Innoviva vs Liquidia
Innoviva reported revenue of $411 million in fiscal 2025, 2.6 times Liquidia's $158 million in fiscal 2025. Innoviva's revenue grew 14.7% in its latest year, and Liquidia's grew 1031.2%. Innoviva had an operating margin of 39.8%, against -32.5% at Liquidia. Free cash flow was $196 million at Innoviva and −$40 million at Liquidia.
Side by side
| Innoviva | Liquidia | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $411M | $158M |
| Revenue growth | 14.7% | 1,031.2% |
| Revenue growth a year, last 5 years | 4.1% | 195.7% |
| Gross margin | 74.8% | — |
| Operating margin | 39.8% | −32.5% |
| Net margin | 65.9% | −43.5% |
| Free cash flow | $196M | −$40M |
| Free cash flow margin | 47.6% | −25.3% |
| Return on capital | 17.9% | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $4M | $0M |
| Change in diluted share count | 14.2% | 9.3% |
| Last close | $19.10 | $44.40 |
| P/E at the last close | 9.6× | 31.9× |
| Insider trades, last 12 months | — | bought $317,894, sold $219.4 million |
| Piotroski F-score | 6 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
InnovivaLiquidia
Operating margin
Percent of revenue
InnovivaLiquidia
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
InnovivaLiquidia
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Innoviva and Liquidia pages.