Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| InnovAge Holding Corp.INNV · healthcare | |
|---|---|
| Grade |  A/Bon the A/B boundary of 371 graded peers; percentile 19.2, sampling error 2.5 points; lower is stronger |
| Rank | 72 of 371 |
| Profitability | Bpercentile 33.2 |
| Solvency | B/Cpercentile 41.5 |
| Growth and financing | B/Cpercentile 38.7 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $557.4M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active · fortress balance sheet |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Sep 9, 202630 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $9.112026-10-08; market equity $1.2B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Sep 9, 2026; the document on sec.gov.
InnovAge is the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to high-cost, seniors, many of whom are dual-eligible. Our programs are designed to address two of the most pressing challenges facing the U.S. healthcare industry: rising costs and poor outcomes. The purpose of our participant-centered care delivery approach is to improve the quality of care our participants receive, while keeping them in their homes for as long as safely possible and reducing over-utilization of high-cost care settings such as hospitals and nursing homes.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 33.2 | |||||||
| Gross profitability | 40.9% | [1,5] | 32.2% | 31.0 | 372 | 2026-06-30 | |
| Return on invested capital | not computable | 9.3% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (12.4%) | [1,6-8] | (6.6%) | 35.3 | 811 | 2026-06-30 | |
| Gross margin stability, five years | not computable | 2.8 pts | |||||
| five annual gross margins are required; found 4 | |||||||
| Solvency, sleeve percentile 41.5 | |||||||
| Twelve-month failure probability | 0.05% | 0.07% | 32.4 | 248 | 2026-06-30 | ||
| Altman Z double-prime | 0.39 | [1,9-14] | (0.31) | 35.6 | 756 | 2026-06-30 | |
| Net debt to EBITDA | (2.07x) | [3-4,12,15] | 1.82x | 9.5 | 75 | 2026-06-30 | |
| Interest coverage | not computable | (4.51x) | |||||
| latest aligned inputs end 2022-06-30; latest annual assets end 2026-06-30 | |||||||
| Current ratio | 1.05x | [9-10] | 2.96x | 88.5 | 839 | 2026-06-30 | |
| Growth and financing, sleeve percentile 38.7 | |||||||
| Revenue growth, three-year compound | 12.9% | [2,16-18] | 10.0% | 44.0 | 415 | 2026-06-30 | |
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| one or more required annual facts are missing | |||||||
| Asset growth, three years | (0.6%) | [1,8,19-20] | 2.1% | 52.2 | 704 | 2026-06-30 | |
| Net share issuance, one year | 0.6% | [21-22] | 2.5% | 20.1 | 634 | 2026-09-01 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.276; sampling error 2.5 percentile points on 371 peers.
Among 371 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 67 | UFP Technologies Inc. (UFPT) UFP Technologies Inc. (UFPT) A/Bon the A/B boundary; percentile 17.8 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $2.2B; last close $287.96 No active warnings; 10 of 14 inputs | 17.8 | A/B | |
| 68 | Conmed Corp. (CNMD) Conmed Corp. (CNMD) A/Bon the A/B boundary; percentile 18.1 NYSE · Electromedical & Electrotherapeutic Apparatus market equity $1.4B; last close $45.19 No active warnings; 11 of 14 inputs | 18.1 | A/B | |
| 69 | Dexcom Inc. (DXCM) Dexcom Inc. (DXCM) A/Bon the A/B boundary; percentile 18.4 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $31.9B; last close $84.44 Warnings: fortress balance sheet; 10 of 14 inputs | 18.4 | A/B | fortress balance sheet |
| 70 | Orthofix Medical Inc. (OFIX) Orthofix Medical Inc. (OFIX) A/Bon the A/B boundary; percentile 18.6 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $366.6M; last close $8.99 No active warnings; 8 of 14 inputs | 18.6 | A/B | |
| 71 | Adma Biologics, Inc. (ADMA) Adma Biologics, Inc. (ADMA) A/Bon the A/B boundary; percentile 18.9 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $2.3B; last close $10.32 Warnings: late filer, fortress balance sheet; 10 of 14 inputs | 18.9 | A/B | late filer, fortress balance sheet |
| 72 | InnovAge Holding Corp. (INNV) InnovAge Holding Corp. (INNV) A/Bon the A/B boundary; percentile 19.2 Nasdaq · Services-Health Services market equity $1.2B; last close $9.11 Warnings: fortress balance sheet; 9 of 14 inputs | 19.2 | A/B | fortress balance sheet |
| 73 | Merit Medical Systems Inc. (MMSI) Merit Medical Systems Inc. (MMSI) A/Bon the A/B boundary; percentile 19.5 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $5.1B; last close $85.21 No active warnings; 12 of 14 inputs | 19.5 | A/B | |
| 74 | Alpha PRO Tech Ltd. (APT) Alpha PRO Tech Ltd. (APT) A/Bon the A/B boundary; percentile 19.7 NYSE · Orthopedic, Prosthetic & Surgical Appliances & Supplies market equity $61.2M; last close $5.96 No active warnings; 9 of 14 inputs | 19.7 | A/B | |
| 75 | Ocular Therapeutix, Inc. (OCUL) Ocular Therapeutix, Inc. (OCUL) A/Bon the A/B boundary; percentile 20.0 Nasdaq · Pharmaceutical Preparations market equity $1.6B; last close $7.51 Warnings: dilution; 8 of 14 inputs | 20.0 | A/B | dilution |
| 76 | Boston Scientific Corp. (BSX) Boston Scientific Corp. (BSX) A/Bon the A/B boundary; percentile 20.3 NYSE · Surgical & Medical Instruments & Apparatus market equity $60.9B; last close $42.03 No active warnings; 12 of 14 inputs | 20.3 | A/B | |
