InnovAge (INNV)


Market Price (10/11/2026): $9.08 | Market Cap: $-Sector: Health Care | Industry: Health Care Facilities

InnovAge (INNV)


Market Price (10/11/2026): $9.08
Market Cap: $-
Sector: Health Care
Industry: Health Care Facilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Weak multi-year price returns
3Y Excs Rtn is -30%

Key risks
INNV key risks include [1] a documented history of regulatory sanctions for compliance failures, Show more.

0 Weak multi-year price returns
3Y Excs Rtn is -30%
1 Key risks
INNV key risks include [1] a documented history of regulatory sanctions for compliance failures, Show more.

INNV in ETFs

Weight = INNV's share of each fund

VTI0.00%
IWM0.01%
IWO0.01%
VTWO0.01%
DFAS0.00%
SCHA0.00%
SCHB0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/1/2026

InnovAge (INNV) stock has lost about 25% since 6/30/2026 because of the following key factors:

1. InnovAge's fiscal Q4 2026 earnings, reported on September 8, 2026, included an earnings per share (EPS) miss of $0.01, with a reported EPS of $0.06 against a consensus estimate of $0.07. While the company's revenue of $261.95 million surpassed expectations, the earnings shortfall likely contributed to investor disappointment following a period of strong operational improvement.

2. A substantial secondary offering by selling stockholders on September 22, 2026, created a supply overhang and repriced the stock at a discount. Investment funds affiliated with Apax Partners and Welsh, Carson, Anderson & Stowe offered 10 million shares of InnovAge common stock at $9.25 per share. This offering, from which InnovAge received no proceeds, led to an immediate decline of 9.43% in after-hours trading due to the approximately 13% discount from the prior closing price. This transaction represented a significant insider sale exceeding $92 million.

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Updated on 10/1/2026

InnovAge (INNV) stock has lost about 25% since 6/30/2026 because of the following key factors:

1. InnovAge's fiscal Q4 2026 earnings, reported on September 8, 2026, included an earnings per share (EPS) miss of $0.01, with a reported EPS of $0.06 against a consensus estimate of $0.07. While the company's revenue of $261.95 million surpassed expectations, the earnings shortfall likely contributed to investor disappointment following a period of strong operational improvement.

2. A substantial secondary offering by selling stockholders on September 22, 2026, created a supply overhang and repriced the stock at a discount. Investment funds affiliated with Apax Partners and Welsh, Carson, Anderson & Stowe offered 10 million shares of InnovAge common stock at $9.25 per share. This offering, from which InnovAge received no proceeds, led to an immediate decline of 9.43% in after-hours trading due to the approximately 13% discount from the prior closing price. This transaction represented a significant insider sale exceeding $92 million.

3. Persistent litigation costs and regulatory risks continued to weigh on investor sentiment. InnovAge incurred $56.9 million in litigation costs and settlements for fiscal year 2026, including an accrued loss of $52.4 million, reflecting ongoing legal and compliance challenges. Despite the company's efforts to strengthen its operating foundation and compliance culture, these substantial costs highlight the lingering financial impact of past regulatory issues within the Programs of All-inclusive Care for the Elderly (PACE) model.

4. Cautious analyst sentiment and concerns about valuation also played a role in the stock's decline. Leading up to and following the fiscal Q4 2026 results, the stock was noted to be trading at or above analyst price targets, with a consensus "Hold" or "Reduce" rating from analysts. As of September 4, 2026, the average price target was $10.00, implying a 7.0% downside from the then-current price of $10.75. This suggests that, in the eyes of some analysts, the stock's prior gains had outpaced its perceived intrinsic value.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

6/30/2026 to 10/10/2026
ReturnCorrelation
INNV-23.2% 
Market (SPY)4.3%24.3%
Sector (XLV)7.7%20.5%

Fundamental Drivers

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Market Drivers

3/31/2026 to 10/10/2026
ReturnCorrelation
INNV13.5% 
Market (SPY)20.0%21.0%
Sector (XLV)17.0%26.4%

Fundamental Drivers

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Market Drivers

9/30/2025 to 10/10/2026
ReturnCorrelation
INNV76.4% 
Market (SPY)17.8%13.5%
Sector (XLV)24.3%25.6%

Fundamental Drivers

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Market Drivers

9/30/2023 to 10/10/2026
ReturnCorrelation
INNV51.9% 
Market (SPY)88.4%23.5%
Sector (XLV)38.9%26.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
INNV Return-79%44%-16%-34%32%76%-62%
Peers Return32%3%17%17%18%25%174%
S&P 500 Return27%-19%24%23%16%13%107%

Monthly Win Rates [3]
INNV Win Rate30%67%67%33%42%50% 
Peers Win Rate63%52%53%58%63%60% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
INNV Max Drawdown--48%-35%-44%-34%-33% 
Peers Max Drawdown-24%-37%-25%-30%-29%-29% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACHC, HCA, THC, EHC, UHS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/9/2026 (YTD)

How Low Can It Go

EventINNVS&P 500
2025 US Tariff Shock
  % Loss-21.6%-18.8%
  % Gain to Breakeven27.6%23.1%
  Time to Breakeven30 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-28.6%-9.5%
  % Gain to Breakeven40.0%10.5%
  Time to Breakeven826 days24 days
2023 SVB Regional Banking Crisis
  % Loss-25.2%-6.7%
  % Gain to Breakeven33.6%7.1%
  Time to Breakeven42 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-30.1%-24.5%
  % Gain to Breakeven43.1%32.4%
  Time to Breakeven9 days427 days

Compare to ACHC, HCA, THC, EHC, UHS

In The Past

InnovAge's stock fell -21.6% during the 2025 US Tariff Shock. Such a loss loss requires a 27.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventINNVS&P 500
2025 US Tariff Shock
  % Loss-21.6%-18.8%
  % Gain to Breakeven27.6%23.1%
  Time to Breakeven30 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-28.6%-9.5%
  % Gain to Breakeven40.0%10.5%
  Time to Breakeven826 days24 days
2023 SVB Regional Banking Crisis
  % Loss-25.2%-6.7%
  % Gain to Breakeven33.6%7.1%
  Time to Breakeven42 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-30.1%-24.5%
  % Gain to Breakeven43.1%32.4%
  Time to Breakeven9 days427 days

Compare to ACHC, HCA, THC, EHC, UHS

In The Past

InnovAge's stock fell -21.6% during the 2025 US Tariff Shock. Such a loss loss requires a 27.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About InnovAge (INNV)

InnovAge Holding Corp. (INNV) specializes in providing comprehensive healthcare and support services to seniors, enabling them to live independently in their homes and communities. The company operates under the Program of All-Inclusive Care for the Elderly (PACE) model, which integrates medical and social services to meet the individualized needs of its participants.

InnovAge’s service offerings are diverse, encompassing both in-home and in-center care. In-home services include skilled nursing, personal care, and unskilled support. Its PACE centers provide primary medical care, various therapies (physical, occupational, speech), dental services, mental health support, meals, and social activities. The company also manages transportation to centers and medical appointments, alongside overall care management for its participants.

The company primarily serves seniors requiring a high level of coordinated care, with approximately 6,850 PACE participants currently under its care. InnovAge's operations span five U.S. states—Colorado, California, New Mexico, Pennsylvania, and Virginia—where it manages a network of 18 PACE centers.

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Kaiser Permanente for seniors, but focused on keeping them independent in their homes and communities.

A 'one-stop-shop' like Sam's Club or Costco, but for all the medical, social, and daily living needs of seniors who want to live independently at home.

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  • Program of All-Inclusive Care for the Elderly (PACE): An integrated healthcare model that provides comprehensive medical and ancillary services to seniors allowing them to live independently.
  • In-Home Care Services: Direct care provided in participants' homes, encompassing skilled nursing, unskilled assistance, and personal care.
  • In-Center Services: A variety of medical, therapeutic, nutritional, and social services delivered at dedicated PACE centers.
  • Transportation Services: Coordinated transportation for participants to attend appointments at PACE centers and other third-party medical facilities.
  • Care Management: Professional oversight and coordination of all aspects of a participant's individualized care plan.

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InnovAge (INNV) primarily sells its services directly to individuals. The company manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities through the Program of All-Inclusive Care for the Elderly (PACE) approach.

The categories of customers it serves are:

  1. Seniors and Elderly Individuals: The company's core mission is to serve older adults who require comprehensive care and support to maintain their independence and live in their homes and communities.
  2. Participants in the Program of All-Inclusive Care for the Elderly (PACE): InnovAge's customer base consists of individuals enrolled in the PACE program. These participants are typically 55 years or older, certified by their state to need nursing home-level care, and able to live safely in the community with PACE services. The company serves approximately 6,850 PACE participants.

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Patrick Blair, Chief Executive Officer

Patrick Blair was appointed CEO of InnovAge in January 2022. He has a tenure of over four years with the company.

Ben Adams, Chief Financial Officer

Ben Adams joined InnovAge as Chief Financial Officer in July 2023. He previously served as CFO of Kepro, a physician-led, technology-enabled company, and RxSense, LLC. Earlier in his career, Adams spent over two decades as a senior healthcare investment banker.

Christine Bent, Chief Operations Officer

Christine Bent was named Chief Operations Officer of InnovAge in March 2023. Prior to joining InnovAge, she was Senior Vice President and COO at Prime Therapeutics LLC, a privately held pharmacy benefit manager. She also held clinical and operations leadership roles at Allina Health for 12 years, and leadership positions at Atrius Health and Partners Community Healthcare.

Paul Taheri, MD, MBA, Chief Medical Officer

Dr. Paul Taheri was appointed Chief Medical Officer of InnovAge in November 2025. He previously served as Clinical Quality Advisor to Welsh, Carson, Anderson & Stowe (WCAS), a private equity firm that is a major shareholder in InnovAge. Dr. Taheri's prior experience includes roles as CEO and Deputy Dean for Clinical Affairs at Yale School of Medicine, and President and CEO of the University of Vermont Medical Group.

Nicole D'Amato, Chief Legal Officer & Corporate Secretary

Nicole D'Amato has served as InnovAge's Chief Legal Officer and Corporate Secretary since July 2021. Before InnovAge, she was Senior Vice President at MacAndrews & Forbes, a company that owned a majority stake in Revlon, Inc. and was a major shareholder of Scientific Games, among other private companies. She also held senior legal roles at DIAGEO North America, Inc. and Samsonite, LLC, where she was involved in Samsonite's initial public offering on the Hong Kong Stock Exchange.

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Key Risks to InnovAge (INNV)

  1. Regulatory Scrutiny and Dependence on Government Payors: InnovAge operates under the Program of All-Inclusive Care for the Elderly (PACE) model, making its revenue highly dependent on government payors like Medicare and Medicaid. This exposes the company to significant regulatory risks, including audits, policy changes, and potential sanctions for non-compliance. InnovAge has previously faced enrollment suspensions and citations for care deficiencies from the Centers for Medicare & Medicaid Services (CMS) and state regulators, directly impacting its ability to enroll new participants and grow its business.
  2. Cost Management Challenges within a Capitated Model: As a PACE provider, InnovAge assumes 100% of the healthcare costs for its participants under a capitated payment model. While this model aims to incentivize preventive care and cost reduction, there is a substantial risk that the cost of providing comprehensive services, especially to its high-acuity population with an average of ten chronic conditions, could exceed the fixed compensation received. Challenges in managing these costs effectively, coupled with rising care expenses and losses from new centers, could hinder the company's path to consistent profitability.
  3. Staffing Shortages and Maintaining Quality of Care: InnovAge faces challenges related to workforce shortages in the healthcare sector, particularly for geriatric and primary care. Current and former employees have cited understaffing, high caseloads, and organizational dysfunction leading to delayed or inadequate care for participants. Such issues directly impact the quality of care provided, patient satisfaction, and can lead to regulatory actions and reputational damage, all of which are critical for the long-term success of a healthcare service provider.
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The increasing trend among Medicare Advantage (MA) plans to offer comprehensive supplemental benefits, including in-home support, transportation, meal delivery, and enhanced care coordination, which directly overlap with and provide an alternative to the all-inclusive services offered by the Program of All-Inclusive Care for the Elderly (PACE) model.

