InnovAge Holding Corp. (INNV) vs Nutex Health Inc. (NUTX)

InnovAge Holding Corp. and Nutex Health Inc. are both Medical Care Facilities companies. Nutex Health Inc. is the larger, with a market value of $1.4B against $1.2B — 1.2× the size. InnovAge Holding Corp. has negative trailing earnings, so its P/E is not meaningful; Nutex Health Inc. trades at 8.4×. InnovAge Holding Corp. grew revenue faster over the last twelve months: 15.9% against 6.88%. Nutex Health Inc. has the higher net margin (21.3% vs −0.26%) and the higher return on invested capital (37.9% vs 1.06%). Across the 21 metrics below, Nutex Health Inc. leads on 14 and InnovAge Holding Corp. on 7.

Valuation

Metric INNV NUTX Medical Care Facilities median
P/E n/m 8.45 19.16
P/S 1.23 1.79 0.90
P/B 5.12 2.98 2.91
Price to free cash flow 24.10 5.52 12.62
EV/EBITDA 46.32 4.17 10.06
EV/Sales 1.15 1.90 1.35
Earnings yield (0.22%) 11.83% 2.30%
Free cash flow yield 4.15% 18.13% 4.14%

Profitability

Metric INNV NUTX Medical Care Facilities median
Gross margin 23.01% 51.26% 30.78%
Operating margin 0.26% 43.02% 5.74%
Net margin (0.26%) 21.25% 2.32%
Free cash flow margin 5.47% 32.38% 5.46%
Return on equity (1.06%) 42.63% 8.76%
Return on assets (0.47%) 19.93% 2.18%
Return on invested capital 1.06% 37.92% 5.40%

Growth

Metric INNV NUTX Medical Care Facilities median
Revenue growth (TTM) 15.93% 6.88% 7.12%
EPS growth (last fiscal year) 90.91% 7.93% —
Revenue growth, 5-year CAGR 9.19% 26.14% 9.58%
Net income growth, 5-year CAGR 0.00% (7.75%) 0.00%

Health

Metric INNV NUTX Medical Care Facilities median
Debt to equity 0.24 0.59 0.30
Current ratio 1.05 5.00 1.22
Net debt to EBITDA (3.47) 0.43 1.32

Dividend

Metric INNV NUTX Medical Care Facilities median
Dividend yield — — 0.85%
Payout ratio 0.00 0.00 0.00

Size

Metric INNV NUTX Medical Care Facilities median
Market cap 1.21b 1.40b 1.34b

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