The company's financial structure remains under pressure with a negative equity balance of $144.0 million and a current ratio of 0.86 as of 2026Q1.
| Total Current Assets | 667M | 652M | 839M | 1.27B | 1.27B | 1.44B | 1.19B | 1.36B | 1.33B | 1.22B | 990M |
| Cash & Short-Term Investments | 175M | 195M | 320M | 410M | 897.83M | 1.1B | 858M | 1.06B | 924M | 863M | 692M |
| Cash Only | 175M | 195M | 319M | 316M | 778.18M | 1.1B | 858M | 1.06B | 924M | 863M | 692M |
| Short-Term Investments | 0 | 0 | 1M | 94M | 119.64M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 285M | 255M | 254M | 254M | 220M | 202M | 219M | 204M | 278M | 257M | 205M |
| Days Sales Outstanding | 74.36 | 75.12 | 78.04 | 84.82 | 89.12 | 93.21 | 123.55 | 94.85 | 105.71 | 81.7 | 77.23 |
| Inventory | 152M | 153M | 178M | 135M | 114.62M | 95M | 93M | 73M | 78M | 52M | 41M |
| Days Inventory Outstanding | 255.75 | 227.01 | 281.26 | 283.19 | 277.05 | 273.03 | 349.95 | 190.32 | 211.4 | 154.44 | 135.05 |
| Other Current Assets | 55M | 15M | 87M | 444M | 18M | 27M | 0 | 0 | 49M | 38M | 40M |
| Total Non-Current Assets | 530M | 552M | 481M | 499M | 512.76M | 388M | 344M | 292M | 218M | 219M | 219M |
| Property, Plant & Equipment | 179M | 170M | 139M | 124M | 85.46M | 95M | 103M | 107M | 57M | 54M | 27M |
| Fixed Asset Turnover | 7.88x | 7.29x | 8.55x | 8.81x | 10.54x | 8.33x | 6.28x | 7.34x | 16.84x | 21.26x | 35.88x |
| Goodwill | 2M | 0 | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 2M | 5M | 13M | 70M | 82M | 62M | 72M | 0 | 0 | 0 |
| Long-Term Investments | 110M | 28M | 26M | 41M | 98.53M | 0 | 0 | 0 | 33M | 15M | 0 |
| Other Non-Current Assets | 26M | 26M | 29M | 28M | 38.58M | 106M | 104M | 73M | 84M | 92M | 83M |
| Total Assets | 1.2B | 1.2B | 1.32B | 1.76B | 1.78B | 1.83B | 1.53B | 1.65B | 1.55B | 1.44B | 1.21B |
| Asset Turnover | 0.98x | 1.03x | 0.90x | 0.62x | 0.51x | 0.43x | 0.42x | 0.48x | 0.62x | 0.80x | 0.80x |
| Asset Growth % | -30.37% | -8.72% | -25.27% | -0.76% | -2.92% | 19.66% | -7.32% | 6.79% | 7.13% | 19.44% | - |
| Total Current Liabilities | 779M | 914M | 939M | 1.29B | 1.02B | 804M | 599M | 742M | 818M | 854M | 1.03B |
| Accounts Payable | 0 | 48M | 63M | 39M | 33M | 26M | 416M | 499M | 47M | 40M | 33M |
| Days Payables Outstanding | 58.18 | 71.22 | 99.55 | 81.81 | 79.77 | 74.72 | 1.57K | 1.3K | 127.38 | 118.8 | 108.7 |
| Short-Term Debt | 9M | 39M | 18M | 12M | 3M | 3M | 12M | 9M | 4M | 5M | 101M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 9.05M | 0 | 0 | 0 | 24M | 41M | 52M |
| Other Current Liabilities | 770M | 722M | 802M | 1.16B | 391M | 635M | 156M | 195M | 603M | 617M | 673M |
| Current Ratio | 0.86x | 0.71x | 0.89x | 0.98x | 1.24x | 1.80x | 1.98x | 1.83x | 1.62x | 1.43x | 0.96x |
| Quick Ratio | 0.66x | 0.55x | 0.70x | 0.88x | 1.12x | 1.68x | 1.83x | 1.73x | 1.53x | 1.37x | 0.92x |
| Cash Conversion Cycle | 271.93 | 230.91 | 259.75 | 286.2 | 286.41 | 291.52 | -1.09K | -1.02K | 189.72 | 117.34 | 103.58 |
| Total Non-Current Liabilities | 562M | 388M | 728M | 666M | 702.78M | 825M | 850M | 701M | 663M | 793M | 474M |
| Long-Term Debt | 14M | 290M | 315M | 237M | 237M | 239M | 230M | 233M | 237M | 477M | 434M |
| Capital Lease Obligations | 75M | 22M | 32M | 34M | 29M | 36M | 43M | 51M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 3M | 3M | 0 | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 548M | 73M | 381M | 390M | 436.78M | 550M | 577M | 417M | 426M | 316M | 40M |
| Total Liabilities | 1.34B | 1.3B | 1.67B | 1.96B | 1.73B | 1.63B | 1.45B | 1.44B | 1.48B | 1.65B | 1.5B |
| Total Debt | 23M | 351M | 375M | 283M | 277M | 286M | 285M | 293M | 241M | 482M | 535M |
| Net Debt | -152M | 156M | 56M | -33M | -501.18M | -816M | -573M | -767M | -683M | -381M | -157M |
| Debt / Equity | -0.16x | - | - | - | 5.40x | 1.41x | 3.48x | 1.40x | 3.65x | - | - |
| Debt / EBITDA | 0.05x | 1.23x | 6.15x | - | - | 1.22x | - | 1.42x | 0.73x | 1.10x | 1.53x |
| Net Debt / EBITDA | -0.34x | 0.55x | 0.92x | - | - | -3.47x | - | -3.72x | -2.05x | -0.87x | -0.45x |
| Interest Coverage | 10.88x | 6.31x | 1.34x | -3.26x | -2.14x | 8.31x | -6.21x | 9.18x | 9.52x | 3.94x | 2.68x |
| Total Equity | -144M | -98M | -348M | -191M | 51.28M | 203M | 82M | 209M | 66M | -203M | -295M |
| Equity Growth % | -15.65% | 71.84% | -82.2% | -472.5% | -74.74% | 147.56% | -60.77% | 216.67% | 132.51% | 31.19% | - |
| Book Value per Share | -1.12 | -0.77 | -2.62 | -1.35 | 0.37 | 1.32 | 0.56 | 1.38 | 0.44 | -1.36 | -1.98 |
