INVA
Innoviva, Inc.
INVA has lower modeled downside risk, despite its lower overall score.
NVO
Novo Nordisk A/S
NVO has the edge over INVA overall, supported by stronger valuation and stronger modeled upside.
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.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
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.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over INVA in the historical PE scenario, which offers more potential upside but is not a forecast.
INVA Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
INVA has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. 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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over INVA on earnings, with more consistent year-over-year improvement.
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 has the stronger quarterly revenue trend. Revenue is up 17% for INVA versus up 2.1% for NVO.
| 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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO's operating margin was 34% last quarter, down 9 points from the same quarter a year ago, near the bottom of its range since 2019.
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% |
NVO has the stronger cash trend. Its trailing FCF is down 14% versus its history, compared with INVA at down 21%.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
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 the edge over NVO on shareholder dilution, with a more favorable share count trend.
| 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.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from 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).
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO'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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
INVA PE vs Healthcare Sector
| Metric | INVA | Sector median | Relative |
|---|---|---|---|
| PE | 8.5x | 26x | 67% below |
| PE % | 68 | 29 | 39 pts above |
INVA has the edge over NVO on valuation relative to its sector.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
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.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below 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 the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.