Innoviva, Inc. (INVA) Financial Ratios
24 years of historical data (2002–2025) · Healthcare · Biotechnology
EV/EBITDA
↑
5.62
↓-23% vs avg
5yr avg: 7.28
30Y Low3.9·High39.7
P/FCF
↑
8.66
+20% vs avg
5yr avg: 7.23
30Y Low4.5·High120.1
P/B Ratio
↓
1.64
↓-23% vs avg
5yr avg: 2.14
30Y Low1.4·High21.6
ROE
↓
29.1%
-1% vs avg
5yr avg: 29.5%
30Y Low-445%·High248%
Debt/EBITDA
↑
N/A
—
5yr avg: 2.17
30Y Low0.9·High16.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Innoviva, Inc. trades at 6.9x earnings, 53% below its 5-year average of 14.6x, sitting at the 50th percentile of its historical range. Compared to the Healthcare sector median P/E of 23.2x, the stock trades at a discount of 70%. On a free-cash-flow basis, the stock trades at 8.7x P/FCF, 20% above the 5-year average of 7.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.7B | $1.3B | $1.4B | $1.3B | $1.6B | $1.4B | $1.6B | $2.0B | $1.7B | $1.3B |
| Enterprise Value | $1.1B | $1.1B | $1.4B | $1.6B | $1.5B | $1.8B | $1.5B | $1.7B | $2.3B | $2.2B | $1.9B |
| P/E Ratio → | 6.89 | 6.06 | 48.19 | 7.29 | 5.59 | 6.01 | 6.13 | 9.90 | 5.01 | 12.13 | 20.19 |
| P/S Ratio | 3.99 | 3.99 | 3.59 | 4.49 | 3.81 | 4.15 | 4.18 | 6.15 | 7.58 | 7.83 | 9.87 |
| P/B Ratio | 1.64 | 1.44 | 1.86 | 2.06 | 2.23 | 3.09 | 2.31 | 4.69 | 12.44 | — | — |
| P/FCF | 8.66 | 8.65 | 6.83 | 9.91 | 6.26 | 4.49 | 4.49 | 6.24 | 8.85 | 12.00 | 21.72 |
| P/OCF | 8.61 | 8.60 | 6.82 | 9.88 | 6.26 | 4.47 | 4.49 | 6.24 | 8.85 | 12.00 | 21.62 |
P/E links to full P/E history page with 30-year chart
EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Innoviva, Inc.'s enterprise value stands at 5.6x EBITDA, 23% below its 5-year average of 7.3x. The Healthcare sector median is 14.9x, placing the stock at a 62% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.69 | 4.00 | 5.31 | 4.57 | 4.64 | 4.59 | 6.53 | 8.81 | 10.25 | 14.35 |
| EV / EBITDA | 5.62 | 5.61 | 7.44 | 12.15 | — | 3.92 | 4.15 | 6.55 | 9.12 | 11.27 | 15.59 |
| EV / EBIT | 7.00 | 6.98 | 24.05 | 7.73 | 5.00 | 3.92 | 4.15 | 6.92 | 9.82 | 12.13 | 17.59 |
| EV / FCF | — | 5.84 | 7.61 | 11.72 | 7.51 | 5.02 | 4.94 | 6.62 | 10.29 | 15.71 | 31.57 |
Profitability
Margins and return-on-capital ratios measuring operating efficiency
Innoviva, Inc. earns an operating margin of 38.5%. Operating margins have expanded from 36.7% to 38.5% over the past 3 years, signaling improving operational efficiency. ROE of 29.1% indicates solid capital efficiency. ROIC of 16.8% represents solid returns on invested capital.
Margins
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 | 72.3% | 72.3% | 89.8% | 86.3% | 95.8% | 100.0% | 100.0% | 100.0% | 100.0% | 99.4% | 99.0% |
| Operating Margin | 38.5% | 38.5% | 46.5% | 36.7% | -11.2% | 95.7% | 95.3% | 94.4% | 91.3% | 84.5% | 81.6% |
| Net Profit Margin | 63.8% | 63.8% | 6.5% | 57.9% | 64.6% | 67.8% | 66.6% | 60.3% | 151.4% | 61.8% | 44.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.1% | 29.1% | 3.4% | 29.0% | 39.2% | 46.9% | 47.2% | 62.8% | 248.4% | — | — |
| ROA | 18.5% | 18.5% | 1.8% | 14.5% | 19.8% | 27.6% | 26.0% | 24.7% | 86.3% | 35.9% | 14.8% |
| ROIC | 16.8% | 16.8% | 14.2% | 9.8% | -3.6% | 38.4% | 40.5% | 40.1% | 46.9% | 52.1% | 33.3% |
| ROCE | 12.4% | 12.4% | 14.7% | 9.9% | -3.7% | 39.2% | 37.5% | 39.0% | 52.9% | 50.6% | 28.0% |
Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $551M exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 9.8x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.65 | 0.67 | 0.96 | 0.75 | 0.63 | 1.10 | 2.41 | — | — |
| Debt / EBITDA | — | — | 2.34 | 3.31 | — | 0.85 | 1.03 | 1.45 | 1.52 | 3.03 | 5.82 |
| Net Debt / Equity | — | -0.47 | 0.21 | 0.38 | 0.45 | 0.37 | 0.23 | 0.29 | 2.01 | — | — |
| Net Debt / EBITDA | -2.70 | -2.70 | 0.76 | 1.88 | — | 0.42 | 0.37 | 0.38 | 1.27 | 2.66 | 4.86 |
| Debt / FCF | — | -2.81 | 0.78 | 1.82 | 1.25 | 0.53 | 0.44 | 0.38 | 1.43 | 3.71 | 9.85 |
| Interest Coverage | 9.81 | 9.81 | 7.51 | 5.94 | -2.34 | 19.67 | 17.52 | 13.20 | 9.95 | 4.21 | 2.08 |
Net cash position: cash ($551M) exceeds total debt ($0)
Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Innoviva, Inc.'s current ratio of 14.64x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 13.85x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 9.03x to 14.64x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 14.64 | 14.64 | 2.35 | 9.03 | 3.29 | 54.02 | 55.98 | 80.29 | 34.92 | 20.49 | 17.35 |
| Quick Ratio | 13.85 | 13.85 | 2.21 | 7.96 | 2.87 | 54.02 | 55.98 | 80.29 | 49.53 | 20.57 | 21.46 |
| Cash Ratio | 11.09 | 11.09 | 1.75 | 5.07 | 2.16 | 34.70 | 40.34 | 65.32 | 20.16 | 13.25 | 13.18 |
| Asset Turnover | — | 0.26 | 0.28 | 0.25 | 0.27 | 0.42 | 0.34 | 0.36 | 0.48 | 0.59 | 0.35 |
| Inventory Turnover | 3.00 | 3.00 | 1.09 | 1.05 | 0.25 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 30.02 | 87.88 | 98.84 | 70.58 | 103.12 | 101.80 | 111.07 | 116.47 | 118.53 | 128.02 |
Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Innoviva, Inc. returns 0.3% to shareholders annually primarily through share buybacks. The earnings yield of 14.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.1% |
| Payout Ratio | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.2% | 1.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.5% | 16.5% | 2.1% | 13.7% | 17.9% | 16.6% | 16.3% | 10.1% | 19.9% | 8.2% | 5.0% |
| FCF Yield | 11.5% | 11.6% | 14.6% | 10.1% | 16.0% | 22.3% | 22.3% | 16.0% | 11.3% | 8.3% | 4.6% |
| Buyback Yield | 0.3% | 0.3% | 1.2% | 5.4% | 0.7% | 24.2% | 0.0% | 0.0% | 0.2% | 5.9% | 6.0% |
| Total Shareholder Yield | 0.3% | 0.3% | 1.2% | 5.4% | 0.7% | 24.2% | 0.0% | 0.0% | 0.2% | 5.9% | 6.1% |
| Shares Outstanding | — | $85M | $74M | $87M | $95M | $94M | $114M | $113M | $113M | $120M | $123M |
Peer Comparison
Compare INVA with 7 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 INVAYou | $2B | 6.9 | 5.6 | 8.7 | 72.3% | 38.5% | 29.1% | 16.8% | — |
 RPRX | $27B | 26.6 | 22.5 | 10.8 | — | 65.6% | 7.7% | 6.7% | 5.7 |
 LGND | $4B | -949.8 | 319.9 | 53.1 | 93.4% | -13.5% | -0.5% | -2.3% | 0.6 |
 BTX | $773M | 38.9 | 21.6 | 2.8 | 100.0% | 87.7% | 1.9% | 1.4% | — |
 XOMAP | $317M | -15.6 | — | — | 99.3% | -140.3% | -16.2% | -37.6% | — |
 XOMA | $316M | -16.0 | — | — | 99.3% | -140.3% | -16.2% | -37.6% | — |
 CBUS | $99M | -0.3 | — | — | 100.0% | -6062.8% | -115.3% | -86.2% | — |
 CDT | $1M | -0.0 | — | — | — | — | — | — | — |
| Healthcare Median | — | 23.2 | 14.9 | 19.0 | 65.8% | -6.4% | -36.7% | -13.6% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
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Start ComparisonFrequently Asked Questions
What is Innoviva, Inc.'s P/E ratio?
Innoviva, Inc.'s current P/E ratio is 6.9x. The historical average is 12.7x. This places it at the 50th percentile of its historical range.
What is Innoviva, Inc.'s EV/EBITDA?
Innoviva, Inc.'s current EV/EBITDA is 5.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
What is Innoviva, Inc.'s ROE?
Innoviva, Inc.'s return on equity (ROE) is 29.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -36.2%.
Is INVA stock overvalued?
Based on historical data, Innoviva, Inc. is trading at a P/E of 6.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Innoviva, Inc.'s profit margins?
Innoviva, Inc. has 72.3% gross margin and 38.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.