InnovAge (INNV)
Runs PACE centers that coordinate medical and support care for frail seniors.
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Operates PACE centers that coordinate medical, therapy, behavioral health, pharmacy, meals, transportation, and care management for frail seniors. Revenue comes mainly from government capitation payments, and the model is concentrated in U.S. community-based care under Medicare, Medicaid, VA, and state oversight.
Runs one reportable segment, PACE, built around community centers for frail, mostly dual-eligible seniors. Named services include in-center primary care, physical, occupational and speech therapy, dental care, mental health and psychiatric services, meals, activities, transportation, pharmacy, and care management.
Operations are concentrated in the United States across several states. The model coordinates an interdisciplinary care plan intended to keep nursing-home-eligible participants in their homes and communities where possible, with enrollment growth tied to center capacity and utilization.
Revenue comes from capitation payments from Medicare, Medicaid, the Veterans Administration, and private-pay sources. Because InnovAge is at risk for participant care costs and operates under CMS and state oversight, execution depends on care quality, staffing, enrollment permissions, and regulatory remediation obligations.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 9, 2026 | KeyBanc | Reiterate | Rating: —Target: $13 | Target: $14 |
| Aug 21, 2026 | KeyBanc | Upgrade | Target: — | Target: $13 |
| Dec 17, 2024 | JP Morgan | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $141.3M · Total debt $87.0M · Total assets $557.4M · Shareholders' equity $235.6M
- Revenue
- $262.0M
- Operating income
- $16.0M
- Net income
- $8.3M
No dividends on record.
| Institutions | ≈ 13.64% | 18.61M shares | |
|---|---|---|---|
| 110 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 1.38% | 1.89M shares | |
| 14 holders · as of Aug 17, 2026 | |||
| Other | ≈ 84.98% | 115.95M shares | |
| remainder | |||
136.45M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
T. Rowe Price Investment Management, Inc.Institution | 4.49% | 6.12M | as of Jun 30, 2026 |
Federated Hermes, Inc.Institution | 1.40% | 1.90M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 1.09% | 1.49M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 0.69% | 935,264 | as of Jun 30, 2026 |
Patrick T. BlairInsiderofficer: CHIEF EXECUTIVE OFFICER | 0.55% | 751,047 | filed Jul 27, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 14, 2025 | Michael Anthony Scarbrough | officer: President and COO | −33,000 | $4.90 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| InnovAge | $9.62 | −9.76% | $1.45B | — | 20.6 | 1.5 | +18.3% |
| UnitedHealth Group | $368.33 | −1.24% | $338.69B | 24.0 | 17.3 | 0.8 | +0.4% |
| Humana | $371.06 | −0.23% | $44.66B | 35.2 | 30.1 | 0.3 | +26.2% |
| CVS Health | $86.02 | −1.24% | $111.13B | 23.0 | 10.6 | 0.3 | +7.3% |
| Molina Healthcare | $188.83 | −1.23% | $9.98B | 1,006.3 | 26.8 | 0.2 | −4.8% |
| Centene | $62.62 | −1.07% | $31.26B | — | 13.9 | 0.2 | +9.9% |
| Alignment Healthcare | $7.73 | −3.32% | $1.66B | 42.8 | 27.9 | 0.4 | +31.6% |
| Addus HomeCare | $114.91 | +0.59% | $2.13B | 20.0 | 16.0 | 1.4 | +8.0% |
| The Ensign Group | $177.71 | +0.79% | $10.28B | 27.6 | 21.7 | 1.9 | +17.3% |
| Median | 27.6 | 19.5 | 0.3 | +9.0% |