InnovAge Holding
INNV on Nasdaq. InnovAge provides healthcare and support services to seniors through Medicare and Medicaid. Market value $1.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.10 of spare cash in the past 12 months. A savings account pays about $4.
You pay 455.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -6 cents a year. Above 10 is good.
Quality score: 48 of 100. Price score: 22 of 100. Our list needs 70 on quality and 60 on price.
$9.00 a share, 129% above its 1-year low
Over the past year the price has ranged from $3.93 to $12.64.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $699m | $688m | $764m | $854m | $990m |
| Operating margin | |||||
| Operating margin | -0.6% | -7.2% | -3.0% | -3.5% | 0.3% |
| Debt to equity | |||||
| Debt to equity | 0.26 | 0.30 | 0.31 | 0.31 | 0.27 |
| Shares outstanding | |||||
| Shares outstanding | 0.14bn | 0.14bn | 0.14bn | 0.14bn | 0.14bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.27× equity
- Revenue growth, five yearsSlow, 9.2% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $262 million last quarter, up 18% on a year ago.
- Profit: $8 million, after a loss of $785,000 a year ago.
- It keeps 0 cents of each $1 of sales as operating profit, after losing 3 cents a year earlier.
- Spare cash over the past 12 months: $50 million, up from $27 million.
- It has $35 million more cash than debt. A year ago debt was $9 million more than cash.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $205m |
| December 2024 | $209m |
| March 2025 | $218m |
| June 2025 | $221m |
| September 2025 | $236m |
| December 2025 | $240m |
| March 2026 | $252m |
| June 2026 | $262m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$5m |
| December 2024 | -$13m |
| March 2025 | -$11m |
| June 2025 | -$785,000 |
| September 2025 | $8m |
| December 2025 | $11m |
| March 2026 | -$29m |
| June 2026 | $8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 September 2026
- Next quarterly (estimated, 10-Q)
- 7 August 2026
Who owns it
None of the long-term investors we follow own it. 107 funds in all.
Largest holders overall
- T. Rowe Price Investment Management$73m
- Federated Hermes$23mAdded
- BlackRock$18mAdded
- Vanguard Capital Management$11mAdded
- Arrowstreet Capital, Limited Partnership$8mAdded
- Algert Global$7mAdded
- Geode Capital Management$7mAdded
- State Street$5mAdded
- Dimensional Fund Advisors LP$5mAdded
- Acadian Asset Management$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $368,882, $207,182 of it under preset trading plans.
- DAMATO NICOLECHIEF LEGAL OFFICERSoldunder a preset trading plan
- Date
- 25 September 2026
- Shares
- 23,814
- Price
- $8.70
- Value
- $207,182
- SCARBROUGH MICHAEL ANTHONYPresident and COOSold
- Date
- 14 November 2025
- Shares
- 33,000
- Price
- $4.90
- Value
- $161,700
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | DAMATO NICOLE CHIEF LEGAL OFFICER | Sold under a preset trading plan | 23,814 | $8.70 | $207,182 |
| 14 November 2025 | SCARBROUGH MICHAEL ANTHONY President and COO | Sold | 33,000 | $4.90 | $161,700 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Sep 2026, plus 1 later 8-K.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 455.9× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.