Innovage Holding Corp.

Health Care
Medical/Nursing Services
www.innovage.com

Moat Score
Safety Score

Market Cap $649.23M
PE -36
Debt $68.84M
Cash $39.03M
EV $679.03M
FCF -$18.97M

Earnings

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Sales & Net Margins

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Earnings	-$17.97M
EBIT	-$17.36M
ROE	-7%
ROA	-3%
FCF	-$18.97M
Equity	$269.05M
Growth Stability	1
PE	-36.13
PB	2.41
P/FCF	-34.22
P/S	0.83
Price/Cash	0.06
Debt/Equity	0.26
Debt/FCF	-3.63
Net Margins	-3%
Gross Margins	18%
Op. Margins	-2%
Sales Growth YoY	12%
Sales Growth QoQ	3%
Sales CAGR	5%
Equity CAGR	14%
Earnings Growth YoY	-48%

Earnings Growth QoQ	153%
Sales CAGR 5Y	5%
Equity CAGR 5Y	14%
Earnings CAGR 3Y	4%
Sales CAGR 3Y	4%
Equity CAGR 3Y	-9%
Market Cap	$649.23M
Revenue	$786.51M
Assets	$527.72M
Total Debt	$68.84M
Cash	$39.03M
Shares Outstanding	135.54M
EV	679.03M
Moat Score	11%
Safety Score	67%
Working Capital	27.21M
Current Ratio	1.21
Gross Profit	$138.73M
Shares Growth 3y	0%
Equity Growth QoQ	-3%
Equity Growth YoY	-8%

Assets & ROA

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Stockholders Equity & ROE

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InnovAge Holding Corp is a healthcare delivery platform by several participants focused on providing all-inclusive, capitated care to high-cost, dual-eligible seniors. Its patient-centered care delivery approach improves the quality of care while keeping them in their homes and reducing over-utilization of high-cost care settings such as hospitals and nursing homes. The company's segment includes PACE and others. It generates maximum revenue from the PACE segment.

SEC Filings

Direct access to Innovage Holding Corp. (INNV) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-K Jun 30
- 10-Q Mar 31
2023
- 10-Q Dec 31
- 10-Q Sep 30
- 10-K Jun 30
- 10-Q Mar 31
2022
- 10-Q Dec 31
- 10-Q Sep 30
- 10-K Jun 30
- 10-Q Mar 31

Sector Comparison

How does Innovage Holding Corp. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Innovage Holding Corp. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

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Innovage Holding Corp. Discounted Cash Flow

Fully customizable DCF calculator online for Innovage Holding Corp..

Years

Calculation mode

= -$190M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$19M	-$19M	-$19M	-$19M	-$19M	-$19M	-$19M	-$19M	-$19M	-$19M	-$19M	-$190M
DCF		-$17M	-$16M	-$14M	-$13M	-$12M	-$11M	-$9.7M	-$8.9M	-$8M	-$7.3M	-$73M
Value	-$190M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	06/2020	06/2021	06/2022	06/2023	06/2024	TTM
Net Margins	5%	-7%	-1%	-6%	-3%	-3%
ROA	-	-2%	-1%	-9%	-4%	-3%
ROE	-	-12%	-2%	-14%	-8%	-7%

Bad Net Margins (-2.78%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	06/2020	06/2021	06/2022	06/2023	06/2024	TTM
Debt over FCF	-	-3.23	-7.07	-23.6	-1.56	-3.63
Debt over Equity	2.01	0.23	0.23	0.24	0.25	0.26
Growth Stability	-	-	-	-	-	1

Good Debt/FCF ratio (-3.63)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.26)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	06/2020	06/2021	06/2022	06/2023	06/2024	CAGR 5Y
Revenue YoY growth	-	12%	10%	-2%	11%	5%
Earnings YoY growth	-	-274%	-82%	447%	-47%	-
Equity YoY growth	-	232%	-5%	-11%	-8%	14%
FCF YoY growth	-	-178%	-56%	-71%	1K%	-