| 77 | Siga Technologies Inc. (SIGA) Siga Technologies Inc. (SIGA) A/Bon the A/B boundary; percentile 20.5 Nasdaq · Pharmaceutical Preparations market equity $235.7M; last close $3.27 Warnings: fortress balance sheet; 8 of 14 inputs | 20.5 | A/B | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | A | 18.7 | 2204 |
| sector peers, equal sleeves (the grade) | A/B | 19.2 | 371 |
| same exchange, equal sleeves | A | 17.7 | 1219 |
| sector peers, equal inputs | B | 24.9 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 109.3% | 8.0% | 89 | hotter than 89 of 100 peers |
| Distance from 52-week high | (24.8%) | (31.4%) | 59 | closer to its high than 59 of 100 peers |
| EBIT to enterprise value | 0.2% | (1.5%) | 55 | pricier than 45 of 100 peers |
| Free cash flow yield | 4.1% | (1.0%) | 75 | pricier than 25 of 100 peers |
| Book value to price | 0.19 | 0.28 | 39 | pricier than 61 of 100 peers |
| Sales to price | 0.80 | 0.31 | 78 | pricier than 22 of 100 peers |
| Composite equity issuance, five years | 0.7% | 20.3% | 28 | more equity-funded than 28 of 100 peers |
| Relative strength against the sector, log excess return | 0.53 | (0.14) | 89 | ahead of 89 of 100 peers |
Inputs: market equity $1.2B; EBIT $2.6M; free cash flow $50.4M; book equity $235.6M; sales $989.7M; debt $48.8M; cash $97.9M[21].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 6 of 9, period end 2026-06-30 | ||
|---|---|---|
| Return on assets above zero | (0.5%) | ✗ fail[6,8] |
| Operating cash flow above zero | $64.7M | ✓ pass[7] |
| Return on assets improved | 5.1 pts | ✓ pass[6,8,19,23] |
| Operating cash flow exceeds net income | $67.3M | ✓ pass[6-7] |
| Long-term leverage fell | (2.3 pts) | ✓ pass[1,8,19,24-25] |
| Current ratio improved | (1.7 pts) | ✗ fail[9-10,26-27] |
| No new shares issued | 0.6% | ✗ fail[21-22] |
| Gross margin improved | 5.0 pts | ✓ pass[2,5,16,28] |
| Asset turnover improved | 32.0 pts | ✓ pass[2,8,16,19] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $97.9M[3] |
| Operating cash flow, four quarters | $64.7M[3,7,29-31] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 30 |
| 10-K received Sep 9, 2026 | |
| Median daily dollar volume | $2.7M |
| 63 sessions | |
| Days since newest grade input | 30 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $557.4M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $989.7M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $97.9M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 4 | total debt | us-gaap:LongTermDebt | $48.8M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 5 | gross profit | us-gaap:GrossProfit | $227.8M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 6 | net income | us-gaap:NetIncomeLoss | -$2.5M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 7 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $64.7M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 8 | assets | us-gaap:Assets | $526.9M | 2025-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 9 | current assets | us-gaap:AssetsCurrent | $214.3M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 10 | current liabilities | us-gaap:LiabilitiesCurrent | $203.9M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 11 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$105.8M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 12 | operating income | us-gaap:OperatingIncomeLoss | $2.6M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 13 | book equity | us-gaap:StockholdersEquity | $235.6M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 14 | liabilities | us-gaap:Liabilities | $288.6M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 15 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $21.1M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $853.7M | 2025-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $763.9M | 2024-06-30 | 2025-09-09 | 10-K | filing · viewer · series |
| 18 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $688.1M | 2023-06-30 | 2024-09-10 | 10-K | filing · viewer · series |
| 19 | assets | us-gaap:Assets | $547.7M | 2024-06-30 | 2025-09-09 | 10-K | filing · viewer · series |
| 20 | assets | us-gaap:Assets | $567.4M | 2023-06-30 | 2024-09-10 | 10-K | filing · viewer · series |
| 21 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 136,451,425 | 2026-09-01 | 2026-09-09 | 10-K | filing · viewer · series |
| 22 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 135,637,975 | 2025-09-02 | 2025-09-09 | 10-K | filing · viewer · series |
| 23 | net income | us-gaap:NetIncomeLoss | -$30.3M | 2025-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 24 | long term debt | us-gaap:LongTermDebtNoncurrent | $45.5M | 2026-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 25 | long term debt | us-gaap:LongTermDebtNoncurrent | $57.5M | 2025-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 26 | current assets | us-gaap:AssetsCurrent | $176.1M | 2025-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 27 | current liabilities | us-gaap:LiabilitiesCurrent | $164.8M | 2025-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 28 | gross profit | us-gaap:GrossProfit | $153.6M | 2025-06-30 | 2026-09-09 | 10-K | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $43.4M | 2026-03-31 | 2026-05-08 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $25.3M | 2025-12-31 | 2026-02-03 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $3.9M | 2025-09-30 | 2025-11-04 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 19.2 is 0.8 points from the nearest band edge; sampling error is 2.5 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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