Innoviva Inc
INVA—
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Innoviva Inc AI Insights
Informational only. Not investment advice.Snapshot
- EPS growth of 218% TTM vs revenue growth of 4% 5Y CAGR signals royalty leverage - minimal cost to capture incremental revenue.[EPS Growth 1Y]
- FCF of 187M TTM (48% of revenue) with capex under 4% - asset-light royalty model generates exceptional cash conversion.[Free Cash Flow TTM]
- Working capital of 636M (13x current liabilities) with 477M cash - fortress balance sheet at 0.26 debt/equity.[Working Capital]
Watch Triggers
- Total Revenue TTM: Decline >10% YoY — Would signal GSK royalty erosion from generics or market share loss
- Operating Margin TTM: Falls below 35% — Indicates cost creep or failed diversification investments destroying royalty economics
- Goodwill and Other Intangible Assets: Increases >50% from 207M — Would signal aggressive M&A potentially overpaying to diversify away from GSK
Bull Case
Pure royalty model: 43% operating margin vs industry median 0%. Zero manufacturing risk, minimal headcount, predictable cash flows from established respiratory drugs.
Operating Margin TTMGross Margin TTMFree Cash Flow TTM
Capital allocation optionality: 477M cash + 187M annual FCF enables M&A or buybacks. Already repurchasing shares with 25K TTM payments.
Cash and EquivalentsFree Cash Flow TTMDebt to Equity
Bear Case
Revenue concentration risk: GSK royalties dominate. Patent cliffs on Trelegy/Anoro could compress revenue 30-50% post-2030 without diversification.
Total Revenue TTMTotal Revenue 5Y Growth
Slow growth profile: 4% 5Y revenue CAGR vs industry median 7%. P/S of 4.5x prices in stability, not expansion.
Total Revenue 5Y GrowthPS Ratio
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Royalty stream durability will sustain 40%+ operating margins through 2027
1-3yhigh
- GSK respiratory royalties locked in through patent expiry
- Minimal R&D burden (8% of revenue) preserves margins
- No manufacturing/sales infrastructure costs
Operating margin 43% TTM vs industry median 0%R&D 30M vs industry median 38M despite 388M revenueGross margin 86% TTM
Valuation Context
Caveats
INVA Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.68B | — | ||
$1.34B | — | ||
3.6 | — | ||
$420.69M | +13.7% | — | |
$6.26 | +1474.2% | — | |
38.1% | -11.2% | — | |
120% | +136.0% | — | |
$172.6M | -11.9% | — | |
50.7% | +59.6% | — | |
Beta 5Y (Monthly) | unknown | — |
INVA Dividend History
5 dividends
2015
$0.750009/08/15$0.2500
06/10/15$0.2500
03/10/15$0.2500
2014
$0.500011/21/14$0.2500
08/26/14$0.2500
INVA Stock Splits
No stock splits
INVA SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/06/26 | 03/31/26 | 10-Q | |
02/25/26 | 12/31/25 | Unknown | |
11/05/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
02/26/25 | 12/31/24 | Unknown | |
11/06/24 | 09/30/24 | 10-Q | |
07/31/24 | 06/30/24 | 10-Q | |
05/08/24 | 03/31/24 | 10-Q | |
02/29/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
02/28/23 | 12/31/22 | 10-K | |
11/09/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
10/27/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
04/28/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
10/28/20 | 09/30/20 | 10-Q | |
07/29/20 | 06/30/20 | 10-Q | |
04/29/20 | 03/31/20 | 10-Q | |
02/19/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/24/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/19/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
07/26/18 | 06/30/18 | 10-Q | |
05/04/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/05/17 | 03/31/17 | 10-Q | |
02/28/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/24/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
11/04/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
03/03/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/01/13 | 06/30/13 | 10-Q | |
05/01/13 | 03/31/13 | 10-Q | |
02/26/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
08/01/12 | 06/30/12 | 10-Q | |
05/02/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/02/11 | 09/30/11 | 10-Q | |
08/03/11 | 06/30/11 | 10-Q | |
05/04/11 | 03/31/11 | 10-Q | |
02/28/11 | 12/31/10 | 10-K | |
10/29/10 | 09/30/10 | 10-Q | |
08/04/10 | 06/30/10 | 10-Q | |
05/05/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/04/09 | 09/30/09 | 10-Q | |
08/05/09 | 06/30/09 | 10-Q | |
05/07/09 | 03/30/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
11/06/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 10-Q | |
05/08/08 | 03/30/08 | Unknown | -- |
02/27/08 | 12/31/07 | 5 | |
11/07/07 | 09/30/07 | 10-Q | |
08/08/07 | 06/30/07 | 10-Q | |
05/08/07 | 03/30/07 | Unknown | -- |
03/01/07 | 12/31/06 | 5 | |
11/06/06 | 09/30/06 | 10-Q | |
08/04/06 | 06/30/06 | 10-Q | |
05/08/06 | 03/30/06 | Unknown | -- |
03/08/06 | 12/31/05 | 5 | |
11/14/05 | 09/30/05 | 10-Q | |
08/12/05 | 06/30/05 | DEF 14A | |
05/13/05 | 03/30/05 | Unknown | -- |
03/29/05 | 12/31/04 | 10-K | |
11/17/04 | 09/30/04 | 10-Q | |
06/30/04 | 06/30/04 | Unknown | -- |