Latest Ratios: P/E Ratio 24.4x · EV/EBITDA 18.1x · ROE N/A. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.0B | $4.6B | $1.7B | $2.2B | $3.0B | $2.7B | $1.1B | $393M | $1.0B | $4.1B | $2.6B |
| Enterprise Value | $5.1B | $4.7B | $1.7B | $2.1B | $2.5B | $1.8B | $504M | $-374213840 | $331M | $3.7B | $2.5B |
| P/E Ratio → | 24.38 | 21.88 | 828.67 | 1082.98 | — | 13.17 | — | 2.83 | 3.86 | 67.07 | 80.68 |
| P/S Ratio | 4.03 | 3.71 | 1.39 | 1.98 | 3.36 | 3.36 | 1.67 | 0.50 | 1.06 | 3.59 | 2.72 |
| P/B Ratio | — | — | — | — | 58.97 | 13.11 | 13.14 | 1.88 | 15.36 | — | — |
| P/FCF | — | — | 236.17 | — | — | 8.34 | — | 2.73 | 4.05 | 15.55 | 7.74 |
| P/OCF | — | — | 45.92 | — | — | 7.54 | — | 2.60 | 3.50 | 13.28 | 7.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.83 | 1.44 | 1.95 | 2.80 | 2.33 | 0.78 | -0.48 | 0.34 | 3.25 | 2.56 |
| EV / EBITDA | 18.05 | 16.66 | 28.02 | — | — | 7.85 | — | -1.82 | 1.00 | 8.55 | 7.07 |
| EV / EBIT | 19.42 | 16.72 | 31.08 | — | — | 8.54 | — | -1.85 | 1.12 | 19.36 | 18.19 |
| EV / FCF | — | — | 244.17 | — | — | 5.78 | — | -2.60 | 1.32 | 14.11 | 7.28 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.1% | 80.1% | 80.6% | 84.1% | 83.2% | 83.9% | 85.0% | 82.2% | 86.0% | 89.3% | 88.6% |
| Operating Margin | 21.4% | 21.4% | 2.7% | -14.3% | -9.0% | 26.9% | -24.1% | 22.7% | 33.0% | 36.9% | 34.9% |
| Net Profit Margin | 16.9% | 16.9% | 0.2% | -11.8% | -4.9% | 25.9% | -22.9% | 17.1% | 27.4% | 5.3% | 3.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -34.6% | 143.9% | -101.7% | 97.5% | 398.0% | — | — |
| ROA | 16.6% | 16.6% | 0.1% | -7.3% | -2.4% | 12.2% | -9.3% | 8.4% | 17.6% | 4.6% | 2.7% |
| ROIC | 342.7% | 342.7% | — | — | — | — | — | — | — | — | — |
| ROCE | 79.1% | 79.1% | 7.5% | -25.4% | -9.1% | 21.7% | -16.9% | 21.7% | 48.1% | 110.1% | 188.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 5.40 | 1.41 | 3.48 | 1.40 | 3.65 | — | — |
| Debt / EBITDA | 1.23 | 1.23 | 6.15 | — | — | 1.22 | — | 1.42 | 0.73 | 1.10 | 1.53 |
| Net Debt / Equity | — | — | — | — | -9.77 | -4.02 | -6.99 | -3.67 | -10.35 | — | — |
| Net Debt / EBITDA | 0.55 | 0.55 | 0.92 | — | — | -3.47 | — | -3.72 | -2.05 | -0.87 | -0.45 |
| Debt / FCF | — | — | 8.00 | — | — | -2.56 | — | -5.33 | -2.73 | -1.44 | -0.46 |
| Interest Coverage | 6.31 | 6.31 | 1.34 | -3.26 | -2.14 | 8.31 | -6.21 | 9.18 | 9.52 | 3.94 | 2.68 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71 | 0.71 | 0.89 | 0.98 | 1.24 | 1.80 | 1.98 | 1.83 | 1.62 | 1.43 | 0.96 |
| Quick Ratio | 0.55 | 0.55 | 0.70 | 0.88 | 1.12 | 1.68 | 1.83 | 1.73 | 1.53 | 1.37 | 0.92 |
| Cash Ratio | 0.21 | 0.21 | 0.34 | 0.32 | 0.88 | 1.37 | 1.43 | 1.43 | 1.13 | 1.01 | 0.67 |
| Asset Turnover | — | 1.03 | 0.90 | 0.62 | 0.51 | 0.43 | 0.42 | 0.48 | 0.62 | 0.80 | 0.80 |
| Inventory Turnover | 1.61 | 1.61 | 1.30 | 1.29 | 1.32 | 1.34 | 1.04 | 1.92 | 1.73 | 2.36 | 2.70 |
| Days Sales Outstanding | — | 75.12 | 78.04 | 84.82 | 89.12 | 93.21 | 123.55 | 94.85 | 105.71 | 81.70 | 77.23 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 2.4% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | 197.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 4.6% | 0.1% | 0.1% | — | 7.6% | — | 35.4% | 25.9% | 1.5% | 1.2% |
| FCF Yield | — | — | 0.4% | — | — | 12.0% | — | 36.7% | 24.7% | 6.4% | 12.9% |
| Buyback Yield | 0.2% | 0.2% | 10.5% | 1.5% | 3.0% | 3.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.2% | 10.5% | 1.5% | 3.0% | 3.8% | 0.0% | 0.0% | 0.0% | 0.0% | 2.4% |
| Shares Outstanding | — | $128M | $133M | $142M | $139M | $154M | $147M | $151M | $150M | $150M | $149M |
Litigation and competitive displacement
According to recent market data, Indivior trades at a forward P/E of 11.30, which appears to reflect a significant litigation discount compared to peers like Alkermes, suggesting that investors remain skeptical of the company's ability to fully monetize its injectable franchise without further legal-related capital erosion.
The disparity between the TTM P/E of 25.51 and the forward multiple suggests that the market is pricing in a rapid recovery in earnings as non-recurring legal charges subside. However, this valuation assumes that the competitive threat from new entrants remains contained, which warrants further investigation into the durability of the Sublocade moat.
As reported in financial statements, Indivior maintains a robust gross margin of 87.4% as of 2026Q1, yet the underlying operating margin remains inconsistent due to the heavy burden of professional fees and litigation-related expenses that frequently obscure the true earning power of the core business.
While the gross margin profile is superior to generic-heavy peers, the volatility in net margins suggests that the company's profitability is highly sensitive to non-operating items. Investors should monitor whether the shift toward a US-centric model can stabilize these margins by reducing the complexity of international regulatory compliance.
Based on the provided figures, Indivior's cash conversion cycle remains highly erratic, with DIO reaching 343 days in 2026Q1, indicating that the company's inventory management and distribution channel dynamics are not yet optimized for a high-growth injectable product portfolio compared to historical norms.
The elevated days inventory outstanding suggests potential inefficiencies in the specialty distribution channel or a buildup of stock that may not yet be translating into end-user demand. This lack of working capital fluidity may continue to pressure cash flow until the company achieves a more predictable cadence in its supply chain.
As indicated by recent balance sheet data, Indivior has successfully reduced its debt-to-EBITDA ratio to 0.17 in 2026Q1, yet the company's equity position remains negative, highlighting a structural vulnerability that persists despite the aggressive reduction of interest-bearing debt obligations over the last several quarters.
The rapid deleveraging appears to be a strategic priority to mitigate financial risk, but the negative equity base limits the company's flexibility to absorb further shocks. This balance sheet structure suggests that the firm is currently operating with a very thin margin of safety regarding its long-term solvency.
The P/E ratio is frequently misapplied to Indivior because it fails to account for the massive, non-cash litigation contingency reserves that artificially depress reported earnings, thereby providing a distorted view of the company's actual cash-generative capacity and its underlying fundamental value in the specialty pharma sector.
Analysts should instead focus on EV/EBITDA or adjusted free cash flow metrics to better capture the operational performance of the Sublocade franchise. Relying on P/E in this context may lead to an undervaluation of the company's core business, as it treats one-time legal settlements as permanent structural costs.
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Quick answers to the most common questions about buying INDV stock.
Indivior Pharmaceuticals Inc's current P/E ratio is 24.4x. The historical average is 31.6x. This places it at the 67th percentile of its historical range.
Indivior Pharmaceuticals Inc's current EV/EBITDA is 18.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
Based on historical data, Indivior Pharmaceuticals Inc is trading at a P/E of 24.4x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Indivior Pharmaceuticals Inc has 80.1% gross margin and 21.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Indivior Pharmaceuticals Inc's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.