Inotiv, Inc. (NOTV) 10-Year Financial Performance & Capital Metrics

NOTV • • Industrial / General

HealthcareDiagnostics & ResearchContract Research & Clinical Trial ServicesResearch Support Services

AboutInotiv, Inc. provides drug discovery and development services to the pharmaceutical, chemical, and medical device industries; and sells analytical instruments to the pharmaceutical development and contract research industries. It operates through two segments, Contract Research Services and Research Products. The Contract Research Services segment offers screening and pharmacological testing, nonclinical safety testing, formulation development, regulatory compliance, and quality control testing services. This segment provides analytical method development and validation; drug metabolism, bioanalysis, and pharmacokinetics testing to identify and measure drug and metabolite concentrations in complex biological matrices; in vivo sampling services for the continuous monitoring of chemical changes in life; stability testing to ensure the integrity of various solutions used in nonclinical and clinical studies, and post-study analyses; non-clinical toxicology and pathology services; and climate-controlled archiving services for its customers' data and samples. The Research Products segment designs, develops, manufactures, and markets in vivo sampling systems and accessories, including disposables, training, and systems qualification; physiology monitoring tools; liquid chromatography and electrochemistry instruments platforms; analytical products comprising liquid chromatographic and electrochemical instruments with associated accessories; and in vivo sampling products consisting of Culex family of automated in vivo sampling and dosing instruments. The company operates in the United States, rest of North America, the Pacific Rim, Europe, and internationally. It has an agreement with BioVaxys to conduct preclinical toxicity studies for its Covid-T Immunodiagnostic program. The company was formerly known as Bioanalytical Systems, Inc. and changed its name to Inotiv, Inc. in March 2021. Inotiv, Inc. was founded in 1974 and is headquartered in West Lafayette, Indiana.Show more

Revenue $513M +4.5%
EBITDA $25M +185.4%
Net Income -$69M +36.7%
EPS (Diluted) -2.11 +49.6%
Gross Margin 12.68% -44.0%
EBITDA Margin 4.88% +181.7%
Operating Margin -6.02% +65.8%
Net Margin -13.38% +39.5%
ROE -44.78% +9.4%
ROIC -4.15% +60.2%
Debt/Equity 3.01 +15.2%
Interest Coverage -0.55 +70.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 53.4%
✓Trading at only 0.1x book value

✗Weaknesses

✗High debt to equity ratio of 3.0x
✗Negative free cash flow
✗Weak momentum: RS Rating 4 (bottom 4%)
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 25.3% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y36.59%

5Y53.36%

3Y-2.15%

TTM4.54%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM36.72%

EPS CAGR

10Y-

5Y-

3Y-

TTM47.02%

ROCE

10Y Avg-6.11%

5Y Avg-6.87%

3Y Avg-10.07%

Latest-7.05%

Peer Comparison

Research Support Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CRLCharles River Laboratories International, Inc.	11B	223.47	1117.35	-1.92%	-2.07%	-2.42%	4.56%	0.78
SHCSotera Health Company	5.5B	19.35	120.94	4.88%	4.82%	10.07%	0.82%	5.81
ISPCiSpecimen Inc.	4.22M	0.42	-0.02	-6.42%	-343.99%	-375.34%		0.09
NOTVInotiv, Inc.	19.59M	0.57	-0.27	4.54%	-13.38%	-50.45%		3.01
ACRSAclaris Therapeutics, Inc.	289.28M	2.67	-1.56	-40.09%	-9%	-117.97%

