Innoviva, Inc. (INVA) Key Metrics
INVA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.50B
- Enterprise value
- $1.25B
- P/E (TTM)
- 4.9 10-yr median 7.0
- Forward P/E
- 8.5
- PEG ratio
- 0.25
- Price / sales
- 3.4 10-yr median 4.3
- Price / book
- 1.2 10-yr median 2.3
- EV / EBITDA
- 2.5 10-yr median 6.8
- Dividend yield
- —
- Beta
- 0.38
INVA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsINVA valuation Price multiples at each fiscal year-end price.
INVA returns How much profit the business earns on the capital it uses.
INVA per-share figures Results divided by the shares outstanding at year-end.
INVA financial health Debt, liquidity and how easily interest is covered.
INVA efficiency & capital use Working capital cycle and where the cash goes.
INVA valuation history
INVA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
INVA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
INVA cash returned to shareholders
INVA price vs earnings per share
INVA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.69B | $1.29B | $1.39B | $1.26B | $1.63B | $1.41B | $1.61B | $1.98B | $1.70B | $1.32B |
| Enterprise value | $1.41B | $1.33B | $1.65B | $1.52B | $1.82B | $1.57B | $1.63B | $2.25B | $2.17B | $1.88B |
| P/E ratio | 6.2 | 55.0 | 7.8 | 5.9 | 6.1 | 6.3 | 10.2 | 5.0 | 12.7 | 22.1 |
| Price / sales | 4.0 | 3.6 | 4.5 | 3.8 | 4.2 | 4.2 | 6.2 | 7.6 | 7.8 | 9.9 |
| Price / book | 1.4 | 1.9 | 2.1 | 2.2 | 3.9 | 2.3 | 5.1 | 12.9 | — | — |
| Price / free cash flow | 9.1 | 6.8 | 9.9 | 6.3 | 4.5 | 4.5 | 6.2 | 8.9 | 12.0 | 21.7 |
| Price / operating cash flow | 8.6 | 6.8 | 9.9 | 6.3 | 4.5 | 4.5 | 6.2 | 8.9 | 12.0 | 21.6 |
| EV / sales | 3.3 | 3.7 | 5.3 | 4.6 | 4.6 | 4.7 | 6.3 | 8.6 | 10.0 | 14.1 |
| EV / EBITDA | 3.7 | 13.3 | 6.6 | 4.7 | 5.0 | 5.0 | 7.0 | 9.5 | 11.3 | 15.3 |
| EV / free cash flow | 7.6 | 7.0 | 11.7 | 7.5 | 5.0 | 5.0 | 6.3 | 10.1 | 15.3 | 31.0 |
| Earnings yield | 16.0% | 1.8% | 12.9% | 17.0% | 16.3% | 15.9% | 9.8% | 20.0% | 7.9% | 4.5% |
| Free cash flow yield | 11.0% | 14.6% | 10.1% | 16.0% | 22.3% | 22.3% | 16.0% | 11.3% | 8.3% | 4.6% |
| Dividend yield | — | — | 6.9% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Shareholder yield (dividends + buybacks) | 0.3% | 1.2% | 12.3% | 0.7% | 24.2% | 0.0% | 0.0% | 0.2% | 5.9% | 6.1% |
| Share price at fiscal year-end | $19.99 | $17.35 | $16.04 | $13.25 | $17.25 | $12.39 | $14.16 | $17.45 | $14.19 | $10.70 |
| Per share | ||||||||||
| Revenue per share | $5.02 | $4.84 | $3.57 | $3.48 | $4.16 | $2.97 | $2.30 | $2.30 | $1.81 | $1.08 |
| Earnings per share | $3.20 | $0.32 | $2.07 | $2.25 | $2.82 | $1.98 | $1.39 | $3.48 | $1.12 | $0.48 |
| Operating cash flow per share | $2.32 | $2.54 | $1.62 | $2.12 | $3.86 | $2.76 | $2.27 | $1.97 | $1.18 | $0.49 |
| Free cash flow per share | $2.20 | $2.54 | $1.62 | $2.12 | $3.84 | $2.76 | $2.27 | $1.97 | $1.18 | $0.49 |
| Cash per share | $6.50 | $5.56 | $2.23 | $3.06 | $2.14 | $2.17 | $3.09 | $1.01 | $1.08 | $1.22 |
| Book value per share | $13.84 | $9.32 | $7.77 | $5.94 | $4.40 | $5.35 | $2.76 | $1.35 | −$2.03 | −$2.86 |
| Tangible book value per share | $11.48 | $6.27 | $4.91 | $3.00 | $3.22 | $4.53 | $1.54 | $0.01 | −$3.42 | −$4.33 |
| Dividends per share | — | — | $1.11 | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 |
| Capex per share | $0.12 | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $3.17 | $6.08 | $5.17 | $5.71 | $4.19 | $3.62 | $3.33 | $3.38 | $5.00 | $5.81 |
