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Runs PACE centers giving frail seniors all-inclusive medical, social and transportation care so they can stay home.
Runs PACE centers giving frail seniors all-inclusive medical, social and transportation care so they can stay home.
Receives a fixed monthly payment per enrolled senior from Medicare and the state Medicaid programme, and must cover all that person's care out of it, so profit depends on keeping medical costs below the payment. Growth depends on enrolling more members and on regulators approving expansions; it listed in 2021.
Moat: narrow (regulatory licence, installed base). PACE is a capped, state-licensed model; incumbents hold scarce enrollment slots and centers.
Headquarters: Denver, Colorado, US · Employees: 2,500
Size InnovAge (INNV) is a United States Information Technology company (Packaged Software) with a market value of $1.22B, the 2128th largest of 3,117 United States companies the cockpit tracks. Shares closed at $8.97 on 6 Nov 2026.
Performance Over six months the shares gained 18.5%, against -3.7% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 19 in its peer set.
Growth Revenue grew 15.1% over the last twelve months (peer median +13.3%); the operating margin is 7.7% (peer median 6.6%).
Valuation It trades at 19.8× forward earnings against a peer median of 16.1× (6th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.0 points above its cost of capital (6.3% WACC).
Short interest Short interest is 0.8% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $1.02B | $990M | $854M | $764M | $688M |
| Revenue growth | — | +16% | +12% | +11% | — |
| Gross profit | $218M | $207M | $134M | $113M | $85.9M |
| EBITDA | $99.9M | $87.4M | $26.6M | $1.73M | -$18.5M |
| Net income | $9.00M | -$2.54M | -$30.3M | -$21.3M | -$40.7M |
| Free cash flow | $76.3M | $50.4M | $26.6M | -$44.8M | -$3.12M |
| Capital expenditure | $13.2M | $14.3M | $6.26M | $7.91M | $23.4M |
| Total debt | $83.9M | $87.0M | $101M | $113M | $109M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| InnovAge INNV | $1.22B | +18% | +15% | 8% | 19.8× | -6.7% |
| Humana HUM | $52.1B | +58% | +18% | 2% | 32.9× | 15.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INNV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.5% | -6.4% | 8th highest of 21 |
| 6-month return | +18.5% | -3.7% | 8th highest of 19 |
| Distance from 52-week high | -29.0% | -39.5% | 9th highest of 21 |
| Revenue growth (TTM) | +15.1% | +13.3% | 10th highest of 21 |
| Operating margin | 7.7% | 6.6% | 10th highest of 21 |
| Forward P/E | 19.8× | 16.1× | 6th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | -6.7% | 16.2% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +9.2% | +16.8% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | -15.9 pp | +1.6 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +19.0 pp | -6.1 pp | highest of 21 |
| EV / EBITDA | 11.8× | 12.9× | 4th cheapest of 11 |
| Net debt / EBITDA | -0.8× | 1.2× | 5th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| InnovAge INNV | United States | $1.22B | +18% | +15% | 8% | 19.8× | -6.7% | +9.2% |
| Vitec Software VIT-B.ST | Sweden | $1.22B | +18% | +6% | 21% | 24.0× | 3.8% | +22.6% |
| Modern Times Group MTG MTG-A.ST | Sweden | $1.22B | +16% | +42% | 11% | 6.6× | -8.4% | +23.7% |
| Cyient CYIENT.NS | India | $1.23B | +24% | +10% | 9% | 20.2× | 20.3% | +12.0% |
| PagerDuty PD | United States | $1.23B | +115% | +2% | 7% | 11.1× | 12.8% | +18.2% |
| Infomart 2492.T | Japan | $1.24B | +70% | +11% | 19% | 65.9× | 14.5% | +16.5% |
| Datang Telecom Technology 600198.SS | China | $1.25B | -24% | -11% | -30% | n/a | n/a | n/a |
| Beijing Zhongke WengeAI Science and Technology 1956.HK | Hong Kong | $1.19B | n/a | +28% | -54% | n/a | n/a | n/a |
| ICkey (Shanghai) Internet & Technology 301563.SZ | China | $1.19B | -26% | +26% | 4% | n/a | n/a | n/a |
| Digital Turbine APPS | United States | $1.26B | +200% | +19% | 10% | 14.7× | 33.1% | +12.5% |
| Chinasoft International 0354.HK | Hong Kong | $1.18B | 0% | +3% | 2% | 12.4× | 17.8% | +3.1% |
| Fengzhushou 301382.SZ | China | $1.28B | -32% | +28% | 8% | n/a | n/a | n/a |
| Merit Interactive 300766.SZ | China | $1.17B | -30% | +30% | -2% | n/a | n/a | n/a |
| Corsair Gaming CRSR | United States | $1.28B | +63% | +3% | 3% | 16.1× | 24.3% | -2.9% |
| Shenzhen HQVT Technology 1392.HK | Hong Kong | $1.28B | n/a | +28% | 5% | n/a | n/a | n/a |
| Genimous Technology 000676.SZ | China | $1.30B | -7% | +3% | 6% | n/a | 14.1% | -17.5% |
| CHAPTERS CHG.DE | Germany | $1.30B | +48% | +63% | -21% | 294.5× | 43.9% | +178.6% |
| Richinfo Technology 300634.SZ | China | $1.30B | -15% | -11% | 10% | 31.2× | 20.8% | +19.9% |
| Bandwidth BAND | United States | $1.31B | -19% | +15% | -1% | 19.6× | 19.3% | +17.0% |
| Opera Limited Sponsored ADR OPRA | United States | $1.31B | -21% | +23% | 16% | 11.9× | 4.5% | +30.1% |
| Shanghai Yaoji Technology 002605.SZ | China | $1.14B | -11% | -3% | 20% | 15.0× | 6.4% | +1.0% |