INNV
HealthcareInnovAge Holding Corp. · Medical - Care Facilities · $980M
What is InnovAge Holding Corp.?
InnovAge Holding Corp. operates under the Program of All-Inclusive Care for the Elderly (PACE) model, helping seniors live independently in their homes and communities. The company runs PACE centers across five U.S. states.
InnovAge coordinates comprehensive care for frail seniors through its PACE centers, combining medical, therapeutic, and social services under one managed program. Revenue comes primarily from capitated payments — fixed per-member fees from Medicare and Medicaid — in exchange for covering all eligible participants' care needs. This model places the financial risk of care delivery squarely on InnovAge.
InnovAge was founded in 2007 and is headquartered in Denver, Colorado.
- In-home care services (skilled, unskilled, and personal care)
- In-center primary care, therapy, dental, and mental health services
- Transportation to PACE centers and specialist appointments
- Care management and coordination for PACE participants
Is INNV a Good Stock to Buy?
UQS Score rates INNV as Below Average overall, reflecting meaningful challenges across several key quality dimensions.
The Growth and Risk pillars both land at Neutral, suggesting the business is neither accelerating sharply nor facing acute near-term financial distress. Valuation is also Neutral, meaning the market does not appear to be pricing in extreme optimism.
Both the Quality and Moat pillars are rated Weak, pointing to thin competitive differentiation and below-average business fundamentals relative to sector peers.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does INNV pay dividends?
No — InnovAge Holding Corp. does not currently pay a dividend.
InnovAge does not currently pay a dividend. As a small-cap healthcare operator still investing in center expansion and operational improvement, the company retains available capital for reinvestment rather than returning cash to shareholders. Income-focused investors should factor this into their assessment.
When does INNV report earnings?
InnovAge reports earnings on a quarterly cadence, consistent with standard practice for U.S.-listed equities.
The company's results have reflected the pressures common to capitated care models — managing medical costs against fixed per-member payments. Operational efficiency and participant enrollment growth are the primary levers watched each quarter.
For the most recent quarter's results, visit InnovAge's investor relations page directly.
INNV Price History
-64.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in InnovAge Holding Corp.?
Based on InnovAge Holding Corp.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
INNV Long-term Outlook
With Growth rated Neutral, InnovAge's trajectory appears measured rather than high-velocity. Expansion of PACE center capacity and participant enrollment could support gradual top-line progress, but the Weak Quality and Moat ratings suggest execution risk remains elevated. The Neutral Risk profile indicates no immediate crisis, yet the path to sustained improvement requires meaningful operational progress.
Growth drivers
- Enrollment growth across existing and new PACE centers
- Expansion into additional U.S. states with underserved senior populations
- Aging U.S. demographics increasing demand for community-based senior care
Key risks
- Medical cost ratio pressure under the capitated payment model
- Regulatory scrutiny and CMS compliance requirements for PACE operators
- Limited pricing power given dependence on government reimbursement rates
INNV vs Peers
InnovAge operates in a niche corner of senior care, but several publicly traded companies address overlapping segments of the post-acute and outpatient care market.
USPH focuses on outpatient physical and occupational therapy clinics, serving a broader patient population rather than the all-inclusive senior care model InnovAge uses.
Pennant operates home health, hospice, and senior living services, competing with InnovAge on in-home and community-based care delivery for aging adults.
WELL Health takes a technology-enabled approach to primary care and digital health services, contrasting with InnovAge's center-based, high-touch PACE model.
Frequently Asked Questions
What does InnovAge do?
InnovAge manages comprehensive care for seniors through the PACE model — Program of All-Inclusive Care for the Elderly. It operates centers in five states where participants receive primary care, therapy, dental, mental health services, and in-home support, all coordinated under one program designed to help seniors remain in their communities.
Does INNV pay dividends?
No, InnovAge does not currently pay a dividend. The company retains capital to fund operations and potential center expansion rather than distributing cash to shareholders. Investors seeking income should look elsewhere in the healthcare sector.
When does INNV report earnings?
