Latest Ratios: P/E Ratio 9.8x · EV/EBITDA 7.6x · ROE N/A. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $4.6B | $1.7B | $2.2B | $3.0B | $2.7B | $1.1B | $393M | $1.0B | $4.1B | $2.6B |
| Enterprise Value | $4.7B | $4.7B | $1.7B | $2.1B | $2.5B | $1.8B | $504M | $-374213840 | $331M | $3.7B | $2.5B |
| P/E Ratio → | 9.84 | 21.88 | 828.67 | — | — | 13.17 | — | 2.83 | 3.86 | 67.07 | 80.68 |
| P/S Ratio | 3.29 | 3.71 | 1.39 | 1.98 | 3.36 | 3.36 | 1.67 | 0.50 | 1.06 | 3.59 | 2.72 |
| P/B Ratio | — | — | — | — | 58.97 | 13.11 | 13.14 | 1.88 | 15.36 | — | — |
| P/FCF | 146.02 | — | 330.64 | — | — | 8.34 | — | 2.73 | 3.87 | 16.34 | 7.09 |
| P/OCF | — | — | 45.92 | — | — | 7.54 | — | 2.60 | 3.35 | 13.95 | 6.48 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.83 | 1.44 | 1.95 | 2.80 | 2.33 | 0.78 | -0.48 | 0.34 | 3.25 | 2.56 |
| EV / EBITDA | 7.64 | 16.66 | 28.49 | — | — | 7.85 | — | -1.82 | 0.99 | 8.56 | 7.05 |
| EV / EBIT | 17.67 | 16.72 | 31.08 | — | — | 8.54 | — | -1.85 | 1.12 | 19.36 | 18.19 |
| EV / FCF | — | — | 341.84 | — | — | 5.78 | — | -2.60 | 1.26 | 14.82 | 6.67 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.1% | 80.1% | 80.6% | 84.1% | 83.2% | 83.9% | 85.0% | 82.2% | 86.0% | 89.3% | 88.6% |
| Operating Margin | 21.4% | 21.4% | 2.7% | -14.3% | -9.0% | 26.9% | -24.1% | 22.7% | 33.0% | 36.9% | 34.9% |
| Net Profit Margin | 16.9% | 16.9% | 0.2% | -11.8% | -4.9% | 25.9% | -22.9% | 17.1% | 27.4% | 5.3% | 3.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -34.6% | 143.9% | -101.7% | 97.5% | 398.0% | — | — |
| ROA | 16.6% | 16.6% | 0.1% | -7.3% | -2.4% | 12.2% | -9.3% | 8.4% | 17.6% | 4.6% | 2.7% |
| ROIC | 342.7% | 342.7% | — | — | — | — | — | — | — | — | — |
| ROCE | 79.1% | 79.1% | 7.5% | -25.4% | -9.1% | 21.7% | -16.9% | 21.7% | 48.1% | 110.1% | 188.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 5.40 | 1.41 | 3.48 | 1.40 | 3.65 | — | — |
| Debt / EBITDA | 1.23 | 1.23 | 6.25 | — | — | 1.22 | — | 1.42 | 0.72 | 1.10 | 1.52 |
| Net Debt / Equity | — | — | — | — | -9.77 | -4.02 | -6.99 | -3.67 | -10.35 | — | — |
| Net Debt / EBITDA | 0.55 | 0.55 | 0.93 | — | — | -3.47 | — | -3.72 | -2.05 | -0.87 | -0.45 |
| Debt / FCF | — | — | 11.20 | — | — | -2.56 | — | -5.33 | -2.61 | -1.51 | -0.42 |
| Interest Coverage | 6.31 | 6.31 | 1.34 | -3.26 | -2.14 | 8.31 | -6.21 | 9.18 | 9.52 | 3.94 | 2.68 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71 | 0.71 | 0.89 | 0.98 | 1.24 | 1.80 | 1.98 | 1.83 | 1.62 | 1.43 | 0.96 |
| Quick Ratio | 0.55 | 0.55 | 0.70 | 0.88 | 1.12 | 1.68 | 1.83 | 1.73 | 1.53 | 1.37 | 0.92 |
| Cash Ratio | 0.21 | 0.21 | 0.34 | 0.32 | 0.88 | 1.37 | 1.43 | 1.43 | 1.13 | 1.01 | 0.67 |
| Asset Turnover | — | 1.03 | 0.90 | 0.62 | 0.51 | 0.43 | 0.42 | 0.48 | 0.62 | 0.80 | 0.80 |
| Inventory Turnover | 1.61 | 1.61 | 1.30 | 1.29 | 1.32 | 1.34 | 1.04 | 1.92 | 1.73 | 2.36 | 2.70 |
| Days Sales Outstanding | — | 75.12 | 78.04 | 84.82 | 89.12 | 93.21 | 123.55 | 94.85 | 105.71 | 81.70 | 77.23 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 2.6% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | 215.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.2% | 4.6% | 0.1% | — | — | 7.6% | — | 35.4% | 25.9% | 1.5% | 1.2% |
| FCF Yield | 0.7% | — | 0.3% | — | — | 12.0% | — | 36.7% | 25.8% | 6.1% | 14.1% |
| Buyback Yield | 0.2% | 0.2% | 10.5% | 1.5% | 3.0% | 3.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.2% | 10.5% | 1.5% | 3.0% | 3.8% | 0.0% | 0.0% | 0.0% | 0.0% | 2.6% |
| Shares Outstanding | — | $128M | $133M | $142M | $139M | $154M | $147M | $151M | $150M | $150M | $149M |
Includes 30+ ratios · 10 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying INDV stock.
Indivior Pharmaceuticals Inc's current P/E ratio is 9.8x. The historical average is 31.6x. This places it at the 33th percentile of its historical range.
Indivior Pharmaceuticals Inc's current EV/EBITDA is 7.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Based on historical data, Indivior Pharmaceuticals Inc is trading at a P/E of 9.8x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Indivior Pharmaceuticals Inc has 80.1% gross margin and 21.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Indivior Pharmaceuticals Inc's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Single-product concentration and negative equity
Metrics are mathematically derived from official filings.
Trailing Multiple Rich, Forward Multiple Compressed
Based on reported figures, INDV trades at a trailing P/E of 22.12 but a forward P/E of 8.97, a gap implying the market expects earnings to rise sharply from current run-rates, which warrants close scrutiny of that assumption.
The spread between trailing and forward earnings multiples suggests consensus expects a substantial step-up in profitability, consistent with the recent operating margin expansion from 23.8% to 50.8%. Against Alkermes at 32.10 trailing P/E, INDV screens cheaper on forward numbers, though the EV/EBITDA of 16.43 versus 5.64 forward indicates the market is discounting the durability of that earnings ramp. Investors should monitor whether the forward estimates prove conservative or whether reliance on a single product limits the multiple.
Margin Expansion Driven by Operating Leverage
As reported in quarterly income statements, INDV's operating margin rose from 24.8% in 2025Q1 to 50.8% in 2026Q3 while gross margin held near 86%, indicating that operating expense discipline rather than pricing alone drove the gain.
Gross margin of 85.7% to 87.4% in recent quarters sits well above generic specialty peers, suggesting a defensible injectable franchise, but the operating margin expansion reflects SG&A being held flat while revenue grew. Net margin of 38.5% in 2026Q3 versus 6.0% in 2025Q2 shows earnings quality improving sharply, though the trajectory is short and includes non-recurring legal items that may distort the trend. Earning power should be assessed on operating margin ex-litigation rather than the reported net figure.
Debt Serviceable but Equity Base Remains Negative
Based on INDV's reported figures, interest coverage improved from 3.14x in 2026Q2 to 2.75x in 2026Q3 while total debt held near $501M against a negative stockholders' deficit of roughly $60M, leaving limited equity cushion.
Interest coverage between 2.75x and 3.66x over recent quarters is adequate but not comfortable, and the latest quarter showed slight compression despite higher earnings, which may reflect a shift in debt cost or mix. The negative equity position means leverage ratios like D/E are not meaningfully interpretable, so debt-to-EBITDA and absolute debt levels are the more reliable gauges. Refinancing risk and the sensitivity of covenant headroom to any earnings reversal warrant monitoring.
Current Ratio Below Unity Despite Cash Rebuild
According to reported filings, INDV's current ratio of 0.61 and quick ratio of 0.50 in 2026Q3 sit below 1.0, although cash rebuilt from $175M in 2026Q1 to $305M in 2026Q3, suggesting liquidity is improving from a thin base.
Current liabilities exceeding current assets is typically a concern, but for a business with high recurring cash generation and predictable specialty distribution receivables it may be less alarming than in a manufacturing context. The quick ratio tracking the current ratio closely indicates limited reliance on inventory, which is positive. Under severe stress, however, cash of $305M against total debt near $501M provides only partial coverage, so the position depends on continued operating cash inflows.
Gross-to-Net Adjustments Obscure Pricing Quality
The most misapplied metric for INDV is the headline gross margin, which at 85.7% in 2026Q3 may overstate pricing power because it does not reflect gross-to-net rebate deductions that are volatile in the OUD market.
Gross margin is frequently read as evidence of durable pricing, yet for a Medicaid-heavy specialty injectable the reported revenue already nets out rebates, meaning the margin may still be exposed to payer concessions not visible in the ratio itself. A more informative lens is operating margin trend combined with cash conversion, since the ten-quarter record shows free cash flow margins swinging from -68.4% to 64.7%. Analysts should adjust for working capital timing and litigation reserves before treating any single quarter's margin as representative of earning power.