INV
Innventure, Inc.Financial Services·Asset Management
$5.33
$329M market cap
Revenue
$2.3M
Free Cash Flow
$-59.3M
Rev Growth
+0.0%
FCF Margin
-2617.1%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Innventure, Inc. operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. The company was founded in 2015 and is based in Orlando, Florida.
2-Year Price History
$6.64-39.0%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 1.4 | -27.3 | -27.3 | -20.7 | -34.0 | -34.9 | -0.9 | 55.4 | 6.9 | 54.4 | -77.6% | -27.6x | -- |
| Act | 2025-Q4 | 0.8 | -44.2 | -31.7 | -37.8 | -24.4 | -24.4 | -0.1 | 60.5 | 33.4 | 54.4 | -102.1% | -21.1x | -- |
Valuation & Metrics
Market Stats
Price$5.33
Market Cap$329M
Enterprise Value$281M
P/S Ratio145.4x
P/FCF--
EV/FCF--
FCF Margin (TTM)-2617.1%
FCF Yield-18.0%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$2.3M
Net Income$-58.5M
Free Cash Flow$-59.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin-3154.3%
Net Margin-2581.7%
FCF Margin-2617.1%
CapEx % of Revenue39.4%
SBC % of Revenue216.3%
ROIC-89.8%
WC Change % Rev32.9%
Interest Coverage-64.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares9.1M
Days to Cover3.5
Change (vs Prior)+8.1%
Need at least 2 settlement dates for chart
Employees
Headcount153
Revenue / Employee$14,804
Gross Profit / Employee$-58,745
Cash Runway
11.2months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
13.6%(+11.8% YoY)
96 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
8.4%(+6.4% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
1.9%(+1.9% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $12.1M | $5.15 | +$5.2M | +$10.8M | -0.2% | $5.69T |
| PNC FINANCIAL SERVICES GROUP, INC. | $12.0M | $5.08 | +$0 | +$10.9M | +0.3% | $173.16B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $10.1M | $3.91 | +$10.1M | +$10.1M | — | $4.04T |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $6.6M | $4.02 | +$3.9M | +$6.6M | -0.6% | $77.14B |
| Point72 Asset Management, L.P. | $4.9M | $3.91 | +$4.9M | +$4.9M | +0.9% | $54.88B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $4.7M | $5.07 | +$2.1M | +$4.0M | +2.3% | $1.61T |
| BALYASNY ASSET MANAGEMENT LLC | $4.5M | $3.98 | +$4.4M | +$4.4M | -0.4% | $48.01B |
| CastleKnight Management LP | $4.0M | $4.28 | +$3.7M | +$4.0M | +1.2% | $2.13B |
| STATE STREET CORPPassive | $3.8M | $4.35 | +$1.9M | +$3.7M | -0.2% | $2.89T |
| STIFEL FINANCIAL CORP | $3.3M | $4.13 | +$605K | +$3.3M | -0.3% | $108.17B |
| CenterBook Partners LP | $3.3M | $3.91 | +$3.3M | +$3.3M | -0.3% | $1.85B |
| Abundance Wealth Counselors | $3.1M | $4.78 | +$3K | +$3.1M | -0.7% | $697M |
| AQR CAPITAL MANAGEMENT LLC | $2.3M | $3.91 | +$2.3M | +$2.3M | -0.2% | $218.19B |
| TITLEIST ASSET MANAGEMENT, LLC | $2.1M | $4.16 | +$174K | +$2.1M | -0.6% | $1.32B |
| UBS Group AG | $1.8M | $4.27 | +$1.2M | +$1.8M | -0.3% | $562.11B |
| Belpointe Asset Management LLC | $1.7M | $5.30 | −$146K | +$1.7M | -0.4% | $2.74B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1.5M | $7.98 | +$523K | +$908K | +0.7% | $645.81B |
| NORTHERN TRUST CORPPassive | $1.4M | $5.30 | +$701K | +$1.2M | -0.2% | $755.34B |
| GROUP ONE TRADING LLCMM | $1.2M | $4.00 | +$825K | +$1.2M | -1.6% | $3.02B |
| VANGUARD FIDUCIARY TRUST COPassive | $1.2M | $3.91 | +$1.2M | +$1.2M | — | $395.83B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.14%
avg per quarter
Holders (ex-self)
+0.14%
excl. this stock
Buyers (this Q)
+0.22%
83 buyers · $0.05B in
Sellers (this Q)
+0.13%
8 sellers · $0.00B out
alpha coverage: 87% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+27.0%
how holders react when this stock falls
On quiet Qs
+18.3%
−10% to +10% baseline
On rallies (+10%+)
+3.6%
how they react when this stock rises
Holders' portfolio flow this Q