InnovAge follows a standard quarterly earnings cadence for U.S.-listed companies. Specific upcoming report dates are not confirmed in our data. Check InnovAge's investor relations page for the most current schedule.
Is INNV a good stock to buy?
UQS Score rates INNV as Below Average, driven by Weak scores on both the Quality and Moat pillars. While Growth and Risk are Neutral, the overall profile suggests caution. The complete pillar breakdown is available to UQS Pro members for a deeper look.
Is INNV overvalued?
The UQS Valuation pillar for INNV is rated Neutral, suggesting the market is not pricing in extreme optimism or pessimism at current levels. Whether that represents fair value depends on how the business executes on enrollment growth and cost management going forward.
How does INNV compare to its competitors?
InnovAge occupies a narrow niche within senior care through the PACE model, which differs from the broader therapy clinic or home health models used by peers like USPH and PNTG. Its all-inclusive, capitated structure creates a distinct but operationally complex business compared to fee-for-service competitors.
What is INNV's market cap bracket?
InnovAge is classified as a small-cap company. This places it in a segment of the market that can carry higher volatility and liquidity risk compared to large- or mega-cap healthcare peers, though it also reflects earlier-stage growth potential.
Who founded InnovAge?
InnovAge traces its operational roots to 2007, though the company adopted its current name in January 2021 after previously operating as TCO Group Holdings, Inc. Founding details are publicly available through the company's official filings and history.
Is INNV a long-term quality investment?
As a long-term quality indicator, UQS rates INNV as Below Average. Weak Quality and Moat scores suggest the business has not yet established the durable competitive advantages or financial consistency typically associated with strong long-term holdings. Monitoring improvement in these pillars over time would be key.
What is the main competitive advantage of InnovAge?
InnovAge's primary differentiator is its specialization in the PACE model, which bundles all senior care services under one coordinated program. However, the UQS Moat pillar rates this advantage as Weak, indicating limited pricing power and competitive barriers relative to broader healthcare peers.
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Pro Analysis
INNV — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 24, 2026 | 44.6 | 33.9 | 26.0 | 50.2 | 71.3 | 59.0 | 0.0 |
| May 22, 2026 | 44.6 | 33.9 | 26.0 | 50.2 | 71.3 | 58.9 | +11.6 |
| May 10, 2026 | 33.0 | 0.0 | 26.0 | 50.2 | 36.9 | 72.5 | +0.3 |
| May 8, 2026 | 32.7 | 0.0 | 26.0 | 50.2 | 36.9 | 70.7 | -4.4 |
| May 7, 2026 | 37.1 | 26.2 | 26.0 | 49.8 | 44.6 | 49.4 | +0.1 |
| May 3, 2026 | 37.0 | 26.2 | 26.0 | 49.8 | 44.6 | 48.6 | -0.2 |
| Apr 26, 2026 | 37.2 | 26.2 | 26.0 | 49.8 | 44.6 | 50.0 | +0.2 |
| Apr 19, 2026 | 37.0 | 26.2 | 26.0 | 49.8 | 44.6 | 48.9 | -0.1 |
| Apr 18, 2026 | 37.1 | 26.3 | 26.0 | 49.8 | 44.6 | 49.1 | -1.8 |
| Apr 16, 2026 | 38.9 | 26.3 | 26.0 | 49.8 | 44.6 | 61.4 | 0.0 |
INNV — Pillar Breakdown
Quality
— 33.9/100 (25%)InnovAge Holding Corp. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 50.2/100 (20%)InnovAge Holding Corp. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 71.3/100 (15%)InnovAge Holding Corp. maintains a reasonable risk profile with manageable debt levels.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 59.1/100 (15%)InnovAge Holding Corp. trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 26/100 (25%)InnovAge Holding Corp. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for INNV.
Score Composition
Financial Data
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How is the INNV UQS Score Calculated?
The UQS (Unified Quality Score) for InnovAge Holding Corp. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses InnovAge Holding Corp.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether InnovAge Holding Corp. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.