Innoviva, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Innoviva, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	134	217	261	261	337	392	331	310	359	411
Gross profit								246	296	308
Research and development	1.39	1.36	0	0	1.79	0.58	41.4	33.9	13.7	30.6
Selling, general and administrative					13.9	16.2	63.5	98.2	116	113
General and administrative	23.2	32.3	20.1	14.7	13.9	16.2
Operating expenses	24.6	33.6	22.8	14.7	15.7	16.8		132	129	144
Operating income	109	184	238	246	321	375		114	167	164
Interest expense	52.4	43.6	24	18.7	18.3	19.1	15.8	19.2	22.2	16.7
Other non-operating income	2.48	-7.04	-5.7	-0.35	-0.35	-3.63	-3.37	-4.97	-3	-2.86
Pre-tax income	59.6	134	210	233	354	445	287	194	37.4	327
Income tax	0.1	0	-196	41.9	60.4	76.4	66.7	14.4	14	55.7
Net income to minority interests	0	0.13	11.3	33.7	69.4	103	6.34	0	0
Net income	59.5	134	395	157	224	266	214	180	23.4	271
EBITDA	123	198	252	260	335	389
EPS, basic	0.54	1.25	3.92	1.55	2.21	3.24	3.07	2.75	0.37	4.02
EPS, diluted	0.53	1.17	3.53	1.43	2.02	2.87	2.37	2.20	0.36	3.30
Shares, basic (weighted)	110	107	101	101	101	82.1	69.6	65.4	62.7	67.4
Shares, diluted (weighted)	123	120	113	113	114	94.3	95.2	86.9	74.2	84.8
Dividend per share	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	118	73.3	62.4	278	246	202	291	194	305	551
Short-term investments	32.4	55.7	52.5	72.7	0	0
Inventory						0	55.9	40.7	33.7	39.2
Other current assets	0.77	0.75	0.85	0.96	1.64	0.07	2.93	4.26	0.66	1.64
Total current assets	198	200	199	431	342	314	444	344	554	728
Property, plant and equipment	0.37	0.21	0.16	0.03	0.03	0.01	0.17	0.48	0.51	1.56
Lease right-of-use assets			0			0.1	3.27	2.54	2.45	10.9
Goodwill						0	26.7	17.9	17.9	17.9
Intangible assets						0	253	230	208	182
Long-term investments				0	438	484	364	444	342	404
Other non-current assets	0.04	0.04	0.04	0.31	0.21	0.01	4.3	3.27	41.5	40.7
Total assets	379	367	548	725	1,000	926	1,231	1,244	1,301	1,635
Accounts payable	0.13	0.6	0.01	0.01	0.07	0.03	2.94	6.72	2.13	4.97
Accrued liabilities	2.36	1.72	0.47	0.65	0.49	0.62	8.02	7.02	7.38	9.1
Deferred revenue	0.89	0				0	2.09	1.28	1.13	4.27
Short-term debt	7.75					0	96.2	0	192	0
Total current liabilities	20	34.7	5.7	5.37	6.11	5.81	135	38.1	236	49.7
Long-term debt	708	574	383	377	386	395	444	446	256	258
Lease liabilities			0			0	2.38	1.64	1.18	10.9
Other non-current liabilities	1.38	0.94	0.59	0.22	0.11	0	70.9	71.9	64.3	66.1
Total liabilities	732	610	389	383	392	400	666	569	610	462
Total debt	716	574	383	377	386	395	444	446	256	258
Paid-in capital	1,282	1,258	1,256	1,259	1,261	1,264	1,164	1,093	692	903
Retained earnings	-1,633	-1,499	-1,104	-946	-722	-456	-205	-25.2	-1.8	269
Treasury stock	-3.26	-3.26	0		0	-394	-394	-394	0
Other comprehensive income	0	-0.02	-0	0.03	0
Shareholders' equity	-353	-243	154	313	540	415	566		691	1,173
Minority interests	0	0.15	5.47	28.6	67.9	111	0
Total equity	-353	-243	159	342	608	526	566	675	691	1,173
Total liabilities and equity	379	367	548	725	1,000	926	1,231	1,244	1,301	1,635
Shares outstanding			101	101	101	69.6	69.2	63.3	62.7	74.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	59.5	134	406	191	294	369	220	180	23.4	271
Depreciation and amortization	14	14	13.9	13.9	13.8	13.8
Stock-based compensation	8.3	9.83	3.23	2.06	1.7	2.02	7.35	5.84	6.37	9.45
Deferred income tax	0	0	-196	41.9	60.4	76.4	25	4.4	-12.6	43.8
Change in receivables	0				0	0	-3.53	-5.05	-5.94	-14.6
Change in inventory	0				0	0	0.28	-12	-6.81	-12.9
Change in payables	-0.69	0.47	-0.59	-0	0.06	-0.04	0.09	3.78	-4.59	2.83
Cash from operations	61	142	224	257	313	364	202	141	189	197
Capital expenditures	-0.28	0	0	-0.01	-0.01	0	-0.07	-0.41	-0.27	-1.13
Purchases of investments	-95.7	-67.6	-71.9	-232	-12.9	-15.9	0	-65.1	-59.6	-60.9
Sales and maturities of investments	88.4	44.4	75.4	214	86	0	0
Cash from investing	-4.58	-23.2	3.52	-18	-315	43.7	-56.6	-66.8	-63.8	40.5
Debt issued					0	0	253	0	0
Stock issued	0.39	0.44	1.14	0.63	0.44	1.17	0.37	0.17	1.47	2.55
Share buybacks	-78.1	-97.5	0	0	0	-394	-8.5	-75.7	-14.8	-4.53
Dividends paid	-0.96	-0.28	-0.08	-0.01	0	0
Cash from financing	-97.6	-163	-238	-23.8	-29.8	-452	-55.6	-172	-13.5	8.55
Net change in cash	-41.2	-44.7	-10.9	216	-31.6	-45	89.5	-97.5	111	246
Free cash flow	60.7	142	224	257	313	364	202	141	188	196
Interest paid	48.8	40.4	17.9	11	9.93	9.93	11.7	11.4	10.4	10.4
Income taxes paid					0	0	53.9	0	11.8	19.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $20.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.2%	Gross profit / revenue.
Operating margin	36.9%	Operating income / revenue.
Pre-tax margin	95.3%	Pre-tax income / revenue.
Net margin	81.2%	Net income / revenue.
FCF margin	43.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	43.5%	Cash from operations / revenue.
Effective tax rate	14.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	21.0%	Net income / average total assets.
Return on invested capital (ROIC)	15.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.5%	Research and development expense / revenue.
SG&A / revenue	28.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	-1.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	-12.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1,059.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	816.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-8.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	3.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-1.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-9.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	69.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	27.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	25.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	14.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	16.0x	Current assets / current liabilities.
Quick ratio	12.1x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	12.1x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.2%	Total debt / total assets.
Liabilities / assets	27.6%	Total liabilities / total assets.
Net debt	-$311.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	8.92x	Operating income / interest expense.
Working capital	$706.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	11.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.05B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Fixed asset turnover	206x	Revenue / average property, plant and equipment.
FCF conversion	53.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.87	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.99	Revenue / diluted weighted shares.
FCF per share	$2.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.61	Cash from operations / diluted weighted shares.
Book value per share	$16.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.41	Tangible book value / shares outstanding.
Cash per share	$7.85	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	29.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.50B	Share price x shares outstanding.
Enterprise value	$1.19B	Market cap + total debt - cash - short-term investments.
P/E	4.19x	Market cap / net income. Only when net income is positive.
P/S	3.41x	Market cap / revenue.
P/B	1.21x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.43x	Market cap / tangible book value, when positive.
P/FCF	7.91x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.82x	Market cap / cash from operations, when positive.
EV/Sales	2.70x	Enterprise value / revenue.
EV/EBIT	7.30x	Enterprise value / operating income, when both are positive.
EV/FCF	6.26x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.6%	Free cash flow / market cap.
Earnings yield	23.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.
PEG	0.36x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Innoviva, Inc.'s revenue in fiscal 2025?

Innoviva, Inc. reported revenue of $411.3M for fiscal 2025, 14.7% higher than the year before.

Was Innoviva, Inc. profitable in fiscal 2025?

Yes. Net income was $271.2M, a net margin of 65.9%.

How much free cash flow did Innoviva, Inc. generate in fiscal 2025?

Cash from operations of $196.9M minus capital expenditures of $1.1M left free cash flow of $195.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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