+6.4%
inflows — adds are organic
Sellers' portfolio flow this Q
-1.4%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.6%
Holder mid (any stock)
-1.8%
Holder rally (any stock)
-10.6%
Biggest decreases this quarter
Yorkville Advisors Global, LPexited−$5.4MDRIEHAUS CAPITAL MANAGEMENT LLCexited−$5.3MMILLENNIUM MANAGEMENT LLCexited−$1.0MNewEdge Advisors, LLCexited−$631KDiametric Capital, LPexited−$556KMARSHALL WACE, LLPexited−$525KRAYMOND JAMES FINANCIAL INCexited−$329KXTX Topco Ltdexited−$309KROYAL BANK OF CANADAexited−$254KEVERGREEN CAPITAL MANAGEMENT LLCexited−$148K
New buyers this quarter
Top-5 holders · 46.5%
BlackRock, Inc.--
PNC FINANCIAL SERVICES GROUP, INC.--
VANGUARD CAPITAL MANAGEMENT LLC--
SUSQUEHANNA INTERNATIONAL GROUP, LLP--
Point72 Asset Management, L.P.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
PNC FINANCIAL SERVICES GROUP, INC.3.1MYorkville Advisors Global, LP—DRIEHAUS CAPITAL MANAGEMENT LLC—Point72 Asset Management, L.P.1.3MBALYASNY ASSET MANAGEMENT LLC1.1MAbundance Wealth Counselors783KCastleKnight Management LP1.0MSTIFEL FINANCIAL CORP849KCenterBook Partners LP849KAQR CAPITAL MANAGEMENT LLC584K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (1 analysts)$8.005010.0%
Current Price$5.33
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$244K
5 txns · 5 insiders · 58,786 sh
Sells ($, 12mo)
$7.85M
11 txns · 2 insiders · 1,476,648 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$11.92M
14 txns · 1 insider · 3,100,513 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-20 | SELL | HENNESSY DANIEL J | director | 582,139 | $5.52 | $3.21M | $1.01M |
| 2026-04-14 | SELL | HENNESSY DANIEL J | director | 2,992 | $5.01 | $15K | $3.83M |
| 2025-12-18 | SELL | WE-INN LLC | 10 percent owner | 252,502 | $4.68 | $1.18M | $28.71M |
| 2025-12-17 | SELL | WE-INN LLC | 10 percent owner | 184,777 | $4.86 | $898K | $31.04M |
| 2025-12-04 | SELL | HENNESSY DANIEL J | director | 55,840 | $5.19 | $290K | $3.95M |
| 2025-12-03 | SELL | WE-INN LLC | 10 percent owner | 172,589 | $4.76 | $822K | $31.29M |
| 2025-12-02 | SELL | HENNESSY DANIEL J | director | 8,450 | $5.01 | $42K | $4.09M |
| 2025-12-02 | BUY | Otworth Michael | director, officer: Executive Chairman | 12,000 | $5.06 | $61K | $17.67M |
| 2025-12-02 | SELL | WE-INN LLC | 10 percent owner | 117,901 | $4.95 | $584K | $33.39M |
| 2025-12-01 | BUY | Austrup Roland | officer: Chief Growth Officer | 4,900 | $5.01 | $25K | $4.35M |
| 2025-12-01 | SELL | HENNESSY DANIEL J | director | 81,993 | $5.13 | $421K | $4.23M |
| 2025-12-01 | SELL | WE-INN LLC | 10 percent owner | 427,301 | $5.11 | $2.18M | $35.07M |
| 2025-11-26 | BUY | Haskell Gregory W | director, officer: Chief Executive Officer | 10,000 | $5.14 | $51K | $3.92M |
| 2025-11-26 | SELL | Scott John Stewart | officer: Chief Strategy Officer | 452,668 | $5.13 | $2.32M | $10.08M |
| 2025-11-25 | SELL | HENNESSY DANIEL J | director | 266,367 | $5.31 | $1.41M | $4.82M |
| 2025-11-21 | BUY | Donnally James O | director | 27,886 | $3.37 | $94K | $94K |
| 2025-11-20 | BUY | Niemeyer Suzanne | director | 4,000 | $3.40 | $14K | $1.83M |
| 2025-11-20 | SELL | WE-INN LLC | 10 percent owner | 302,211 | $3.51 | $1.06M | $25.59M |
| 2025-11-19 | SELL | WE-INN LLC | 10 percent owner | 235,765 | $3.34 | $787K | $25.36M |
| 2025-11-18 | SELL | WE-INN LLC | 10 percent owner | 263,782 | $3.61 | $952K | $28.26M |
Order Flow (FINRA, ~3w lag)
29.0%retail-2.5pp
18.4%dark-0.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Innventure, Inc.: A Dilution Machine Masked as a Tech Incubator
Overall Risk
9/10
Fraud
4/10
Dilution
10/10
Insolvency
10/10
Earnings Overstated
3/10
Hidden Liabilities
7/10
Legal
5/10
Audit Warnings
10/10
Hidden Upside
3/10
Contextually Acceptable
2/10