Innoviva, Inc. — Earnings Quality Grade F
INVA · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 10 days
AR outpaced revenue for 2 consecutive years
Revenue grew 14.7% but CFFO only 4.4%
Expense Quality
Inventory 16.2% vs COGS 111.4%. Normal
CapEx growth 145.9% is >2x revenue growth 14.7%
SG&A/Gross Profit = 33.9%. Normal
Gross margin swung -8.6pp (89.8% → 81.2%)
Cash Flow Quality
CFFO/NI = 0.73. Below 1.0
FCF $0.2B, FCF/NI = 0.69
Accruals ratio = 4.5%. Low accruals
Cash $0.6B covers debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 17% of equity. Manageable
Debt/EBITDA = 0.7x. Healthy
Other assets -1.8% vs revenue 14.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -12% YoY. Normal
Manipulation Score
M-Score = -1.42 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25