InnovAge Holding Corp. (INNV) Key Metrics
INNV valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.21B
- Enterprise value
- $1.17B
- P/E (TTM)
- —
- Forward P/E
- 13.7
- PEG ratio
- —
- Price / sales
- 1.2 10-yr median 0.9
- Price / book
- 5.2 10-yr median 2.7
- EV / EBITDA
- 45.7 10-yr median 53.6
- Dividend yield
- —
- Beta
- 0.15
INNV key metrics, FY2017–FY2026
Fiscal year ended June 30, 2026 · U.S. dollarsINNV valuation Price multiples at each fiscal year-end price.
Price / sales+177.6%
1.6
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / book+221.0%
6.8
FY2026 · hover or tap a bar for each year
FY2017FY2026
EV / EBITDA−87.9%
17.8
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / free cash flow+69.9%
31.9
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow yield−2.2 pts
3.1%
FY2026 · hover or tap a bar for each year
FY2017FY2026
INNV returns How much profit the business earns on the capital it uses.
Return on equity+10.9 pts
−1.1%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Return on invested capital+25.3 pts
16.1%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Return on assets+4.9 pts
−0.5%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow margin+2.0 pts
5.1%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Asset turnover+18.3%
1.78
FY2026 · hover or tap a bar for each year
FY2017FY2026
INNV per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+15.7%
$7.29
FY2026 · hover or tap a bar for each year
FY2017FY2026
Earnings per share
−$0.02
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow per share+89.0%
$0.37
FY2026 · hover or tap a bar for each year
FY2017FY2026
Book value per share0.0%
$1.74
FY2026 · hover or tap a bar for each year
FY2017FY2026
Shares outstanding+0.2%
135.7M
FY2026 · hover or tap a bar for each year
FY2017FY2026
INNV financial health Debt, liquidity and how easily interest is covered.
Debt / equity−14.2%
0.37
FY2026 · hover or tap a bar for each year
FY2017FY2026
Net debt−$49.5M
−$54.4M
FY2026 · hover or tap a bar for each year
FY2017FY2026
Net debt / EBITDA+0.81
−0.62
FY2026 · hover or tap a bar for each year
FY2017FY2026
Current ratio−1.6%
1.05
FY2026 · hover or tap a bar for each year
FY2017FY2026
Interest coverage
15.6
FY2026 · hover or tap a bar for each year
FY2017FY2026
Debt / assets−14.0%
0.16
FY2026 · hover or tap a bar for each year
FY2017FY2026
INNV efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−4 days
16 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Days payables outstanding−45 days
45 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Cash conversion cycle+41 days
-29 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Capex / revenue+0.7 pts
1.4%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Dividends + buybacks / FCF−27.5 pts
0.0%
FY2026 · hover or tap a bar for each year
FY2017FY2026
INNV valuation history
Fiscal year-endToday10-year median
INNV returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
INNV debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
INNV cash returned to shareholders
DividendsBuybacksFree cash flow
INNV price vs earnings per share
Share price at year-endEPS (right axis)
INNV key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.61B | $499.6M | $674.1M | $1.02B | $593.6M | $2.89B | — | $202.4M | — | — |
| Enterprise value | $1.55B | $494.7M | $684.3M | $1.03B | $493.9M | $2.77B | — | $336.0M | — | — |
| P/E ratio | — | — | — | — | — | — | — | 10.3 | — | — |
| Price / sales | 1.6 | 0.6 | 0.9 | 1.5 | 0.8 | 4.5 | — | 0.4 | — | — |
| Price / book | 6.8 | 2.1 | 2.5 | 3.8 | 1.8 | 8.6 | — | 2.7 | — | — |
| Price / free cash flow | 31.9 | 18.8 | — | — | — | — | — | 17.7 | — | — |
| Price / operating cash flow | 24.8 | 15.2 | — | — | 21.7 | — | — | 7.8 | — | — |
| EV / sales | 1.6 | 0.6 | 0.9 | 1.5 | 0.7 | 4.3 | — | 0.7 | — | — |
| EV / EBITDA | 17.8 | 147.1 | 593.0 | — | 53.6 | — | — | 7.3 | — | — |
| EV / free cash flow | 30.8 | 18.6 | — | — | — | — | — | 29.4 | — | — |
| Earnings yield | −0.2% | −6.1% | −3.2% | −4.0% | −1.1% | −1.5% | — | 9.7% | — | — |
| Free cash flow yield | 3.1% | 5.3% | −6.6% | −4.4% | −1.8% | −0.9% | — | 5.6% | — | — |
| Dividend yield | — | — | — | — | 0.0% | 0.3% | — | 32.9% | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 1.5% | 0.0% | 0.0% | 0.0% | 3.0% | — | 32.9% | — | — |
| Share price at fiscal year-end | $11.85 | $3.69 | $4.96 | $7.50 | $4.38 | $21.31 | — | $1.52 | $0.10 | $0.12 |
| Per share | ||||||||||
| Revenue per share | $7.29 | $6.31 | $5.62 | $5.07 | $5.16 | $4.71 | $4.26 | $3.50 | — | — |
| Earnings per share | −$0.02 | −$0.22 | −$0.16 | −$0.30 | −$0.05 | −$0.32 | $0.20 | $0.15 | — | — |
| Operating cash flow per share | $0.48 | $0.24 | −$0.27 | −$0.27 | $0.20 | −$0.06 | $0.33 | $0.19 | — | — |
| Free cash flow per share | $0.37 | $0.20 | −$0.33 | −$0.33 | −$0.08 | −$0.20 | $0.24 | $0.09 | — | — |
| Cash per share | $1.04 | $0.78 | $0.76 | $0.76 | $1.36 | $1.50 | $0.86 | $0.46 | — | — |
| Book value per share | $1.74 | $1.74 | $1.98 | $1.99 | $2.45 | $2.47 | $0.76 | $0.56 | — | — |
| Tangible book value per share | $0.67 | −$0.39 | $0.92 | $0.92 | $1.49 | $1.50 | −$0.15 | −$0.37 | — | — |
| Dividends per share | — | — | — | — | $0.00 | $0.07 | $0.07 | $0.50 | — | — |
| Capex per share | $0.11 | $0.05 | $0.06 | $0.06 | $0.28 | $0.14 | $0.09 | $0.11 | — | — |
| Debt per share | $0.64 | $0.75 | $0.83 | $0.83 | $0.63 | $0.61 | $1.64 | $1.46 | — | — |
| Shares outstanding | 135.7M | 135.4M | 135.9M | 135.6M | 135.5M | 135.5M | 133.2M | 133.2M | — | — |
| Change in shares outstanding | +0.2% | −0.4% | +0.2% | +0.1% | +0.0% | +1.7% | 0.0% | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −1.1% | −12.0% | −7.9% | −13.5% | −2.0% | −20.2% | 30.0% | 52.1% | −651.4% | — |
| Return on invested capital (ROIC) | 16.1% | −9.2% | −6.6% | −15.2% | −1.6% | 28.3% | 17.9% | 28.6% | −350.0% | −585.8% |
| Return on assets (ROA) | −0.5% | −5.3% | −3.8% | −7.3% | −1.2% | −9.3% | 6.8% | 10.5% | −75.4% | −188.0% |
| Return on tangible assets | −0.6% | −11.3% | −4.9% | −10.1% | −1.5% | −10.8% | 9.1% | 8.2% | −170.9% | −577.7% |
| Free cash flow margin | 5.1% | 3.1% | −5.9% | −6.5% | −1.6% | −4.2% | 5.6% | 2.5% | −27.3% | −38.0% |
| Income quality (OCF / net income) | — | — | — | — | — | — | 1.67 | 1.32 | — | — |
| Financial health | ||||||||||
| Total debt | $87.0M | $101.1M | $113.0M | $113.0M | $84.8M | $82.6M | $218.0M | $194.8M | $1.3M | $1.4M |
| Cash & short-term investments | $141.3M | $105.9M | $102.8M | $102.8M | $184.4M | $203.7M | $114.6M | $61.2M | $1.6M | $829,933 |
| Net debt | −$54.4M | −$4.8M | $10.2M | $10.3M | −$99.6M | −$121.1M | $103.4M | $133.6M | −$260,164 | $565,386 |
| Debt / equity | 0.37 | 0.43 | 0.42 | 0.42 | 0.26 | 0.25 | 2.16 | 2.63 | 1.44 | 1.28 |
| Debt / assets | 0.16 | 0.18 | 0.19 | 0.21 | 0.15 | 0.15 | 0.53 | 0.54 | 0.14 | 0.17 |
| Net debt / EBITDA | −0.62 | −1.44 | 8.88 | — | −10.81 | — | 1.68 | 2.91 | — | — |
| Current ratio | 1.05 | 1.07 | 1.25 | 1.25 | 2.29 | 3.19 | 2.18 | 1.43 | 0.72 | 0.58 |
| Quick ratio | 1.05 | 1.07 | 1.27 | 1.25 | 2.29 | 3.17 | 2.16 | 1.41 | 0.39 | 0.43 |
| Interest coverage | 15.6 | -6.5 | -5.8 | -32.5 | -1.7 | 4.5 | 3.5 | 4.1 | — | — |
| Working capital | $10.4M | $11.3M | $34.5M | $34.5M | $135.6M | $172.4M | $90.3M | $36.0M | −$1.4M | −$1.7M |
| Invested capital | $181.2M | $230.1M | $279.5M | $279.5M | $232.7M | $213.5M | $204.4M | $207.8M | $642,779 | $1.7M |
| Tangible asset value | $123.5M | −$25.1M | $155.3M | $155.3M | $223.7M | $227.2M | −$13.6M | −$41.7M | −$4.3M | −$4.8M |
| Net current asset value | −$74.3M | −$118.2M | −$106.9M | −$74.7M | $31.8M | $70.3M | −$135.0M | −$162.3M | −$4.4M | −$4.8M |