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	20.44M	24.24M	26.35M	43.62M	60.47M	89.61M	547.66M	572.42M	490.74M	513.02M
Revenue Growth %	-0.1%	0.19%	0.09%	0.66%	0.39%	0.48%	5.11%	0.05%	-0.14%	0.05%
Cost of Goods Sold+	16.02M	16.55M	18.23M	30.7M	42.23M	59.45M	390.44M	406.98M	379.57M	447.97M
COGS % of Revenue	0.78%	0.68%	0.69%	0.7%	0.7%	0.66%	0.71%	0.71%	0.77%	0.87%
Gross Profit+	4.42M	7.7M	8.12M	12.92M	18.24M	30.16M	157.21M	165.44M	111.17M	65.05M
Gross Margin %	0.22%	0.32%	0.31%	0.3%	0.3%	0.34%	0.29%	0.29%	0.23%	0.13%
Gross Profit Growth %	-0.41%	0.74%	0.05%	0.59%	0.41%	0.65%	4.21%	0.05%	-0.33%	-0.41%
Operating Expenses+	6.49M	6.42M	8.1M	13.07M	21.3M	35.77M	184.66M	246.9M	197.58M	95.95M
OpEx % of Revenue	0.32%	0.26%	0.31%	0.3%	0.35%	0.4%	0.34%	0.43%	0.4%	0.19%
Selling, General & Admin	6M	5.95M	7.51M	12.45M	20.35M	33.89M	99.09M	127.32M	97.92M	92.24M
SG&A % of Revenue	0.29%	0.25%	0.28%	0.29%	0.34%	0.38%	0.18%	0.22%	0.2%	0.18%
Research & Development	496K	465K	596K	627K	950K	405K	0	0	0	0
R&D % of Revenue	0.02%	0.02%	0.02%	0.01%	0.02%	0%	-	-	-	-
Other Operating Expenses	6K	5K	6K	9K	15K	1.48M	85.57M	119.58M	99.66M	3.71M
Operating Income+	-3.04M	1.28M	14K	-153K	-3.06M	1.53M	-27.45M	-81.46M	-86.41M	-30.9M
Operating Margin %	-0.15%	0.05%	0%	-0%	-0.05%	0.02%	-0.05%	-0.14%	-0.18%	-0.06%
Operating Income Growth %	-4.34%	1.42%	-0.99%	-11.93%	-19.02%	1.5%	-18.89%	-1.97%	-0.06%	0.64%
EBITDA+	-1.48M	2.96M	1.87M	2.56M	1.92M	9.1M	21.88M	-26.74M	-29.29M	25.03M
EBITDA Margin %	-0.07%	0.12%	0.07%	0.06%	0.03%	0.1%	0.04%	-0.05%	-0.06%	0.05%
EBITDA Growth %	-1.64%	2.99%	-0.37%	0.37%	-0.25%	3.75%	1.4%	-2.22%	-0.1%	1.85%
D&A (Non-Cash Add-back)	1.56M	1.68M	1.86M	2.72M	4.98M	7.56M	49.32M	54.72M	57.12M	55.93M
EBIT	-2.85M	1.28M	20K	-144K	-3.05M	7.8M	-322.75M	-81.22M	-83.88M	-31.18M
Net Interest Income+	-399K	-375K	-274K	-642K	-1.49M	-1.68M	-29.7M	-43.02M	-46.88M	-56.59M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	399K	375K	274K	642K	1.49M	1.68M	29.7M	43.02M	46.88M	56.59M
Other Income/Expense	-204K	-370K	-268K	-633K	-1.48M	501K	-89M	-42.78M	-44.35M	-56.87M
Pretax Income+	-3.24M	908K	-254K	-786K	-4.54M	6.12M	-352.45M	-124.24M	-130.76M	-87.77M
Pretax Margin %	-0.16%	0.04%	-0.01%	-0.02%	-0.08%	0.07%	-0.64%	-0.22%	-0.27%	-0.17%
Income Tax+	-14K	24K	-60K	4K	147K	-4.78M	-15.19M	-19.34M	-21.88M	-19.14M
Effective Tax Rate %	1%	0.97%	0.76%	1.01%	1.03%	1.78%	0.96%	0.85%	0.83%	0.78%
Net Income+	-3.23M	884K	-194K	-790K	-4.68M	10.89M	-337.26M	-105.14M	-108.44M	-68.63M
Net Margin %	-0.16%	0.04%	-0.01%	-0.02%	-0.08%	0.12%	-0.62%	-0.18%	-0.22%	-0.13%
Net Income Growth %	-3.97%	1.27%	-1.22%	-3.07%	-4.93%	3.33%	-31.96%	0.69%	-0.03%	0.37%
Net Income (Continuing)	-3.23M	884K	-194K	-790K	-4.68M	10.89M	-337.26M	-104.9M	-108.89M	-68.63M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	-606K	-664K	0	0
EPS (Diluted)+	-0.40	0.10	-0.02	-0.08	-0.43	0.79	-13.85	-4.10	-4.19	-2.11
EPS Growth %	-6.71%	1.25%	-1.22%	-2.44%	-4.65%	2.84%	-18.53%	0.7%	-0.02%	0.5%
EPS (Basic)	-0.40	0.11	-0.02	-0.08	-0.43	0.83	-13.85	-4.10	-4.19	-2.11
Diluted Shares Outstanding	8.11M	8.73M	8.77M	10.38M	10.85M	13.87M	24.35M	25.64M	25.9M	32.45M
Basic Shares Outstanding	8.11M	8.18M	8.77M	10.38M	10.85M	13.19M	24.35M	25.64M	25.9M	32.45M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	4.88M	5.31M	8.06M	12.42M	15.3M	189.02M	232.98M	213.8M	163.41M	194.59M
Cash & Short-Term Investments	386K	434K	773K	606K	1.41M	138.92M	18.52M	35.49M	21.43M	21.74M
Cash Only	386K	434K	773K	606K	1.41M	138.92M	18.52M	35.49M	21.43M	21.74M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.24M	3.15M	5.14M	9.52M	10.82M	28.36M	100.07M	90.42M	77.44M	78.22M
Days Sales Outstanding	40	47.35	71.21	79.67	65.33	115.54	66.7	57.66	57.6	55.65
Inventory	1.45M	913K	1.18M	1.09M	700K	602K	71.44M	56.1M	18.17M	45.74M
