Latest Ratios: P/E Ratio 6.1x · EV/EBITDA 5.9x · ROE 29.1%. (2002–2025 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 | $1.5B | $1.7B | $1.3B | $1.4B | $1.3B | $1.6B | $1.4B | $1.6B | $2.0B | $1.7B | $1.3B |
| Enterprise Value | $1.2B | $1.4B | $1.4B | $1.6B | $1.5B | $1.8B | $1.5B | $1.7B | $2.3B | $2.2B | $1.9B |
| P/E Ratio → | 6.13 | 6.06 | 48.19 | 7.29 | 5.59 | 6.01 | 6.13 | 9.90 | 4.94 | 12.13 | 20.19 |
| P/S Ratio | 3.51 | 3.99 | 3.59 | 4.49 | 3.81 | 4.15 | 4.18 | 6.15 | 7.58 | 7.83 | 9.87 |
| P/B Ratio | 1.46 | 1.44 | 1.86 | 2.06 | 2.23 | 3.09 | 2.31 | 4.69 | 12.44 | — | — |
| P/FCF | 8.01 | 9.09 | 6.83 | 9.91 | 6.26 | 4.49 | 4.49 | 6.24 | 8.85 | 12.00 | 21.72 |
| P/OCF | 7.59 | 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
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 | — | 3.32 | 4.00 | 5.31 | 4.57 | 4.64 | 4.59 | 6.53 | 8.81 | 10.25 | 14.35 |
| EV / EBITDA | 5.94 | 6.92 | 7.44 | 12.15 | 7.13 | 4.68 | 4.15 | 6.55 | 9.12 | 11.27 | 15.59 |
| EV / EBIT | 7.40 | 4.11 | 24.05 | 7.73 | 5.00 | 3.92 | 4.15 | 6.92 | 9.82 | 12.13 | 17.59 |
| EV / FCF | — | 7.58 | 7.61 | 11.72 | 7.51 | 5.02 | 4.94 | 6.62 | 10.29 | 15.71 | 31.57 |
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 | 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% | 62.5% | 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% |
| 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 | 14.2% | 14.2% | 14.2% | 9.8% | 20.2% | 38.4% | 40.5% | 40.1% | 46.9% | 52.1% | 34.3% |
| ROCE | 12.4% | 12.4% | 14.7% | 9.9% | 20.5% | 39.2% | 37.5% | 39.0% | 54.5% | 53.1% | 28.3% |
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 | 0.23 | 0.23 | 0.65 | 0.67 | 0.96 | 0.75 | 0.63 | 1.10 | 2.41 | — | — |
| Debt / EBITDA | 1.32 | 1.32 | 2.34 | 3.31 | 2.56 | 1.01 | 1.03 | 1.45 | 1.52 | 3.03 | 5.82 |
| Net Debt / Equity | — | -0.24 | 0.21 | 0.38 | 0.45 | 0.37 | 0.23 | 0.29 | 2.01 | — | — |
| Net Debt / EBITDA | -1.38 | -1.38 | 0.76 | 1.88 | 1.19 | 0.50 | 0.37 | 0.38 | 1.27 | 2.66 | 4.86 |
| Debt / FCF | — | -1.51 | 0.78 | 1.82 | 1.25 | 0.53 | 0.44 | 0.38 | 1.43 | 3.71 | 9.85 |
| Interest Coverage | 20.57 | 20.57 | 2.68 | 11.13 | 19.17 | 24.35 | 20.32 | 13.20 | 9.78 | 4.21 | 2.08 |
Net cash position: cash ($551M) exceeds total debt ($269M)
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 | 14.64 | 14.64 | 2.35 | 9.03 | 3.29 | 54.02 | 55.98 | 80.29 | 34.92 | 5.75 | 9.88 |
| Quick Ratio | 13.85 | 13.85 | 2.21 | 7.96 | 2.87 | 54.02 | 55.98 | 80.29 | 34.92 | 5.77 | 9.88 |
| Cash Ratio | 11.09 | 11.09 | 1.75 | 5.07 | 2.16 | 34.70 | 40.34 | 65.32 | 20.16 | 3.72 | 7.50 |
| 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 |
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 | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.1% |
| Payout Ratio | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.2% | 1.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 16.3% | 16.5% | 2.1% | 13.7% | 17.9% | 16.6% | 16.3% | 10.1% | 20.2% | 8.2% | 5.0% |
| FCF Yield | 12.5% | 11.0% | 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 |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying INVA stock.
Innoviva, Inc.'s current P/E ratio is 6.1x. The historical average is 12.6x. This places it at the 40th percentile of its historical range.
Innoviva, Inc.'s current EV/EBITDA is 5.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.3x.
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%.
Based on historical data, Innoviva, Inc. is trading at a P/E of 6.1x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Innoviva, Inc. has 72.3% gross margin and 38.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Innoviva, Inc.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Trelegy Medicare negotiation risk
Metrics are mathematically derived from official filings.
