InnovAge
Runs PACE centers that coordinate medical and support care for frail seniors.
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Profile
Operates PACE centers that coordinate medical, therapy, behavioral health, pharmacy, meals, transportation, and care management for frail seniors. Revenue comes mainly from government capitation payments, and the model is concentrated in U.S. community-based care under Medicare, Medicaid, VA, and state oversight.
Runs one reportable segment, PACE, built around community centers for frail, mostly dual-eligible seniors. Named services include in-center primary care, physical, occupational and speech therapy, dental care, mental health and psychiatric services, meals, activities, transportation, pharmacy, and care management.
Operations are concentrated in the United States across several states. The model coordinates an interdisciplinary care plan intended to keep nursing-home-eligible participants in their homes and communities where possible, with enrollment growth tied to center capacity and utilization.
Revenue comes from capitation payments from Medicare, Medicaid, the Veterans Administration, and private-pay sources. Because InnovAge is at risk for participant care costs and operates under CMS and state oversight, execution depends on care quality, staffing, enrollment permissions, and regulatory remediation obligations.
Company facts
Key statistics
Year to date +109% · Average volume (30d) 218.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Aug 21, 2026 | KeyBanc | Upgrade | Sector Weight | Overweight | $13 |
| Dec 17, 2024 | JP Morgan | Downgrade | Neutral | Underweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| May 5, 2026Q3 FY26 | $0.06 | −$0.22 | −466.7% | $234.3M | $251.9M | +7.5% | +2.01% |
| Feb 3, 2026Q2 FY26 | $0.04 | $0.08 | +100.0% | $228.4M | $239.7M | +5.0% | +37.46% |
| Nov 4, 2025Q1 FY26 | $0.01 | $0.06 | +500.0% | $226.8M | $218.1M | −3.8% | −17.56% |
| Sep 9, 2025Q4 FY25 | −$0.02 | −$0.01 | +50.0% | $219.8M | $218.1M | −0.8% | −2.81% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $209.0M | $218.1M | $218.1M | $236.1M | $239.7M | $251.9M | |
| Gross profit | $37.1M | $40.7M | $40.7M | $51.4M | $47.9M | $56.2M | |
| Operating income | −$12.6M | −$10.2M | −$10.2M | $8.3M | $16.1M | $22.8M | |
| Net income | −$13.2M | −$11.4M | −$11.4M | $8.0M | $10.6M | −$29.5M | |
| Diluted EPS | −$0.10 | −$0.08 | −$0.08 | $0.06 | $0.08 | −$0.22 | |
| Gross margin | 17.7% | 18.7% | 18.7% | 21.8% | 20.0% | 22.3% | |
| Operating margin | -6.0% | -4.7% | -4.7% | 3.5% | 6.7% | 9.0% |
Fiscal years (4-quarter sums)FY21 $637.8M · FY22 $698.6M · FY23 $688.1M · FY24 $763.9M · FY25 $850.4M
Revenue by product · Q1 FY26
Balance sheet, Mar 31, 2026Cash & short-term investments $138.6M · Total debt $93.8M · Total assets $547.4M · Shareholders' equity $229.0M
Dividends
No dividends on record.
Ownership
Shares outstanding 135.74M · Float 21.28M · 15.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| T. Rowe Price Investment Management, Inc. | 6.13M | 4.52% | 13F | May 15, 2026 |
| BlackRock, Inc. | 1.25M | 0.92% | 13F | May 13, 2026 |
| Coliseum Capital Management, LLC | 1.11M | 0.82% | 13F | May 15, 2026 |
| Vanguard Capital Management LLC | 877.1K | 0.65% | 13F | May 15, 2026 |
| Patrick T. Blair · officer: CHIEF EXECUTIVE OFFICER | 751.0K | 0.55% | Form 4 | Jul 27, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 14, 2025 | Michael Anthony Scarbrough | officer: President and COO | −33,000 | $4.90 |
Peers
- UnitedHealth Group
Broad Medicare, Medicaid, and Optum care-delivery alternative
- Humana
Medicare Advantage, D-SNP, CenterWell, and home-care overlap
- CVS Health
Aetna benefits plus Oak Street and Signify care-delivery overlap
- Molina Healthcare
Medicaid and dual-eligible managed care for high-acuity members
- Centene
Medicaid, high-acuity, and D-SNP managed-care substitute
- Alignment Healthcare
Senior-focused Medicare Advantage care model in overlapping markets
- Addus HomeCare
In-home personal care, home health, and hospice for dual eligibles
- The Ensign Group
Skilled nursing and senior living alternative for frail seniors
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| InnovAge | $10.86 | +0.18% | $1.47B | — | 27.9 | 1.6 | +15.5% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| Humana | $386.23 | +0.16% | $46.30B | 36.5 | 31.2 | 0.3 | +26.2% |
| CVS Health | $93.07 | +0.02% | $118.74B | 24.6 | 11.5 | 0.3 | +7.3% |
| Molina Healthcare | $200.00 | −0.01% | $10.44B | 1,052.6 | 28.5 | 0.2 | −4.8% |
| Centene | $64.94 | +0.28% | $31.99B | — | 14.3 | 0.2 | +9.9% |
| Alignment Healthcare | $13.62 | −0.04% | $2.83B | 73.0 | 46.0 | 0.6 | +31.6% |
| Addus HomeCare | $115.55 | +0.02% | $2.16B | 20.3 | 16.1 | 1.5 | +8.0% |
| The Ensign Group | $172.98 | +0.01% | $10.08B | 27.1 | 21.2 | 1.8 | +17.3% |
| Median | 27.1 | 19.8 | 0.5 | +9.0% |