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The total addressable market for InnovAge's main product and service, the Program of All-Inclusive Care for the Elderly (PACE), is estimated to be $260 billion in the United States.

This market size is based on an estimated 2.3 million PACE-eligible individuals in the U.S. as of 2023. InnovAge targets frail, high-cost seniors who are dually eligible for Medicare and Medicaid and meet nursing home eligibility criteria. Currently, only a small fraction of these eligible individuals are enrolled in PACE programs, with approximately 77,000 participants as of June 2024.

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InnovAge Holding Corp. (INNV) is expected to drive future revenue growth over the next two to three years through several key strategies:

  1. Participant Growth (Census Growth): InnovAge consistently emphasizes increasing its participant base within its Program of All-Inclusive Care for the Elderly (PACE). The company reported serving approximately 8,010 participants across 20 centers as of December 31, 2025, marking a 7.1% growth compared to the second quarter of fiscal year 2025. InnovAge's fiscal year 2026 guidance projects an ending census of 7,900 to 8,100 participants.
  2. Increased Capitation Rates: A significant portion of InnovAge's revenue is derived from capitation rates, which include annual adjustments from Medicaid and Medicare. Increases in these capitation rates directly contribute to revenue growth.
  3. Expansion of De Novo Centers: InnovAge is actively expanding its footprint by opening new "de novo" centers, such as those in Florida. While these new centers initially incur losses during their ramp-up phase, they are anticipated to become substantial contributors to revenue as they mature and increase participant enrollment.
  4. Successful Medicaid Reinstatements: The company has seen revenue growth driven by its success in reinstating participants who had previously lost Medicaid coverage. This initiative directly contributes to census growth and, consequently, revenue.
  5. Operational Efficiencies and Revenue Integrity: InnovAge is improving its revenue through enhanced revenue integrity processes, including a reduction in revenue write-offs and a strengthened Medicaid eligibility tracking system. These operational improvements ensure the company effectively captures the revenue it is entitled to, thereby contributing to overall revenue growth and profitability.

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Share Repurchases

  • InnovAge reported a repurchase of equity securities totaling approximately $5.912 million in a period within fiscal year 2025.

Share Issuance

  • InnovAge completed its Initial Public Offering (IPO) in March 2021, issuing 16,666,667 shares of common stock at a price of $21.00 per share, raising approximately $350.07 million in gross proceeds.
  • Including a partial exercise of the underwriters' option to purchase additional shares, the IPO ultimately involved 18,995,901 shares, generating approximately $399 million in gross proceeds.

Inbound Investments

  • Prior to its IPO, InnovAge was a portfolio company backed by private equity firms Apax Partners LLP and Welsh, Carson, Anderson and Stowe LP.

Capital Expenditures

  • For the second quarter of fiscal year 2026 (ended December 31, 2025), InnovAge incurred $2.4 million in capital expenditures.
  • The company anticipates requiring significant capital expenditures to grow and evolve its operational and financial operations, including ensuring personnel licensing and training.
  • InnovAge's investments aim to improve health outcomes and reduce medical costs for participants, with long-term plans to reinvest savings back into the InnovAge Platform.

Peer Outperformance in Health Care Facilities

INNV has outperformed 65% of its 23 Health Care Facilities peers over 5Y. Health Care Facilities ranks 4th of 10 industries in Health Care by median 5Y return.
Share of Health Care Facilities constituents that INNV has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
87%
of 30 industry peers · 78.1% return
3Y
60%
of 25 industry peers · 55.0% return
5Y
65%
of 23 industry peers · 44.0% return
No Health Care Facilities peer with a comparable growth profile has beaten INNV by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Health Care Facilities is INNV's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 13.0%45.5%92.4% CAH 440% · MCK 377% · COR 179%
Health Care Services 20 22.6%34.2%13.0% HIMS 313% · RDNT 161% · DGX 81%
Managed Health Care 8 37.5%-6.1%6.4% OSCR 136% · HQY 43% · ELV 17%
Health Care Facilities ← 24 1.7%8.7%5.4% THC 325% · NHC 277% · ENSG 143%
Health Care Equipment 50 -2.8%0.5%-15.7% POCI 11350% · UFPT 359% · GKOS 271%
Pharmaceuticals 62 -7.3%-3.2%-29.4% INDV 1102% · ETON 1009% · LQDA 792%
Health Care Supplies 12 30.5%-8.0%-35.0% LNTH 332% · HAE 78% · MMSI 22%
Life Sciences Tools & Services 109 -8.6%-10.1%-63.2% SNWV 2194% · NTRA 259% · MEDP 232%
Biotechnology 364 -17.4%-25.3%-79.7% DNTH 1102% · CELZ 1098% · ELVN 953%
Health Care Technology 21 -27.9%-59.5%-82.0% SPOK 78% · HSTM 19% · VEEV 4%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

INNVACHCHCATHCEHCUHSMedian
NameInnovAge Acadia H.HCA Heal.Tenet He.Encompas.Universa. 
Mkt Price9.0829.26451.18264.27123.32177.35150.33
Mkt Cap-2.799.522.112.210.612.2
Rev LTM-3,36878,01322,6386,20618,11418,114
Op Inc LTM-33912,0734,4181,1172,0582,058
FCF LTM--1345,9973,023413811811
FCF 3Y Avg--3026,0592,156356849849
CFO LTM-21111,1244,0151,2121,8001,800
CFO 3Y Avg-24610,8843,0471,0631,7971,797

Growth & Margins

INNVACHCHCATHCEHCUHSMedian
NameInnovAge Acadia H.HCA Heal.Tenet He.Encompas.Universa. 
Rev Chg LTM-4.3%7.3%9.4%9.5%10.0%9.4%
Rev Chg 3Y Avg-6.7%8.0%4.5%10.7%9.5%8.0%
Rev Chg Q--0.4%8.7%14.6%9.6%8.3%8.7%
QoQ Delta Rev Chg LTM--0.1%2.1%3.5%2.3%2.0%2.1%
Op Inc Chg LTM--28.1%9.0%36.5%15.5%13.6%13.6%
Op Inc Chg 3Y Avg--10.0%9.1%23.9%17.4%23.6%17.4%
Op Mgn LTM-10.1%15.5%19.5%18.0%11.4%15.5%
Op Mgn 3Y Avg-14.1%15.2%16.1%16.9%10.7%15.2%
QoQ Delta Op Mgn LTM--1.6%-0.2%2.0%0.1%-0.1%-0.1%
CFO/Rev LTM-6.3%14.3%17.7%19.5%9.9%14.3%
CFO/Rev 3Y Avg-7.6%14.9%14.1%18.7%10.9%14.1%
FCF/Rev LTM--4.0%7.7%13.4%6.7%4.5%6.7%
FCF/Rev 3Y Avg--9.5%8.3%10.0%6.2%5.2%6.2%