Deep Discount Masks Mixed Quality
According to the latest financial data, INVA trades at 6.31x trailing earnings and 6.15x EV/EBITDA, a steep discount to biotech peers, implying the market prices in royalty erosion and execution risk.
The single-digit P/E and EV/EBITDA multiples suggest the market is applying a 'melting ice cube' narrative to the GSK royalty stream, ignoring the optionality of the growing infectious disease platform. With a PEG of 0.61, the valuation implies minimal growth expectations, yet product sales grew 46% year-over-year in 2026Q2, per the income statement. The discount may be warranted given the Trelegy Medicare negotiation overhang, but it also fails to credit the $570M cash pile and the potential for capital deployment to create value.
Margin Mix Shift Clouds True Earning Power
Gross margin compressed to 75.8% in 2026Q2 from 89.4% a year earlier, as reported in the income statement, reflecting the higher-cost product sales; yet TTM net margin remains 63.8%, underscoring the royalty stream's profitability.
The blended gross margin obscures the bifurcated economics: the royalty segment carries near-zero marginal cost, while product sales from IST carry meaningful COGS and SG&A. Operating margin swung from -48.6% in 2025Q2 to 42.5% in 2026Q2, but the prior loss included a $48.8M impairment, per the income statement, so the underlying trend is more stable. Investors should focus on cash collected from GSK and segment-level margins to gauge the true earning power, as the reported net margin is distorted by non-cash items.
ROIC Stagnant Despite Cash Generation
ROIC has hovered between 2% and 4% over the past ten quarters, as per the ratio data, despite strong cash flows, indicating that the growing cash pile and acquisitions are not yet generating incremental returns above the cost of capital.
The low ROIC is a function of the large cash balance ($570M) and the recent acquisitions that have yet to scale; the legacy royalty business generates high returns on a small asset base, but the new operating segments require more capital. ROE swung from -6.5% in 2026Q2 to 14.8% in 2026Q1, reflecting the volatile net income, but the underlying return on tangible assets remains modest. If the infectious disease platform can achieve the guided $150M in 2026 U.S. net product sales, ROIC could improve, but the current data suggests capital is being deployed at sub-par returns.
Working Capital Drag Intensifies
The cash conversion cycle lengthened to 183 days in 2026Q2 from 122 days in 2025Q4, as per the ratio data, driven by rising DSO and DIO, indicating that the product segment is tying up more cash in receivables and inventory.
DSO rose to 77 days in 2026Q2 from 50 days in 2025Q4, and DIO jumped to 122 days from 84 days, reflecting the hospital procurement cycles and inventory build for the infectious disease products. The negative working capital adjustments in the cash flow statement, such as -$7.6M in 2026Q2, confirm that cash collection lags revenue recognition. This is a structural shift from the asset-light royalty model, and investors should monitor whether the CCC stabilizes as the product segment matures.
Deleveraging Provides Strategic Flexibility
Debt-to-equity fell to 0.22 in 2026Q2 from 0.63 a year earlier, as reported in the balance sheet, while interest coverage improved to 37.3x, indicating a comfortable debt service position and ample capacity for future capital deployment.
Total debt declined to $269.7M from $450.9M, and the D/EBITDA ratio dropped to 2.37 from 6.88 in 2026Q1, per the ratio data, reflecting debt paydown and higher EBITDA. The strong interest coverage, even with the volatile earnings, suggests that debt service is not a concern. However, the recent EPS miss and the shift toward M&A could lead to higher leverage if management funds acquisitions with debt, so the current healthy leverage may not persist.
Cash Fortress Shields Operational Shifts
The current ratio stands at 16.01 in 2026Q2, as per the balance sheet, with $570M in cash, providing a substantial buffer against the integration costs and working capital needs of the growing product segment.
The quick ratio of 15.18 indicates that the liquidity is not dependent on inventory, which is a positive given the inventory build in the product segment. This fortress-like liquidity supports the company's ability to weather the earnings volatility seen in 2026Q2 and fund its commercialization efforts without external financing. However, the high cash balance also drags on ROIC, so the opportunity cost of this liquidity is a key consideration for capital allocation.
P/E Misleads on Royalty Model
The P/E ratio is the most misapplied metric for INVA, as reported earnings are distorted by non-cash items like the $83.4M net loss in 2026Q2, which obscures the stable cash generation from GSK royalties.
The trailing P/E of 6.31 appears cheap, but it is based on net income that includes non-cash interest income and amortization related to the GSK royalty rights, as well as one-time impairments. A more appropriate metric is EV/EBITDA or price-to-cash-flow, which better captures the underlying cash-generative capacity; the P/FCF of 8.24 is more indicative of value. Investors should also consider a sum-of-the-parts analysis, valuing the royalty stream separately from the operating business, to avoid mispricing the company's dual nature.