InnovAge - Public Comps and Valuation Multiples

InnovAge Overview

About InnovAge

InnovAge Holding Corp is a healthcare delivery platform comprising multiple participants focused on providing all-inclusive, capitated care to high-cost seniors, many of whom are dual-eligible. Its programs are designed to address two of the pressing challenges facing the U.S. healthcare industry: rising costs and poor outcomes. The purpose of the participant-centered care delivery approach is to improve the quality of care participants receive, while keeping them in their homes for as long as possible and reducing the overutilization of high-cost care settings, such as hospitals and nursing homes. The company manages its business as one reportable segment, PACE.

Founded

2015

HQ

Employees

2.4K+

Website

innovage.com

Sectors

Long-Term Care

Financials

LTM Revenue $876M

LTM EBITDA $42.3M

EV

$719M

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InnovAge Financials

As of September 2025, InnovAge reported last 12-month revenue of $876M and EBITDA of $42.3M.

In the same period, InnovAge generated $384M in LTM gross profit and -$11.9M in net income.

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InnovAge P&L

In the most recent fiscal year, InnovAge reported revenue of $854M and EBITDA of -$9.9M.

InnovAge expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$876M	XXX	$854M	XXX	XXX	XXX
Gross Profit	$384M	XXX	$154M	XXX	XXX	XXX
Gross Margin	44%	XXX	18%	XXX	XXX	XXX
EBITDA	$42.3M	XXX	-$9.9M	XXX	XXX	XXX
EBITDA Margin	5%	XXX	-1%	XXX	XXX	XXX
EBIT	-$9.7M	XXX	-$16.1M	XXX	XXX	XXX
EBIT Margin	-1%	XXX	-2%	XXX	XXX	XXX
Net Profit	-$11.9M	XXX	-$30.3M	XXX	XXX	XXX
Net Margin	-1%	XXX	-4%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for InnovAge including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $876M. EBITDA for the last twelve months was $42.3M. In the most recent fiscal year, InnovAge achieved $854M in revenue and -$9.9M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$876M	Analyst estimates available to subscribers	$854M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$384M	Analyst estimates available to subscribers	$154M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	43.9% gross margin	Analyst estimates available to subscribers	18.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$42.3M	Analyst estimates available to subscribers	-$9.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	4.8% EBITDA margin	Analyst estimates available to subscribers	-1.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$9.7M	Analyst estimates available to subscribers	-$16.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-1.1% EBIT margin	Analyst estimates available to subscribers	-1.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$11.9M	Analyst estimates available to subscribers	-$30.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-1.4% net profit margin	Analyst estimates available to subscribers	-3.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for InnovAge

This financial data table provides comprehensive performance metrics for InnovAge, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

InnovAge generated $876M in revenue over the last twelve months.
The company achieved $42.3M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $384M.
Net income over the last twelve months reached -$11.9M.

Fiscal Year Performance

In the most recent fiscal year, InnovAge reported $854M in total revenue.
Fiscal year EBITDA was -$9.9M.
The company maintained a gross profit margin of 18.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was -1.2%.
Net profit margin reached -3.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for InnovAge. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

InnovAge Stock Performance

InnovAge has current market cap of $724M, and EV of $719M.

Market Cap Evolution

InnovAge Stock Data

As of October 17, 2025, InnovAge's stock price is $5.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$719M	$724M	XXX	XXX	XXX	XXX	$-0.09

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InnovAge Valuation Multiples

InnovAge's trades at 0.9x EV/Revenue multiple, and -164.3x EV/EBITDA.

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InnovAge Financial Valuation Multiples

As of October 17, 2025, InnovAge has market cap of $724M and EV of $719M.

Equity research analysts estimate InnovAge's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

InnovAge has a P/E ratio of -60.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$724M	XXX	$724M	XXX	XXX	XXX
EV (current)	$719M	XXX	$719M	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	0.9x	XXX	XXX	XXX
EV/EBITDA	17.0x	XXX	-164.3x	XXX	XXX	XXX
EV/EBIT	-74.5x	XXX	-36.6x	XXX	XXX	XXX
EV/Gross Profit	1.9x	XXX	n/a	XXX	XXX	XXX
P/E	-60.9x	XXX	-28.0x	XXX	XXX	XXX
EV/FCF	21.6x	XXX	-79.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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InnovAge Margins & Growth Rates

InnovAge's last 12 month revenue growth is 9%

InnovAge's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

InnovAge's rule of 40 is 8% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

InnovAge's rule of X is 27% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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InnovAge Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	10%	XXX	XXX	XXX
EBITDA Margin	5%	XXX	-1%	XXX	XXX	XXX
EBITDA Growth	53%	XXX	n/a	XXX	XXX	XXX
Rule of 40	8%	XXX	8%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	27%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	20%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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