InnovAge Holding Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data InnovAge Holding Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	567	638	699	688	764	854	990
Gross profit			135	101	132	154	228
Selling and marketing	19	22.2	24.2	19.6	25	28.2	34.4
General and administrative	58.5	132	102	116	111	122	166
Operating income	50.9	-12.3	-4.41	-49.4	-23.2	-29.8	2.62
Interest expense	14.6	16.8	2.53
Other non-operating income	-15.3	-22.6	-2.83	-1.4	1.36	-4.27	-2.35
Pre-tax income						-34	0.27
Income tax	9.87	9.77	0.72	-7.24	1.4	1.32	0.95
Net income to minority interests	-0.51	-0.75	-1.44	-2.88	-1.88	-5.03	1.85
Net income	26.3	-44	-6.52	-40.7	-21.3	-30.3	-2.54
EBITDA	62.2	-0.04	9.52	-34	-4.23	-10.3	23.8
EPS, basic	0.20	-0.36	-0.05	-0.30	-0.16	-0.22	-0.02
EPS, diluted	0.19	-0.36	-0.05	-0.30	-0.16	-0.22	-0.02
Shares, basic (weighted)	133	124	136	136	136	135	136
Shares, diluted (weighted)	135	124	136	136	136	135	136

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	113	201	184	127	56.9	64.1	97.9
Short-term investments			0	46.2	45.8	41.8	43.4
Receivables	46.3	32.6	35.9	24.3	48.1	36.4	42.4
Other current assets	4.31	9.25	13.8	17.1	18.9	24.5	27.3
Total current assets	167	251	241	215	173	176	214
Property, plant and equipment	102	143	176	192	193	168	166
Lease right-of-use assets			0	21.2	28.4	26.9	21.4
Goodwill	116	124	124	124	140	142	142
Intangible assets	5.18	6.52	5.86	5.2	4.54	3.88	3.22
Long-term investments	2.65	3.49	5.49	5.49	2.65	0
Total assets	410	532	556	567	548	527	557
Accounts payable	28.9	32.4	50.6	54.9	55.5	76.8	115
Deferred revenue			0	28.1	0	0
Short-term debt	1.94	3.79	3.79	3.8	3.8	2.25	2.54
Total current liabilities	76.6	78.6	105	148	139	165	204
Long-term debt	210	71.6	68.2	64.8	61.5	57.5	45.5
Lease liabilities			0	18.8	26.3	23.9	19.8
Other non-current liabilities	1.45	2.76	1.13	1.09	1.3	1.46	2.13
Total liabilities	302	174	202	253	248	264	289
Total debt	212	77.4	73.6	69.8	66	60	48.8
Paid-in capital	36.3	324	327	332	338	343	349
Retained earnings	64.7	10.7	4.73	-35.9	-68.3	-101	-106
Treasury stock	-0.19			0	-0.18	-7.5	-7.5
Shareholders' equity	101	335	332	296	269	235	236
Minority interests	6.74	6.42	6.1	5.79	8.35	2.93	3.16
Total equity	108	341	338	302	278	238	239
Total liabilities and equity	410	532	556	567	548	527	557
Shares outstanding		136	136	136	136	135	136

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	25.8	-44.7	-7.96	-43.6	-23.2	-35.3	-0.68
Depreciation and amortization	11.3	12.3	13.9	15.4	19	19.5	21.1
Stock-based compensation	0.54	1.66	3.74	4.61	6.83	7.62	7.05
Deferred income tax	3.17	6.42	2.06	-11.5	1.22	1.3	0.29
Change in receivables	-1.2	5.88	-9.51	8.22	-30.3	11.2	-6.02
Change in payables	-1.01	6.14	17.4	6.79	1.37	20.4	38.4
Cash from operations	43.8	-7.55	27.3	20.2	-36.9	32.9	64.7
Capital expenditures	-11.8	-17.5	-38.2	-23.4	-7.91	-6.26	-14.3
Acquisitions				0	-23.9	-4.77	0
Purchases of investments			-2	0	-2.39	-2.07	-1.75
Cash from investing	-11.7	-19.5	-40.2	-69.5	-26.4	-5.55	-12.3
Debt issued	25	375				0	60.1
Debt repaid	-1.93	-513	-3.79	-3.79	-3.8	-3.8	-71.3
Share buybacks		-77.6
Dividends paid		-9.5
Cash from financing	21.2	116	-6.32	-7.9	-7.03	-19.1	-18.5
Net change in cash	53.4	89.1	-19.3	-57.2	-70.3	7.18	33.8
Free cash flow	32	-25.1	-10.9	-3.12	-44.8	26.6	50.4
Interest paid	11.6	18	1.47	4	4.06	4.35	4.21
Income taxes paid	4.75	7.05	0.08	0.01	4.45	0	0.63

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.37 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.6%	Gross profit / revenue.
Operating margin	1.4%	Operating income / revenue.
EBITDA margin	3.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	0.9%	Net income / revenue.
FCF margin	7.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.8%	Cash from operations / revenue.
Return on equity (ROE)	3.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.6%	Net income / average total assets.
Return on invested capital (ROIC)	6.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	48.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	31.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	96.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	47.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	89.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	0.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.16x	Current assets / current liabilities.
Quick ratio	0.98x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.85x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.19x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.4%	Total debt / total assets.
Liabilities / assets	48.6%	Total liabilities / total assets.
Net debt	-$115.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.19x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$31.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	25.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$110.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.81x	Revenue / average total assets.
Fixed asset turnover	6.22x	Revenue / average property, plant and equipment.
Receivables turnover	39.9x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
FCF conversion	848.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.07	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.43	Revenue / diluted weighted shares.
FCF per share	$0.56	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.65	Cash from operations / diluted weighted shares.
Book value per share	$1.87	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.81	Tangible book value / shares outstanding.
Cash per share	$1.19	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.27B	Share price x shares outstanding.
Enterprise value	$1.16B	Market cap + total debt - cash - short-term investments.
P/E	141x	Market cap / net income. Only when net income is positive.
P/S	1.25x	Market cap / revenue.
P/B	4.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.5x	Market cap / tangible book value, when positive.
P/FCF	16.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.2x	Market cap / cash from operations, when positive.
EV/Sales	1.14x	Enterprise value / revenue.
EV/EBIT	79.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	31.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.0%	Free cash flow / market cap.
Earnings yield	0.7%	Net income / market cap (the inverse of P/E).

What was InnovAge Holding Corp.'s revenue in fiscal 2026?

InnovAge Holding Corp. reported revenue of $989.7M for fiscal 2026, 15.9% higher than the year before.

Was InnovAge Holding Corp. profitable in fiscal 2026?

No. It reported a net loss of $2.5M.

How much free cash flow did InnovAge Holding Corp. generate in fiscal 2026?

Cash from operations of $64.7M minus capital expenditures of $14.3M left free cash flow of $50.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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