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Innoviva

INVA Nasdaq Pharmaceuticals Financials FY2016–FY2025

Innoviva's revenue rose 14.7% to $411 million in fiscal 2025. Its operating margin was 39.8%, down from 46.5% a year earlier. Free cash flow was $196 million, up 3.9%. It paid out $5 million in dividends and buybacks, 2% of free cash flow. The diluted share count rose 14.2%.

Last close · Oct 23, 2026

$20.66

1.9%
Value it Compare
Revenue Total sales reported in the income statement.
$411M
14.7% vs prior year
Operating margin Operating income as a share of revenue.
39.8%
6.7 pts
Net income Profit after all expenses, interest and tax.
$271M
1,059.0%
Free cash flow Cash from operations minus capital spending.
$196M
3.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.9%
4.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
5.0x
On $4.11 EPS (TTM)

What Innoviva does

No business description yet.

Legal name
INNOVIVA, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001193125-26-071776
0001080014

Revenue and margins

Innoviva had $411M of revenue in fiscal 2025, up 14.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 22.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $196M in fiscal 2025, 47.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Innoviva returned $4.5M to shareholders in fiscal 2025, 2% of free cash flow. The diluted share count rose 14.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Innoviva yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $293M and divides by 84.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 5.0x · peers 15.7x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Innoviva can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $202M$291M$194M$305M$551M
Debt incl. finance leases $395M$540M$446M$256M$258M
Net debt / EBITDA 0.5x————
Debt / equity 1.0x1.0x0.7x0.4x0.2x
Interest coverage 19.7x19.2x5.9x7.5x9.8x
Current ratio 54.0x3.3x9.0x2.4x14.6x
Quick ratio 54.0x2.9x8.0x2.2x13.9x
Total assets $926M$1.2B$1.2B$1.3B$1.6B
Total liabilities $401M$666M$569M$610M$462M
Shareholders' equity $415M$566M$675M$691M$1.2B
Net debt (− = net cash) $193M$249M$253M−$48.7M−$293M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✕
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✕
Gross margin rose — ✓ ✕
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 87 / 96 / 9
Accruals ratio 3.1%−13.0%5.1%
Altman Z'' 3.413.656.59

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Innoviva INVA $1.5B 14.7% 39.8% 47.6% 17.9% 5.0x 6
Amphstar Pharmaceuticals AMPH $1.1B −1.7% 19.5% 16.8% 9.9% 14.9x 6 Compare →
Corcept Therapeutics CORT $10.2B 12.8% 5.9% 18.6% 15.7% — 3 Compare →
Collegium Pharmaceutical COLL $746M 23.6% 23.0% 42.0% 53.4% 18.5x 6 Compare →
ANI Pharmaceuticals ANIP $1.6B 43.8% 12.6% 19.4% 15.9% 15.7x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $134M $217M $261M $261M $337M $392M $331M $311M $359M $411M
Gross profit — — — — — — — $246M $296M $308M
Research and development $1.4M $1.4M $0.0M $0.0M $1.8M $0.6M $41.4M $33.9M $13.7M $30.6M
Operating income $109M $184M $238M $246M $321M $375M — $114M $167M $164M
Interest expense $52.4M $43.6M $24.0M $18.7M $18.3M $19.1M $15.8M $19.2M $22.2M $16.7M
Pretax income $59.6M $134M $210M $233M $354M $445M $287M $194M $37.4M $327M
Income tax $0.1M $0.0M −$196M $41.9M $60.4M $76.4M $66.7M $14.4M $14.0M $55.7M
Net income $59.5M $134M $406M $191M $294M $369M $220M $180M $23.4M $271M
Diluted EPS $0.53 $1.17 $3.53 $1.43 $2.02 $2.87 $2.37 $2.20 $0.36 $3.30
Diluted shares 0.12B 0.12B 0.11B 0.11B 0.11B 0.09B 0.10B 0.09B 0.07B 0.08B
Cash flow
Cash from operations $61.0M $142M $224M $258M $313M $364M $202M $141M $189M $197M
Capital expenditure $0.3M $0.0M $0.0M $0.0M $0.0M $0.0M $0.1M $0.4M $0.3M $1.1M
Free cash flow $60.7M $142M $224M $257M $313M $364M $202M $141M $188M $196M
Depreciation and amortization $14.0M $14.0M $13.9M $13.9M $13.8M $13.8M — — — —
Stock-based compensation $8.3M $9.8M $3.2M $2.1M $1.7M $2.0M $7.3M $5.8M $6.4M $9.5M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $78.1M $97.5M $0.0M $0.0M $0.0M $394M $8.5M $75.7M $14.8M $4.5M
Dividends paid $1.0M $0.3M $0.1M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $79.1M $97.8M $0.1M $0.0M $0.0M $394M $8.5M $75.7M $14.8M $4.5M
Balance sheet
Cash and short-term investments $150M $129M $115M $351M $247M $202M $291M $194M $305M $551M
Total debt $716M — $383M $377M $386M $395M $540M $446M $256M $258M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $198M $200M $199M $431M $342M $314M $444M $344M $554M $728M
Current liabilities $20.0M $34.7M $5.7M $5.4M $6.1M $5.8M $135M $38.1M $236M $49.7M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $55.9M $40.7M $33.7M $39.2M
Property and equipment, net $0.4M $0.2M $0.2M $0.0M $0.0M $0.0M $0.2M $0.5M $0.5M $1.6M
Total assets $379M $367M $548M $725M $1,000M $926M $1.2B $1.2B $1.3B $1.6B
Total liabilities $732M $610M $389M $383M $392M $401M $666M $569M $610M $462M
Shareholders' equity −$353M −$243M $154M $314M $540M $415M $566M $675M $691M $1.2B
Margins
Gross margin — — — — — — — 79.3% 82.6% 74.8%
Operating margin 81.6% 84.5% 91.3% 94.4% 95.4% 95.7% — 36.7% 46.5% 39.8%
EBITDA margin 92.0% 91.0% 96.6% 99.7% 99.5% 99.3% — — — —
Net margin 44.6% 61.8% 155.7% 73.2% 87.2% 94.1% 66.5% 57.9% 6.5% 65.9%
FCF margin 45.5% 65.3% 85.6% 98.6% 93.0% 92.8% 60.9% 45.3% 52.5% 47.6%
Returns
Return on capital 50.5% — — 50.8% 47.8% 42.4% 30.3% 12.1% 13.3% 17.9%
Return on capital employed 28.9% 53.1% 54.5% 39.0% 37.5% 39.2% 30.0% 9.9% 14.7% 12.4%
Return on equity — — — 81.8% 68.9% 77.3% 44.9% 29.0% 3.4% 29.1%
Return on assets 15.1% 36.0% 88.8% 30.0% 34.1% 38.3% 20.4% 14.5% 1.8% 18.5%
Growth
Revenue growth 147.6% 62.6% 20.2% 0.0% 29.0% 16.4% −15.5% −6.3% 15.5% 14.7%
Net income growth — 125.5% 202.6% −53.0% 53.8% 25.5% −40.3% −18.4% −87.0% 1,059.2%
EPS growth — 120.8% 201.7% −59.5% 41.3% 42.1% −17.4% −7.2% −83.6% 816.7%
FCF growth 499.6% 133.5% 57.7% 15.2% 21.6% 16.2% −44.6% −30.3% 34.0% 3.9%
Share count change 6.8% −2.7% −5.4% 0.0% 0.1% −17.0% 1.0% −8.8% −14.6% 14.3%
Financial health
Net debt / EBITDA 4.6x — 1.1x 0.1x 0.4x 0.5x — — — —
Debt / equity — — 2.5x 1.2x 0.7x 1.0x 1.0x 0.7x 0.4x 0.2x
Interest coverage 2.1x 4.2x 10.0x 13.2x 17.5x 19.7x 19.2x 5.9x 7.5x 9.8x
Current ratio 9.9x 5.8x 34.9x 80.3x 56.0x 54.0x 3.3x 9.0x 2.4x 14.6x
Quick ratio 9.9x 5.8x 34.9x 80.3x 56.0x 54.0x 2.9x 8.0x 2.2x 13.9x
Capital allocation
Capex / revenue 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.3%
Stock comp / revenue 6.2% 4.5% 1.2% 0.8% 0.5% 0.5% 2.2% 1.9% 1.8% 2.3%
Payouts / FCF 130.2% 69.0% 0.0% 0.0% 0.0% 108.3% 4.2% 53.8% 7.8% 2.3%
Quality scores
Piotroski F-score 5.0 — — 5.0 5.0 4.0 2.0 5.0 7.0 6.0
Altman Z'' −9.5 −7.4 −0.9 2.8 3.6 4.7 3.7 3.4 3.7 6.6
Accruals ratio −0.4% −2.0% 39.9% −10.4% −2.2% 0.5% 1.7% 3.1% −13.0% 5.1%

Source: SEC EDGAR XBRL filings (CIK 0001080014). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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