What is InnovAge Holding Corp. worth?
With the base-case assumptions below, a discounted cash flow model on InnovAge Holding Corp.'s reported free cash flow gives $9.19 per share. The share price was $9.37 on November 10, 2026, 2% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 4.0% | 10.0% | $5.84 | -38% |
| Base | 9.0% | 9.0% | $9.19 | -2% |
| Bull | 14.0% | 8.0% | $15.45 | +65% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $11.65 | $12.41 | $13.33 | $14.49 | $15.97 |
| 8.0% | $9.81 | $10.30 | $10.88 | $11.58 | $12.43 |
| 9.0% | $8.47 | $8.80 | $9.19 | $9.64 | $10.17 |
| 10.0% | $7.45 | $7.69 | $7.96 | $8.26 | $8.62 |
| 11.0% | $6.65 | $6.82 | $7.02 | $7.24 | $7.49 |
Where the presets come from
Base: years 1 to 5 grow at InnovAge Holding Corp.'s revenue growth rate over the last 5 fiscal years (9.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions