InnovAge Holding Corp. · Health Services

INNV

Moderate riskNext report: In 7 days (est.)

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The short version

A company still losing money with growing sales. Institutions are adding.

Going well

Sales up 18% in the latest quarter vs a year ago
Sales up 12% last year
Little debt

Watch out for

Losing money
2 offering filings in 6 months (may sell new shares)

Money moves

Insiders sold $41.7M in the last 30 days
Institutions added 16% to their holdings in the quarter ending June 2026 (71 bought, 42 sold)

Facts from SEC filings, not a recommendation.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26 (worked out from yearly totals)

$262.0M+18% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $989.7M, up 16% from the 12 months before. Over 5 years, sales grew about 8.5% a year.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

3/7Mixed

MissReturn on equity 15%+Earns a lot on the money owners have in the business.-12.0%
PassDebt under half of equityNot relying on borrowed money.0.23x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-3.6%
MissProfitable every yearSteady profits, not one good year.1 of 6 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$26.6M
PassShare count not growingNot diluting owners. Falling means buybacks.-0.1% in 3 years
MissGross margin 40%+Pricing power: sells for well above what it costs to make.18.0%

Revenue: $853.7M; +11.8% vs prior year
5-year growth: +8.5%/yr; revenue, per year
Total debt: $60.0M; 0.23x equity
Current ratio: 1.26x; short-term assets / bills due

From annual reports filed with the SEC. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Sep 8

Revenue: $262.0M; +18.3% YoY
EPS: $0.06; vs $0.00
Op. margin: 3.9%; +4.9 pts
Gross margin: 23.9%; +5.3 pts
Free cash flow: $17.0M
Share count: +0.6%; vs a year ago

Some values are worked out from year-to-date totals in the annual report.

Insider rating

Last 90 days

16Heavy selling

3 insiders sold $226.6M (not pre-planned)
Pre-planned sales of $240K (weaker signal)

50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.

Weekly insider trend

13 weeks agoBoughtSoldThis week

Filing buzz

Last 7 days vs normal

81/ 100

This week: 7
Normal week: 1.6
vs normal: 4.3x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+16.0%

Institutions added 16.0% to their holdings. 71 bought, 42 sold.

Shares held by institutions18.4M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+0.1%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

0.2x · $48.8M debt

Shares outstandingLatest reported

136M

Why moderate risk

Losing money
2 offering filings in 6 months (may sell new shares)

Earnings reports

Last 12

Next reportIn 7 days (est.)Estimated from the same quarter last year

Results filedSep 8
Results filedMay 5
Results filedFeb 3
Results filedNov 4, 2025
Results filedSep 9, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

Offering prospectusSep 24 · View filing ↗Offering Shelf offering registrationJul 31 · View filing ↗Offering

Insider trades

Open-market buys and sells, last 90 days

Bought$00 insiders

Sold$226.9M4 insiders, 2 pre-planned

Insider	Trade	Shares	Avg price	Value	Owns after	Date
Nicole DamatoCHIEF LEGAL OFFICER	Sell	3K	$9.51	$32K	301K	Oct 22Filing ↗
-1.1% of their holdings Pre-planned sale (10b5-1) Filed 4 days after
TCO GROUP HOLDINGS, L.P.10% owner	Sell	2M	$9.25	$13.9M	101M	Oct 21Filing ↗
-1.5% of their holdings Not a pre-planned sale Filed 2 days after
IGNITE AGGREGATOR LP10% owner	Sell	2M	$9.25	$13.9M	101M	Oct 21Filing ↗
-1.5% of their holdings Held See Footnotes Not a pre-planned sale Filed jointly with 5 others Filed 2 days after
Welsh, Carson, Anderson & Stowe XII, L.P.10% owner	Sell	2M	$9.25	$13.9M	101M	Oct 21Filing ↗
-1.5% of their holdings Held See Footnotes Not a pre-planned sale Filed jointly with 9 others Filed 2 days after
Nicole DamatoCHIEF LEGAL OFFICER	Sell	24K	$8.70	$207K	305K	Sep 25Filing ↗
-7.2% of their holdings Pre-planned sale (10b5-1) Filed 4 days after
TCO GROUP HOLDINGS, L.P.10% owner	Sell	10M	$9.25	$92.5M	103M	Sep 24Filing ↗
-8.9% of their holdings Not a pre-planned sale Filed 4 days after
IGNITE AGGREGATOR LP10% owner	Sell	10M	$9.25	$92.5M	103M	Sep 24Filing ↗
-8.9% of their holdings Held See Footnotes Not a pre-planned sale Filed jointly with 5 others Filed 4 days after
Welsh, Carson, Anderson & Stowe XII, L.P.10% owner	Sell	10M	$0.00	$0	103M	Sep 24Filing ↗
-8.9% of their holdings Held See Footnotes Not a pre-planned sale Filed jointly with 9 others Filed 4 days after