Innoviva Inc (INVA) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Innoviva Inc $51.61, price $20.24, upside +155.0%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $10.73 – $24.24 · fair‑value band $31.10 – $99.81 · the $20.24 price screens below the $51.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Innoviva, Inc. operates as a biopharmaceutical company in the United States and internationally.
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Innoviva, Inc. operates as a biopharmaceutical company in the United States and internationally. Its royalty portfolio includes RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol, and an inhaled corticosteroid, and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist, umeclidinium bromide, and ABA, VI. The company also markets GIAPREZA for increasing blood pressure in adults with septic or other distributive shock; XACDURO, a co-packaged for intravenous use for the treatment of hospital-acquired and ventilator-associated bacterial pneumonia caused by Acinetobacter; XERAVA for the treatment of complicated intra-abdominal infections in adults; ZEVTERA an advanced-generation cephalosporin antibiotic for the treatment of staphylococcus aureus bacteremia, as well as with right-sided endocarditis, acute bacterial skin and skin structure infections, and community-acquired bacterial pneumonia; NUZOLVENCE for the treatment of uncomplicated urogenital gonorrhea in adults and adolescents. In addition, the company develops bacteriophages with potential use in a range of infectious and other serious diseases. It has a strategic partnership with Sarissa Capital Management LP; and LABA Collaboration Agreement with Glaxo Group Limited to develop and commercialize once-daily products for the treatment of chronic obstructive pulmonary disease and asthma. The company was formerly known as Theravance, Inc. and changed its name to Innoviva, Inc. in January 2016. Innoviva, Inc. was incorporated in 1996 and is headquartered in Burlingame, California.
Stock analysis
Innoviva Inc (INVA) currently trades at $20.24, while our model-based Fair Value estimate is $51.61, implying the stock looks roughly 60.8% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $156.49 per share, and 21 of the 24 models we run sit above the $20.24 price.
Bear case: the Asset-Based group reads lowest at $10.88, and 3 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: $31.10 (bear) to $99.81 (bull), the price of $20.24 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Innoviva Inc reported revenue of $425M in FY2025 versus $392M in FY2021, a compound +2.1%/yr. Reported net income was $271M in FY2025, compounding +0.5%/yr from FY2021.
Key figures
Market cap $1.7B · P/E ratio 4.7 · P/S ratio 3.00 · EPS (TTM) $4.31 · Net margin 63.8% · Return on equity 36.7% · Return on assets (EBIT) 17.9% · Operating margin 43.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).
What moves the price
The share trades about 17% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at 155%, INVA screens cheaper than that median.
Fair Value models
Bear $31.10Fair Value $51.61Bull $99.81
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($3.15 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+18.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Start year 2020 (pandemic). Over 10 years: +22.9% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+15.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.3%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10% vs 21%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.95% → 39%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−5.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −7.6% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 651 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+155% · Top 25%
Profitability
Return on equity (TTM)37% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)81% · Top 25%
Operating margin (TTM)43% · Top 25%
Growth and dividend
Revenue growth19% · Above median
Balance sheet
Debt / equity0.22× · Above median
Valuation Multiplesvs Biotechnology median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Innoviva Inc Fair Value". https://www.fairvalue-calculator.com/stock/INVA
Frequently asked questions
Is Innoviva Inc (INVA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $51.61 versus a price of $20.24, about +155% upside (undervalued).
What is the fair value of INVA?
Our model-based fair value for Innoviva Inc is $51.61 (as of Sep 23, 2026), built from audited fundamentals. The current price: $20.24.
What is the quality score of INVA?
Innoviva Inc has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Innoviva Inc (INVA)?
Our model-based price target is the fair value of $51.61 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario $31.10, optimistic scenario $99.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Innoviva Inc stock forecast for 2026?
Our models put fair value at $51.61, about +155% upside versus a price of $20.24 (undervalued). Cautious scenario $31.10, optimistic scenario $99.81. The calculation is refreshed regularly with new filings.
What is the revenue of Innoviva Inc (INVA)?
Innoviva Inc reported trailing-twelve-month revenue of about $440M (latest available figure, as of Sep 23, 2026).
What growth is priced into Innoviva Inc (INVA)?
For today's price to be fair in a discounted-cash-flow model, Innoviva Inc would have to grow free cash flow by -5.4 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of INVA use?
Our models discount Innoviva Inc at 9.8 %: a base by market capitalisation (small), damped by beta 0.34, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Innoviva Inc that is -5.4 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Innoviva Inc (INVA) delivered so far?
Over the past 5 years revenue at Innoviva Inc grew +4.8 % a year. The price currently implies -5.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Innoviva Inc (INVA) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Innoviva Inc (-5.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Innoviva Inc (INVA)?
The free-cash-flow yield on the price is 10.87 %: that much free cash flow Innoviva Inc produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Innoviva Inc (INVA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Innoviva Inc it is $51.61 per share (as of Sep 23, 2026), against a price of $20.24. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Innoviva Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, INVA trades below its calculated fair value: price $20.24, fair value $51.61, a gap of about +155% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INVA?
No. The price is what the market pays today ($20.24); the fair value is what the company's own numbers justify ($51.61). For Innoviva Inc the two are $31.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is Innoviva Inc worth?
The market values Innoviva Inc at about $1.7B (market capitalisation, as of Sep 23, 2026). Per share that is $20.24; our models calculate a fair value of $51.61 per share.
What do the bullish and bearish scenarios say about INVA?
Our models span a range for Innoviva Inc: cautious scenario $31.10, base $51.61, optimistic $99.81 per share (as of Sep 23, 2026, price $20.24). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INVA?
Innoviva Inc trades at a price-to-earnings ratio of 4.7 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $51.61 is built from several models across several years. Other multiples: PEG 0.3, P/B 1.5, P/S 3.9, EV/EBITDA 7.3.
What is the PEG ratio of INVA?
The PEG ratio of Innoviva Inc is 0.30 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Innoviva Inc (INVA)?
Balance-sheet figures for Innoviva Inc (as of Sep 23, 2026): return on equity 36.7%, debt of 0.22 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is INVA from its 52-week high?
Innoviva Inc trades at $20.24, about 17% below its 52-week high of $24.24 and 21% above the low of $16.67 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $51.61 is for.
Which stocks are comparable to Innoviva Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Innoviva Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $20.24, calculated fair value $51.61 (+155%), Quality Score 70/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INVA calculated?
We run Innoviva Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $51.61, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Innoviva Inc currently trades 155 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Innoviva Inc (INVA)?
The closing price on Sep 23, 2026 was $20.24. Our model-based fair value is $51.61, about +155% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Innoviva Inc right now?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case ($31.10). The market is more pessimistic than our downside scenario. The model range is unusually wide ($31.10 to $99.81). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Innoviva Inc
How large is the market capitalisation of Innoviva Inc (INVA)?
The market capitalisation of Innoviva Inc is $1.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Innoviva Inc (INVA)?
The price-to-sales ratio of Innoviva Inc is 3.00 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Innoviva Inc (INVA)?
Earnings per share at Innoviva Inc are $4.31 (price ÷ EPS = P/E 4.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Innoviva Inc (INVA)?
The net margin of Innoviva Inc is 63.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Innoviva Inc (INVA)?
The return on equity (ROE) of Innoviva Inc is 36.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Innoviva Inc (INVA)?
On an EBIT basis the return on assets of Innoviva Inc is 17.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Innoviva Inc (INVA)?
The operating margin of Innoviva Inc is 43.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Innoviva Inc (INVA)?
Revenue at Innoviva Inc is growing +19.3% versus a year earlier (3y avg +8.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Innoviva Inc (INVA)?
Earnings per share at Innoviva Inc are growing +590% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Innoviva Inc (INVA) hold?
Innoviva Inc holds more cash than debt, $282M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Sep 23, 2026