Valuation

INNVACHCHCATHCEHCUHSMedian
NameInnovAge Acadia H.HCA Heal.Tenet He.Encompas.Universa. 
Mkt Cap-2.799.522.112.210.612.2
P/S-0.81.31.02.00.61.0
P/Op Inc-7.88.25.010.95.17.8
P/EBIT--2.88.24.710.64.94.9
P/E--2.414.59.819.66.99.8
P/CFO-12.68.95.510.05.98.9
Total Yield--42.4%7.6%10.2%5.7%14.9%7.6%
Dividend Yield-0.0%0.7%0.0%0.6%0.5%0.5%
FCF Yield 3Y Avg--9.1%6.9%14.5%3.0%7.9%6.9%
D/E-1.00.50.60.20.50.5
Net D/E-0.90.50.50.20.50.5

Returns

INNVACHCHCATHCEHCUHSMedian
NameInnovAge Acadia H.HCA Heal.Tenet He.Encompas.Universa. 
1M Rtn-14.3%2.5%7.3%0.3%2.1%2.7%2.3%
3M Rtn-21.2%-6.5%11.2%29.4%12.1%14.1%11.7%
6M Rtn10.7%12.8%-8.6%35.4%15.4%-1.6%11.8%
12M Rtn77.7%20.6%9.4%39.4%1.7%-9.2%15.0%
3Y Rtn54.7%-59.4%89.1%358.0%96.1%41.5%71.9%
1M Excs Rtn-17.2%-0.4%4.4%-2.6%-0.8%-0.2%-0.6%
3M Excs Rtn-23.4%-8.2%11.7%31.7%8.3%12.3%10.0%
6M Excs Rtn-3.8%-1.8%-23.2%20.7%0.8%-16.2%-2.8%
12M Excs Rtn39.9%-1.4%-9.1%16.1%-15.8%-28.9%-5.2%
3Y Excs Rtn-30.2%-140.6%6.5%248.2%6.7%-38.4%-11.9%

Comparison Analyses

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Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Program of All-Inclusive Care for the Elderly (PACE)853763687697636
All other11112
Total854764688699638


Price Behavior

Price Behavior
Market Price$9.10 
Market Cap ($ Bil)1.2 
First Trading Date03/04/2021 
Distance from 52W High-24.9% 
   50 Days200 Days
DMA Price$10.35$8.76
DMA Trendupdown
Distance from DMA-12.1%3.9%
 3M1YR
Volatility47.8%76.2%
Downside Capture250.0724.94
Upside Capture85.8086.03
Correlation (SPY)21.1%13.3%
INNV Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.850.351.060.850.831.09
Up Beta-3.44-2.31-1.461.071.241.30
Down Beta7.523.452.650.060.800.72
Up Capture-30%3%81%92%104%128%
Bmk +ve Days6162766132424
Stock +ve Days9182763128362
Down Capture282%243%241%110%51%105%
Bmk -ve Days16263760120328
Stock -ve Days13243762118364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INNV
INNV56.1%77.3%0.89-
Sector ETF (XLV)19.8%15.8%0.9426.3%
Equity (SPY)16.7%13.0%0.9113.1%
Gold (GLD)3.3%29.5%0.1114.0%
Commodities (DBC)45.0%20.9%1.67-7.0%
Real Estate (VNQ)4.8%13.8%0.0930.1%
Bitcoin (BTCUSD)-33.2%44.2%-0.798.5%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INNV
INNV6.0%73.0%0.39-
Sector ETF (XLV)7.7%15.2%0.3126.5%
Equity (SPY)13.9%17.1%0.6228.0%
Gold (GLD)18.5%18.9%0.798.8%
Commodities (DBC)10.0%19.5%0.392.0%
Real Estate (VNQ)1.3%18.8%-0.0430.5%
Bitcoin (BTCUSD)11.4%52.0%0.3914.1%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INNV
INNV-9.4%72.1%0.07-
Sector ETF (XLV)11.0%16.7%0.5325.1%
Equity (SPY)15.5%17.9%0.7326.6%
Gold (GLD)11.8%16.4%0.598.8%
Commodities (DBC)8.2%18.1%0.371.7%
Real Estate (VNQ)4.5%20.7%0.1828.2%
Bitcoin (BTCUSD)63.5%66.2%1.0313.4%

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Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity2.7 Mil
Short Interest: % Change Since 9152026127.3%
Average Daily Volume1.1 Mil
Days-to-Cover Short Interest2.4 days

Earnings Returns History

Updated 10/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/8/20264.8%3.8%-13.2%
5/5/20262.0%-5.2%-9.5%
2/3/202637.5%47.9%68.4%
11/4/2025-17.6%12.0%3.9%
9/9/2025-2.8%21.3%36.8%
5/6/202514.4%38.9%39.3%
2/4/2025-9.1%-8.9%-6.8%
11/5/20243.8%-5.4%-20.8%
...
SUMMARY STATS   
# Positive111311
# Negative11911
Median Positive4.8%12.0%15.9%
Median Negative-6.8%-5.6%-9.7%
Max Positive37.5%52.3%68.4%
Max Negative-24.9%-41.8%-43.9%
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/8/20264.8%3.8%-13.2%
5/5/20262.0%-5.2%-9.5%
2/3/202637.5%47.9%68.4%
11/4/2025-17.6%12.0%3.9%
9/9/2025-2.8%21.3%36.8%
5/6/202514.4%38.9%39.3%
2/4/2025-9.1%-8.9%-6.8%
11/5/20243.8%-5.4%-20.8%
9/10/2024-6.5%-3.7%-8.3%
5/7/20240.0%-5.6%13.4%
2/6/2024-3.9%-3.0%-8.1%
11/7/2023-2.0%14.0%1.8%
9/12/2023-2.9%8.0%-9.7%
5/9/20230.6%1.9%25.0%
2/7/20231.9%2.7%-15.2%
11/8/2022-11.4%3.9%10.4%
9/13/202222.0%52.3%17.8%
5/10/20226.2%1.1%12.6%
2/9/2022-16.9%-11.3%-9.5%
11/9/202111.8%26.9%15.9%
9/21/2021-24.9%-41.8%-43.9%
5/10/2021-6.8%-18.3%-19.6%
SUMMARY STATS   
# Positive111311
# Negative11911
Median Positive4.8%12.0%15.9%
Median Negative-6.8%-5.6%-9.7%
Max Positive37.5%52.3%68.4%
Max Negative-24.9%-41.8%-43.9%

SEC Filings

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Report DateFiling DateFiling
06/30/202609/09/202610-K
03/31/202605/08/202610-Q
12/31/202502/03/202610-Q
09/30/202511/04/202510-Q
06/30/202509/09/202510-K
03/31/202505/06/202510-Q
12/31/202402/04/202510-Q
09/30/202411/05/202410-Q
06/30/202409/10/202410-K
03/31/202405/07/202410-Q
12/31/202302/06/202410-Q
09/30/202311/07/202310-Q
06/30/202309/12/202310-K
03/31/202305/09/202310-Q
12/31/202202/07/202310-Q
09/30/202211/08/202210-Q
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Report DateFiling DateFiling
06/30/202609/09/202610-K
03/31/202605/08/202610-Q
12/31/202502/03/202610-Q
09/30/202511/04/202510-Q
06/30/202509/09/202510-K
03/31/202505/06/202510-Q
12/31/202402/04/202510-Q
09/30/202411/05/202410-Q
06/30/202409/10/202410-K
03/31/202405/07/202410-Q
12/31/202302/06/202410-Q
09/30/202311/07/202310-Q
06/30/202309/12/202310-K
03/31/202305/09/202310-Q
12/31/202202/07/202310-Q
09/30/202211/08/202210-Q
06/30/202209/13/202210-K
03/31/202205/10/202210-Q
12/31/202102/09/202210-Q
09/30/202111/09/202110-Q
06/30/202109/23/202110-K
03/31/202105/11/202110-Q
12/31/202003/05/2021424B4

Recent Forward Guidance

Updated 10/4/2026

Latest: Q4 2026 Earnings Reported 9/8/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 CensusReported86258737.588509.2% Higher NewGuidance: 8000 for 2026
2027 Total Member MonthsReported0.10 Mil0.10 Mil0.10 Mil7.9% Higher NewGuidance: 94300 for 2026
2027 Total revenuesReported1.05 Bil1.07 Bil1.08 Bil10.9% Higher NewGuidance: 962.50 Mil for 2026
2027 Adjusted EBITDAReported105.00 Mil110.00 Mil115.00 Mil25.7% Higher NewGuidance: 87.50 Mil for 2026


Prior: Q3 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 CensusReported7900800081000 AffirmedGuidance: 8000 for 2026
2026 Total Member MonthsReported9290094300957000 AffirmedGuidance: 94300 for 2026
2026 RevenueReported950.00 Mil962.50 Mil975.00 Mil2.7% RaisedGuidance: 937.50 Mil for 2026
2026 Adjusted EBITDAReported85.00 Mil87.50 Mil90.00 Mil20.7% RaisedGuidance: 72.50 Mil for 2026

Q2 2026 Earnings Reported 2/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 CensusReported7900800081000 AffirmedGuidance: 8000 for 2026
2026 Total Member MonthsReported9290094300957001.4% RaisedGuidance: 93000 for 2026
2026 RevenueReported925.00 Mil937.50 Mil950.00 Mil1.4% RaisedGuidance: 925.00 Mil for 2026
2026 Adjusted EBITDAReported70.00 Mil72.50 Mil75.00 Mil19.8% RaisedGuidance: 60.50 Mil for 2026

Q1 2026 Earnings Reported 11/4/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 CensusReported7900800081000 AffirmedGuidance: 8000 for 2026
2026 Total Member MonthsReported9160093000944000 AffirmedGuidance: 93000 for 2026
2026 RevenueReported900.00 Mil925.00 Mil950.00 Mil0 AffirmedGuidance: 925.00 Mil for 2026
2026 Adjusted EBITDAReported56.00 Mil60.50 Mil65.00 Mil0 AffirmedGuidance: 60.50 Mil for 2026

Insider Activity

Updated 9/29/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Damato, NicoleCHIEF LEGAL OFFICERDirectSell92920268.7023,814207,1822,652,604Form
2Tco, Group Holdings, LP DirectSell92820269.2510,000,00092,500,000948,833,134Form
3Ignite, Aggregator LP See FootnotesSell92820269.2510,000,00092,500,000948,833,134Form
4Welsh,, Carson, Anderson & Stowe Xii, LP See FootnotesSell92820260.0010,000,000  Form
5Scarbrough, Michael AnthonyPresident and COODirectSell111720254.9033,000161,700586,123Form
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Damato, NicoleCHIEF LEGAL OFFICERDirectSell92920268.7023,814207,1822,652,604Form
2Tco, Group Holdings, LP DirectSell92820269.2510,000,00092,500,000948,833,134Form
3Ignite, Aggregator LP See FootnotesSell92820269.2510,000,00092,500,000948,833,134Form
4Welsh,, Carson, Anderson & Stowe Xii, LP See FootnotesSell92820260.0010,000,000  Form
5Scarbrough, Michael AnthonyPresident and COODirectSell111720254.9033,000161,700586,123Form

Investor Activity (13F)

Updated Oct 11, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Coliseum Capital Management, LLC$8.9 Mil0.7%13TRIM -62.5%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Coliseum Capital Management, LLC$8.9 Mil0.7%13TRIM -62.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Coliseum Capital Management, LLC$8.9 Mil0.7%13TRIM -62.5%13F
Core Cache Last Updated: 10/10/2026