| Total Shareholders' Equity | -144M | -98M | -348M | -191M | 51.28M | 203M | 82M | 209M | 66M | -203M | -295M |
| Common Stock | 0 | 62M | 62M | 68M | 68.37M | 70M | 73M | 73M | 73M | 72M | 72M |
| Retained Earnings | -280M | -243M | -454M | -295M | 1.31B | 1.44B | 1.31B | 1.45B | 1.31B | 1.03B | 950M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -29M | -30M | -46M | -1.35B | -1.34B | 0 | -1.31B | -1.32B | -1.33B | -1.31B | -1.32B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative equity and litigation
As reported in recent financial statements, Indivior’s equity position has deteriorated into a negative $144.0 million balance as of 2026Q1, signaling that persistent litigation-related charges and aggressive capital allocation have significantly eroded the company's book value despite the underlying growth of the injectable franchise.
The persistent negative equity trend suggests that the company is operating with a capital structure heavily burdened by historical legal liabilities rather than organic operational deficits. Investors should monitor whether this trajectory stabilizes as the company moves past major litigation milestones, as the current balance sheet profile limits the firm's financial flexibility.
According to quarterly filings, Indivior has actively managed its debt profile, reducing total debt from $375.0 million in 2024Q4 to $23.0 million by 2026Q1, which indicates a strategic effort to deleverage despite the significant pressure on the company's overall equity base.
This rapid reduction in debt appears to be a defensive measure to preserve cash flow for operational needs and potential future legal settlements. While the lower debt load reduces interest expense, the reliance on cash reserves to pay down these obligations may leave the company with a thinner buffer against unexpected operational shocks.
Based on the provided balance sheet data, the current ratio has remained consistently below 1.0, reaching 0.86 in 2026Q1, which suggests that the company’s short-term assets may be insufficient to cover its immediate liabilities without continued reliance on ongoing cash generation from the Sublocade franchise.
The persistent sub-unity current ratio warrants further investigation into the timing of payables and the liquidity of current assets. This tight liquidity position implies that any disruption in the collection of receivables or a sudden spike in legal outflows could force the company to seek external financing.
As indicated by the company’s reported figures, retained earnings have plummeted to a deficit of $280.0 million in 2026Q1, highlighting how cumulative non-operating charges have effectively neutralized the value created by the company's core pharmaceutical operations over the past several reporting periods.
The negative retained earnings balance underscores the impact of non-recurring legal settlements on the company's long-term capital structure. This erosion of equity suggests that the company is currently in a phase of capital recovery, where future profitability must be prioritized to rebuild the balance sheet before meaningful shareholder value can be restored.
Financial disclosures suggest that the headline negative equity figure is heavily distorted by litigation contingency reserves, which may not reflect the true economic value of the company's specialized injectable delivery system and its associated recurring revenue streams in the US market.
Investors should be cautious in interpreting the negative equity as a sign of imminent insolvency, as the company’s ability to generate high-margin revenue from Sublocade provides a potential path to solvency. The primary risk remains that these legal liabilities could continue to expand, further obscuring the fundamental health of the business.
Quick answers to the most common questions about buying INDV stock.
As of 2025, Indivior Pharmaceuticals Inc (INDV) had total assets of $1.20B including $652.0M in current assets.
Indivior Pharmaceuticals Inc (INDV) carries total debt of $351.0M, offset by $195.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Indivior Pharmaceuticals Inc (INDV) has total shareholders' equity (book value) of $-98.0M ($-0.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Indivior Pharmaceuticals Inc (INDV) reported a current ratio of 0.71x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.