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InnovAge vs LifeStance Health: revenue, profit, margins and growth compared

InnovAge brought in $989.7M of revenue in fiscal 2026, LifeStance Health $1.4B in fiscal 2025. Revenue changed by +15.9% at InnovAge and +13.9% at LifeStance Health on the year before, so InnovAge grew faster. InnovAge kept -0.3% of its revenue as net profit, LifeStance Health 0.7%. Free cash flow was $50.4M at InnovAge and $110M at LifeStance Health.

Side by side, latest fiscal year

INNVLFST
Fiscal year endedFY2026 (June 30, 2026)FY2025 (December 31, 2025)
Revenue$989.7M$1.4B
Revenue growth+15.9%+13.9%
Net income-$2.5M$9.7M
Net margin-0.3%0.7%
Free cash flow$50.4M$110M
Free cash flow margin5.1%7.7%
Earnings per share (diluted)-$0.02n/a
Cash$97.9M$248.6M
Debt$48.8M$282.8M
Price to earningsn/an/a
Market value$1.2B$4.5B
Dividend yieldn/an/a
Rank by revenue in sector#145 of 523 · Health care#126 of 523 · Health care

Over the years

Revenue
INNV FY2021: $567.2MINNV FY2021: $637.8MINNV FY2022: $698.6MINNV FY2023: $688.1MINNV FY2024: $763.9MINNV FY2025: $853.7MINNV FY2026: $989.7MLFST FY2019: $212.5MLFST FY2021: $667.5MLFST FY2022: $859.5MLFST FY2023: $1.1BLFST FY2024: $1.3BLFST FY2025: $1.4BFY19FY21FY22FY23FY24FY25FY26
INNV $989.7MLFST $1.4B
Net income
INNV FY2021: $26.3MINNV FY2021: -$44MINNV FY2022: -$6.5MINNV FY2023: -$40.7MINNV FY2024: -$21.3MINNV FY2025: -$30.3MINNV FY2026: -$2.5MLFST FY2019: $5.7MLFST FY2021: -$307.2MLFST FY2022: -$215.6MLFST FY2023: -$186.3MLFST FY2024: -$57.4MLFST FY2025: $9.7MFY19FY21FY22FY23FY24FY25FY26
INNV -$2.5MLFST $9.7M
Net margin
INNV FY2021: 4.6%INNV FY2021: -6.9%INNV FY2022: -0.9%INNV FY2023: -5.9%INNV FY2024: -2.8%INNV FY2025: -3.6%INNV FY2026: -0.3%LFST FY2019: 2.7%LFST FY2021: -46.0%LFST FY2022: -25.1%LFST FY2023: -17.6%LFST FY2024: -4.6%LFST FY2025: 0.7%FY19FY21FY22FY23FY24FY25FY26
INNV -0.3%LFST 0.7%
Revenue growth
INNV FY2021: +12.4%INNV FY2022: +9.5%INNV FY2023: -1.5%INNV FY2024: +11.0%INNV FY2025: +11.8%INNV FY2026: +15.9%LFST FY2022: +28.8%LFST FY2023: +22.8%LFST FY2024: +18.5%LFST FY2025: +13.9%FY21FY22FY23FY24FY25FY26
INNV +15.9%LFST +13.9%
Free cash flow
INNV FY2021: $32MINNV FY2021: -$25.1MINNV FY2022: -$10.9MINNV FY2023: -$3.1MINNV FY2024: -$44.8MINNV FY2025: $26.6MINNV FY2026: $50.4MLFST FY2019: $2.7MLFST FY2021: -$85.1MLFST FY2022: -$26.5MLFST FY2023: -$57.4MLFST FY2024: $85.7MLFST FY2025: $110MFY19FY21FY22FY23FY24FY25FY26
INNV $50.4MLFST $110M

Fiscal years as each company reports them; the two may end in different months.

Questions about InnovAge and LifeStance Health

Which is bigger by revenue, InnovAge or LifeStance Health?

LifeStance Health is bigger by revenue: $1.4B in fiscal 2025, against $989.7M for InnovAge in fiscal 2026.

Which keeps more of its revenue as profit, InnovAge or LifeStance Health?

InnovAge had a net margin of -0.3% in fiscal 2026; LifeStance Health had 0.7% in fiscal 2025.

Which grew revenue faster, InnovAge or LifeStance Health?

In their latest fiscal years revenue changed by +15.9% at InnovAge and +13.9% at LifeStance Health.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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