Innoviva

INVA · Nasdaq · Health Care · Financials, fiscal 2016 to 2025

INVA · Last close · October 26, 2026

$21.05

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%.

INNOVIVA, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001193125-26-071776 Updated October 22, 2026

Revenue

$411M

14.7%

Operating margin

39.8%

6.7 pts

Net income

$271M

1059.2%

Free cash flow

$196M

3.9%

Return on capital

17.9%

4.6 pts

Market cap

$1.5B

Oct 26 close

P/E

5.1x

On $4.11 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 22.5% a year and net income 18.4% a year, as buybacks cut the share count by 31%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Innoviva yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Innoviva's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Innoviva's fiscal 2025 free cash flow of $196M, net cash of $293M at December 31, 2025 and 85 million diluted shares, from its filings. The scenarios are fitted to Innoviva: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 7.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Pharmaceuticals), plus 1 point as a smaller company, worth $1.5B, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Innoviva's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 10% discount rate. Base: growth of 7.5% then 5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 11% then 7% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $21.05
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. Innoviva's P/E today, 5.1×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from Innoviva's earnings per share of $4.11 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 15.7×, the middle of Innoviva's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Amphstar Pharmaceuticals, Collegium Pharmaceutical, ANI Pharmaceuticals.

Earnings growth in the years ahead (% a year) Starts at Innoviva's revenue growth over the last 3 years, 7.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $21.05
Value at this multiple, against the last close: —
Innoviva's P/E at the last close: 5.1×

Company	Last close	Earnings per share	P/E today
Collegium PharmaceuticalCOLL	$23.21	$1.24	18.7×
ANI PharmaceuticalsANIP	$72.60	$4.63	15.7×
Amphstar PharmaceuticalsAMPH	$25.47	$1.69	15.1×
InnovivaINVA	$21.05	$4.11	5.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	202	291	194	305	551
Debt incl. finance leases	395	540	446	256	258
Net debt (negative means net cash)	193	249	253	−49	−293
Net debt to EBITDA	0.5x	—	—	—	—
Debt to equity	0.9x	1.0x	0.7x	0.4x	0.2x
Interest coverage	19.7x	19.2x	5.9x	7.5x	9.8x
Current ratio	54.0x	3.3x	9.0x	2.4x	14.6x
Quick ratio	54.0x	2.9x	8.0x	2.2x	13.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of Innoviva reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Fail
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	—	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	5 of 8	7 of 9	6 of 9
Accruals ratio	3.1%	−13.0%	5.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Innoviva side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Innoviva	FY25	14.7%	39.8%	47.6%	17.9%	—	6
Amphstar Pharmaceuticals	FY25	−1.6%	19.5%	16.8%	9.9%	1.7x	6	Compare
Corcept Therapeutics	FY25	12.8%	5.9%	18.6%	15.7%	−8.1x	3	Compare
Collegium Pharmaceutical	FY25	23.6%	23.0%	42.0%	53.4%	−0.4x	6	Compare
ANI Pharmaceuticals	FY25	43.8%	12.6%	19.4%	15.9%	0.1x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	134	217	261	261	337	392	331	310	359	411
Revenue growth	147.6%	62.6%	20.2%	0.0%	29.0%	16.4%	−15.4%	−6.3%	15.5%	14.7%
Gross profit	—	—	—	—	—	—	—	246	296	308
Research and development	1	1	0	0	2	1	41	34	14	31
Operating income	109	184	238	246	321	375	—	114	167	164
Net income	60	134	406	191	294	369	220	180	23	271
Diluted EPS (US$)	0.53	1.17	3.53	1.43	2.02	2.87	2.37	2.20	0.36	3.30
Diluted shares (millions)	123	120	113	113	114	94	95	87	74	85
Cash flow
Cash from operations	61	142	224	258	313	364	202	141	189	197
Capital expenditure	0	0	0	0	0	0	0	0	0	1
Free cash flow	61	142	224	257	313	364	202	141	188	196
Dividends paid	1	0	0	0	0	0	0	0	0	0
Share buybacks	78	98	0	0	0	394	8	76	15	4
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	8	10	3	2	2	2	7	6	6	10
Balance sheet at fiscal year end
Cash and short-term investments	150	129	115	351	246	202	291	194	305	551
Debt incl. finance leases	716	—	383	377	386	395	540	446	256	258
Total assets	379	367	548	725	1,000	926	1,232	1,244	1,301	1,635
Total liabilities	732	610	389	383	392	400	666	569	610	462
Shareholders' equity	−353	−243	154	314	540	415	566	675	691	1,173
Margins and ratios
Gross margin	—	—	—	—	—	—	—	79.2%	82.6%	74.8%
Operating margin	81.6%	84.5%	91.3%	94.4%	95.3%	95.7%	—	36.7%	46.5%	39.8%
Net margin	44.6%	61.8%	155.7%	73.2%	87.2%	94.1%	66.5%	57.9%	6.5%	65.9%
Free cash flow margin	45.5%	65.3%	85.6%	98.6%	93.0%	92.8%	60.9%	45.3%	52.5%	47.6%
Return on capital	50.5%	—	—	50.8%	47.8%	42.4%	30.3%	12.1%	13.3%	17.9%
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%
Net debt to EBITDA	4.6x	—	1.1x	0.1x	0.4x	0.5x	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Innoviva's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Innoviva.