INVA Financials Innoviva, Inc.

11 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:16 UTC Overview →

Growth & profitability

Revenue has grown 4.1% per year over the past 5 years.
Net income has grown slower than revenue (-1.6% vs 4.1% per year).
Operating margin has contracted, at 39.8% in the latest year.
Free cash flow has declined 9.0% per year over the past 5 years.

Financial health

The company holds more cash ($551M) than total debt ($258M).
Total debt has grown slower than revenue (-7.7% vs 4.1% per year).
Operating income covered interest expense 9.8× in the latest year, down from 18× 5 years ago.
Total debt is 1.6× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$411M	$271M	74.8%	39.8%	23.1%	16.6%	$196M	$258M	$551M
2024	$359M	$23M	82.6%	46.5%	3.4%	1.8%	$188M	$448M	$305M
2023	$310M	$180M	79.2%	36.7%	—	14.5%	$141M	$446M	$194M
2022	$331M	$220M	0.0%	0.0%	38.9%	17.9%	$202M	$540M	$291M
2021	$392M	$369M	0.0%	95.7%	88.9%	39.8%	$364M	$395M	$202M
2020	$337M	$294M	0.0%	95.3%	54.4%	29.4%	$313M	$386M	$246M
2019	$261M	$191M	0.0%	94.4%	60.9%	26.4%	$257M	$377M	$278M
2018	$261M	$406M	0.0%	91.3%	264.6%	74.1%	$224M	$383M	$62M
2017	$217M	$134M	0.0%	84.5%	-55.3%	36.6%	$142M	$574M	$73M
2016	$134M	$60M	0.0%	81.6%	-16.9%	15.7%	$61M	$716M	$118M
2015	—	-$19M	—	—	5.5%	-4.6%	$10M	$748M	$159M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$120M	-$83M	75.8%	42.5%	-6.8%	-4.9%	$52M	$258M	$570M
Mar '26	$98M	$187M	77.4%	38.9%	13.9%	10.2%	$35M	$258M	$603M
Dec '25	$115M	$164M	66.0%	34.0%	14.0%	10.0%	$55M	$258M	$551M
Sep '25	$108M	$90M	70.1%	32.1%	—	6.3%	—	$257M	$477M
Jun '25	$100M	$64M	82.9%	48.6%	—	4.8%	$44M	$449M	$398M
Mar '25	$89M	-$47M	82.7%	46.7%	—	-3.7%	$49M	$449M	$319M
Dec '24	$92M	$20M	85.1%	47.0%	2.9%	1.6%	$59M	$448M	$305M
Sep '24	$90M	$1M	81.6%	48.3%	—	0.1%	$48M	$448M	$261M
Jun '24	$100M	-$35M	85.1%	54.7%	—	-2.8%	$44M	$447M	$217M
Mar '24	$77M	$37M	77.5%	33.3%	—	2.9%	$37M	$447M	$178M
Dec '23	$86M	$62M	0.0%	0.0%	—	4.9%	$33M	$446M	$194M
Sep '23	$67M	$82M	0.0%	0.0%	—	6.9%	$44M	$446M	$180M
Jun '23	$81M	$1M	0.0%	0.0%	—	0.1%	$38M	$445M	$173M
Mar '23	$76M	$35M	0.0%	0.0%	—	3.1%	$26M	$445M	$144M
Dec '22	$66M	-$68M	0.0%	0.0%	-12.1%	-5.5%	$9M	$540M	$291M
Sep '22	$67M	$229M	0.0%	0.0%	35.8%	17.3%	$16M	$540M	$301M
Jun '22	$108M	$21M	0.0%	76.3%	5.5%	1.9%	$79M	$539M	$284M
Mar '22	$90M	$38M	0.0%	86.3%	9.8%	3.4%	$98M	$539M	$217M
Dec '21	$108M	$46M	0.0%	97.1%	11.0%	4.9%	$98M	$395M	$202M
Sep '21	$98M	$103M	0.0%	96.6%	25.5%	11.6%	$97M	$392M	$135M

Valuation over time

How the market has priced INVA against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 3.7× (Mar '23) to 5.6× (Nov '26).
The price-to-sales ratio has risen from 2.5× (Mar '23) to 3.7× (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is INVA growing its revenue and profit?

Over the past 5 years, Innoviva, Inc.'s revenue has grown 4.1% per year, and net income declined 1.6% per year. These are computed facts, not advice.

How much debt does INVA have?

As of FY2025, Innoviva, Inc. reported $258M of total debt against $551M of cash; operating income covered interest expense 9.8×.

What is INVA's profit margin?

In FY2025, gross margin was 74.8%, operating margin 39.8%, and net margin 65.9%.

What is INVA's P/E ratio?

Innoviva, Inc.'s P/E (TTM) is 4.26 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the INVA stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 5.6× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.