InnovAge (INNV)


Market Price (9/19/2026): $10.91 | Market Cap: $-Sector: Health Care | Industry: Health Care Facilities

InnovAge (INNV)


Market Price (9/19/2026): $10.91
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

Stock price has recently run up significantly
12M Rtn12 month market price return is 115%

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

0 Stock price has recently run up significantly
12M Rtn12 month market price return is 115%
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%
IWO0.02%
DFAS0.01%
VTWO0.01%
SCHA0.00%
SCHB0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/10/2026

InnovAge (INNV) stock has gained about 45% since 5/31/2026 because of the following key factors:

1. Significant Improvement in Fiscal Q4 2026 and Full-Year Fiscal 2026 Financial Performance. InnovAge reported strong fiscal year 2026 results (ended June 30, 2026), with total revenues increasing by 15.9% to $989.7 million, up from $853.7 million in fiscal 2025. The company's adjusted EBITDA surged by 174.2% to $94.6 million from $34.5 million in fiscal 2025, expanding its adjusted EBITDA margin to 9.6%. For fiscal Q4 2026, revenue grew 18.3% year-over-year to $261.95 million, and diluted EPS improved to $0.06 from a loss of $0.01 in fiscal Q4 2025, marking a return to GAAP profitability for the quarter with net income reaching $9.78 million.

2. Robust Fiscal Year 2027 Guidance. Management provided an optimistic outlook for fiscal year 2027, projecting total revenues between $1.05 billion and $1.085 billion. Adjusted EBITDA is forecast to be in the range of $105 million to $115 million. This guidance suggests continued growth, with an anticipated revenue increase of approximately 6.1% to 9.6% and adjusted EBITDA growth of 11.0% to 21.6% over fiscal 2026.

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Updated on 9/10/2026

InnovAge (INNV) stock has gained about 45% since 5/31/2026 because of the following key factors:

1. Significant Improvement in Fiscal Q4 2026 and Full-Year Fiscal 2026 Financial Performance. InnovAge reported strong fiscal year 2026 results (ended June 30, 2026), with total revenues increasing by 15.9% to $989.7 million, up from $853.7 million in fiscal 2025. The company's adjusted EBITDA surged by 174.2% to $94.6 million from $34.5 million in fiscal 2025, expanding its adjusted EBITDA margin to 9.6%. For fiscal Q4 2026, revenue grew 18.3% year-over-year to $261.95 million, and diluted EPS improved to $0.06 from a loss of $0.01 in fiscal Q4 2025, marking a return to GAAP profitability for the quarter with net income reaching $9.78 million.

2. Robust Fiscal Year 2027 Guidance. Management provided an optimistic outlook for fiscal year 2027, projecting total revenues between $1.05 billion and $1.085 billion. Adjusted EBITDA is forecast to be in the range of $105 million to $115 million. This guidance suggests continued growth, with an anticipated revenue increase of approximately 6.1% to 9.6% and adjusted EBITDA growth of 11.0% to 21.6% over fiscal 2026.

3. Enhanced Operational Efficiency and Participant Growth. InnovAge demonstrated improved operational performance, as evidenced by its center-level contribution margin rising to 23.0% for fiscal 2026, up from 18.0% in fiscal 2025. The company's participant census grew to approximately 8,230 across 20 centers as of June 30, 2026, reflecting an annual growth of 6.3%. This increase in participant numbers, combined with higher capitation rates, was a primary driver for the revenue growth. Additionally, operating cash flow more than doubled to $64.7 million in fiscal 2026.

4. Reduced Litigation Overhang. InnovAge accrued approximately $37 million in litigation costs and settlements by the end of fiscal 2026, with total litigation-related charges reaching around $57 million for the year. A positive development in fiscal Q1 2027 was the Department of Justice closing a separate investigation from 2024. Management has indicated that they do not anticipate a material additional loss beyond the amounts already accrued, suggesting a significant reduction in future litigation risk.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

5/31/2026 to 9/18/2026
ReturnCorrelation
INNV43.9% 
Market (SPY)0.9%17.0%
Sector (XLV)12.7%24.1%

Fundamental Drivers

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Market Drivers

2/28/2026 to 9/18/2026
ReturnCorrelation
INNV21.9% 
Market (SPY)11.6%29.4%
Sector (XLV)5.5%31.9%

Fundamental Drivers

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Market Drivers

8/31/2025 to 9/18/2026
ReturnCorrelation
INNV185.1% 
Market (SPY)19.4%13.7%
Sector (XLV)24.1%26.2%

Fundamental Drivers

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Market Drivers

8/31/2023 to 9/18/2026
ReturnCorrelation
INNV99.3% 
Market (SPY)75.6%23.4%
Sector (XLV)32.3%26.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
INNV Return-79%44%-16%-34%32%106%-56%
Peers Return41%2%19%17%16%34%212%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
INNV Win Rate30%67%67%33%42%44% 
Peers Win Rate67%48%54%58%65%67% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
INNV Max Drawdown--48%-35%-44%-34%-33% 
Peers Max Drawdown-23%-36%-26%-31%-31%-27% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACHC, STLN, HCA, THC, EHC.
[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 9/18/2026 (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, STLN, HCA, THC, EHC

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, STLN, HCA, THC, EHC

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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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 trailed 57% 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
90%
of 30 industry peers · 115.4% return
3Y
60%
of 25 industry peers · 55.6% return
5Y
43%
of 23 industry peers · -22.0% 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 15.4%45.5%86.6% CAH 378% · MCK 331% · COR 164%
Managed Health Care 8 39.0%-2.8%0.1% OSCR 84% · HQY 49% · ELV 16%
Health Care Services 20 20.1%39.2%-1.3% HIMS 221% · RDNT 166% · DGX 75%
Health Care Facilities ← 24 4.2%3.1%-13.4% NHC 269% · THC 259% · ENSG 125%
Health Care Equipment 50 -3.2%-5.0%-22.6% POCI 11050% · UFPT 336% · GKOS 204%
Pharmaceuticals 62 -8.2%11.7%-40.1% LQDA 2386% · INDV 1146% · ETON 982%
Health Care Supplies 12 13.1%-12.7%-40.8% LNTH 293% · HAE 54% · MMSI 19%
Life Sciences Tools & Services 109 5.2%-17.4%-68.8% SNWV 1757% · MEDP 229% · NTRA 192%
Biotechnology 364 -0.7%-25.7%-79.5% CELZ 1280% · DNTH 1143% · ELVN 1058%
Health Care Technology 21 -23.7%-51.7%-79.9% SPOK 72% · HSTM 2% · VEEV -14%
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

INNVACHCSTLNHCATHCEHCMedian
NameInnovAge Acadia H.Starling.HCA Heal.Tenet He.Encompas. 
Mkt Price10.9228.336.96427.71261.99121.7575.04
Mkt Cap-2.6-94.321.912.017.0
Rev LTM-3,36858778,01322,6386,2066,206
Op Inc LTM-339-2612,0734,4181,1171,117
FCF LTM--134-35,9973,023413413
FCF 3Y Avg--302-226,0592,156356356
CFO LTM-211011,1244,0151,2121,212
CFO 3Y Avg-246-1810,8843,0471,0631,063

Growth & Margins

INNVACHCSTLNHCATHCEHCMedian
NameInnovAge Acadia H.Starling.HCA Heal.Tenet He.Encompas. 
Rev Chg LTM-4.3%38.4%7.3%9.4%9.5%9.4%
Rev Chg 3Y Avg-6.7%26.4%8.0%4.5%10.7%8.0%
Rev Chg Q--0.4%34.6%8.7%14.6%9.6%9.6%
QoQ Delta Rev Chg LTM--0.1%7.6%2.1%3.5%2.3%2.3%
Op Inc Chg LTM--28.1%44.4%9.0%36.5%15.5%15.5%
Op Inc Chg 3Y Avg--10.0%24.8%9.1%23.9%17.4%17.4%
Op Mgn LTM-10.1%-4.4%15.5%19.5%18.0%15.5%
Op Mgn 3Y Avg-14.1%-11.0%15.2%16.1%16.9%15.2%
QoQ Delta Op Mgn LTM--1.6%1.5%-0.2%2.0%0.1%0.1%
CFO/Rev LTM-6.3%0.1%14.3%17.7%19.5%14.3%
CFO/Rev 3Y Avg-7.6%-4.8%14.9%14.1%18.7%14.1%
FCF/Rev LTM--4.0%-0.6%7.7%13.4%6.7%6.7%
FCF/Rev 3Y Avg--9.5%-5.7%8.3%10.0%6.2%6.2%

Valuation

INNVACHCSTLNHCATHCEHCMedian
NameInnovAge Acadia H.Starling.HCA Heal.Tenet He.Encompas. 
Mkt Cap-2.6-94.321.912.017.0
P/S-0.8-1.21.01.91.1
P/Op Inc-7.6-7.85.010.87.7
P/EBIT--2.7-7.74.710.46.2
P/E--2.3-13.89.819.411.8
P/CFO-12.2-8.55.59.99.2
Total Yield--43.8%-8.0%10.2%5.8%6.9%
Dividend Yield-0.0%-0.7%0.0%0.6%0.3%
FCF Yield 3Y Avg--9.2%-6.9%14.5%3.4%5.2%
D/E-1.0-0.50.60.20.6
Net D/E-0.9-0.50.50.20.5

Returns

INNVACHCSTLNHCATHCEHCMedian
NameInnovAge Acadia H.Starling.HCA Heal.Tenet He.Encompas. 
1M Rtn-0.2%3.5%4.5%5.3%-2.4%0.0%1.8%
3M Rtn21.7%13.9%34.6%14.2%51.8%24.4%23.1%
6M Rtn40.9%24.6%34.6%-13.1%30.8%27.5%29.1%
12M Rtn115.4%28.4%34.6%7.4%37.7%-2.2%31.5%
3Y Rtn55.6%-59.4%34.6%72.1%274.3%80.6%63.8%
1M Excs Rtn0.6%4.3%5.3%6.0%-1.7%0.8%2.5%
3M Excs Rtn19.7%11.9%32.6%12.2%49.8%22.4%21.1%
6M Excs Rtn14.8%7.6%18.8%-29.9%11.9%9.1%10.5%
12M Excs Rtn103.4%13.3%18.7%-8.1%26.9%-17.2%16.0%
3Y Excs Rtn1.8%-131.5%-36.6%-4.2%197.9%10.2%-1.2%

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$10.92 
Market Cap ($ Bil)1.5 
First Trading Date03/04/2021 
Distance from 52W High-9.8% 
   50 Days200 Days
DMA Price$11.06$8.47
DMA Trendupup
Distance from DMA-1.2%29.0%
 3M1YR
Volatility44.9%78.1%
Downside Capture76.0218.08
Upside Capture172.77104.48
Correlation (SPY)22.6%13.3%
INNV Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta-0.351.110.681.170.901.10
Up Beta-2.04-0.941.101.201.351.34
Down Beta-2.481.55-0.550.610.770.70
Up Capture32%134%198%153%169%159%
Bmk +ve Days10213268138427
Stock +ve Days9183363131360
Down Capture189%232%17%124%30%104%
Bmk -ve Days11213259113324
Stock -ve Days12243163114365

[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
INNV120.0%77.9%1.32-
Sector ETF (XLV)24.4%16.1%1.1626.1%
Equity (SPY)16.9%12.9%0.9413.1%
Gold (GLD)19.1%29.3%0.6013.5%
Commodities (DBC)46.9%20.6%1.76-5.1%
Real Estate (VNQ)4.9%13.6%0.1027.9%
Bitcoin (BTCUSD)-34.5%43.9%-0.849.5%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INNV
INNV-6.2%74.6%0.24-
Sector ETF (XLV)6.4%15.2%0.2425.5%
Equity (SPY)12.9%17.2%0.5726.8%
Gold (GLD)19.1%18.8%0.838.7%
Commodities (DBC)11.3%19.5%0.451.7%
Real Estate (VNQ)1.1%18.8%-0.0529.2%
Bitcoin (BTCUSD)11.2%52.5%0.3913.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INNV
INNV-7.7%72.1%0.11-
Sector ETF (XLV)10.6%16.7%0.5125.0%
Equity (SPY)15.1%18.0%0.7226.6%
Gold (GLD)12.1%16.4%0.618.4%
Commodities (DBC)8.3%18.1%0.372.0%
Real Estate (VNQ)4.4%20.7%0.1828.1%
Bitcoin (BTCUSD)61.7%66.1%1.0213.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity1.0 Mil
Short Interest: % Change Since 815202618.1%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest5.5 days

Earnings Returns History

Updated 9/17/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/8/20264.8%3.8% 
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
# Negative11910
Median Positive4.8%12.0%15.9%
Median Negative-6.8%-5.6%-9.6%
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% 
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
# Negative11910
Median Positive4.8%12.0%15.9%
Median Negative-6.8%-5.6%-9.6%
Max Positive37.5%52.3%68.4%
Max Negative-24.9%-41.8%-43.9%

SEC Filings

Expand for More
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 9/9/2026

Latest: Q4 2026 Earnings Reported 9/8/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 CensusReported8,6258,7388,8509.2% Higher NewGuidance: 8,000 for 2026
2027 Total Member MonthsReported0.10 Mil0.10 Mil0.10 Mil7.9% Higher NewGuidance: 94,300 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 CensusReported7,9008,0008,1000 AffirmedGuidance: 8,000 for 2026
2026 Total Member MonthsReported92,90094,30095,7000 AffirmedGuidance: 94,300 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 CensusReported7,9008,0008,1000 AffirmedGuidance: 8,000 for 2026
2026 Total Member MonthsReported92,90094,30095,7001.4% RaisedGuidance: 93,000 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 CensusReported7,9008,0008,1000 AffirmedGuidance: 8,000 for 2026
2026 Total Member MonthsReported91,60093,00094,4000 AffirmedGuidance: 93,000 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 7/27/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Scarbrough, Michael AnthonyPresident and COODirectSell111720254.9033,000161,700586,123Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Scarbrough, Michael AnthonyPresident and COODirectSell111720254.9033,000161,700586,123Form

Investor Activity (13F)

Updated Sep 19, 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: 9/18/2026