Days Inventory Outstanding	33.11	20.14	23.67	13.02	6.05	3.7	66.79	50.31	17.48	37.27
Other Current Assets	0	0	0	0	0	21.13M	42.95M	8.24M	4.86M	48.89M
Total Non-Current Assets+	16.26M	15.11M	23.21M	29.56M	46.29M	132.84M	729.92M	642.73M	617.95M	576.52M
Property, Plant & Equipment	16.14M	14.96M	16.61M	22.83M	37.51M	56.4M	218.69M	229.93M	237.49M	227.08M
Fixed Asset Turnover	1.27x	1.62x	1.59x	1.91x	1.61x	1.59x	2.50x	2.49x	2.07x	2.26x
Goodwill	38K	38K	3.07M	3.62M	4.37M	51.93M	157.82M	94.29M	94.29M	94.29M
Intangible Assets	0	0	3.32M	2.87M	4.26M	24.23M	345.89M	308.43M	274.4M	240.2M
Long-Term Investments	51K	87K	115K	130K	75K	0	0	3.68M	6.08M	0
Other Non-Current Assets	88K	108K	30K	79K	156K	281K	7.52M	6.4M	5.69M	14.96M
Total Assets+	21.14M	20.42M	31.27M	41.98M	61.59M	321.86M	962.9M	856.53M	781.36M	771.11M
Asset Turnover	0.97x	1.19x	0.84x	1.04x	0.98x	0.28x	0.57x	0.67x	0.63x	0.67x
Asset Growth %	-0.11%	-0.03%	0.53%	0.34%	0.47%	4.23%	1.99%	-0.11%	-0.09%	-0.01%
Total Current Liabilities+	13.48M	7.72M	11.8M	17.48M	31.64M	55.11M	164.1M	132.19M	119.04M	556.78M
Accounts Payable	2.96M	2.05M	3.19M	4.94M	3.2M	6.16M	28.7M	32.56M	33.53M	48.53M
Days Payables Outstanding	67.57	45.27	63.91	58.75	27.62	37.84	26.82	29.2	32.24	39.54
Short-Term Debt	5.01M	352K	996K	2.19M	6.86M	11.4M	22.98M	7.95M	3.54M	409.02M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.15M	989K	1.03M	968K	3.49M	3.5M	68.64M	49.5M	5M	47.72M
Current Ratio	0.36x	0.69x	0.68x	0.71x	0.48x	3.43x	1.42x	1.62x	1.37x	0.35x
Quick Ratio	0.25x	0.57x	0.58x	0.65x	0.46x	3.42x	0.98x	1.19x	1.22x	0.27x
Cash Conversion Cycle	5.54	22.23	30.97	33.93	43.76	81.4	106.66	78.77	42.84	53.38
Total Non-Current Liabilities+	198K	4.23M	8.58M	13.79M	22.36M	161.62M	439.04M	455.85M	491.81M	78.3M
Long-Term Debt	0	4.16M	8.55M	13.77M	18.83M	154.21M	330.68M	369.8M	389.8M	0
Capital Lease Obligations	198K	69K	37K	18K	3.39M	6.59M	24.89M	29.61M	40.01M	44.34M
Deferred Tax Liabilities	0	0	0	0	141K	344K	77.03M	50.06M	27.04M	5.57M
Other Non-Current Liabilities	0	0	0	0	0	473K	6.44M	6.37M	34.96M	28.39M
Total Liabilities	13.68M	11.95M	20.38M	31.27M	54M	216.73M	603.13M	588.04M	610.86M	635.09M
Total Debt+	5.35M	4.71M	9.67M	16.63M	36.41M	174.19M	386.49M	417.64M	445.12M	409.02M
Net Debt	4.96M	4.27M	8.89M	16.03M	35.01M	35.27M	367.98M	382.15M	423.69M	387.28M
Debt / Equity	0.72x	0.56x	0.89x	1.55x	4.79x	1.66x	1.07x	1.56x	2.61x	3.01x
Debt / EBITDA	-	1.59x	5.17x	6.49x	18.99x	19.15x	17.67x	-	-	16.34x
Net Debt / EBITDA	-	1.44x	4.76x	6.25x	18.26x	3.88x	16.82x	-	-	15.48x
Interest Coverage	-7.62x	3.41x	0.05x	-0.24x	-2.06x	0.91x	-0.92x	-1.89x	-1.84x	-0.55x
Total Equity+	7.46M	8.47M	10.88M	10.71M	7.6M	105.13M	359.77M	268.49M	170.5M	136.03M
Equity Growth %	-0.3%	0.14%	0.29%	-0.02%	-0.29%	12.84%	2.42%	-0.25%	-0.36%	-0.2%
Book Value per Share	0.92	0.97	1.24	1.03	0.70	7.58	14.77	10.47	6.58	4.19
Total Shareholders' Equity	7.46M	8.47M	10.88M	10.71M	7.6M	105.13M	360.37M	269.15M	170.5M	136.03M
Common Stock	1.99M	2.02M	2.52M	2.59M	2.71M	3.94M	6.36M	6.41M	6.47M	8.55M
Retained Earnings	-16.92M	-16.04M	-16.23M	-17.1M	-21.91M	-11.02M	-348.28M	-453.28M	-562.16M	-630.81M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-35K	-27.88M	-31.82M	0	0	0	-5.5M	330K	1.41M	2.23M
Minority Interest	0	0	0	0	0	0	-606K	-664K	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	1.06M	1.24M	3.49M	1.78M	1.29M	10.75M	-5.22M	27.88M	-6.8M	-10.46M
Operating CF Margin %	0.05%	0.05%	0.13%	0.04%	0.02%	0.12%	-0.01%	0.05%	-0.01%	-0.02%
Operating CF Growth %	-0.48%	0.17%	1.82%	-0.49%	-0.27%	7.33%	-1.49%	6.34%	-1.24%	-0.54%
Net Income	-3.23M	884K	-194K	-790K	-4.68M	10.89M	-337.26M	-104.9M	-108.89M	-68.63M
Depreciation & Amortization	1.56M	1.68M	1.88M	2.72M	3.93M	6.27M	49.32M	54.72M	57.12M	55.93M
Stock-Based Compensation	45K	19K	134K	278K	540K	1.79M	24.2M	7.84M	6.74M	6.03M
Deferred Taxes	0	0	0	0	202K	-4.99M	-17.84M	-25.81M	-23.25M	-21.61M
Other Non-Cash Items	880K	-5K	-4K	-336K	356K	-12.86M	316.63M	79.08M	8.87M	18.97M
Working Capital Changes	1.81M	-1.34M	1.68M	-92K	948K	9.64M	-40.28M	16.96M	52.6M	-1.14M
Change in Receivables	1.64M	-941K	-589K	-3.09M	-620K	-11.95M	-23.84M	9.55M	14.17M	-3.83M
Change in Inventory	13K	540K	-269K	87K	395K	98K	-35.2M	14.01M	38.21M	-27.59M
Change in Payables	1.12M	-913K	980K	1.02M	-2.05M	2.62M	-8.04M	5.96M	613K	12.34M
Cash from Investing+	-1.26M	-339K	-8.07M	-8.15M	-10.13M	-54.06M	-333.72M	-28.75M	-16.83M	-12.89M
Capital Expenditures	-1.26M	-347K	-1.32M	-6.88M	-6.2M	-12.47M	-36.3M	-27.5M	-22.31M	-16.61M
CapEx % of Revenue	0.06%	0.01%	0.05%	0.16%	0.1%	0.14%	0.07%	0.05%	0.05%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	8K	2K	0	-3.93M	2K	290K	-2.37M	5.48M	3.72M
Cash from Financing+	144K	-849K	4.93M	6.21M	9.64M	198.83M	203.15M	15.87M	9.68M	23.7M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-65K	71K	-112K	-88K	-101K	-5.98M	-11.11M	33K	-3.87M	-1.88M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-196K	889K	2.17M	-5.1M	-4.91M	-1.73M	-41.52M	380K	-29.11M	-27.07M
FCF Margin %	-0.01%	0.04%	0.08%	-0.12%	-0.08%	-0.02%	-0.08%	0%	-0.06%	-0.05%
FCF Growth %	-1.35%	5.54%	1.44%	-3.35%	0.04%	0.65%	-23.05%	1.01%	-77.62%	0.07%
FCF per Share	-0.02	0.10	0.25	-0.49	-0.45	-0.12	-1.70	0.01	-1.12	-0.83
FCF Conversion (FCF/Net Income)	-0.33x	1.40x	-17.97x	-2.25x	-0.28x	0.99x	0.02x	-0.27x	0.06x	0.15x
Interest Paid	0	0	0	0	0	1.27M	17.06M	35.46M	36.14M	0
Taxes Paid	0	0	0	0	0	8K	479K	7.15M	1.84M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-35.54%	11.1%	-2.01%	-7.32%	-51.19%	19.33%	-145.09%	-33.47%	-49.41%	-44.78%
Return on Invested Capital (ROIC)	-16.42%	7.62%	0.06%	-0.49%	-6.63%	1.26%	-4.74%	-8.86%	-10.41%	-4.15%
Gross Margin	21.65%	31.75%	30.81%	29.62%	30.16%	33.65%	28.71%	28.9%	22.65%	12.68%
Net Margin	-15.8%	3.65%	-0.74%	-1.81%	-7.75%	12.16%	-61.58%	-18.37%	-22.1%	-13.38%
Debt / Equity	0.72x	0.56x	0.89x	1.55x	4.79x	1.66x	1.07x	1.56x	2.61x	3.01x
Interest Coverage	-7.62x	3.41x	0.05x	-0.24x	-2.06x	0.91x	-0.92x	-1.89x	-1.84x	-0.55x
FCF Conversion	-0.33x	1.40x	-17.97x	-2.25x	-0.28x	0.99x	0.02x	-0.27x	0.06x	0.15x
Revenue Growth	-9.94%	18.59%	8.68%	65.55%	38.64%	48.18%	511.19%	4.52%	-14.27%	4.54%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	3.91M	-	3.29M	3.77M	-	348.61M	271.08M	280.16M
Product Growth	-	-	-	-	-	14.61%	-	-	-22.24%	3.35%
Service	-	-	22.44M	-	57.18M	85.83M	-	223.81M	219.66M	232.87M
Service Growth	-	-	-	-	-	50.12%	-	-	-1.85%	6.01%
Intersegment	-	-	-	-	-	-	7.25M	-	-	-
Intersegment Growth	-	-	-	-	-	-	-	-	-	-
Services	15.92M	20.18M	-	39.05M	-	-	-	-	-	-
Services Growth	-	26.74%	-	-	-	-	-	-	-	-
Products	4.52M	4.06M	-	4.57M	-	-	-	-	-	-
Products Growth	-	-10.12%	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	18.39M	21.64M	22.29M	-	-	-	471.89M	482.63M	419.1M	447.98M
UNITED STATES Growth	-	17.73%	2.98%	-	-	-	-	2.28%	-13.16%	6.89%
NETHERLANDS	-	-	-	-	-	-	42.36M	54.09M	44.69M	35.48M
NETHERLANDS Growth	-	-	-	-	-	-	-	27.68%	-17.37%	-20.62%
U	-	-	-	39.63M	56.25M	85.27M	-	-	-	-
U Growth	-	-	-	-	41.93%	51.59%	-	-	-	-
Pacific Rim	1.15M	1.4M	3.07M	2.41M	2.83M	2.04M	-	-	-	-
Pacific Rim Growth	-	21.52%	120.29%	-21.67%	17.41%	-27.81%	-	-	-	-
Europe	447K	774K	670K	1.22M	1.21M	1.79M	-	-	-	-
Europe Growth	-	73.15%	-13.44%	81.64%	-0.82%	48.72%	-	-	-	-
Segment Geographical Groups Of Countries Other Group	164K	162K	150K	140K	35K	355K	-	-	-	-
Segment Geographical Groups Of Countries Other Group Growth	-	-1.22%	-7.41%	-6.67%	-75.00%	914.29%	-	-	-	-
Non Us	-	-	-	218K	148K	143K	-	-	-	-
Non Us Growth	-	-	-	-	-32.11%	-3.38%	-	-	-	-
Non-US	297K	266K	163K	-	-	-	-	-	-	-
Non-US Growth	-	-10.44%	-38.72%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Inotiv, Inc. (NOTV) reported $513.0M in revenue for fiscal year 2025. This represents a 1719% increase from $28.2M in 2012.

Inotiv, Inc. (NOTV) grew revenue by 4.5% over the past year. Growth has been modest.

Inotiv, Inc. (NOTV) reported a net loss of $68.6M for fiscal year 2025.

Dividend & Returns

Inotiv, Inc. (NOTV) has a return on equity (ROE) of -44.8%. Negative ROE indicates the company is unprofitable.

Inotiv, Inc. (NOTV) had negative free cash flow of $27.1M in fiscal year 2025, likely due to heavy capital investments.

US Stock Screener

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Inotiv, Inc. (NOTV) 10-Year Financial Performance & Capital Metrics

NOTV • • Industrial / General

HealthcareDiagnostics & ResearchContract Research & Clinical Trial ServicesResearch Support Services

Revenue $513M +4.5%
EBITDA $25M +185.4%
Net Income -$69M +36.7%
EPS (Diluted) -2.11 +49.6%
Gross Margin 12.68% -44.0%
EBITDA Margin 4.88% +181.7%
Operating Margin -6.02% +65.8%
Net Margin -13.38% +39.5%
ROE -44.78% +9.4%
ROIC -4.15% +60.2%
Debt/Equity 3.01 +15.2%
Interest Coverage -0.55 +70.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 53.4%
✓Trading at only 0.1x book value

✗Weaknesses

✗High debt to equity ratio of 3.0x
✗Negative free cash flow
✗Weak momentum: RS Rating 4 (bottom 4%)
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 25.3% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y36.59%

5Y53.36%

3Y-2.15%

TTM4.54%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM36.72%

EPS CAGR

10Y-

5Y-

3Y-

TTM47.02%

ROCE

10Y Avg-6.11%

5Y Avg-6.87%

3Y Avg-10.07%

Latest-7.05%

Peer Comparison

Research Support Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CRLCharles River Laboratories International, Inc.	11B	223.47	1117.35	-1.92%	-2.07%	-2.42%	4.56%	0.78
SHCSotera Health Company	5.5B	19.35	120.94	4.88%	4.82%	10.07%	0.82%	5.81
ISPCiSpecimen Inc.	4.22M	0.42	-0.02	-6.42%	-343.99%	-375.34%		0.09
NOTVInotiv, Inc.	19.59M	0.57	-0.27	4.54%	-13.38%	-50.45%		3.01
ACRSAclaris Therapeutics, Inc.	289.28M	2.67	-1.56	-40.09%	-9%	-117.97%

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	20.44M	24.24M	26.35M	43.62M	60.47M	89.61M	547.66M	572.42M	490.74M	513.02M
Revenue Growth %	-0.1%	0.19%	0.09%	0.66%	0.39%	0.48%	5.11%	0.05%	-0.14%	0.05%
Cost of Goods Sold+	16.02M	16.55M	18.23M	30.7M	42.23M	59.45M	390.44M	406.98M	379.57M	447.97M
COGS % of Revenue	0.78%	0.68%	0.69%	0.7%	0.7%	0.66%	0.71%	0.71%	0.77%	0.87%
Gross Profit+	4.42M	7.7M	8.12M	12.92M	18.24M	30.16M	157.21M	165.44M	111.17M	65.05M
Gross Margin %	0.22%	0.32%	0.31%	0.3%	0.3%	0.34%	0.29%	0.29%	0.23%	0.13%
Gross Profit Growth %	-0.41%	0.74%	0.05%	0.59%	0.41%	0.65%	4.21%	0.05%	-0.33%	-0.41%
Operating Expenses+	6.49M	6.42M	8.1M	13.07M	21.3M	35.77M	184.66M	246.9M	197.58M	95.95M
OpEx % of Revenue	0.32%	0.26%	0.31%	0.3%	0.35%	0.4%	0.34%	0.43%	0.4%	0.19%
Selling, General & Admin	6M	5.95M	7.51M	12.45M	20.35M	33.89M	99.09M	127.32M	97.92M	92.24M
SG&A % of Revenue	0.29%	0.25%	0.28%	0.29%	0.34%	0.38%	0.18%	0.22%	0.2%	0.18%
Research & Development	496K	465K	596K	627K	950K	405K	0	0	0	0
R&D % of Revenue	0.02%	0.02%	0.02%	0.01%	0.02%	0%	-	-	-	-
Other Operating Expenses	6K	5K	6K	9K	15K	1.48M	85.57M	119.58M	99.66M	3.71M
Operating Income+	-3.04M	1.28M	14K	-153K	-3.06M	1.53M	-27.45M	-81.46M	-86.41M	-30.9M
Operating Margin %	-0.15%	0.05%	0%	-0%	-0.05%	0.02%	-0.05%	-0.14%	-0.18%	-0.06%
Operating Income Growth %	-4.34%	1.42%	-0.99%	-11.93%	-19.02%	1.5%	-18.89%	-1.97%	-0.06%	0.64%
EBITDA+	-1.48M	2.96M	1.87M	2.56M	1.92M	9.1M	21.88M	-26.74M	-29.29M	25.03M
EBITDA Margin %	-0.07%	0.12%	0.07%	0.06%	0.03%	0.1%	0.04%	-0.05%	-0.06%	0.05%
EBITDA Growth %	-1.64%	2.99%	-0.37%	0.37%	-0.25%	3.75%	1.4%	-2.22%	-0.1%	1.85%
D&A (Non-Cash Add-back)	1.56M	1.68M	1.86M	2.72M	4.98M	7.56M	49.32M	54.72M	57.12M	55.93M
EBIT	-2.85M	1.28M	20K	-144K	-3.05M	7.8M	-322.75M	-81.22M	-83.88M	-31.18M
Net Interest Income+	-399K	-375K	-274K	-642K	-1.49M	-1.68M	-29.7M	-43.02M	-46.88M	-56.59M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	399K	375K	274K	642K	1.49M	1.68M	29.7M	43.02M	46.88M	56.59M
Other Income/Expense	-204K	-370K	-268K	-633K	-1.48M	501K	-89M	-42.78M	-44.35M	-56.87M
Pretax Income+	-3.24M	908K	-254K	-786K	-4.54M	6.12M	-352.45M	-124.24M	-130.76M	-87.77M
Pretax Margin %	-0.16%	0.04%	-0.01%	-0.02%	-0.08%	0.07%	-0.64%	-0.22%	-0.27%	-0.17%
Income Tax+	-14K	24K	-60K	4K	147K	-4.78M	-15.19M	-19.34M	-21.88M	-19.14M
Effective Tax Rate %	1%	0.97%	0.76%	1.01%	1.03%	1.78%	0.96%	0.85%	0.83%	0.78%
Net Income+	-3.23M	884K	-194K	-790K	-4.68M	10.89M	-337.26M	-105.14M	-108.44M	-68.63M
Net Margin %	-0.16%	0.04%	-0.01%	-0.02%	-0.08%	0.12%	-0.62%	-0.18%	-0.22%	-0.13%
Net Income Growth %	-3.97%	1.27%	-1.22%	-3.07%	-4.93%	3.33%	-31.96%	0.69%	-0.03%	0.37%
Net Income (Continuing)	-3.23M	884K	-194K	-790K	-4.68M	10.89M	-337.26M	-104.9M	-108.89M	-68.63M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	-606K	-664K	0	0
EPS (Diluted)+	-0.40	0.10	-0.02	-0.08	-0.43	0.79	-13.85	-4.10	-4.19	-2.11
EPS Growth %	-6.71%	1.25%	-1.22%	-2.44%	-4.65%	2.84%	-18.53%	0.7%	-0.02%	0.5%
EPS (Basic)	-0.40	0.11	-0.02	-0.08	-0.43	0.83	-13.85	-4.10	-4.19	-2.11
Diluted Shares Outstanding	8.11M	8.73M	8.77M	10.38M	10.85M	13.87M	24.35M	25.64M	25.9M	32.45M
Basic Shares Outstanding	8.11M	8.18M	8.77M	10.38M	10.85M	13.19M	24.35M	25.64M	25.9M	32.45M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	4.88M	5.31M	8.06M	12.42M	15.3M	189.02M	232.98M	213.8M	163.41M	194.59M
Cash & Short-Term Investments	386K	434K	773K	606K	1.41M	138.92M	18.52M	35.49M	21.43M	21.74M
Cash Only	386K	434K	773K	606K	1.41M	138.92M	18.52M	35.49M	21.43M	21.74M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.24M	3.15M	5.14M	9.52M	10.82M	28.36M	100.07M	90.42M	77.44M	78.22M
Days Sales Outstanding	40	47.35	71.21	79.67	65.33	115.54	66.7	57.66	57.6	55.65
Inventory	1.45M	913K	1.18M	1.09M	700K	602K	71.44M	56.1M	18.17M	45.74M
Days Inventory Outstanding	33.11	20.14	23.67	13.02	6.05	3.7	66.79	50.31	17.48	37.27
Other Current Assets	0	0	0	0	0	21.13M	42.95M	8.24M	4.86M	48.89M