| Shares outstanding | 84.8M | 74.2M | 86.9M | 95.2M | 94.3M | 113.6M | 113.4M | 113.4M | 119.9M | 123.2M |
| Change in shares outstanding | +14.3% | −14.6% | −8.8% | +1.0% | −16.9% | +0.1% | +0.0% | −5.4% | −2.7% | +6.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 29.1% | 3.4% | 29.0% | 43.6% | 52.0% | 48.7% | 67.3% | — | — | — |
| Return on invested capital (ROIC) | 16.8% | 12.6% | 12.1% | 22.3% | 45.0% | 47.9% | 53.1% | 73.4% | 83.4% | 52.3% |
| Return on assets (ROA) | 18.5% | 1.8% | 14.5% | 19.8% | 27.6% | 26.0% | 24.7% | 86.3% | 35.9% | 14.8% |
| Return on tangible assets | 18.9% | 2.2% | 18.1% | 22.5% | 32.6% | 24.8% | 26.9% | 99.9% | 66.9% | 30.0% |
| Free cash flow margin | 43.9% | 52.5% | 45.3% | 60.9% | 92.5% | 93.0% | 98.6% | 85.6% | 65.3% | 45.4% |
| Income quality (OCF / net income) | 0.73 | 8.07 | 0.78 | 0.94 | 1.37 | 1.40 | 1.64 | 0.57 | 1.06 | 1.02 |
| Financial health | ||||||||||
| Total debt | $269.0M | $451.1M | $449.1M | $544.1M | $394.8M | $410.5M | $377.1M | $382.9M | $599.4M | $716.1M |
| Cash & short-term investments | $550.9M | $412.5M | $193.5M | $291.0M | $201.5M | $246.5M | $350.8M | $114.9M | $129.1M | $150.4M |
| Net debt | −$281.9M | $38.6M | $255.6M | $253.0M | $193.2M | $164.0M | $26.3M | $267.9M | $470.3M | $565.7M |
| Debt / equity | 0.23 | 0.65 | 0.67 | 0.96 | 0.95 | 0.68 | 1.20 | 2.49 | — | — |
| Debt / assets | 0.16 | 0.35 | 0.36 | 0.44 | 0.43 | 0.41 | 0.52 | 0.70 | 1.63 | 1.89 |
| Net debt / EBITDA | −0.73 | 0.39 | 1.03 | 0.79 | 0.53 | 0.52 | 0.11 | 1.13 | 2.45 | 4.60 |
| Current ratio | 14.64 | 2.35 | 9.03 | 3.29 | 54.02 | 55.98 | 80.29 | 34.92 | 5.75 | 9.88 |
| Quick ratio | 13.85 | 2.21 | 7.96 | 2.87 | 73.08 | 71.36 | 95.08 | 49.53 | 5.77 | 12.21 |
| Interest coverage | 9.8 | 7.5 | 5.9 | 13.1 | 19.7 | 17.5 | 13.2 | 9.9 | 4.2 | 2.1 |
| Working capital | $677.8M | $318.2M | $306.1M | $308.5M | $307.9M | $335.9M | $425.9M | $193.3M | $164.9M | $178.0M |
| Invested capital | $890.9M | $729.8M | $930.5M | $818.8M | $608.0M | $771.9M | $339.8M | $421.5M | $227.4M | $212.7M |
| Tangible asset value | $972.8M | $464.8M | $426.7M | $286.2M | $414.5M | $513.9M | $203.0M | $6.2M | −$409.4M | −$533.5M |
| Net current asset value | $265.2M | −$55.6M | −$224.3M | −$222.2M | −$86.8M | −$49.7M | $48.5M | −$190.1M | −$410.4M | −$533.9M |
| Graham number | $31.56 | $8.13 | $19.02 | $17.33 | $16.70 | $15.43 | $9.29 | $10.30 | — | — |
| Graham net-net per share | $1.59 | −$1.56 | −$3.36 | −$3.14 | −$1.82 | −$1.07 | −$0.11 | −$2.23 | −$3.57 | −$4.62 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $96.3M | — | $0 | $0 | $11,000 | $80,000 | $281,000 | $960,000 |
| Share buybacks (net) | $4.7M | $14.9M | $75.8M | $8.6M | $394.2M | $92,000 | $89,000 | $3.1M | $99.6M | $79.2M |
| Dividend payout ratio | — | — | 53.6% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 1.6% |
| Dividends + buybacks / free cash flow | 2.5% | 7.9% | 122.3% | 4.3% | 108.7% | 0.0% | 0.0% | 1.4% | 70.5% | 132.0% |
| Capex / revenue | 2.5% | 0.1% | 0.1% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% |
| Capex / operating cash flow | 5.3% | 0.1% | 0.3% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% |
| Capex / depreciation | 0.26 | 0.01 | 0.01 | 0.00 | 0.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 |
| Stock-based compensation / revenue | 2.2% | 1.8% | 1.9% | 2.2% | 0.5% | 0.5% | 0.8% | 1.2% | 4.5% | 6.2% |
| R&D / revenue | 7.2% | 3.8% | 10.9% | 12.5% | 0.1% | 0.5% | 0.2% | — | 0.6% | 1.0% |
