INNOVIVA, INC.

INVA · Healthcare · $1.6B mkt cap · FY2025 filings · Wide moat

Wonderful & reasonably priced

Wide moat

The four filters

Pricing power98

Median gross margin 79.2% over 3y, very stable.

Returns on capital100

Median ROIC 51.1%, above the 9% hurdle in 100% of years.

Balance-sheet safety75

Net cash position — no leverage risk.

Capital discipline100

Owner earnings +15.6%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

34% below value

Owner earnings (normalized): $220.2M
Est. intrinsic value / share: $32.78
Recent price: $21.78
Discount to value: 34% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell INVA. See the disclaimer.