Total Non-Current Assets+	16.26M	15.11M	23.21M	29.56M	46.29M	132.84M	729.92M	642.73M	617.95M	576.52M
Property, Plant & Equipment	16.14M	14.96M	16.61M	22.83M	37.51M	56.4M	218.69M	229.93M	237.49M	227.08M
Fixed Asset Turnover	1.27x	1.62x	1.59x	1.91x	1.61x	1.59x	2.50x	2.49x	2.07x	2.26x
Goodwill	38K	38K	3.07M	3.62M	4.37M	51.93M	157.82M	94.29M	94.29M	94.29M
Intangible Assets	0	0	3.32M	2.87M	4.26M	24.23M	345.89M	308.43M	274.4M	240.2M
Long-Term Investments	51K	87K	115K	130K	75K	0	0	3.68M	6.08M	0
Other Non-Current Assets	88K	108K	30K	79K	156K	281K	7.52M	6.4M	5.69M	14.96M
Total Assets+	21.14M	20.42M	31.27M	41.98M	61.59M	321.86M	962.9M	856.53M	781.36M	771.11M
Asset Turnover	0.97x	1.19x	0.84x	1.04x	0.98x	0.28x	0.57x	0.67x	0.63x	0.67x
Asset Growth %	-0.11%	-0.03%	0.53%	0.34%	0.47%	4.23%	1.99%	-0.11%	-0.09%	-0.01%
Total Current Liabilities+	13.48M	7.72M	11.8M	17.48M	31.64M	55.11M	164.1M	132.19M	119.04M	556.78M
Accounts Payable	2.96M	2.05M	3.19M	4.94M	3.2M	6.16M	28.7M	32.56M	33.53M	48.53M
Days Payables Outstanding	67.57	45.27	63.91	58.75	27.62	37.84	26.82	29.2	32.24	39.54
Short-Term Debt	5.01M	352K	996K	2.19M	6.86M	11.4M	22.98M	7.95M	3.54M	409.02M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.15M	989K	1.03M	968K	3.49M	3.5M	68.64M	49.5M	5M	47.72M
Current Ratio	0.36x	0.69x	0.68x	0.71x	0.48x	3.43x	1.42x	1.62x	1.37x	0.35x
Quick Ratio	0.25x	0.57x	0.58x	0.65x	0.46x	3.42x	0.98x	1.19x	1.22x	0.27x
Cash Conversion Cycle	5.54	22.23	30.97	33.93	43.76	81.4	106.66	78.77	42.84	53.38
Total Non-Current Liabilities+	198K	4.23M	8.58M	13.79M	22.36M	161.62M	439.04M	455.85M	491.81M	78.3M
Long-Term Debt	0	4.16M	8.55M	13.77M	18.83M	154.21M	330.68M	369.8M	389.8M	0
Capital Lease Obligations	198K	69K	37K	18K	3.39M	6.59M	24.89M	29.61M	40.01M	44.34M
Deferred Tax Liabilities	0	0	0	0	141K	344K	77.03M	50.06M	27.04M	5.57M
Other Non-Current Liabilities	0	0	0	0	0	473K	6.44M	6.37M	34.96M	28.39M
Total Liabilities	13.68M	11.95M	20.38M	31.27M	54M	216.73M	603.13M	588.04M	610.86M	635.09M
Total Debt+	5.35M	4.71M	9.67M	16.63M	36.41M	174.19M	386.49M	417.64M	445.12M	409.02M
Net Debt	4.96M	4.27M	8.89M	16.03M	35.01M	35.27M	367.98M	382.15M	423.69M	387.28M
Debt / Equity	0.72x	0.56x	0.89x	1.55x	4.79x	1.66x	1.07x	1.56x	2.61x	3.01x
Debt / EBITDA	-	1.59x	5.17x	6.49x	18.99x	19.15x	17.67x	-	-	16.34x
Net Debt / EBITDA	-	1.44x	4.76x	6.25x	18.26x	3.88x	16.82x	-	-	15.48x
Interest Coverage	-7.62x	3.41x	0.05x	-0.24x	-2.06x	0.91x	-0.92x	-1.89x	-1.84x	-0.55x
Total Equity+	7.46M	8.47M	10.88M	10.71M	7.6M	105.13M	359.77M	268.49M	170.5M	136.03M
Equity Growth %	-0.3%	0.14%	0.29%	-0.02%	-0.29%	12.84%	2.42%	-0.25%	-0.36%	-0.2%
Book Value per Share	0.92	0.97	1.24	1.03	0.70	7.58	14.77	10.47	6.58	4.19
Total Shareholders' Equity	7.46M	8.47M	10.88M	10.71M	7.6M	105.13M	360.37M	269.15M	170.5M	136.03M
Common Stock	1.99M	2.02M	2.52M	2.59M	2.71M	3.94M	6.36M	6.41M	6.47M	8.55M
Retained Earnings	-16.92M	-16.04M	-16.23M	-17.1M	-21.91M	-11.02M	-348.28M	-453.28M	-562.16M	-630.81M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-35K	-27.88M	-31.82M	0	0	0	-5.5M	330K	1.41M	2.23M
Minority Interest	0	0	0	0	0	0	-606K	-664K	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	1.06M	1.24M	3.49M	1.78M	1.29M	10.75M	-5.22M	27.88M	-6.8M	-10.46M
Operating CF Margin %	0.05%	0.05%	0.13%	0.04%	0.02%	0.12%	-0.01%	0.05%	-0.01%	-0.02%
Operating CF Growth %	-0.48%	0.17%	1.82%	-0.49%	-0.27%	7.33%	-1.49%	6.34%	-1.24%	-0.54%
Net Income	-3.23M	884K	-194K	-790K	-4.68M	10.89M	-337.26M	-104.9M	-108.89M	-68.63M
Depreciation & Amortization	1.56M	1.68M	1.88M	2.72M	3.93M	6.27M	49.32M	54.72M	57.12M	55.93M
Stock-Based Compensation	45K	19K	134K	278K	540K	1.79M	24.2M	7.84M	6.74M	6.03M
Deferred Taxes	0	0	0	0	202K	-4.99M	-17.84M	-25.81M	-23.25M	-21.61M
Other Non-Cash Items	880K	-5K	-4K	-336K	356K	-12.86M	316.63M	79.08M	8.87M	18.97M
Working Capital Changes	1.81M	-1.34M	1.68M	-92K	948K	9.64M	-40.28M	16.96M	52.6M	-1.14M
Change in Receivables	1.64M	-941K	-589K	-3.09M	-620K	-11.95M	-23.84M	9.55M	14.17M	-3.83M
