Does InnovAge Holding Corp. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores InnovAge Holding Corp. (INNV) 29.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 25, returns on capital 6, balance-sheet safety 55, capital discipline 44.

How has INNV's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 29.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

InnovAge Holding Corp.

INNV · Healthcare · $1.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power25

Median gross margin 17.6% over 4y, stable.

Returns on capital6

Median ROIC -5.6%, above the 9% hurdle in 17% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count flat.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $11.50
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

7 years of fundamentals

The business, in plain English

InnovAge Holding Corp. booked $853.7M of revenue in FY2025 in the Healthcare sector and kept 18.0% of it as gross profit — a moderate-margin business by that measure. After every other cost, −3.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $567.2M (FY2020) to $853.7M (FY2025) — about 8.5% a year compounded over 5 years.

It earned −10.2% on invested capital in FY2025, with a median of −5.6% across 6 filed years. The Returns on Capital filter above scores it 6/100.

The balance sheet carried $59.7M of total debt in FY2025. Balance-Sheet Safety scores it 55/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (55/100) and Returns on Capital the weakest (6/100), which is how INNV lands at 29/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$853.7M FY2025

Gross marginRevenue kept after cost of goods18.0% FY2025

Return on invested capitalOperating profit on the capital employed−10.2% FY2025

Owner earningsCash an owner could take out−$17.1M FY2025

Gaps in a line mean that item isn’t in INNV’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale29.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — INNV has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#356 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#354OPK OPKO Health, Inc.29.3 out of 100, No moatNo moat
#355ENOV Enovis CORP29.2 out of 100, No moatNo moat
#357CFOO China Foods Holdings Ltd.28.7 out of 100, No moatNo moat
#358HURC HURCO COMPANIES, INC.28.4 out of 100, No moatNo moat

Compare INNV with its nearest peers →All Healthcare companies on the Index →

Common questions about INNV

Does InnovAge Holding Corp. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores InnovAge Holding Corp. (INNV) 29.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 25, returns on capital 6, balance-sheet safety 55, capital discipline 44.
How has INNV's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 29.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell INNV. See the disclaimer.