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Data as of Q3 2026
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Ranked against 24 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ELAN | $11.5B | — | — | 2.4× | 6.2% | 55.0% | -4.9% | -3.5% | -2.2% | — | 122 |
| BMRN | $11.3B | 32.5× | 21.7× | 3.5× | 12.9% | 77.7% | 10.8% | 5.7% | 5.2% | -1.5× | 119 |
| TGTX | $9.4B | 22.1× | 77.3× | 15.2× | 87.3% | 83.7% | 72.6% | 69.0% | 50.0% | 1.4× | 99 |
| CORT | $8.8B | 98.9× | 188.2× | 11.5× | 12.8% | 98.3% | 13.1% | 15.4% | 15.4% | -2.6× | 107 |
| ALKS | $7.6B | 31.7× | 25.7× | 5.2× | -5.2% | 86.7% | 16.4% | 13.3% | 13.3% | -1.4× | 74 |
| AMRX | $7.5B | 97.8× | 21.7× | 2.5× | 8.0% | 36.9% | 2.4% | -102% | 2.9% | 5.1× | 73 |
| KNSA | $7.2B | 123.0× | 91.5× | 10.7× | 60.1% | 88.5% | 8.7% | 10.4% | 10.4% | -2.1× | 1 |
| IONS | $7.2B | — | — | 7.7× | 33.8% | 98.3% | -40.4% | -78.0% | -17.0% | — | 81 |
| LGND | $6.4B | 52.6× | 83.7× | 24.0× | 60.4% | — | 46.4% | 12.2% | 12.2% | -2.3× | 97 |
| RYTM | $6.4B | — | — | 33.6× | 45.8% | 89.7% | -104% | -141% | -79.5% | — | 46 |
| PTCT | $5.0B | 7.7× | 4.8× | 2.9× | 115% | — | 39.4% | -332% | 839% | -0.8× | 62 |
| TVTX | $4.7B | — | — | 9.7× | 110% | 97.9% | -5.2% | -22.2% | -22.2% | — | 45 |
| INDV | $4.2B | 21.6× | 15.8× | 3.4× | 4.3% | 80.2% | 16.9% | -214% | 95.0% | 0.5× | 52 |
| ARQT | $4.0B | — | — | 10.7× | 91.3% | 90.2% | -4.3% | -8.5% | -5.4% | — | 50 |
| OGN | $3.6B | 19.2× | — | 0.6× | -2.9% | 53.3% | 3.0% | 24.9% | 2.0% | — | 150 |
| ACAD | $3.5B | 8.9× | 31.9× | 3.3× | 11.9% | 91.7% | 36.5% | 31.9% | 31.9% | -1.7× | 61 |
| BHC | $3.1B | 19.5× | 11.2× | 0.3× | 6.7% | — | 1.5% | -28.3% | 0.8% | 9.7× | 35 |
| ZLAB | $2.7B | — | — | 6.0× | 15.3% | 58.6% | -38.1% | -24.5% | -19.1% | — | 8 |
| SUPN | $2.4B | — | 79.0× | 3.4× | 8.6% | 89.6% | -5.4% | -3.6% | -3.6% | -4.4× | 60 |
| PBH | $2.3B | 12.6× | 9.6× | 2.1× | -4.3% | 54.7% | 17.5% | 10.1% | 6.6% | 2.7× | 57 |
| HCM | $2.3B | 25.3× | — | 4.2× | -13.0% | 38.7% | 83.3% | 36.9% | 34.3% | — | 8 |
| HRMY | $2.3B | 14.3× | — | 2.6× | 21.5% | 77.2% | 18.3% | 18.2% | 15.3% | — | 67 |
| AUPH | $2.2B | 8.0× | 17.2× | 7.8× | 20.4% | 88.5% | — | 49.4% | 49.4% | -0.6× | 41 |
| PRGO | $2.2B | — | — | 0.5× | -2.8% | 35.1% | -33.5% | -48.6% | -21.7% | — | 72 |
| SDGR | $2.0B | — | — | 7.9× | 23.3% | 55.7% | -40.4% | -28.4% | -28.4% | — | 58 |
Peers = companies sharing INDV's sector (Pharmaceutical Preparations) 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.
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.
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
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $11.0M buybacks = $11.0M returned on -$93.0M 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 5 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 95%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 5 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $35.37 today, the market must believe free cash flow compounds 54.1%/yr for a decade (off $7.0M on the 3-yr avg basis).
On the basis (-$17.0M) the requirement is off the scale. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 9.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.12B shares (market data) · net debt $124.0M
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $195.0M covers the $59.0M due within a year 3.3× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~14.1% on $319.0M of debt.
Cash of $195.0M fully covers short-term debt of $29.0M.
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 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $1.24B 100.0% | $1.19B 100.0% | $1.09B 100.0% | $901.0M 100.0% | — |
| Cost of Revenue | $246.0M 19.9% | $231.0M 19.4% | $174.0M 15.9% | $151.0M 16.8% | $127.0M |
| Gross Profit | $994.0M 80.2% | $957.0M 80.6% | $919.0M 84.1% | $749.0M 83.1% | $664.0M |
| Research & Development | — | — | $106.0M 9.7% | $72.0M 8.0% | $52.0M |
| Selling, General & Admin | $634.0M 51.2% | $612.0M 51.5% | $565.0M 51.7% | $466.0M 51.7% | $431.0M |
| Total Operating Expenses | — | $919.0M 77.4% | $1.07B 98.1% | $827.0M 91.8% | — |
| Operating Income | $262.0M 21.1% | $38.0M 3.2% | -$152.0M -13.9% | -$77.0M -8.5% | — |
| Interest Expense | $45.0M 3.6% | $41.0M 3.5% | $35.0M 3.2% | $27.0M 3.0% | — |
| Interest & Investment Income | $22.0M 1.8% | $23.0M 1.9% | $43.0M 3.9% | $19.0M 2.1% | — |
| Pretax Income | $239.0M 19.3% | $20.0M 1.7% | -$145.0M -13.3% | -$86.0M -9.5% | — |
| Income Tax Expense | $29.0M 2.3% | $13.0M 1.1% | -$19.0M -1.7% | -$43.0M -4.8% | — |
| Net Income | $210.0M 16.9% | $7.0M 0.6% | -$126.0M -11.5% | -$42.0M -4.7% | $205.0M |
| Per Share | |||||
| EPS (Basic) | $1.68 | $0.05 | -$0.92 | -$0.30 | — |
| EPS (Diluted) | $1.64 | $0.05 | -$0.92 | -$0.30 | — |
| Weighted Avg Shares (Basic) | 125.0M | 132.0M | 137.0M | 139.0M | — |
| Weighted Avg Shares (Diluted) | 128.0M | 133.0M | 137.0M | 139.0M | — |
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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-27 | Anderson Woodrow D Chief Accounting Officer | Open-market buy | 1,500 | $35.69 | $54k |
| 2026-08-05 | Anderson Woodrow D Chief Accounting Officer | Open-market buy | 1,500 | $36.28 | $54k |
| 2026-07-10 | Heidbreder Christian Chief Scientific Officer | 10b5-1 plan sale | 18,586 | $41.14 | $765k |
| 2026-06-22 | 3 co-filers Chief Executive Officer |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Option exercise |
| 1,266,903 |
| — |
| — |
| 2026-06-22 | 3 co-filers Chief Executive Officer | Tax withholding | 612,549 | $38.32 | $23.5m |
| 2026-06-22 | 3 co-filers Chief Executive Officer | Option exercise | 1,266,903 | — | — |
| 2026-06-11 | Heidbreder Christian Chief Scientific Officer | 10b5-1 plan sale | 18,586 | $38.06 | $707k |
| 2026-06-08 | Preblick Ryan Chief Financial Officer | 10b5-1 plan sale | 36,000 | $37.70 | $1.4m |
| 2026-05-13 | Kingsley Stuart A Director | Grant | 6,518 | $0.00 | $0 |
| 2026-05-13 | Humphreys Keith Director | Grant | 6,518 | $0.00 | $0 |
| 2026-05-13 | Ryan Barbara Director | Grant | 6,518 | $0.00 | $0 |
| 2026-05-13 | Wheadon David E. Director | Grant | 10,430 | $0.00 | $0 |
| 2026-05-13 | Stejbach Mark Director | Grant | 6,518 | $0.00 | $0 |
| 2026-05-13 | Ninivaggi Daniel A Director | Grant | 6,518 | $0.00 | $0 |
| 2026-05-13 | 2 co-filers Group filing | Grant | 6,518 | $0.00 | $0 |
| 2026-05-12 | 2 co-filers Group filing | Tax withholding | 1,117 | $38.28 | $43k |
| 2026-03-14 | 3 co-filers Chief Financial Officer | Option exercise | 6,302 | — | — |
