InnovAge Holding Corp. — Earnings Quality Grade C
INNV · Healthcare
Some red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 16 days, change -7 days YoY
AR growth -24.4% vs revenue growth 11.8%
Revenue 11.8%, CFFO 189.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -20.9% vs revenue 11.8%. Normal
SG&A/Gross Profit = 97.8%, exceeds 70%
Gross margin 18.0%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = -1.08. Below 1.0
FCF $0.0B, FCF/NI = -0.88
Accruals ratio = -12.0%. Low accruals
Cash $0.1B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 62% of equity. Over 50%
Interest coverage = -3.5x (<2x). Financial stress
Other assets grew 66.0% vs revenue 11.8%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 1% YoY. Normal
Manipulation Score
M-Score = -3.29 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25