InnovAge Holding Corp. Common Stock (INNV)

FairStock Score: 42/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach InnovAge as a Graham-style skeptic. The business provides PACE services to seniors, a complex, regulated model that can create local density and switching costs, but the numbers do not yet demonstrate a durable moat. Revenue has grown from $763.9M in FY2024 to $853.7M in FY2025 and $989.7M in FY2026, which is real progress. Yet the company lost money in each of those years: net losses of $21.3M, $30.3M, and $2.5M, with FY2026 EPS of $-0.02. The fiscal Q3 2026 quarter, ended 2026-03-31, showed a $29.5M net loss and $-0.22 EPS, so profitability is choppy. At the 2026-10-13 close of $9.02, FairStock calculations show a negative P/E of -451 on $-0.02 EPS, a P/B of 5.21, and an EV/EBITDA of 47.53. Those are not bargain multiples. The company does generate $50.4M of trailing free cash flow, a 4.1% FCF yield, and carries D/E of 0.32. Its Piotroski F-Score of 7/9 and Altman Z-Score of 2.86 suggest the balance sheet is not immediately distressed. ROE is -0.26% and ROCE 0.67%, so capital returns are barely positive or negative. FairStock's score is 42/100, and its Lynch category is none because of losses in each of the last four years. I would want consistent positive net income, better returns on capital, and a wider margin of safety before calling this a value investment. The price may reflect hope for future PACE expansion rather than present earning power.

In plain English: InnovAge runs a healthcare program for older people, offering clinics, in-home care, and transportation. Revenue is growing and the company came close to break-even in fiscal 2026, but it has still lost money in each of the last four years and profits are thin. At $9.02, the shares look expensive compared with the company's current profits and the value of its assets, even though it produces some free cash flow.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-03-31) · fiscal Q2 2026 10-Q (period ended 2025-12-31) · fiscal Q1 2026 10-Q (period ended 2025-09-30) · fiscal Q3 2025 10-Q (period ended 2025-03-31) · FY2026 10-K (period ended 2026-06-30) · FY2025 10-K (period ended 2025-06-30) · FY2024 10-K (period ended 2024-06-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer