Innovage Holding Corp. Financials
Innovage Holding Corp. (INNV) reported $949.2M in revenue over the twelve months to Mar 31, 2026, up 14.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue growth has not yet translated into operating profitability, while cash flow swings reflect uneven conversion and investment.
Revenue reached$854M in FY2025 while gross margin recovered to18.0% ; however, operating margin remained negative, showing that top-line expansion has not repaired the cost structure. Operating cash flow moved from-$37.0M in FY2024 to$32.9M in FY2025, while free cash flow also turned positive, indicating that the latest cash improvement is not yet matched by accounting profitability.
Margin structure is the central constraint: FY2025 gross margin was
The balance sheet is becoming less forgiving: equity declined from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Innovage Holding Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Innovage Holding Corp. has an operating margin of -3.5%, meaning the company loses $3 on every $100 of revenue. This results in a profitability score of 35/100. This is down from -3.0% the prior year.
Innovage Holding Corp.'s revenue grew 11.8% year-over-year to $853.7M, a solid pace of expansion. This earns a growth score of 68/100.
Innovage Holding Corp. carries a low D/E ratio of 0.24, meaning only $0.24 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.
Innovage Holding Corp.'s current ratio of 1.07 is below the typical benchmark, resulting in a score of 22/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Innovage Holding Corp.'s free cash flow margin of 3.1% results in a low score of 28/100. Capital expenditures of $6.3M absorb a large share of operating cash flow.
Innovage Holding Corp. posts a -12.9% return on equity (ROE), meaning it loses $13 for every $100 of shareholders' equity. This results in a returns score of 31/100. This is down from -7.9% the prior year.
Innovage Holding Corp. scores 4.54, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.5B) relative to total liabilities ($263.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Innovage Holding Corp. passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Innovage Holding Corp. reported a net loss of $30.3M while generating $32.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Innovage Holding Corp. generated $853.7M in revenue in fiscal year 2025. This represents an increase of 11.8% from the prior year.
Innovage Holding Corp.'s EBITDA was -$10.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 142.3% from the prior year.
Innovage Holding Corp. reported -$30.3M in net income in fiscal year 2025. This represents a decrease of 42.1% from the prior year.
Innovage Holding Corp. earned -$0.22 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 37.5% from the prior year.
Cash & Balance Sheet
Innovage Holding Corp. generated $26.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 159.4% from the prior year.
Innovage Holding Corp. held $64.1M in cash against $57.5M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Innovage Holding Corp.'s gross margin was 18.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.
Innovage Holding Corp.'s operating margin was -3.5% in fiscal year 2025, reflecting core business profitability. This is down 0.5 percentage points from the prior year.
Innovage Holding Corp.'s net profit margin was -3.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.
Innovage Holding Corp.'s ROE was -12.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.0 percentage points from the prior year.
Capital Allocation
Innovage Holding Corp. invested $6.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 20.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
INNV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $251.9M+5.1% | $239.7M+1.5% | $236.1M+6.6% | $221.4M+1.5% | $218.1M+4.4% | $209.0M+1.9% | $205.1M+2.9% | $199.4M |
| Gross Profit | $61.0M+15.5% | $52.8M+2.9% | $51.4M+24.4% | $41.3M+1.3% | $40.7M+9.9% | $37.1M+7.3% | $34.5M-5.6% | $36.6M |
| SG&A Expenses | $76.5M+187.6% | $26.6M-12.1% | $30.3M+8.8% | $27.8M-27.9% | $38.6M+37.3% | $28.1M+2.1% | $27.5M-7.0% | $29.6M |
| Operating Income | -$29.1M-319.3% | $13.3M+60.0% | $8.3M+485.4% | -$2.2M+78.8% | -$10.2M+19.1% | -$12.6M-156.5% | -$4.9M-0.2% | -$4.9M |
| Income Tax | $167K-74.3% | $651K+163.6% | $247K-69.4% | $806K+1019.4% | $72K+111.8% | $34K-91.6% | $404K-69.1% | $1.3M |
| Net Income | -$29.5M-377.5% | $10.6M+32.4% | $8.0M+1121.5% | -$785K+93.1% | -$11.4M+13.9% | -$13.2M-168.2% | -$4.9M-189.9% | -$1.7M |
| EPS (Diluted) | -$0.22-375.0% | $0.08+33.3% | $0.06 | $0.00+100.0% | -$0.08+20.0% | -$0.10-150.0% | -$0.04-100.0% | -$0.02 |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses, Interest Expense.
INNV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $547.4M+3.8% | $527.5M+3.4% | $510.2M-3.2% | $526.9M-1.8% | $536.6M+2.3% | $524.8M-0.6% | $527.7M-3.6% | $547.7M |
| Current Assets | $202.6M+11.4% | $181.9M+12.5% | $161.7M-8.2% | $176.1M0.0% | $176.2M+4.9% | $168.0M+5.9% | $158.6M-8.4% | $173.1M |
| Cash & Equivalents | $95.5M+14.8% | $83.2M+23.9% | $67.1M+4.7% | $64.1M+6.1% | $60.5M+31.2% | $46.1M+18.1% | $39.0M-31.5% | $56.9M |
| Accounts Receivable | $28.6M+34.2% | $21.3M-8.1% | $23.2M-36.3% | $36.4M-18.1% | $44.4M-10.8% | $49.8M+6.5% | $46.7M-2.8% | $48.1M |
| Goodwill | $142.0M0.0% | $142.0M0.0% | $142.0M0.0% | $142.0M0.0% | $142.0M+1.5% | $139.9M0.0% | $139.9M0.0% | $139.9M |
| Total Liabilities | $288.5M+20.9% | $238.7M+1.8% | $234.5M-11.2% | $263.9M-1.9% | $268.9M+9.0% | $246.8M+4.1% | $237.0M-4.4% | $247.9M |
| Current Liabilities | $195.9M+35.4% | $144.7M+4.5% | $138.5M-16.0% | $164.8M-26.9% | $225.3M+55.4% | $145.0M+10.4% | $131.3M-5.2% | $138.6M |
| Long-Term Debt | $55.4M-1.0% | $56.0M-0.3% | $56.2M-2.3% | $57.5M+3155.8% | $1.8M-97.0% | $59.8M-1.4% | $60.6M-1.4% | $61.5M |
| Total Equity | $229.0M-10.8% | $256.8M+4.8% | $245.0M+4.3% | $235.0M-1.3% | $238.0M-4.2% | $248.5M-4.8% | $260.9M-3.1% | $269.3M |
| Retained Earnings | -$111.9M-35.7% | -$82.4M+11.4% | -$93.0M+7.9% | -$101.0M-3.3% | -$97.8M-13.2% | -$86.5M-18.1% | -$73.2M-7.2% | -$68.3M |
Not reported in any period shown, so not listed: Inventory.
INNV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $18.1M-15.1% | $21.4M+444.4% | $3.9M-56.4% | $9.0M-63.5% | $24.6M+264.7% | $6.8M+189.8% | -$7.5M-501.3% | $1.9M |
| Capital Expenditures | $3.6M+52.5% | $2.4M-42.0% | $4.1M+2177.7% | -$179K-93.8% | $2.9M+115.9% | $1.3M-39.0% | $2.2M-33.4% | $3.3M |
| Free Cash Flow | $14.5M-23.5% | $19.0M+12517.0% | -$153K-101.7% | $8.8M-59.4% | $21.7M+301.6% | $5.4M+155.7% | -$9.7M-578.5% | -$1.4M |
| Investing Cash Flow | -$3.8M-30.8% | -$2.9M-256.9% | -$814K-183.4% | $976K+112.0% | -$8.1M-284.9% | $4.4M+257.7% | -$2.8M-398.7% | $934K |
| Financing Cash Flow | -$2.0M+16.4% | -$2.4M-21718.2% | -$11K+99.8% | -$5.2M-147.9% | -$2.1M+48.3% | -$4.1M+46.3% | -$7.6M-17422.7% | $44K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
INNV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.2%+2.2pp | 22.0%+0.3pp | 21.8%+3.1pp | 18.6%0.0pp | 18.7%+0.9pp | 17.7%+0.9pp | 16.8%-1.5pp | 18.3% |
| Operating Margin | -11.5%-17.1pp | 5.5%+2.0pp | 3.5%+4.5pp | -1.0%+3.7pp | -4.7%+1.3pp | -6.0%-3.6pp | -2.4%+0.1pp | -2.5% |
| Net Margin | -11.7%-16.1pp | 4.4%+1.0pp | 3.4%+3.8pp | -0.4%+4.9pp | -5.2%+1.1pp | -6.3%-3.9pp | -2.4%-1.6pp | -0.9% |
| Return on Equity | -12.9%-17.0pp | 4.1%+0.9pp | 3.3%+3.6pp | -0.3%+4.4pp | -4.8%+0.5pp | -5.3%-3.4pp | -1.9%-1.3pp | -0.6% |
| Return on Assets | -5.4%-7.4pp | 2.0%+0.4pp | 1.6%+1.7pp | -0.1%+2.0pp | -2.1%+0.4pp | -2.5%-1.6pp | -0.9%-0.6pp | -0.3% |
| Current Ratio | 1.03-0.2x | 1.26+0.1x | 1.17+0.1x | 1.07+0.3x | 0.78-0.4x | 1.160.0x | 1.210.0x | 1.25 |
| Debt-to-Equity | 0.240.0x | 0.220.0x | 0.230.0x | 0.24+0.2x | 0.01-0.2x | 0.240.0x | 0.230.0x | 0.23 |
| FCF Margin | 5.8%-2.2pp | 7.9%+8.0pp | -0.1%-4.0pp | 4.0%-6.0pp | 10.0%+7.4pp | 2.6%+7.3pp | -4.7%-4.0pp | -0.7% |
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Where Innovage Holding Corp. Ranks
Frequently Asked Questions
What is Innovage Holding Corp.'s annual revenue?
Innovage Holding Corp. (INNV) reported $853.7M in total revenue for fiscal year 2025. This represents a 11.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Innovage Holding Corp.'s revenue growing?
Innovage Holding Corp. (INNV) revenue grew by 11.8% year-over-year, from $763.9M to $853.7M in fiscal year 2025.
Is Innovage Holding Corp. profitable?
No, Innovage Holding Corp. (INNV) reported a net income of -$30.3M in fiscal year 2025, with a net profit margin of -3.5%.
What is Innovage Holding Corp.'s EBITDA?
Innovage Holding Corp. (INNV) had EBITDA of -$10.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Innovage Holding Corp. have?
As of fiscal year 2025, Innovage Holding Corp. (INNV) had $64.1M in cash and equivalents against $57.5M in long-term debt.
What is Innovage Holding Corp.'s gross margin?
Innovage Holding Corp. (INNV) had a gross margin of 18.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Innovage Holding Corp.'s operating margin?
Innovage Holding Corp. (INNV) had an operating margin of -3.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Innovage Holding Corp.'s net profit margin?
Innovage Holding Corp. (INNV) had a net profit margin of -3.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Innovage Holding Corp.'s return on equity (ROE)?
Innovage Holding Corp. (INNV) has a return on equity of -12.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Innovage Holding Corp.'s free cash flow?
Innovage Holding Corp. (INNV) generated $26.6M in free cash flow during fiscal year 2025. This represents a 159.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Innovage Holding Corp.'s operating cash flow?
Innovage Holding Corp. (INNV) generated $32.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Innovage Holding Corp.'s total assets?
Innovage Holding Corp. (INNV) had $526.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Innovage Holding Corp.'s capital expenditures?
Innovage Holding Corp. (INNV) invested $6.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Innovage Holding Corp.'s current ratio?
Innovage Holding Corp. (INNV) had a current ratio of 1.07 as of fiscal year 2025, which is considered adequate.
What is Innovage Holding Corp.'s debt-to-equity ratio?
Innovage Holding Corp. (INNV) had a debt-to-equity ratio of 0.24 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Innovage Holding Corp.'s return on assets (ROA)?
Innovage Holding Corp. (INNV) had a return on assets of -5.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Innovage Holding Corp.'s Altman Z-Score?
Innovage Holding Corp. (INNV) has an Altman Z-Score of 4.54, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Innovage Holding Corp.'s Piotroski F-Score?
Innovage Holding Corp. (INNV) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Innovage Holding Corp.'s earnings high quality?
Innovage Holding Corp. (INNV) reported a net loss of $30.3M while generating $32.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Innovage Holding Corp.?
Innovage Holding Corp. (INNV) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.