Innoviva (INVA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Innoviva

NasdaqGS•Healthcare•Biotechnology

$20.66+0.04(<0.01%)Market closed

Market Cap

$1.55B

P/E

4.3x

P/S

3.5x

P/B

1.3x

Innoviva, Inc. operates as a biopharmaceutical company in the United States and internationally. Its royalty portfolio includes RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol, and an inhaled corticosteroid, and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist, umeclidinium bromide, and ABA, VI. The company also markets GIAPREZA for increasing blood pressure in adults with septic or other distributive shock; XACDURO, a co-packaged for intravenous use for the treatment of hospital-acquired and ventilator-associated bacterial pneumonia caused by Acinetobacter; XERAVA for the treatment of complicated intra-abdominal infections in adults; ZEVTERA an advanced-generation cephalosporin antibiotic for the treatment of staphylococcus aureus bacteremia, as well as with right-sided endocarditis, acute bacterial skin and skin structure infections, and community-acquired bacterial pneumonia; NUZOLVENCE for the treatment of uncomplicated urogenital gonorrhea in adults and adolescents. In addition, the company develops bacteriophages with potential use in a range of infectious and other serious diseases. It has a strategic partnership with Sarissa Capital Management LP; and LABA Collaboration Agreement with Glaxo Group Limited to develop and commercialize once-daily products for the treatment of chronic obstructive pulmonary disease and asthma. The company was formerly known as Theravance, Inc. and changed its name to Innoviva, Inc. in January 2016. Innoviva, Inc. was incorporated in 1996 and is headquartered in Burlingame, California.

How this company scores

ExcellentMetricSide Score: 86/100

Strongest: Profitability (25/25); weakest: Cash & Earnings Quality (14/25).

Profitability25/25

Growth22/25

Balance Sheet & Red Flags25/25

Cash & Earnings Quality14/25

Strengths

Growing revenueStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 4.3x5y range 2.5x – 46.5x

Currently near its 19-quarter median.

P/S · 3.5x5y range 2.2x – 4.0x

Currently near its 20-quarter median.

P/B · 1.3x5y range 1.1x – 2.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

FCF consistently trails net income (avg 5.4x) — earnings may be inflated by non-cash items or aggressive accounting.

Share Dilution

Red Flag

Shares outstanding increased 17.3% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $1.55B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $440.00M
Q. Revenue: $119.59M
TTM EBITDA: $176.63M
TTM Op. Income: $162.57M
Q. Op. Income: $50.85M
TTM Net Income: $357.24M
Q. Net Income: $-83.42M
EPS: $-1.14
Shares Out.: $73.42M

$440.00M in TTM revenue grew 18.8% YoY, reaching $119.59M last quarter. TTM EBITDA of $176.63M and TTM operating income of $162.57M show growth is flowing through to the bottom line. TTM net income of $357.24M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 75.8%
EBITDA Margin: 48.0%
Op. Margin: 42.5%
Net Margin: -69.8%

Op. margin of 42.5% is down 6.1% YoY — costs are rising relative to revenue. Net margin at -69.8% and gross margin of 75.8% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 4.3x
P/S Ratio: 3.5x
P/B Ratio: 1.3x

At 4.3x P/E, the stock trades below typical market levels. P/S of 3.5x and P/B of 1.3x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 87% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.70B
Cash: $570.39M
Long-Term Debt: $258.45M
Book Value: $1.23B
D/E Ratio: 0.2
Debt/EBITDA: 4.5

With $1.70B in assets and $258.45M in long-term debt, D/E is 0.2and book value is $1.23B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 42% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $51.97M
TTM Free Cash Flow: $189.44M
FCF Margin: 43.1%
FCF / Net Income: 0.5

TTM FCF of $189.44M on $51.97M in operating cash flow. The FCF / Net Income ratio of 0.5x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 5% — an improving trend.