stockrowInnovAge Holding Corp.
INNV Healthcare Medical Care Facilities
InnovAge Holding Corp.’s revenue for fiscal 2026 (year ended June 2026) was $989.7 million, up 15.9% from fiscal 2025.
- Revenue
- +12.1%
- EPS
- +155.0%
- Free cash flow
- +18,885.6%
- Total debt
- −16.7%
Quarter to September 2026, against a year earlier
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InnovAge Holding Corp. (INNV) Altman Z-score
InnovAge Holding Corp.'s Altman Z-score for fiscal 2026 is 4.58, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 4.58 | 2.35 |
| FY2025 | 2.23 | (0.43) |
| FY2024 | 2.65 | (0.62) |
| FY2023 | 3.28 | 0.10 |
| FY2022 | 3.18 | (6.65) |
| FY2021 | 9.83 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.02 | |
| Retained earnings / total assets | (0.19) | — | −0.27 | |
| EBIT / total assets | 0.00 | — | 0.02 | |
| Market value of equity / total liabilities | 5.05 | — | 3.03 | |
| Sales / total assets | 1.78 | — | 1.78 | |
| Altman Z-score | Safe zone | 4.58 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.32 | ||
Z and Z″ put InnovAge Holding Corp. in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| HCSG Healthcare Services Group, Inc. compare | 6.6× |
| INNV InnovAge Holding Corp. | 4.6× |
| NUTX Nutex Health Inc. compare | 3.3× |
| PNTG The Pennant Group, Inc. compare | 2.3× |
| USPH U.S. Physical Therapy, Inc. compare | 2.1× |
| ARDT Ardent Health, Inc. compare | 2.0× |
| AGL Agilon Health, Inc. compare | 1.5× |
| SNDA Sonida Senior Living, Inc. compare | −0.1× |
| CMPS COMPASS Pathways PLC Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets