Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 10, 2026

Innovage Holding Corp. (INNV)

A forensic read on Innovage Holding Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

5.2

Distress distance

Clean

Earnings quality

Forensic signals

-37.1

P / E (ttm)

-12.9%

ROE

$1.5B

Market cap

0.00%

Dividend yield

11.8%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Innovage Holding Corp. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 5.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-7.8%

FY2025

Return on invested capital. Return on invested capital is -7.8% in the latest fiscal year and slipping from -1% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

FCF ($25M)

FY2021

Shareholder returns. Returned $87M to shareholders (buybacks + dividends) in FY2021, but free cash flow was ($25M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

-0.0%/yr

FY2022–FY2025

Share count. Diluted share count changed -0% over the last 3 years to FY2025 (-0.0%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$853.7M

Revenue Growth YoY+11.8%

Revenue CAGR (3yr)+6.9%

Net Margin-3.6%

Free Cash Flow$26.6M

Return on Equity-12.9%

Debt / Equity0.25x

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Innovage Holding Corp.'s actual 10-K/10-Q/8-K filings?

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.