| SG&A / revenue | 26.7% | 32.3% | 28.8% | 19.2% | 4.1% | 4.1% | 5.6% | 8.7% | 14.9% | 17.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 52.1 | 86.7 | 87.1 | 96.3 | 95.3 | 93.9 | 113.8 | 107.6 | 98.6 | 99.8 |
| Days of inventory on hand | 113.1 | 371.3 | 413.6 | -725.3 | -2,700.1 | -17,694.5 | — | — | -6,411.2 | -9,573.7 |
| Days payables outstanding | 11.0 | 44.1 | 41.3 | 39.2 | 1.2 | 7.8 | — | — | 98.2 | 123.9 |
| Cash conversion cycle (days) | 154.2 | 413.9 | 459.4 | -668.2 | -2,606.0 | -17,608.4 | — | — | -6,410.8 | -9,597.8 |
| Receivables turnover | 7.01 | 4.21 | 4.19 | 3.79 | 3.83 | 3.89 | 3.21 | 3.39 | 3.70 | 3.66 |
| Payables turnover | 33.14 | 8.27 | 8.83 | 9.30 | 297.46 | 47.05 | 0.00 | 0.00 | 3.72 | 2.95 |
| Inventory turnover | 3.23 | 0.98 | 0.88 | — | — | — | — | — | — | — |
| Asset turnover | 0.29 | 0.28 | 0.25 | 0.31 | 0.41 | 0.39 | 0.41 | 0.57 | 0.58 | 0.33 |
| Average receivables | $60.7M | $85.2M | $74.1M | $87.4M | $102.3M | $86.7M | $81.4M | $76.9M | $58.7M | $36.5M |
| Average payables | $3.5M | $4.4M | $4.8M | $1.5M | $46,500 | $38,000 | $10,500 | $306,000 | $364,500 | $473,000 |
| Average inventory | $36.4M | $37.2M | $48.3M | −$27.4M | −$102.3M | −$86.7M | −$81.4M | −$42.0M | −$23.8M | −$36.5M |
| Intangibles / total assets | 12.2% | 17.4% | 20.0% | 22.7% | 12.0% | 9.4% | 19.2% | 27.9% | 45.4% | 47.6% |
Computed from INVA's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
INVA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Innoviva traded at 6.2 times earnings, against a 10-year median of 7.0. Based on the latest twelve months, the trailing P/E is 4.9 and the forward P/E is 8.5. Innoviva earned a return on equity of 29.1% and a return on invested capital of 16.8% in fiscal 2025. It ended the year with $269.0 million of debt and $550.9 million in cash and short-term investments, a net cash position of $281.9 million. It returned $4.7 million to shareholders: $0 in dividends and $4.7 million in share buybacks, 3% of free cash flow. The share count fell 31.2% from 123.2M to 84.8M over 9 years.
See the INVA income statement, the INVA chart for price history, or the INVA stock overview for the latest quote and news.
INVA key metrics FAQ
What is Innoviva's P/E ratio?
Innoviva's trailing P/E ratio is 4.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.5. At the end of fiscal 2025 it was 6.2, compared with a 10-year median of 7.0.
What is Innoviva's EV/EBITDA?
Innoviva's enterprise value was 3.7 times EBITDA at the end of fiscal 2025 (enterprise value $1.4 billion, EBITDA $383.8 million); the current EV/EBITDA is 2.5.
What is Innoviva's return on equity?
Innoviva's return on equity (ROE) was 29.1% in fiscal 2025: net income of $271.2 million on average shareholders' equity of $932.0 million.
What is Innoviva's ROIC?
Innoviva's return on invested capital was 16.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Innoviva have?
Innoviva had total debt of $269.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.23 and more cash than debt.
Does Innoviva buy back its shares?
Yes. Innoviva spent $4.7 million on net share repurchases in fiscal 2025 Shares outstanding changed +14.3% over the year, to 84.8M..
What is Innoviva's free cash flow yield?
Innoviva generated $186.4 million of free cash flow in fiscal 2025, a free cash flow yield of 11.0% on its market value at year-end ($1.7 billion).
What is Innoviva's current ratio?
Innoviva's current ratio was 14.64 at the end of fiscal 2025: current assets were 14.64 times current liabilities.