INVA
Innoviva, Inc.
INVA's fundamentals are mixed, but it looks expensive: trading at 8.5x earnings, above its usual 6.8x. Analysts expect earnings growth, though they disagree widely on how much.
INVA Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Strong | |
| Unavailable | |
| Strong |
INVA's profitability and balance sheet are currently strong. There isn't enough data to rate its revenue and cash flow.
INVA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.1x | $11.47 | -40% |
| Fair | 6.8x | $15.21 | -20% |
| Current | 8.5x | $18.97 | — |
| Forward | 9.3x | $18.97 | — |
| Expensive | 20x | $44.09 | +132% |
Historical ranges are pointers, not guarantees.
INVA's PE is in its expensive range at 8.5x. On analysts' estimates for next year's earnings, today's price would be 9.3x.
INVA Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for INVA, with profitability holding steady. However, they disagree widely on these estimates.
INVA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.03 | -9.4% |
| Q3 2026 | $2.24 | +45% |
| Q2 2026 | $4.35 | +806% |
| Q1 2026 | $6.26 | +$7.10 |
| Q4 2025 | $3.30 | +817% |
| Q3 2025 | $1.54 | +117% |
| Q2 2025 | $0.48 | -71% |
| Q1 2025 | -$0.84 | -138% |
| Q4 2024 | $0.36 | -84% |
INVA earned $2.24 per share over the past year, up 45% from the year before.
INVA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $114.6M | +25% |
| Q4 2024 | $91.8M | +7% |
| Q4 2023 | $85.8M | +30% |
| Q3 2021 | $97.9M | +10% |
| Q2 2021 | $100.8M | +28% |
| Q1 2021 | $85.5M | +8.7% |
| Q4 2020 | $90.5M | +19% |
INVA's revenue is down over the past year, though its latest quarter was up: $115M last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | 34% | +7.1 points |
| Q4 2024 | 27% | -44 points |
| Q4 2023 | 71% | +170 points |
| Q4 2022 | -98% | N/A |
| Q3 2021 | 97% | +1.4 points |
| Q2 2021 | 96% | -0.2 points |
| Q1 2021 | 93% | -3.8 points |
| Q4 2020 | 94% | -3.2 points |
INVA's operating margin was 34% last quarter, down 63 points from the same quarter a year ago.
INVA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $51.5M | +17% |
| Q1 2026 | $34.8M | -28% |
| Q4 2025 | $54.5M | -8% |
| Q2 2025 | $44.1M | +0.8% |
| Q1 2025 | $48.6M | +31% |
| Q4 2024 | $59.2M | +79% |
| Q3 2024 | $48.4M | +11% |
| Q2 2024 | $43.7M | +14% |
INVA's free cash flow has been positive every quarter for six years: $183M over the past year, down 8.9% from the year before.
INVA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.8% | -1.4M shares |
| 1 year | -15% | -12.9M shares |
| 3 years | +10% | +6.6M shares |
| 5 years | -37% | -41.5M shares |
INVA has 72M diluted shares, down 15% from a year ago, with $82M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $26.1M |
| Q2 2026 | $31.1M |
| Q1 2026 | $20.2M |
| Q4 2025 | $4.5M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
INVA spent $82M buying back its own shares over the past year, after none the year before.
INVA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 0.4x | Very low |
| Q2 2022 | 0.7x | Very low |
| Q1 2022 | 0.8x | Very low |
| Q4 2021 | 0.5x | Very low |
| Q3 2021 | 0.7x | Very low |
| Q2 2021 | 1.0x | Very low |
| Q1 2021 | 0.3x | Very low |
| Q4 2020 | 0.4x | Very low |
INVA's net debt is less than a year of its operating earnings (EBITDA).
INVA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.1 | Neutral |
| Stochastic | 22.2 | Neutral |
INVA's weekly RSI is 36 (neutral) and its Stochastic is 22 (neutral).
INVA PE vs Healthcare Sector
| Metric | INVA | Sector median | Relative |
|---|---|---|---|
| PE | 8.5x | 26x | 67% below |
| PE % | 68 | 29 | 39 pts above |
INVA is trading at 8.5x earnings, a 67% discount to the Healthcare sector's median of 26x.
INVA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $20.4 | 7% below |
| 20 week MA | $20.9 | 9.4% below |
| 50 week MA | $21.5 | 12% below |
| 100 week MA | $20.2 | 6.1% below |
| 200 week MA | $17.6 | 7.5% above |
INVA has fallen below most of its moving averages, though it's still 7.5% above its 200-week average.
INVA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.3 | $12.3 | -13% |
| 2021 | $12.3 | $17.6 | +43% |
| 2022 | $17.6 | $13.2 | -25% |
| 2023 | $13.2 | $16.0 | +21% |
| 2024 | $16.0 | $17.6 | +9.4% |
| 2025 | $17.6 | $19.8 | +13% |
| 2026 YTD | $19.8 | $19.0 | -4.2% |
INVA has finished higher in four of the last six years. It's down 4.2% so far in 2026.