Innoviva vs Liquidia
Innoviva is the larger business, with $411m of revenue in fiscal 2025 against $158m for Liquidia (2.6 times as much). Liquidia grew faster (1031.2% against 14.7%). Innoviva kept more of each dollar of sales as profit: a net margin of 65.9% against -43.5%. Liquidia carries less debt relative to equity (0.0% against 22.3%).
| Latest fiscal year | InnovivaINVA, 2025 | LiquidiaLQDA, 2025 |
|---|---|---|
| Revenue | $411m | $158m |
| Revenue growth | 14.7% | 1031.2% |
| Net income | $271m | −$68.9m |
| Operating margin | 39.8% | -32.5% |
| Net margin | 65.9% | -43.5% |
| Return on equity | 29.1% | -111.1% |
| Free cash flow | $196m | −$40.0m |
| Cash | $551m | $191m |
| Total debt | $261m | $0 |
| Debt to equity | 22.3% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $4.5m | — |
| Employees | 159 | 216 |
| Market value | $1.53bn | $3.72bn |
| Price vs our value range | Below our value range | — |
| Moat score | 80 (Strong) | 20 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 1 buys, 175 sales |