Innoviva, Inc. key statistics and ratios

In fiscal 2025, Innoviva, Inc. had return on equity of 29.1%, an operating margin of 39.8%, debt equal to 22.3% of equity and a current ratio of 14.64. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Innoviva, Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—	—	—	79.2%	82.6%	74.8%	72.2%
Operating margin	−333.8%	−323.3%	−447.7%	−448.0%	−635.4%	−402.3%	58.5%	81.6%	84.5%	91.3%	94.4%	95.3%	95.7%	—	36.7%	46.5%	39.8%	36.9%
Net margin	−350.0%	−346.2%	−470.6%	−330.3%	<−999%	<−999%	−34.8%	44.6%	61.8%	151.4%	60.3%	66.6%	67.8%	64.6%	57.9%	6.5%	65.9%	81.2%
Free-cash-flow margin	−241.3%	−313.8%	−375.2%	<−999%	<−999%	<−999%	18.8%	45.4%	65.3%	85.6%	98.6%	93.0%	92.8%	60.9%	45.3%	52.5%	47.6%	43.1%
Return on equity	—	—	—	−54.6%	−75.2%	—	—	—	—	—	67.3%	52.6%	55.7%	43.6%	29.0%	3.4%	29.1%	29.7%
Return on assets	—	−25.3%	−39.1%	−5.9%	−32.5%	−28.0%	−4.0%	15.1%	35.9%	86.3%	24.7%	26.0%	27.6%	19.8%	14.5%	1.8%	18.5%	21.4%
Asset turnover	—	0.07	0.08	0.02	0.01	0.01	0.12	0.34	0.58	0.57	0.41	0.39	0.41	0.31	0.25	0.28	0.28	0.26
Current ratio	—	7.90	5.38	8.71	5.72	18.33	15.89	9.88	5.77	34.92	80.29	55.98	54.02	3.29	9.03	2.35	14.64	16.01
Debt to equity	—	—	—	0.0%	96.1%	—	—	—	—	249.3%	120.3%	80.3%	104.5%	97.2%	67.2%	65.6%	22.3%	21.2%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	0.6x	2.1x	4.2x	9.9x	13.2x	17.5x	19.7x	—	5.9x	7.5x	9.8x	8.9x
Effective tax rate	—	—	—	—	—	—	—	0.2%	0.0%	—	18.0%	17.1%	17.2%	23.2%	7.4%	37.4%	17.0%	14.8%
R&D as % of revenue	318.1%	309.9%	422.5%	145.3%	199.4%	88.9%	4.9%	1.0%	0.6%	0.0%	0.0%	0.5%	0.1%	12.5%	10.9%	3.8%	7.4%	6.5%
SG&A as % of revenue	—	—	125.2%	549.8%	>999%	—	—	—	—	—	—	4.1%	4.1%	19.2%	31.6%	32.3%	27.5%	28.7%
Capital spending as % of revenue	3.1%	3.6%	14.8%	46.1%	60.3%	8.2%	0.0%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%	0.3%	0.5%
Free cash flow ÷ net income	—	—	—	—	—	—	—	102.0%	105.7%	56.6%	163.7%	139.5%	136.8%	94.3%	78.3%	805.5%	72.2%	53.0%
Dividends ÷ net income	—	—	—	—	—	—	—	1.6%	0.2%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	>999%	130.2%	69.0%	0.0%	0.0%	0.0%	108.3%	4.2%	53.8%	7.8%	2.3%	29.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Innoviva, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	81.6%	85.1%	82.7%	82.9%	70.1%	66.0%	77.4%	75.8%
Operating margin	48.3%	47.0%	46.7%	48.6%	32.1%	34.0%	38.9%	42.5%
Net margin	1.4%	22.1%	−52.6%	63.5%	83.4%	143.2%	190.4%	−69.8%
Free-cash-flow margin	54.1%	64.5%	54.9%	43.9%	45.1%	47.6%	35.5%	43.1%
Current ratio	1.79	2.35	2.48	2.64	14.12	14.64	21.13	16.01
Debt to equity	67.0%	64.9%	69.4%	62.8%	25.5%	22.0%	19.2%	21.0%
R&D as % of revenue	4.0%	4.0%	5.0%	8.0%	12.7%	4.0%	5.3%	4.3%
SG&A as % of revenue	29.3%	34.1%	31.0%	26.3%	25.3%	28.0%	33.1%	28.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 6 checks passed · June 30, 2026

What it owns · $1.7bn

Short-term assets $753mLonger-term assets $949m

What it owes, and who funded it · $1.3bn

Short-term liabilities $47mShareholders' equity $1.2bn

Short-term assets cover short-term liabilities $753m of assets due within a year against $47m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $570m of cash against $258m of debt.
Debt below 40% of shareholders' equity Debt is 21% of equity.
Debt burden no higher than five years ago Debt to equity moved from 95% to 21% over five years.
A year's operating cash flow covers at least 20% of debt $191m of operating cash flow against $258m of debt.
Operating profit covers interest at least five times over Operating income of $163m against $18m of interest.

From Innoviva, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

80 /100

Strong moat

How hard Innoviva's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Net income has been a median 23.0% of total assets over 10 years.
Durability 10 / 20

Operating margin has been a median 82.8%; its worst year was -114.6%.
Cash conversion 18 / 20

Free cash flow was positive in 8 of 10 years, at a median 45.4% of revenue.
Discipline 20 / 20

The diluted share count fell 20.7% over five years; stock-based pay has been a median 1.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (85 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Innoviva, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Innoviva, Inc.