|INDV Overview
INDV

Indivior Pharmaceuticals, Inc.

Healthcare • CIK: 0001625297

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Market Cap
$3.03B
P/E (TTM)
23.4x
Rev Growth (TTM)
Net Margin (TTM)
10.8%
FCF Yield (TTM)
4.2%
FCF Margin (TTM)
10.8%

LATEST EARNINGS

Q4 FY2025
8 days ago
View source
Revenue
$358.00M
+20.1%
Net Income
$102.00M
+385.7%
EPS
$0.79
+364.7%
Gross
81.3% -2.6%
Operating
22.6% +7.2%
Net
28.5% +21.4%
  • Generated record quarterly and full-year total SUBLOCADE net revenue of $252 million and $856 million, respectively.
  • Achieved record quarterly and full-year Adjusted EBITDA of $142 million and $428 million, representing 91% and 20% year-over-year growth, respectively.
  • GAAP net income for Q4 2025 was $102 million ($0.79 diluted EPS), a significant increase from $21 million ($0.17 diluted EPS) in the prior year quarter.
  • Authorized a new $400 million share repurchase program, demonstrating commitment to shareholder value.

Cash Flow Health

Free Cash Flow3/8 positive
TTM$128M
Q3 '26
$-59M-142%
Q2 '26
$140M+100%
FCF Margin
TTM10.8%
Q3 '26-18.8%-141%
Sector: 0.0%Top 25%
OCF Margin14.9%
OCF/NI1.38x
CapEx Coverage3.6x
FCF Yield4.2%
FCF Growth (2Y)
Cash Conversion Cycle
236 days
DSO: 76+DIO: 238DPO: 79

Capital Allocation & Returns

Balanced
Total Shareholder YieldTTM
TTM2.1%
Div Yield0.0%
+
Buyback (TTM)2.1%

Balancing returns with reinvestment

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$128.0M
Stock Repurchases (TTM)$63.0M
Capital Return / FCF49.2%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
365.5%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
12.6%
Asset Turnover
0.86x
Leverage (1+D/E)
-0.56x
D/E: -1.56x
DuPont: -6.0%365.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
12.42x
8Q:
Invested Cap Turn
29.09x
8Q:
CapEx Intensity
1.2%
8Q:
CapEx/Depreciation
3.50x
Asset-based ROIC formula

QUARTERLY TRENDS

Last 6 quarters + TTM

MetricTTMQ3 2026Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025
Revenue
$1.2B
$314.0M4.0%
$302.0M13.5%
$266.0M13.4%
$307.0M2.7%
$299.0M5.3%
$284.0M
Operating Income
$227.0M
$43.0M40.3%
$72.0M9.1%
$66.0M43.5%
$46.0M31.4%
$35.0M129.7%
$-118.0M
Net Income
$128.0M
$42.0M133.3%
$18.0M61.7%
$47.0M123.8%
$21.0M4.5%
$22.0M122.7%
$-97.0M
Operating Cash Flow
$177.0M
$-39.0M124.7%
$158.0M110.7%
$75.0M541.2%
$-17.0M950.0%
$2.0M97.7%
$88.0M
Free Cash Flow
$128.0M
$-59.0M142.1%
$140.0M100.0%
$70.0M511.8%
$-17.0M240.0%
$-5.0M106.0%
$84.0M
Total Equity
N/A

Valuation Analysis

Fair Value
Price-to-EarningsTTM
23.4x
Valuation Lenses
Earnings
23.4x
vs sector
Cash Flow
22.8x
EV/FCF vs
Growth-Adj
PEG
N/A
Quality-Adj
0.1P/E per %ROIC
ROIC: 365.5%
Shareholder Returns
Dividend
Buyback
2.1%
Total Yield
2.1%
Market Cap$3.03B
EV$2.92B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
100/100
Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Below Avg
-45.0%
8Q:
Return on Invested Capital (ROIC)Top 25%
3.7%
8Q:

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 12.6%
Asset Turnover: 0.86x

Earnings Quality

Cash Conversion

1.38x

OCF / Net Income

FCF Consistency

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin79.4%

Capital Efficiency

Invested Capital Turnover29.09x

Working Capital

Cash Conversion Cycle236 days

Growth Quality & Momentum

Growth Rates

Revenue Growth YoY
N/A
OpInc Growth YoY
22.9%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A

Margin Quality & Sustainability

High Quality
Profitability Cascade
Gross
79.4%
Operating
19.1%
Top 25% in sector
Net
10.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
FCF vs Net Gap
0.0 pts
FCF: 10.8% | Net: 10.8%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $123.00M
Interest Coverage
+Net cash position: $123.00M
Leverage Metrics
Debt-to-Equity
-1.56x
Balance sheet risk & solvency analysis