Is the business good?
How good a business is INVA?
Innoviva, Inc. earns 13% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
13%
Return on invested capital · cost of capital 9.0% · 3.7 points above what the capital costs: growth creates value
- Operating margin
- 38%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Cash conversion
- 0.26×
Cash conversion · some of the reported profit has not turned into cash yet
- Share count, year on year
- +35%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 95% |
| FY2021 | 96% |
| FY2022 | 87% |
| FY2023 | 37% |
| FY2024 | 47% |
| FY2025 | 40% |
Details›
- Gross margin12 months to Q1 2026
- 74%
- Operating margin12 months to Q1 2026
- 38%
- Net margin12 months to Q1 2026
- 120%
- Free cash flow margin
- 31%
- R&D as % of revenue
- 7.5%
- Revenue, trailing twelve months
- $421M
- Free cash flow, trailing twelve months
- $132M
- Net income, trailing twelve months
- $504M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 13%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Biotechnology
Ranks #24 of 145 by Smart Score