| Graham number | — | — | — | — | — | — | $1.83 | $1.36 | — | — |
| Graham net-net per share | −$0.83 | −$1.17 | −$1.03 | −$0.79 | $0.05 | $0.39 | −$1.13 | −$1.34 | — | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $0 | $9.5M | $9.5M | $66.5M | — | — |
| Share buybacks (net) | $0 | $7.3M | $179,000 | $179,000 | $0 | $77.6M | $0 | $193,000 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | — | — | 36.2% | 339.7% | — | — |
| Dividends + buybacks / free cash flow | 0.0% | 27.5% | — | — | — | — | 29.7% | 584.1% | — | — |
| Capex / revenue | 1.4% | 0.7% | 1.0% | 1.2% | 5.5% | 3.1% | 2.1% | 3.1% | 0.5% | 0.9% |
| Capex / operating cash flow | 22.1% | 19.1% | — | — | 140.1% | — | 27.0% | 55.9% | — | — |
| Capex / depreciation | 0.68 | 0.32 | 0.42 | 0.51 | 2.75 | 1.59 | 1.05 | 1.61 | 0.07 | 0.07 |
| Stock-based compensation / revenue | 0.7% | 0.9% | 0.9% | 1.0% | 0.5% | 0.3% | 0.1% | 0.2% | — | — |
| R&D / revenue | — | — | — | — | — | — | — | 0.0% | 0.4% | 1.6% |
| SG&A / revenue | 16.8% | 17.6% | 17.8% | 19.7% | 18.0% | 20.7% | 13.7% | 13.9% | 136.4% | 197.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 15.7 | 19.5 | 24.6 | 25.0 | 21.1 | 24.6 | 33.2 | 21.6 | 2.1 | 4.4 |
| Days of inventory on hand | — | — | -1.0 | -0.1 | 0.7 | 1.5 | 1.4 | 1.7 | 229.6 | 143.9 |
| Days payables outstanding | 44.8 | 89.7 | 32.0 | 33.0 | 26.9 | 23.5 | 25.4 | 16.8 | 291.6 | 119.8 |
| Cash conversion cycle (days) | -29.0 | -70.2 | -8.5 | -8.1 | -5.1 | 2.6 | 9.2 | 6.5 | -59.8 | 28.6 |
| Receivables turnover | 23.19 | 18.74 | 14.85 | 14.62 | 17.33 | 14.83 | 11.01 | 16.91 | 173.15 | 82.60 |
| Payables turnover | 8.15 | 4.07 | 11.39 | 11.07 | 13.59 | 15.55 | 14.38 | 21.74 | 1.25 | 3.05 |
| Inventory turnover | — | — | — | — | 504.27 | 244.42 | 266.51 | 217.75 | 1.59 | 2.54 |
| Asset turnover | 1.78 | 1.50 | 1.35 | 1.24 | 1.27 | 1.35 | 1.47 | 2.50 | 1.02 | 0.66 |
| Average receivables | $42.7M | $45.6M | $51.4M | $47.0M | $40.3M | $43.0M | $51.5M | $27.5M | $50,917 | $58,336 |
| Average payables | $96.1M | $66.1M | $55.5M | $53.0M | $41.5M | $30.6M | $29.6M | $16.3M | $1.5M | $355,454 |
| Average inventory | — | — | −$1.8M | −$131,000 | $1.1M | $1.9M | $1.6M | $1.6M | $1.2M | $427,150 |
| Intangibles / total assets | 26.1% | 51.7% | 24.9% | 26.4% | 23.1% | 24.3% | 29.6% | 33.9% | 57.9% | 71.2% |
Computed from INNV's annual financial statements (latest annual report filed September 9, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
INNV valuation and financial ratios
InnovAge earned a return on equity of −1.1% and a return on invested capital of 16.1% in fiscal 2026. It ended the year with $87.0 million of debt and $141.3 million in cash and short-term investments, a net cash position of $54.4 million.
See the INNV income statement, the INNV chart for price history, or the INNV stock overview for the latest quote and news.
INNV key metrics FAQ
What is InnovAge's EV/EBITDA?
InnovAge's enterprise value was 17.8 times EBITDA at the end of fiscal 2026 (enterprise value $1.6 billion, EBITDA $87.4 million); the current EV/EBITDA is 45.7.
What is InnovAge's return on equity?
InnovAge's return on equity (ROE) was −1.1% in fiscal 2026: net income of -$2.5 million on average shareholders' equity of $235.3 million.
What is InnovAge's ROIC?
InnovAge's return on invested capital was 16.1% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does InnovAge have?
InnovAge had total debt of $87.0 million at the end of fiscal 2026, a debt-to-equity ratio of 0.37 and more cash than debt.
What is InnovAge's free cash flow yield?
InnovAge generated $50.4 million of free cash flow in fiscal 2026, a free cash flow yield of 3.1% on its market value at year-end ($1.6 billion).
What is InnovAge's current ratio?
InnovAge's current ratio was 1.05 at the end of fiscal 2026: current assets were 1.05 times current liabilities.