Is the business good?
How good a business is INNV?
InnovAge Holding Corp. earns −5.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−5.1%
Return on invested capital · cost of capital 9.0% · 14 points below what the capital costs: growth destroys value
- Operating margin
- −1.0%
Operating margin · Medical Care Facilities median 8.9% · 12 months to Q3 2026
- Share count, year on year
- +0.37%
Share count, year on year · flat: no meaningful dilution
- Gross margin
- 22%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 9.0% |
| FY2021 | −1.9% |
| FY2022 | −0.63% |
| FY2023 | −7.2% |
| FY2024 | −3.0% |
| FY2025 | −3.5% |
Details›
- Gross margin12 months to Q3 2026
- 22%
- Operating margin12 months to Q3 2026
- −1.0%
- Net margin12 months to Q3 2026
- −1.2%
- Free cash flow margin
- 4.5%
- Revenue, trailing twelve months
- $949M
- Free cash flow, trailing twelve months
- $42M
- Net income, trailing twelve months
- −$12M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −5.1%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.