InnovAge Holding Corp (INNV) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of InnovAge Holding Corp stock $10.47, price $8.97, upside +16.7%, quality 67 out of 100. Rating: undervalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $2.63 – $17.22 · fair‑value band $6.04 – $18.87 · the $8.97 price screens below the $10.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. It manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach.
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The company also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to and from the PACE center and third-party medical appointments; and care management.
It serves participants in the United States; and operates PACE centers in Colorado, California, New Mexico, Pennsylvania, Florida, and Virginia. The company was formerly known as TCO Group Holdings, Inc. and changed its name to InnovAge Holding Corp. in January 2021.
InnovAge Holding Corp. was founded in 1989 and is headquartered in Denver, Colorado.
Stock analysis
InnovAge Holding Corp (INNV) currently trades at $8.97, while our model-based Fair Value estimate is $10.47, implying the stock looks roughly 14% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $10.51 per share, and 8 of the 14 models we run sit above the $8.97 price.
Bear case: the Earnings-Based group reads lowest at $4.83, and 6 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $6.04 (bear) to $18.87 (bull), the price of $8.97 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
InnovAge Holding Corp reported revenue of $990M in FY2026 versus $699M in FY2022, a compound +9.1%/yr. Reported net income was −$2.5M in FY2026.
Key figures
Market cap $1.2B Small · P/E ratio 149.5 · P/S ratio 1.21 · EPS (TTM) $0.0600 · Net margin 0.9% · Return on equity 4.4% · Return on assets (EBIT) −1.4% (5-year average) · Operating margin 7.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 87% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −1% fair-value upside, at 17%, INNV screens cheaper than that median.
Fair Value models
Bear$6.04Fair Value $10.47Bull$18.87
Price $8.97 · Upside +16.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 4 months old). Earnings retained since then ($0.0215 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
SaleWelsh, Carson, Anderson & Stowe XII, L.P.10% owner1,500,000 shares at $9.25$13.9MOct 21, 2026
SaleWCAS CO-INVEST ASSOCIATES LLC10% owner10,000,000 shares at ?Sep 24, 2026
SaleMichael Anthony ScarbroughPresident and COO33,000 shares at $4.90$161,700Nov 14, 2025
Plus 19 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+15.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.2%
Start year 2021 (pandemic). Over 10 years: +105.5% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+86.7%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
9.0% (2020) → 6.7% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+12.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +9.5% a year for the price and +4.7% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Care Facilities · 233 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+16.7% · Above median
Profitability
Return on equity (12 months)4.4% · Below median
Return on assets−0.5% · Bottom 25%
Net margin (12 months)0.9% · Bottom 25%
Operating margin (12 months)7.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)12.1% · Above median
Balance sheet
Debt / equity0.19× · Below median
Valuation Multiplesvs Medical Care Facilities median · lower = cheaper
P/E (12 months)149.5× · Priciest 25%
P/B5.22× · Priciest 25%
P/S (12 months)1.21× · Cheaper than median
Price / free cash flow (fiscal year)24.4× · Pricier than median
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Is InnovAge Holding Corp (INNV) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $10.47 versus a price of $8.97, about +17% upside (undervalued).
What is the fair value of INNV?
Our model-based fair value for InnovAge Holding Corp is $10.47 (as of Nov 6, 2026), built from audited fundamentals. The current price: $8.97.
What is the quality score of INNV?
InnovAge Holding Corp has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for InnovAge Holding Corp (INNV)?
Our model-based price target is the fair value of $10.47 (as of Nov 6, 2026) from 14 valuation models. Cautious scenario $6.04, optimistic scenario $18.87. It is a calculation from audited fundamentals, not an analyst target.
What is the InnovAge Holding Corp stock forecast for 2026?
Our models put fair value at $10.47, about +17% upside versus a price of $8.97 (undervalued). Cautious scenario $6.04, optimistic scenario $18.87. The calculation is refreshed regularly with new filings.
What is the revenue of InnovAge Holding Corp (INNV)?
InnovAge Holding Corp reported trailing-twelve-month revenue of about $1.0B (latest available figure, as of Nov 6, 2026).
What growth is priced into InnovAge Holding Corp (INNV)?
For today's price to be fair in a discounted-cash-flow model, InnovAge Holding Corp would have to grow free cash flow by +12.1 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.2 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of INNV use?
Our models discount InnovAge Holding Corp at 9.8 %: a base by market capitalisation (small), damped by beta 0.19, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For InnovAge Holding Corp that is +12.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has InnovAge Holding Corp (INNV) delivered so far?
Over the past 5 years revenue at InnovAge Holding Corp grew +9.2 % a year. The price currently implies free-cash-flow growth of +12.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of InnovAge Holding Corp (INNV) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into InnovAge Holding Corp (+12.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of InnovAge Holding Corp (INNV)?
The free-cash-flow yield on the price is 4.10 %: that much free cash flow InnovAge Holding Corp produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of InnovAge Holding Corp (INNV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For InnovAge Holding Corp it is $10.47 per share (as of Nov 6, 2026), against a price of $8.97. It is the blended result of 14 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is InnovAge Holding Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, INNV trades below its calculated fair value: price $8.97, fair value $10.47, a gap of about +17% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INNV?
No. The price is what the market pays today ($8.97); the fair value is what the company's own numbers justify ($10.47). For InnovAge Holding Corp the two are $1.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is InnovAge Holding Corp worth?
The market values InnovAge Holding Corp at about $1.2B (market capitalisation, as of Nov 6, 2026). Per share that is $8.97; our models calculate a fair value of $10.47 per share.
What do the bullish and bearish scenarios say about INNV?
Our models span a range for InnovAge Holding Corp: cautious scenario $6.04, base $10.47, optimistic $18.87 per share (as of Nov 6, 2026, price $8.97). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INNV?
InnovAge Holding Corp trades at a price-to-earnings ratio of 149.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $10.47 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 20.0 (the reported result was a loss). Other multiples: P/B 5.2, P/S 1.2, EV/EBITDA 30.0.
How solid is the balance sheet of InnovAge Holding Corp (INNV)?
Balance-sheet figures for InnovAge Holding Corp (as of Nov 6, 2026): return on equity 4.4%, debt of 0.19 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is INNV from its 52-week high?
InnovAge Holding Corp trades at $8.97, about 26% below its 52-week high of $12.11 and 87% above the low of $4.79 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $10.47 is for.
Which stocks are comparable to InnovAge Holding Corp?
From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Tenet Healthcare Corporation, Dr. Sulaiman Al Habib Medical Services Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is InnovAge Holding Corp stock attractive at the current price?
The data as of Nov 6, 2026: price $8.97, calculated fair value $10.47 (+17%), Quality Score 67/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INNV calculated?
We run InnovAge Holding Corp through 14 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $10.47 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. InnovAge Holding Corp currently trades 14% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of InnovAge Holding Corp (INNV)?
The closing price on Nov 6, 2026 was $8.97. Our model-based fair value is $10.47, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with InnovAge Holding Corp right now?
The model range is unusually wide ($6.04 to $18.87). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of InnovAge Holding Corp
How large is the market capitalisation of InnovAge Holding Corp (INNV)?
The market capitalisation of InnovAge Holding Corp is $1.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of InnovAge Holding Corp (INNV)?
The price-to-sales ratio of InnovAge Holding Corp is 1.21 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of InnovAge Holding Corp (INNV)?
Earnings per share at InnovAge Holding Corp are $0.0600 (price ÷ EPS = P/E 149.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of InnovAge Holding Corp (INNV)?
The net margin of InnovAge Holding Corp is 0.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of InnovAge Holding Corp (INNV)?
The return on equity (ROE) of InnovAge Holding Corp is 4.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of InnovAge Holding Corp (INNV)?
On an EBIT basis the return on assets of InnovAge Holding Corp is −1.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of InnovAge Holding Corp (INNV)?
The operating margin of InnovAge Holding Corp is 7.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at InnovAge Holding Corp (INNV)?
Revenue at InnovAge Holding Corp is growing +12.1% versus a year earlier (3y avg +12.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at InnovAge Holding Corp (INNV)?
Earnings per share at InnovAge Holding Corp are growing +137% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does InnovAge Holding Corp (INNV) hold?
InnovAge Holding Corp holds more cash than debt, $10.9M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Nov 6, 2026