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InnovAge vs Pennant: revenue, profit, margins and growth compared

InnovAge brought in $989.7M of revenue in fiscal 2026, Pennant $947.7M in fiscal 2025. Revenue changed by +15.9% at InnovAge and +36.3% at Pennant on the year before, so Pennant grew faster. InnovAge kept -0.3% of its revenue as net profit, Pennant 3.1%. Free cash flow was $50.4M at InnovAge and $36.3M at Pennant.

Side by side, latest fiscal year

INNVPNTG
Fiscal year endedFY2026 (June 30, 2026)FY2025 (December 31, 2025)
Revenue$989.7M$947.7M
Revenue growth+15.9%+36.3%
Net income-$2.5M$29.6M
Net margin-0.3%3.1%
Free cash flow$50.4M$36.3M
Free cash flow margin5.1%3.8%
Earnings per share (diluted)-$0.02$0.84
Cash$97.9M$17M
Debt$48.8M$168.8M
Price to earningsn/a48.5
Market value$1.2B$1.4B
Dividend yieldn/an/a
Rank by revenue in sector#145 of 523 · Health care#148 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: $989.7MPNTG FY2019: $286.1MPNTG FY2019: $338.5MPNTG FY2020: $391MPNTG FY2021: $439.7MPNTG FY2022: $473.2MPNTG FY2023: $544.9MPNTG FY2024: $695.2MPNTG FY2025: $947.7MFY19FY20FY21FY22FY23FY24FY25FY26
INNV $989.7MPNTG $947.7M
Net income
INNV FY2021: $26.3MINNV FY2021: -$44MINNV FY2022: -$6.5MINNV FY2023: -$40.7MINNV FY2024: -$21.3MINNV FY2025: -$30.3MINNV FY2026: -$2.5MPNTG FY2019: $15.7MPNTG FY2019: $2.5MPNTG FY2020: $15.7MPNTG FY2021: $2.7MPNTG FY2022: $6.6MPNTG FY2023: $13.4MPNTG FY2024: $22.6MPNTG FY2025: $29.6MFY19FY20FY21FY22FY23FY24FY25FY26
INNV -$2.5MPNTG $29.6M
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%PNTG FY2019: 5.5%PNTG FY2019: 0.8%PNTG FY2020: 4.0%PNTG FY2021: 0.6%PNTG FY2022: 1.4%PNTG FY2023: 2.5%PNTG FY2024: 3.2%PNTG FY2025: 3.1%FY19FY20FY21FY22FY23FY24FY25FY26
INNV -0.3%PNTG 3.1%
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%PNTG FY2019: +18.3%PNTG FY2020: +15.5%PNTG FY2021: +12.5%PNTG FY2022: +7.6%PNTG FY2023: +15.1%PNTG FY2024: +27.6%PNTG FY2025: +36.3%FY19FY20FY21FY22FY23FY24FY25FY26
INNV +15.9%PNTG +36.3%
Free cash flow
INNV FY2021: $32MINNV FY2021: -$25.1MINNV FY2022: -$10.9MINNV FY2023: -$3.1MINNV FY2024: -$44.8MINNV FY2025: $26.6MINNV FY2026: $50.4MPNTG FY2019: $19.7MPNTG FY2019: $2.8MPNTG FY2020: $43MPNTG FY2021: -$24.5MPNTG FY2022: -$5.1MPNTG FY2023: $25MPNTG FY2024: $30.3MPNTG FY2025: $36.3MFY19FY20FY21FY22FY23FY24FY25FY26
INNV $50.4MPNTG $36.3M

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

Questions about InnovAge and Pennant

Which is bigger by revenue, InnovAge or Pennant?

InnovAge is bigger by revenue: $989.7M in fiscal 2026, against $947.7M for Pennant in fiscal 2025.

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

InnovAge had a net margin of -0.3% in fiscal 2026; Pennant had 3.1% in fiscal 2025.

Which grew revenue faster, InnovAge or Pennant?

In their latest fiscal years revenue changed by +15.9% at InnovAge and +36.3% at Pennant.

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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