MeritValue

InnovAge Holding Corp.

INNVdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

InnovAge Holding Corp. earns about -10% on equity, but has diluted owners by 10% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$637.8M1$698.6M2$688.1M3$763.9M4$853.7M4
Net income−$44M5−$6.52M6−$40.7M7−$21.3M8−$30.3M8
Operating cash flow−$7.55M9$27.3M10$20.2M11−$36.9M12$32.9M12
Capital expenditure$17.5M13$38.2M14$23.4M15$7.91M16$6.26M16
Free cash flow (derived)−$25.1M9−$10.9M10−$3.12M11−$44.8M12$26.6M12
Total debt$152.7M17$145.6M18$138.4M19$131.3M20$119.7M20
Cash & equivalents$201.5M21$184.4M22$127.2M23$56.9M24$64.1M24
Diluted shares123.6M135.5M135.6M135.9M135.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$17.36
your share of equity
Profit it earned you last year
−$2.24
Free cash flow it threw off
$1.96
Debt you’d be carrying
$8.84

10 shares is a claim on $17.36 of net worth that earned you −$2.24 and generated $1.96 of cash last year, against $8.84 of debt.

iii. Is this a good business?
Moat signal · return on equity
-10% avg · 5y
FY21 -13%FY22 -2%FY23 -14%FY24 -8%FY25 -13%

It earned an average -10% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+10% shares · 5y

Share count is up 10% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 22% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001558370-22-014380 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001834376-23-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001834376-24-000074 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001834376-25-000062 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001558370-22-014380 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001834376-23-000017 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001834376-24-000074 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001834376-25-000062 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001558370-22-014380 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001834376-23-000017 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001834376-24-000074 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001834376-25-000062 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001558370-22-014380 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001834376-23-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001834376-24-000074 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001834376-25-000062 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0001558370-22-014380 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-06-30 · accession 0001834376-23-000017 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-06-30 · accession 0001834376-24-000074 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-06-30 · accession 0001834376-25-000062 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-06-30 · accession 0001558370-22-014380 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-06-30 · accession 0001834376-23-000017 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-06-30 · accession 0001834376-24-000074 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-06-30 · accession 0001834376-25-000062 (CashAndCashEquivalentsAtCarryingValue)