-0.04-25.8%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Dec 31, 2023|Filed: Feb 6, 2024|
    Revenue: $188.90M+12.8%
    |
    EPS: $-0.03-61.4%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Sep 30, 2023|Filed: Nov 7, 2023|
    Revenue: $182.49M+6.6%
    |
    EPS: $-0.08-20.0%
    Miss