InnovAge: Operational Momentum Is Winning Out Over The Risks

InnovAge Holding Corp. remains a Buy as profitability and cash flow have improved, despite shares rising over 30%. INNV's fiscal 2026 revenue grew 15.9% to $989.7M, with adjusted EBITDA margin expanding to 9.6% and strong cash generation. Management forecasts 2027 revenue of $1.05–$1.085B and adjusted EBITDA of $105–$115M, prioritizing capacity utilization over aggressive new builds.