| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 36 | — | 17.8x | Bottom tier | |
Growth | 82 | 15.9% | 7.1% | Top tier | |
Quality | 26 | 0.5% | 4.5% | Bottom tier | |
Safety | 77 | — | 2.6x | Top tier | |
Capital Return | 78 | — | 2.12% | Top tier | |
Momentum | 85 | 186.7% | 2.9% | Top tier | |
Sentiment | 66 | 2 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
InnovAge Holding Corp. operates a value-based healthcare platform through the PACE program, which integrates medical care, long-term services and support, transportation, nutrition, and social services for older adults with complex needs. The company generates revenue primarily from monthly per-participant payments from Medicare and Medicaid, so its growth is tied to participant count, member months, and reimbursement rates, while it bears the risk of care costs and external providers. As of June 30, 2026, it served approximately 8,230 participants across 20 centers, representing annual growth of 6.3%.
In Q4 fiscal 2026, revenue was $262.0 million, up 4.0% sequentially and driven by growth in member months and higher reimbursement rates, compared with $251.9 million in Q3 fiscal 2026. Center-level contribution margin was $62.6 million, or 23.9% of revenue, compared with $61.0 million and a 24.2% margin in the previous quarter. EDGAR data showed net income of $8.3 million following a loss of $29.5 million in the previous quarter, while the earnings call reported net income of $9.8 million and earnings per share of $0.06.
For fiscal 2026, revenue increased 15.9% to $989.7 million, and center-level contribution margin rose 48.2% to $227.8 million, or 23.0% of revenue, compared with 18.0% in fiscal 2025. Adjusted earnings before interest, taxes, depreciation, and amortization also increased 175% to $94.6 million, with a margin of 9.6%. Nevertheless, the full-year result remained a loss; EDGAR data showed a net loss of $2.5 million and negative earnings per share of $0.02, while management attributed the impact on annual profitability to non-recurring legal provisions.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus on INNV is Neutral, with a uniform target of $14; their highest, lowest, and average targets are equal, so the consensus provides no independent range for measuring differences in opinion. This target is approximately 10.8% above the 52-week range high of $12.64, but the absence of a positive price-to-earnings ratio and the fiscal 2026 net loss make the valuation dependent on executing fiscal 2027 guidance, while the Neutral stance balances the operational improvement against rate, cost, and legal risks.
Figures in the text are as of 2026-09-10; the live price is shown at the top of the page.
InnovAge primarily receives monthly per-participant payments from Medicare and Medicaid in exchange for assuming integrated responsibility for care. The PACE model combines medical care, long-term services, transportation, nutrition, and social support within a multidisciplinary team, making the company both a payer and a service provider. As of June 30, 2026, the company served approximately 8,230 participants across 20 centers, and member months in Q4 fiscal 2026 increased to 24,520 months.
The company reported a profit in Q4 fiscal 2026; EDGAR data showed net income of $8.3 million, while the earnings call cited $9.8 million and earnings per share of $0.06. However, fiscal 2026 remained unprofitable, with a net loss of $2.5 million and negative earnings per share of $0.02 according to EDGAR data. In contrast, adjusted earnings before interest, taxes, depreciation, and amortization increased 175% to $94.6 million, and management said non-recurring legal provisions affected the full-year net result.
InnovAge targets revenue between $1.05 billion and $1.085 billion and adjusted earnings before interest, taxes, depreciation, and amortization between $105 million and $115 million in fiscal 2027. It also expects to end the year with between 8,625 and 8,850 participants, with 101,000 to 102,500 member months. The assumptions include Medicare rate increases between 1.5% and 2.0% and low-single-digit increases in Medicaid, with new center losses between $0.4 million and $0.8 million primarily related to the Bakersfield center.
InnovAge tested a clinical consultation agent designed for frailty and geriatric care and said the trial was associated with fewer referrals to external specialists. It also tested a medication optimization agent that reviews treatment within the clinical information and presents opportunities to modify the medication or dosage to the physician. As of September 8, 2026, the company had begun expanding both tools, but explained that their impact on quality, utilization, and economics was not yet measurable, and it is also evaluating applications in scheduling and transportation.
California and Colorado account for approximately 70% of participant count, and the PACE rate-setting processes in both states had not been completed as of September 8, 2026. The company incorporated assumptions it described as responsible into its fiscal 2027 guidance, but the final outcome could differ due to financial pressures on state governments. For Medicare, the guidance assumes a net increase between 1.5% and 2.0%, with a transition to an equal mix of the V22 and V28 models beginning in January within fiscal 2027.
All provided target data place the average, highest, and lowest targets at $14, but the consensus rating is Neutral rather than Buy. The target is approximately 10.8% above the 52-week range high of $12.64, but identical targets do not provide a range showing differences among analysts' estimates. A positive price-to-earnings ratio is also unavailable because of the fiscal 2026 loss, so the valuation rationale is tied to achieving fiscal 2027 revenue and adjusted earnings guidance and maintaining control over care costs.
