What is Innoviva, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Innoviva, Inc.'s reported free cash flow gives $43.81 per share. The share price was $20.74 on September 25, 2026, 53% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -1.0% | 10.0% | $28.51 | +37% |
| Base | 4.0% | 9.0% | $43.81 | +111% |
| Bull | 9.0% | 8.0% | $72.38 | +249% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $54.69 | $57.99 | $62.02 | $67.07 | $73.55 |
| 8.0% | $46.59 | $48.73 | $51.26 | $54.29 | $58.00 |
| 9.0% | $40.66 | $42.12 | $43.81 | $45.78 | $48.11 |
| 10.0% | $36.14 | $37.18 | $38.36 | $39.70 | $41.26 |
| 11.0% | $32.57 | $33.34 | $34.19 | $35.15 | $36.24 |
Where the presets come from
Base: years 1 to 5 grow at Innoviva, Inc.'s revenue growth rate over the last 5 fiscal years (4.1% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions