With earnings sending mixed signals, energy markets reacting to geopolitical headlines, and investors watching every word from the Federal Reserve, defensiveness can look more appealing than chasing the latest growth story. This article focuses on large, established companies that tend to sit in steadier parts of the market, where cash flows often hold up better through economic swings. From this Defensive Stocks screener, three stocks appear closely tied to the current news cycle in a potentially positive way. Read on to see which three companies stand out and how this backdrop could influence their risk and return trade offs.

InnovAge Holding (INNV)

Overview: InnovAge Holding runs Program of All Inclusive Care for the Elderly (PACE) centers and in home services that coordinate medical, therapy, transportation and personal care to help frail seniors stay in their own homes rather than move into institutions. Operating across several US states, InnovAge Holding acts as a one stop care manager for high need seniors who qualify for government funded programs.

Operations: InnovAge Holding generates about US$948.7m from its core PACE operations and around US$0.5m from other activities, with all revenue coming from the United States.

Market Cap: US$1.31b

InnovAge Holding operates in a part of healthcare that can appear comparatively resilient when earnings are choppy elsewhere, because its PACE model is tied to caring for seniors with chronic conditions rather than discretionary spending. The company is still reporting losses, including a Q3 2026 net loss of US$29.46m, and faces risks related to rising care costs, regulatory scrutiny and expansion related losses. Analysts also forecast changes in earnings over the coming years, and revenue guidance of US$950m to US$975m highlights the scale of the current business. For investors interested in more defensive healthcare exposure, the balance between these risks and the potential for improved profitability may make InnovAge Holding a candidate for further research.

InnovAge Holding sits at the crossroads of steady senior care demand and still loss making operations, and the real story sits in how its earnings profile could shift from here. This is exactly what the analyst forecasts for InnovAge Holding starts to unpack before raising one critical question investors often miss.

Omada Health (OMDA)

Overview: Omada Health runs virtual care programs that help people manage chronic conditions such as prediabetes, diabetes, hypertension and musculoskeletal problems, combining digital tools, remote coaching and clinical support. It sells these programs primarily to employers, health plans, health systems and pharmacy benefits managers across the United States.

Operations: Omada Health generates about US$283.3m from its virtual care program offerings, with all revenue coming from the United States.

Market Cap: US$1.12b

Omada Health gives investors exposure to healthcare technology that many consider relatively defensive when earnings are mixed and some tech stocks are under pressure, because its business is built around long term management of chronic conditions rather than discretionary trends. The company is still reporting losses, and there are questions about execution on GLP 1 obesity treatments, AI tools and a planned investment step up in 2026, as well as board turnover and insider selling. At the same time, revenue guidance points to a growing virtual care platform, and recent partnerships and clinical results in obesity care indicate that it is competing for a larger role in employer and payer budgets. This focus on chronic care management is a central element of the Omada Health story.

Omada Health sits where chronic care demand intersects with GLP 1 and AI ambition, yet the real tension is whether the current plan stretches or strengthens the business. The analysis report for Omada Health reveals the one pressure point that could flip the story.

Axonics (AXNX)

Overview: Axonics develops and sells medical devices that use mild electrical pulses to treat bladder and bowel problems such as overactive bladder, urinary retention and fecal incontinence. It also offers Bulkamid, an injectable product to treat female stress urinary incontinence.

Operations: Axonics generates about US$431.9m from medical products, with roughly US$405.2m from the United States and US$26.7m from international markets.

Market Cap: US$3.6b

Axonics gives you exposure to a medical device business tied to chronic conditions where patients often keep using therapies regardless of economic cycles. This can look appealing when earnings are mixed and tech stocks are under pressure. The company is still unprofitable and relies on external funding, yet analysts expect earnings to grow faster than revenue and see a path to profitability within 3 years. This makes the large gap between its current price and some fair value estimates hard to ignore. At the same time, a higher P/S multiple and use of borrowing mean Axonics is not a low risk holding. That balance between resilience and funding risk is where the real opportunity may sit for patient investors.

Axonics looks like a chronic care story where funding risk and a rich P/S tag could be masking something investors have not fully priced in yet, and the analyst forecasts for Axonics may be where that tension really shows up.

The three defensive stocks in this article are only a starting point, as the full Defensive Stocks screener surfaces 7 more large companies across the US, UK, Canada, Australia and New Zealand with similarly compelling stories around resilient earnings and balance sheet strength. Use Simply Wall St to identify, filter and analyze the exact catalysts and narratives that matter to you, so you can focus on the highest conviction defensive ideas instead of sifting through every stock in the market.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.