InnovAge Holding Corp.

INNV

HealthcareMedical - Care FacilitiesNASDAQ

$7.57

Market Cap: $1.03B

InnovAge Holding Corp. (INNV) Valuation Summary

Updated May 10, 2026 17:30

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.38 – $27.59	$9.34	+23.4%
Revenue DCF 10Y	$2.11 – $31.05	$10.86	+43.5%
▸ Trading Multiples
EV/Revenue	$5.64 – $21.89	$13.36	+76.5%

Valuation History

DCF Analysis

InnovAge Holding Corp. (INNV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$10.86

Market Price

$7.57

Upside / Downside

+43.5%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -3.5% to a target of 13.2% over 5 years, discounted at a WACC of 8.3%, InnovAge Holding Corp. (INNV) has an intrinsic value of $10.86 per share (range: $2.11 – $31.05).

Key Assumptions

Current Operating Margin

-3.5%

Target Operating Margin

13.2%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.2%

Target CapEx/Rev

6.0%

D&A/Revenue

2.3%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	960	12.5%	-0.1%	-1	-1	22	(25)	26	-30	-29
2027	1,033	7.5%	3.2%	33	26	24	(31)	-1	20	18
2028	1,111	7.6%	6.5%	72	57	26	(37)	-1	47	38
2029	1,195	7.6%	9.8%	118	93	28	(45)	-1	77	58
2030	1,285	7.6%	13.2%	170	134	30	(53)	-1	112	78
2031	1,373	6.8%	13.2%	181	143	32	(62)	-1	114	74
2032	1,456	6.0%	13.2%	192	152	34	(71)	-1	116	69
2033	1,532	5.3%	13.2%	202	160	36	(80)	-1	116	64
2034	1,602	4.5%	13.2%	211	167	37	(90)	-1	115	58
2035	1,662	3.8%	13.2%	219	173	39	(100)	-1	113	53

Enterprise Value Bridge

Sum of PV(FCFF)481

Terminal Value (Gordon Growth at 3.0%)2,190

PV of Terminal Value1,026

Enterprise Value1,507

(–) Net Debt37

Equity Value1,470

(÷) Shares Outstanding135

Fair Value per Share$10.86

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.3%	$5	$12	$18	$25	$31
7.3%	$4	$9	$14	$19	$23
8.3%	$3	$7	$11	$15	$19
9.3%	$3	$6	$9	$12	$15
10.3%	$2	$5	$8	$10	$13

Current price: $7.57. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

InnovAge Holding Corp. (INNV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.34

Market Price

$7.57

Upside / Downside

+23.4%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-3.5%

Target Operating Margin

13.2%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.2%

Target CapEx/Rev

6.0%

D&A/Revenue

2.3%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	960	12.5%	-0.1%	-1	-1	22	(29)	26	-34	-32
2027	1,033	7.5%	3.2%	33	26	24	(39)	-1	12	11
2028	1,111	7.6%	6.5%	72	57	26	(50)	-1	34	28
2029	1,195	7.6%	9.8%	118	93	28	(63)	-1	59	45
2030	1,285	7.6%	13.2%	170	134	30	(77)	-1	88	61

Enterprise Value Bridge

Sum of PV(FCFF)112

Terminal Value (Gordon Growth at 3.0%)1,703

PV of Terminal Value1,189

Enterprise Value1,302

(–) Net Debt37

Equity Value1,265

(÷) Shares Outstanding135

Fair Value per Share$9.34

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.3%	$4	$10	$16	$22	$28
7.3%	$3	$7	$12	$16	$21
8.3%	$2	$6	$9	$13	$16
9.3%	$2	$5	$8	$11	$13
10.3%	$1	$4	$6	$9	$11

Current price: $7.57. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$13.36

Market Price

$7.57

Upside / Downside

+76.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), InnovAge Holding Corp. (INNV) has a fair value of $13.36 based on 8 comparable companies in the Medical - Care Facilities industry.

