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Held by 267 of 5,944 reporting institutions (94th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $21.05 today, the market must believe free cash flow compounds -6.4%/yr for a decade (off $175M normalized FCF).
The market's -6.4% is more conservative than its 9-yr track record.
2-stage DCF · 0.07B shares · net debt -$293M
mean 23.0% · volatility σ 52% · implied rate exceeded in 7/9 yrs
Central path = implied -6.4%/yr growth; shaded band = ±1σ (52%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $411.3M 100.0% | $358.7M 100.0% | $310.5M 100.0% | $331.3M 100.0% | $391.9M 100.0% | $336.8M 100.0% | $261.0M 100.0% | $261.0M 100.0% | $217.2M 100.0% | $133.6M 100.0% |
| Gross Profit | $307.7M 74.8% | $296.2M 82.6% | $246.0M 79.2% | — | — | — | — | — | — | — |
| Research & Development | $30.6M 7.4% | $13.7M 3.8% | $33.9M 10.9% | $41.4M 12.5% | $576K 0.1% | $1.8M 0.5% | $0 0.0% | $0 0.0% | $1.4M 0.6% | $1.4M 1.0% |
| Selling, General & Admin | $113.3M 27.5% | $115.7M 32.3% | $98.2M 31.6% | $63.5M 19.2% | $16.2M 4.1% | $13.9M 4.1% | $14.7M 5.6% | $20.1M 7.7% | $32.3M 14.9% | $23.2M 17.4% |
| Total Operating Expenses | $143.9M 35.0% | $129.3M 36.1% | $132.2M 42.6% | $44.4M 13.4% | $16.8M 4.3% | $15.7M 4.7% | $14.7M 5.6% | $22.8M 8.7% | $33.6M 15.5% | $24.6M 18.4% |
| Operating Income | $163.7M 39.8% | $166.9M 46.5% | $113.9M 36.7% | — | $375.1M 95.7% | $321.1M 95.3% | $246.4M 94.4% | $238.3M 91.3% | $183.6M 84.5% | $109.0M 81.6% |
| Interest Expense | $16.7M 4.1% | $22.2M 6.2% | $19.2M 6.2% | $15.8M 4.8% | $19.1M 4.9% | $18.3M 5.4% | $18.7M 7.1% | $24.0M 9.2% | $43.6M 20.1% | $52.4M 39.2% |
| Other Income (Expense), net | -$2.9M -0.7% | -$3.0M -0.8% | -$5.0M -1.6% | -$3.4M -1.0% | -$3.6M -0.9% | -$348K -0.1% | -$345K -0.1% | -$5.7M -2.2% | -$7.0M -3.2% | $2.5M 1.9% |
| Pretax Income | $326.9M 79.5% | $37.4M 10.4% | $194.1M 62.5% | $286.9M 86.6% | $445.3M 113.6% | $354.2M 105.2% | $232.9M 89.2% | $210.3M 80.6% | $134.3M 61.8% | $59.6M 44.6% |
| Income Tax Expense | $55.7M 13.5% | $14.0M 3.9% | $14.4M 4.6% | $66.7M 20.1% | $76.4M 19.5% | $60.4M 17.9% | $41.9M 16.1% | -$196.1M -75.1% | $4K 0.0% | $95K 0.1% |
| Net Income | $271.2M 65.9% | $23.4M 6.5% | $179.7M 57.9% | $220.3M 66.5% | $368.8M 94.1% | $293.8M 87.2% | $191.0M 73.2% | $406.3M 155.7% | $134.3M 61.8% | $59.5M 44.6% |
| Per Share | ||||||||||
| EPS (Basic) | $4.02 | $0.37 | $2.75 | $3.07 | $3.24 | $2.21 | $1.55 | $3.92 | $1.25 | $0.54 |
| EPS (Diluted) | $3.30 | $0.36 | $2.20 | $2.37 | $2.87 | $2.02 | $1.43 | $3.53 | $1.17 | $0.53 |
| Weighted Avg Shares (Basic) | 67.4M | 62.7M | 65.4M | 69.6M | 82.1M | 101.3M | 101.2M | 100.8M | 106.9M | 110.3M |
| Weighted Avg Shares (Diluted) | 84.8M | 74.2M | 86.9M | 95.2M | 94.3M | 113.6M | 113.4M | 113.4M | 119.9M | 123.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $5M buybacks = $5M returned on $196M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 19%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $551M covers all $550M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2022-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~6.5% on $258M of debt.
Cash of $551M fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Nothing notable to watch.
No material risks flagged.
Where each multiple sits in its own 14-yr range · 34th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Gross Profit | — | — | — | — | — | 79.2 | 82.6 | 74.8 |
| R&D | 0.0 | 0.0 | 0.5 | 0.1 | 12.5 | 10.9 | 3.8 | 7.4 |
| SG&A | 7.7 | 5.6 | 4.1 | 4.1 | 19.2 | 31.6 | 32.3 | 27.5 |
| Operating Income | 91.3 | 94.4 | 95.3 | 95.7 | — | 36.7 | 46.5 | 39.8 |
| Income Tax | -75.1 | 16.1 | 17.9 | 19.5 | 20.1 | 4.6 | 3.9 | 13.5 |
| Net Income | 155.7 | 73.2 | 87.2 | 94.1 | 66.5 | 57.9 | 6.5 | 65.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on INVA: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| INVA | $1.6B | 6.4× | — | 3.8× | 14.7% | 74.8% | 65.9% | 23.1% | 19.0% | — | 267 |
Peers = companies sharing INVA's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.