Innoviva, Inc. (INVA) intrinsic value & 10-year financials
Innoviva, Inc. (INVA) has a Graham intrinsic value of $109.61 per share. At $20.78 on Oct 17, 2026, the stock trades 81% below that value. Over the last 10 fiscal years revenue grew 13.3% a year to $411.3M, with an average return on invested capital of 40.2%.
- Graham intrinsic value
- $109.61
- Share price (Oct 17, 2026)
- $20.78
- Price vs Graham value
- 81% below
- Market cap
- $1.8B
- Revenue (FY2025)
- $411.3M
- Revenue growth (10-yr CAGR)
- 13.3%
- ROIC (10-yr avg)
- 40.2%
- Free cash flow (FY2025)
- $195.8M
INVA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $411.3M | $271.2M | $3.30 | $195.8M | 39.8% | 17.7% |
| FY2024 | $358.7M | $23.4M | $0.36 | $188.4M | 46.5% | 13.3% |
| FY2023 | $310.5M | $179.7M | $2.20 | $140.7M | 36.7% | 12.8% |
| FY2022 | $331.3M | $220.3M | $2.37 | $201.7M | — | 33.1% |
| FY2021 | $391.9M | $368.8M | $2.87 | — | 95.7% | 48.3% |
| FY2020 | $336.8M | $293.8M | $2.02 | $313.1M | 95.3% | 48.8% |
| FY2019 | $261.0M | $191.0M | $1.43 | $257.4M | 94.4% | 45.6% |
| FY2018 | $261.0M | $406.3M | $3.53 | — | 91.3% | 65.1% |
| FY2017 | $217.2M | $134.3M | $1.17 | — | 84.5% | 73.0% |
| FY2016 | $133.6M | $59.5M | $0.53 | $60.7M | 81.6% | 44.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Innoviva, Inc. is a consistent compounder, expanding top-line revenue at 13.3% annually over the past decade.
Innoviva, Inc. has earned high returns on invested capital, averaging 40.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Innoviva, Inc. shows that management has aggressively returned capital to shareholders by retiring 31.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Innoviva, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $109.61 per share.