EV/Revenue Valuation — Medical - Care Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
InnovAge Holding Corp.INNV	1,025	1.2x	1.4x
AMN Healthcare Services, Inc.AMN	1,120	0.7x	0.6x
Sonida Senior Living, Inc.SNDA	661	3.5x	5.1x
SI-BONE, Inc.SIBN	573	2.6x	2.3x
Orthofix Medical Inc.OFIX	471	0.8x	0.7x
Aquestive Therapeutics, Inc.AQST	429	9.9x	9.1x
Community Health Systems, Inc.CYH	393	0.9x	1.0x
AirSculpt Technologies, Inc.AIRS	272	2.3x	1.9x
DarioHealth Corp.DRIO	57	2.8x	2.4x
Industry Median		2.5x	2.1x
(*) Revenue		854	756
= Enterprise Value		2,107	1,584
(-) Net Debt		37	37
Equity Value		2,070	1,547
(/) Outstanding shares		135	135
Fair Price		$15	$11

Selected Fair Value (avg of trailing + forward)

$13.36

+76.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.38 – $27.59

$9.34

+23.4%

Revenue DCF 10Y

$2.11 – $31.05

$10.86

+43.5%

▸ Trading Multiples

EV/Revenue

$5.64 – $21.89

$13.36

+76.5%

DCF Analysis

InnovAge Holding Corp. (INNV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$10.86

Market Price

$7.57

Upside / Downside

+43.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-3.5%

Target Operating Margin

13.2%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.2%

Target CapEx/Rev

6.0%

D&A/Revenue

2.3%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	960	12.5%	-0.1%	-1	-1	22	(25)	26	-30	-29
2027	1,033	7.5%	3.2%	33	26	24	(31)	-1	20	18
2028	1,111	7.6%	6.5%	72	57	26	(37)	-1	47	38
2029	1,195	7.6%	9.8%	118	93	28	(45)	-1	77	58
2030	1,285	7.6%	13.2%	170	134	30	(53)	-1	112	78
2031	1,373	6.8%	13.2%	181	143	32	(62)	-1	114	74
2032	1,456	6.0%	13.2%	192	152	34	(71)	-1	116	69
2033	1,532	5.3%	13.2%	202	160	36	(80)	-1	116	64
2034	1,602	4.5%	13.2%	211	167	37	(90)	-1	115	58
2035	1,662	3.8%	13.2%	219	173	39	(100)	-1	113	53

Enterprise Value Bridge

Sum of PV(FCFF)481

Terminal Value (Gordon Growth at 3.0%)2,190

PV of Terminal Value1,026

Enterprise Value1,507

(–) Net Debt37

Equity Value1,470

(÷) Shares Outstanding135

Fair Value per Share$10.86

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.3%	$5	$12	$18	$25	$31
7.3%	$4	$9	$14	$19	$23
8.3%	$3	$7	$11	$15	$19
9.3%	$3	$6	$9	$12	$15
10.3%	$2	$5	$8	$10	$13

Current price: $7.57. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$13.36

Market Price

$7.57

Upside / Downside

+76.5%

Verdict

Undervalued

EV/Revenue Valuation — Medical - Care Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
InnovAge Holding Corp.INNV	1,025	1.2x	1.4x
AMN Healthcare Services, Inc.AMN	1,120	0.7x	0.6x
Sonida Senior Living, Inc.SNDA	661	3.5x	5.1x
SI-BONE, Inc.SIBN	573	2.6x	2.3x
Orthofix Medical Inc.OFIX	471	0.8x	0.7x
Aquestive Therapeutics, Inc.AQST	429	9.9x	9.1x
Community Health Systems, Inc.CYH	393	0.9x	1.0x
AirSculpt Technologies, Inc.AIRS	272	2.3x	1.9x
DarioHealth Corp.DRIO	57	2.8x	2.4x
Industry Median		2.5x	2.1x
(*) Revenue		854	756
= Enterprise Value		2,107	1,584
(-) Net Debt		37	37
Equity Value		2,070	1,547
(/) Outstanding shares		135	135
Fair Price		$15	$11

Selected Fair Value (avg of trailing + forward)

$13.36

+76.5%