Change in Inventory	13K	540K	-269K	87K	395K	98K	-35.2M	14.01M	38.21M	-27.59M
Change in Payables	1.12M	-913K	980K	1.02M	-2.05M	2.62M	-8.04M	5.96M	613K	12.34M
Cash from Investing+	-1.26M	-339K	-8.07M	-8.15M	-10.13M	-54.06M	-333.72M	-28.75M	-16.83M	-12.89M
Capital Expenditures	-1.26M	-347K	-1.32M	-6.88M	-6.2M	-12.47M	-36.3M	-27.5M	-22.31M	-16.61M
CapEx % of Revenue	0.06%	0.01%	0.05%	0.16%	0.1%	0.14%	0.07%	0.05%	0.05%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	8K	2K	0	-3.93M	2K	290K	-2.37M	5.48M	3.72M
Cash from Financing+	144K	-849K	4.93M	6.21M	9.64M	198.83M	203.15M	15.87M	9.68M	23.7M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-65K	71K	-112K	-88K	-101K	-5.98M	-11.11M	33K	-3.87M	-1.88M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-196K	889K	2.17M	-5.1M	-4.91M	-1.73M	-41.52M	380K	-29.11M	-27.07M
FCF Margin %	-0.01%	0.04%	0.08%	-0.12%	-0.08%	-0.02%	-0.08%	0%	-0.06%	-0.05%
FCF Growth %	-1.35%	5.54%	1.44%	-3.35%	0.04%	0.65%	-23.05%	1.01%	-77.62%	0.07%
FCF per Share	-0.02	0.10	0.25	-0.49	-0.45	-0.12	-1.70	0.01	-1.12	-0.83
FCF Conversion (FCF/Net Income)	-0.33x	1.40x	-17.97x	-2.25x	-0.28x	0.99x	0.02x	-0.27x	0.06x	0.15x
Interest Paid	0	0	0	0	0	1.27M	17.06M	35.46M	36.14M	0
Taxes Paid	0	0	0	0	0	8K	479K	7.15M	1.84M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-35.54%	11.1%	-2.01%	-7.32%	-51.19%	19.33%	-145.09%	-33.47%	-49.41%	-44.78%
Return on Invested Capital (ROIC)	-16.42%	7.62%	0.06%	-0.49%	-6.63%	1.26%	-4.74%	-8.86%	-10.41%	-4.15%
Gross Margin	21.65%	31.75%	30.81%	29.62%	30.16%	33.65%	28.71%	28.9%	22.65%	12.68%
Net Margin	-15.8%	3.65%	-0.74%	-1.81%	-7.75%	12.16%	-61.58%	-18.37%	-22.1%	-13.38%
Debt / Equity	0.72x	0.56x	0.89x	1.55x	4.79x	1.66x	1.07x	1.56x	2.61x	3.01x
Interest Coverage	-7.62x	3.41x	0.05x	-0.24x	-2.06x	0.91x	-0.92x	-1.89x	-1.84x	-0.55x
FCF Conversion	-0.33x	1.40x	-17.97x	-2.25x	-0.28x	0.99x	0.02x	-0.27x	0.06x	0.15x
Revenue Growth	-9.94%	18.59%	8.68%	65.55%	38.64%	48.18%	511.19%	4.52%	-14.27%	4.54%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	3.91M	-	3.29M	3.77M	-	348.61M	271.08M	280.16M
Product Growth	-	-	-	-	-	14.61%	-	-	-22.24%	3.35%
Service	-	-	22.44M	-	57.18M	85.83M	-	223.81M	219.66M	232.87M
Service Growth	-	-	-	-	-	50.12%	-	-	-1.85%	6.01%
Intersegment	-	-	-	-	-	-	7.25M	-	-	-
Intersegment Growth	-	-	-	-	-	-	-	-	-	-
Services	15.92M	20.18M	-	39.05M	-	-	-	-	-	-
Services Growth	-	26.74%	-	-	-	-	-	-	-	-
Products	4.52M	4.06M	-	4.57M	-	-	-	-	-	-
Products Growth	-	-10.12%	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	18.39M	21.64M	22.29M	-	-	-	471.89M	482.63M	419.1M	447.98M
UNITED STATES Growth	-	17.73%	2.98%	-	-	-	-	2.28%	-13.16%	6.89%
NETHERLANDS	-	-	-	-	-	-	42.36M	54.09M	44.69M	35.48M
NETHERLANDS Growth	-	-	-	-	-	-	-	27.68%	-17.37%	-20.62%
U	-	-	-	39.63M	56.25M	85.27M	-	-	-	-
U Growth	-	-	-	-	41.93%	51.59%	-	-	-	-
Pacific Rim	1.15M	1.4M	3.07M	2.41M	2.83M	2.04M	-	-	-	-
Pacific Rim Growth	-	21.52%	120.29%	-21.67%	17.41%	-27.81%	-	-	-	-
Europe	447K	774K	670K	1.22M	1.21M	1.79M	-	-	-	-
Europe Growth	-	73.15%	-13.44%	81.64%	-0.82%	48.72%	-	-	-	-
Segment Geographical Groups Of Countries Other Group	164K	162K	150K	140K	35K	355K	-	-	-	-
Segment Geographical Groups Of Countries Other Group Growth	-	-1.22%	-7.41%	-6.67%	-75.00%	914.29%	-	-	-	-
Non Us	-	-	-	218K	148K	143K	-	-	-	-
Non Us Growth	-	-	-	-	-32.11%	-3.38%	-	-	-	-
Non-US	297K	266K	163K	-	-	-	-	-	-	-
Non-US Growth	-	-10.44%	-38.72%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Inotiv, Inc. (NOTV) reported $513.0M in revenue for fiscal year 2025. This represents a 1719% increase from $28.2M in 2012.

Inotiv, Inc. (NOTV) grew revenue by 4.5% over the past year. Growth has been modest.

Inotiv, Inc. (NOTV) reported a net loss of $68.6M for fiscal year 2025.

Dividend & Returns

Inotiv, Inc. (NOTV) has a return on equity (ROE) of -44.8%. Negative ROE indicates the company is unprofitable.

Inotiv, Inc. (NOTV) had negative free cash flow of $27.1M in fiscal year 2025, likely due to heavy capital investments.