Innoviva, Inc. (INVA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+203.1%

$63.71

vs $21.02 price

Levered DCF

$63.32

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.43

Safe zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	4.97×	46.89×	5.49×	4.32×	5.32×	5.61×	9.08×	4.45×
P/B	1.15×	1.57×	1.56×	1.63×	3.41×	2.33×	4.57×	11.46×
P/S	3.17×	3.03×	3.38×	2.79×	3.61×	3.73×	5.49×	6.74×
EV / EBITDA	2.78×	12.41×	5.24×	3.65×	3.36×	3.74×	5.88×	8.39×
Gross margin	72.3%	89.8%	86.3%	95.8%	100.0%	100.0%	100.0%	100.0%
Operating margin	38.5%	46.5%	36.7%	62.5%	95.7%	95.3%	94.4%	91.3%
Net margin	63.8%	6.5%	57.9%	64.6%	67.8%	66.6%	60.3%	151.4%
Current ratio	14.64×	2.35×	9.03×	3.29×	54.02×	55.98×	80.29×	34.92×
Debt / equity	0.23×	0.65×	0.67×	0.96×	0.95×	0.71×	1.2×	2.49×
Interest coverage	9.81×	7.51×	5.94×	13.11×	19.67×	17.52×	13.2×	9.95×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.1%	3.4%	26.6%	37.8%	64.1%	41.6%	50.2%	257.2%
Return on invested capital	8.6%	8.3%	8.7%	13.3%	33.7%	26.8%	28.1%	43.9%
Return on assets	16.6%	1.8%	14.5%	17.4%	28.7%	22.4%	21.7%	72.1%
Free cash flow yield	13.8%	17.3%	13.4%	21.9%	25.6%	24.9%	18.0%	12.7%
Earnings yield	20.1%	2.1%	17.1%	23.2%	18.8%	17.9%	11.0%	22.4%
Enterprise value	$1.1B	$1.2B	$1.3B	$1.2B	$1.6B	$1.4B	$1.5B	$2.1B
Net debt / EBITDA	-0.73×	1.47×	1.03×	0.79×	0.4×	0.37×	0.38×	1.29×
Cash conversion cycle (days)	136	403	390	1,472	103	102	111	116