INNVNasdaqServices-Health ServicesFiscal year ends June 30
InnovAge Holding Corp.
Financials through Q4 FY2026, quarter ended Jun 30, 2026Last filing: 10-K on Sep 9, 2026
$8.88+0.03 (+0.34%)
Close on Oct 19, 2026
- Market cap
- $1.21B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2026
Gross margin
23.0%
Operating margin
0.3%+2.2 pts over 5 years
Net margin
-0.3%+6.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +15.9% | +12.9% | +9.2% | – | |
| Gross profit | +48.2% | +31.0% | – | – | |
| Free cash flow | +89.5% | – | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | – | -20.2% | -1.1% | |
| Return on assets | – | -9.3% | -0.5% | |
| Current ratio | – | 3.19 | 1.05 | |
| Debt to equity | – | 0.23 | 0.20 | |
| Net debt to EBITDA | – | 2984.56× | -2.10× | |
| Interest coverage | – | -0.7× | – | |
| Capex to revenue | – | 2.8% | 1.4% | |
| Diluted shares | – | 124M | 136M |
Where the cash went
Fiscal 2022 to 2026, five years combined
InnovAge generated $182.02M from operations and spent $90.08M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$182.02M
Used
$90.08M
Capital expenditure$90.08M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-0.3%
×Asset turnover1.83×
×Equity multiplier2.30×
=Return on equity, FY2026-1.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | -0.3% | 1.83× | 2.30× | -1.1% |
| FY2025 | -3.6% | 1.59× | 2.13× | -12.0% |
| FY2024 | -2.8% | 1.37× | 1.97× | -7.5% |
| FY2023 | -5.9% | 1.23× | 1.79× | -12.9% |
| FY2022 | -0.9% | 1.29× | 1.63× | -2.0% |
| FY2021 | -6.9% | 1.36× | 2.16× | -20.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
6of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$2.54M
- Cash generatingOperating cash flow above zero$64.71M
- Return on assets improvedROA up on the prior year-5.5% → -0.5%
- Earnings backed by cashOperating cash flow above net income$64.71M vs -$2.54M
- Less leverageLong-term debt to assets fell10.9% → 8.2%
- Better liquidityCurrent ratio rose1.07 → 1.05
- No dilutionShare count did not rise135M → 136M
- Gross margin improvedGross margin up on the prior year18.00% → 23.01%
- More efficientAsset turnover rose1.56 → 1.88