Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Distress
Financial health
0.1
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-4.8%
ROE
$1.5B
Market cap
InnovAge Holding Corp. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 0.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-8%Return on invested capital.Return on invested capital is -8% and slipping from -1% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
-0.0%/yrShare-count dilution.Diluted share count changed -0% over the last 3 years to FY2025 (-0.0%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 29% of free cash flow in FY2025 — about $0.06 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-3.6%
Debt / Equity0.25x
Free Cash Flow$26.6M
Latest Revenue$853.7M
Return on Equity-12.9%
Revenue Growth YoY+11.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on InnovAge Holding Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about INNV's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown