Innovage Holding Corp. (INNV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-109.6%

-$0.86

vs $8.92 price

Levered DCF

-$2.62

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.12

Safe zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-633.69×	-16.77×	-31.5×	-25×	-87.6×	-64.58×	121×	161.33×
P/B	6.83×	2.13×	2.54×	3.78×	1.79×	8.63×	31.91×	43.44×
P/S	1.62×	0.59×	0.9×	1.48×	0.85×	4.53×	5.68×	6.92×
EV / EBITDA	18.27×	159.49×	642.13×	-31.7×	53.61×	-469.9×	54.05×	73.1×
Gross margin	20.9%	68.5%	17.3%	14.7%	19.4%	25.4%	24.9%	23.8%
Operating margin	6.7%	-3.5%	-3.0%	-7.2%	-0.6%	11.7%	9.0%	8.5%
Net margin	-0.3%	-3.6%	-2.8%	-5.9%	-0.9%	-6.9%	4.6%	4.2%
Current ratio	1.05×	1.07×	1.25×	1.25×	2.29×	3.19×	2.18×	1.43×
Debt / equity	0.37×	0.43×	0.42×	0.42×	0.26×	0.25×	2.16×	2.63×
Interest coverage	15.57×	-6.45×	-5.76×	-32.45×	-1.74×	4.46×	3.48×	4.14×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	0.0%	2.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-21.6%	0.0%	339.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-1.1%	-12.9%	-7.9%	-15.1%	-2.0%	-13.1%	26.0%	26.4%
Return on invested capital	-46.4%	-7.4%	-5.1%	-10.0%	-0.9%	16.1%	10.9%	10.5%
Return on assets	-0.5%	-5.4%	-3.7%	-7.4%	-1.2%	-8.2%	6.4%	5.4%
Free cash flow yield	3.1%	5.3%	-6.5%	-4.4%	-1.8%	-0.9%	1.0%	0.4%
Earnings yield	-0.2%	-6.1%	-3.1%	-4.0%	-1.1%	-1.5%	0.8%	0.6%
Enterprise value	$1.6B	$536.5M	$741M	$1.1B	$493.9M	$2.8B	$3.3B	$3.4B
Net debt / EBITDA	-0.13×	10.98×	48.59×	-1.66×	-10.81×	20.56×	1.68×	2.91×
Cash conversion cycle (days)	-37	-87	-7	-7	-10	-3	6	12