Comprehensive Stock Comparison
Compare Innoviva, Inc. (INVA) vs XOMA Royalty Corp. (XOMA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth |  XOMA | 498.7% revenue growth vs INVA's 18.5% |
| Value |  INVA | Lower P/E (11.3x vs 38.3x) |
| Quality / Margins | INVA | 65.4% net margin vs XOMA's 41.1% |
| Stability / Safety | INVA | Beta 0.07 vs XOMA's 0.82 |
| Dividends | XOMA | 1.8% yield; INVA pays no meaningful dividend |
| Momentum (1Y) | INVA | +26.6% vs XOMA's +21.7% |
| Efficiency (ROA) | INVA | 16.6% ROA vs XOMA's 7.3%, ROIC 16.8% vs -37.6% |
Who Each Stock Is For
Income & stability
INVADividend streak 0 yrs, beta 0.07
Growth exposure
INVARev growth 18.5%, EPS growth 8.2%, 3Y rev CAGR 8.7%
Long-term compounding (10Y)
INVA85.1% 10Y total return vs XOMA's 55.7%
Sleep-well-at-night portfolio
INVALower volatility, beta 0.07, current ratio 14.64x
Defensive / Recession hedge
INVABeta 0.07, current ratio 14.64x
Business Model
What each company does and how it makes money
Innoviva is a biopharmaceutical company that develops and commercializes respiratory therapies for chronic obstructive pulmonary disease (COPD) and asthma. It generates revenue primarily through royalties and collaboration payments from its partnered respiratory drugs — including RELVAR/BREO ELLIPTA, ANORO ELLIPTA, and TRELEGY ELLIPTA — which are commercialized by GlaxoSmithKline. The company's key advantage lies in its long-term royalty streams from established respiratory products and its strategic partnership with a major pharmaceutical company for commercialization.
XOMA Royalty Corp is a biotechnology royalty aggregator that acquires future economic rights to pre-commercial therapeutic candidates licensed to pharmaceutical partners. It generates revenue primarily through milestone payments and royalties from its portfolio of approximately 70 early to mid-stage clinical assets—typically earning a percentage of future drug sales if the therapies succeed. The company's moat lies in its specialized expertise in evaluating clinical-stage assets and structuring royalty agreements that provide diversified exposure to potential blockbuster drugs without bearing development costs.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
INVA 4XOMA 0INVA3/4 metricsINVA7/7 metricsINVA6/6 metricsINVA2/2 metricsINVA leads in 4 of 6 categories — strongest in Valuation Metrics and Profitability & Efficiency. 1 category is tied.
Financial Metrics (TTM)
INVA is the larger business by revenue, generating $415M annually — 8.8x XOMA's $47M. INVA is the more profitable business, keeping 65.4% of every revenue dollar as net income compared to XOMA's 41.1%.
| Metric | INVAInnoviva, Inc. | XOMAXOMA Royalty Corp. |
|---|---|---|
| RevenueTrailing 12 months | $415M | $47M |
| EBITDAEarnings before interest/tax | $13M | $22M |
| Net IncomeAfter-tax profit | $271M | $19M |
| Free Cash FlowCash after capex | $195M | $5M |
| Gross MarginGross profit ÷ Revenue | +78.9% | +93.8% |
| Operating MarginEBIT ÷ Revenue | -4.0% | +4.1% |
| Net MarginNet income ÷ Revenue | +65.4% | +41.1% |
| FCF MarginFCF ÷ Revenue | +46.9% | +11.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +28.6% | +29.9% |
| EPS Growth (YoY)Latest quarter vs prior year | +7.1% | +144.0% |
Valuation Metrics
| Metric | INVAInnoviva, Inc. | XOMAXOMA Royalty Corp. |
|---|---|---|
| Market CapShares × price | $1.7B | $305M |
| Enterprise ValueMkt cap + debt − cash | $1.1B | $323M |
| Trailing P/EPrice ÷ TTM EPS | 6.74x | -15.48x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.30x | 38.35x |
| PEG RatioP/E ÷ EPS growth rate | 0.65x | — |
| EV / EBITDAEnterprise value multiple | 5.44x | — |
| Price / SalesMarket cap ÷ Revenue | 3.91x | 10.72x |
| Price / BookPrice ÷ Book value/share | 1.61x | 3.65x |
| Price / FCFMarket cap ÷ FCF | 8.48x | — |
Profitability & Efficiency
INVA delivers a 23.1% return on equity — every $100 of shareholder capital generates $23 in annual profit, vs $18 for XOMA.
| Metric | INVAInnoviva, Inc. | XOMAXOMA Royalty Corp. |
|---|---|---|
| ROE (TTM)Return on equity | +23.1% | +17.9% |
| ROA (TTM)Return on assets | +16.6% | +7.3% |
| ROICReturn on invested capital | +16.8% | -37.6% |
| ROCEReturn on capital employed | +12.4% | -19.4% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 4 |
| Debt / EquityFinancial leverage | — | 1.46x |
| Net DebtTotal debt minus cash | -$551M | $18M |
| Cash & Equiv.Liquid assets | $551M | $102M |
| Total DebtShort + long-term debt | $0 | $119M |
| Interest CoverageEBIT ÷ Interest expense | 11.03x | 0.67x |
Total Returns (with DRIP)
A $10,000 investment in INVA five years ago would be worth $20,115 today (with dividends reinvested), compared to $7,225 for XOMA. Over the past 12 months, INVA leads with a +26.6% total return vs XOMA's +21.7%. The 3-year compound annual growth rate (CAGR) favors INVA at 26.4% vs XOMA's 6.2% — a key indicator of consistent wealth creation.
| Metric | INVAInnoviva, Inc. | XOMAXOMA Royalty Corp. |
|---|---|---|
| YTD ReturnYear-to-date | +12.0% | -8.8% |
| 1-Year ReturnPast 12 months | +26.6% | +21.7% |
| 3-Year ReturnCumulative with dividends | +101.9% | +19.7% |
| 5-Year ReturnCumulative with dividends | +101.2% | -27.8% |
| 10-Year ReturnCumulative with dividends | +85.1% | +55.7% |
| CAGR (3Y)Annualised 3-year return | +26.4% | +6.2% |
Risk & Volatility
INVA is the less volatile stock with a 0.07 beta — it tends to amplify market swings less than XOMA's 0.82 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. INVA currently trades 89.0% from its 52-week high vs XOMA's 64.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | INVAInnoviva, Inc. | XOMAXOMA Royalty Corp. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.07x | 0.82x |
| 52-Week HighHighest price in past year | $25.00 | $39.92 |
| 52-Week LowLowest price in past year | $16.52 | $18.35 |
| % of 52W HighCurrent price vs 52-week peak | +89.0% | +64.0% |
| RSI (14)Momentum oscillator 0–100 | 59.8 | 49.2 |
| Avg Volume (50D)Average daily shares traded | 577K | 478K |
Analyst Outlook
Wall Street rates INVA as "Buy" and XOMA as "Buy". Consensus price targets imply 167.2% upside for XOMA (target: $68) vs 46.1% for INVA (target: $33). XOMA is the only dividend payer here at 1.83% yield — a key consideration for income-focused portfolios.
| Metric | INVAInnoviva, Inc. | XOMAXOMA Royalty Corp. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $32.50 | $68.25 |
| # AnalystsCovering analysts | 10 | 10 |
| Dividend YieldAnnual dividend ÷ price | — | +1.8% |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | — | $0.47 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.3% | +0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Mar 26 | Change |
|---|---|---|---|
| Innoviva, Inc. (INVA) | 100 | 160.52 | +60.5% |
| XOMA Royalty Corp. (XOMA) | 100 | 103.07 | +3.1% |
Innoviva, Inc. (INVA) returned +101% over 5 years vs XOMA Royalty Corp. (XOMA)'s -28%. A $10,000 investment in INVA 5 years ago would be worth $20,115 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innoviva, Inc. (INVA) | $134M | $425M | +218.3% |
| XOMA Royalty Corp. (XOMA) | $6M | $28M | +412.0% |
Innoviva, Inc.'s revenue grew from $134M (2016) to $425M (2025) — a 13.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innoviva, Inc. (INVA) | 44.6% | 63.8% | +43.1% |
| XOMA Royalty Corp. (XOMA) | -9.6% | -48.5% | -404.3% |
Innoviva, Inc.'s net margin went from 45% (2016) to 64% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Innoviva, Inc. (INVA) | 12.1 | 6.1 | -49.6% |
| XOMA Royalty Corp. (XOMA) | 48.8 | 32.1 | -34.2% |
Innoviva, Inc. has traded in a 5x–48x P/E range over 9 years; current trailing P/E is ~7x. XOMA Royalty Corp. has traded in a 32x–57x P/E range over 3 years; current trailing P/E is ~-15x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innoviva, Inc. (INVA) | 0.53 | 3.3 | +522.6% |
| XOMA Royalty Corp. (XOMA) | -8.89 | -1.65 | +81.4% |
Innoviva, Inc.'s EPS grew from $0.53 (2016) to $3.30 (2025) — a 23% CAGR.
Chart 6Free Cash Flow — 5 Years
Innoviva, Inc. generated $196M FCF in 2025 (-46% vs 2021). XOMA Royalty Corp. generated $-14M FCF in 2024 (-260% vs 2021).
INVA vs XOMA: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is INVA or XOMA a better buy right now?
Innoviva, Inc. (INVA) offers the better valuation at 6.7x trailing P/E (11.3x forward), making it the more compelling value choice. Analysts rate Innoviva, Inc. (INVA) a "Buy" — based on 10 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — INVA or XOMA?
On forward P/E, Innoviva, Inc. is actually cheaper at 11.3x.
03Which is the better long-term investment — INVA or XOMA?
Over the past 5 years, Innoviva, Inc. (INVA) delivered a total return of +101.2%, compared to -27.8% for XOMA Royalty Corp. (XOMA). A $10,000 investment in INVA five years ago would be worth approximately $20K today (assuming dividends reinvested). Over 10 years, the gap is even starker: INVA returned +85.1% versus XOMA's +55.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — INVA or XOMA?
By beta (market sensitivity over 5 years), Innoviva, Inc. (INVA) is the lower-risk stock at 0.07β versus XOMA Royalty Corp.'s 0.82β — meaning XOMA is approximately 1060% more volatile than INVA relative to the S&P 500.
05Which has better profit margins — INVA or XOMA?
Innoviva, Inc. (INVA) is the more profitable company, earning 63.8% net margin versus -48.5% for XOMA Royalty Corp. — meaning it keeps 63.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: INVA leads at 38.5% versus -140.3% for XOMA. At the gross margin level — before operating expenses — XOMA leads at 99.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is INVA or XOMA more undervalued right now?
On forward earnings alone, Innoviva, Inc. (INVA) trades at 11.3x forward P/E versus 38.3x for XOMA Royalty Corp. — 27.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for XOMA: 167.2% to $68.25.
07Which pays a better dividend — INVA or XOMA?
In this comparison, XOMA (1.8% yield) pays a dividend. INVA does not pay a meaningful dividend and should not be held primarily for income.
08Is INVA or XOMA better for a retirement portfolio?
For long-horizon retirement investors, Innoviva, Inc. (INVA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.07)). Both have compounded well over 10 years (INVA: +85.1%, XOMA: +55.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between INVA and XOMA?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: INVA is a small-cap deep-value stock; XOMA is a small-cap quality compounder stock. XOMA pays a dividend while INVA does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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