| 2026-03-14 | 3 co-filers Chief Financial Officer | Tax withholding | 2,843 | $31.11 | $88k |
| 2026-03-14 | 3 co-filers Chief Financial Officer | Option exercise | 6,302 | — | — |
| 2026-03-13 | Ryan Barbara Director | Open-market buy | 8 | $31.09 | $249 |
| 2026-03-09 | Ryan Barbara Director | Open-market buy | 31 | $32.56 | $1k |
| 2026-03-06 | Kingsley Stuart A Director | Open-market buy | 940 | $31.86 | $30k |
| 2026-03-03 | 3 co-filers Chief Financial Officer | Tax withholding | 87,597 | $31.98 | $2.8m |
| 2026-03-03 | 6 co-filers Chief Accounting Officer | Option exercise | 18,364 | — | — |
| 2026-03-03 | 3 co-filers Chief Legal Officer | Option exercise | 79,893 | — | — |
| 2026-03-03 | 3 co-filers Chief Scientific Officer | Option exercise | 101,544 | — | — |
| 2026-03-03 | 6 co-filers Chief Accounting Officer | Tax withholding | 8,283 | $31.98 | $265k |
| 2026-03-03 | 3 co-filers Chief Financial Officer | Option exercise | 86,949 | — | — |
| 2026-03-03 | 3 co-filers Chief Scientific Officer | Tax withholding | 45,797 | $31.98 | $1.5m |
| 2026-03-03 | 3 co-filers Chief Legal Officer | Tax withholding | 36,032 | $31.98 | $1.2m |
| 2026-03-03 | 6 co-filers Chief Accounting Officer | Option exercise | 5,946 | — | — |
| 2026-03-03 | 3 co-filers Chief Financial Officer | Option exercise | 113,510 | — | — |
| 2026-03-03 | 3 co-filers Chief Legal Officer | Option exercise | 104,300 | — | — |
| 2026-03-03 | 3 co-filers Chief Scientific Officer | Option exercise | 132,565 | — | — |
| 2026-03-03 | 6 co-filers Chief Accounting Officer | Tax withholding | 2,682 | $31.98 | $86k |
| 2026-03-03 | 6 co-filers Chief Accounting Officer | Option exercise | 23,975 | — | — |
| 2026-03-03 | 6 co-filers Chief Accounting Officer | Option exercise | 5,946 | — | — |
| 2026-02-10 | 2 co-filers Chief Accounting Officer | Grant | 6,903 | $0.00 | $0 |
| 2026-02-10 | Barry Patrick A Chief Commercial Officer | Grant | 31,380 | $0.00 | $0 |
| 2026-02-10 | 2 co-filers Chief Legal Officer | Grant | 26,897 | $0.00 | $0 |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 5-yr range · 75th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-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
ROE -214% against ROIC 95% — -309% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 137.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cost of Revenue | — | 16.8 | 15.9 | 19.4 | 19.9 |
| Gross Profit | — | 83.1 | 84.1 | 80.6 | 80.2 |
| R&D | — | 8.0 | 9.7 | — | — |
| SG&A | — | 51.7 | 51.7 | 51.5 | 51.2 |
| Operating Income | — | -8.5 | -13.9 | 3.2 | 21.1 |
| Income Tax | — | -4.8 | -1.7 | 1.1 | 2.3 |
| Net Income | — | -4.7 | -11.5 | 0.6 | 16.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on INDV: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2022 | 83.1% | -8.5% | -4.7% |
| FY2023 | 84.1% | -13.9% | -11.5% |
| FY2024 | 80.6% | 3.2% | 0.6% |
| FY2025 | 80.2% | 21.1% | 16.9% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Covers interest 4.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.89x |
| 5% | 6.55x |
| 10% | 6.21x |
| 15% | 5.86x |
| 20% | 5.52x |
| 25% | 5.17x |
| 30% | 4.83x |
| 35% | 4.48x |
| 40% | 4.14x |
| 45% | 3.79x |
| 50% | 3.45x |
| 55% | 3.10x |
| 60% | 2.76x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
At $35.37, free cash flow must compound 54.23%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.
The achieved growth rate spans a reporting-basis change in FY2024, so part of it measures the restatement rather than the business.