Recent News
On April 30 the company announced it would not advance INDV-2000 internally following a Phase 2 evaluation.
On May 4 Indivior entered a $175 million accelerated share repurchase agreement as part of an authorized $400 million repurchase program; initial delivery and final settlement terms were disclosed.
On May 13 the company filed an 8‑K noting the elimination of the Chief Scientific Officer position effective June 1.
On May 20 Indivior presented new real‑world evidence at the ASAM 2026 conference highlighting SUBLOCADE outcomes and associated healthcare utilization findings.
Technical Analysis
Directional indicators show an emerging market structure: ADX at 21.57 signals an emerging trend while DI+ at 22.10 is decreasing and DI‑ at 15.87 is increasing, a configuration that favors downside pressure on price.
MACD sits at 0.54, below its signal line at 0.73, and the MACD trend declines; that crossover and declining momentum indicate weakening bullish momentum.
MRO reads 24.35 with a peak-and-reversal pattern; the positive MRO combined with a peak reversal implies the price lies above model target and carries downside reversion potential.
RSI at 56.87 and falling denotes retreating buying momentum without showing an overbought condition; that aligns with the MACD signal of waning upside.
Short‑term price sits slightly above the 20‑day average ($40.40) and near the upper Bollinger band (upper 1σ $41.01), while the 200‑day average ($33.80) remains well below current price—this places the stock above long‑term support but in a near‑term tension band. Price recently peaked on the 12‑day EMA and has reversed from that short EMA peak.
SuperTrend lower support lies at $38.76; volume at ~1.43M trades remains a touch below the 10‑day average, suggesting any directional move lacks heavier conviction for now.
Fundamental Analysis
Margins anchor the fundamental picture. EBIT of $122.0M produces an EBIT margin of 38.49%, up ~58.37% quarter‑over‑quarter and up ~44.19% year‑over‑year; that EBIT margin sits above the industry peer mean of 31.81%.
Operating margin equals 43.22% with an 86.41% QoQ expansion, and gross margin at 87.38% shows product‑level profitability strength supporting the current valuation determination.
Net income totaled $89.0M and EPS came in at $0.96 versus an estimate of $0.66, producing a surprise ratio near 45.5%; the EPS beat complements margin expansion and cash deployed to reduce leverage and buybacks.
Cash flow paints a cautionary overlay. Free cash flow registered negative $29.0M and free cash flow yield reads approximately -0.74%, with free cash flow declining materially QoQ and YoY; operating cash flow also finished negative for the period, indicating short‑term cash conversion pressure despite positive earnings.
Leverage and liquidity: total debt equals $509.0M, net debt $311.0M and debt/EBITDA stands near 4.04x; interest coverage of 17.43 remains healthy. Debt to assets at 42.52% sits above the industry peer mean of 34.53%, while current ratio at 0.86 falls below the industry peer mean of 1.19, reflecting tighter near‑term liquidity.
Balance‑sheet oddities include a negative book value (book value -$1.18 per share), producing a negative P/B ratio of -27.29 versus an industry peer mean P/B of 6.63; negative book value drives the extreme P/B outcome rather than operating performance alone.
Corporate capital allocation updated in recent filings and releases: management authorized a $400M repurchase program and executed a $175M accelerated share repurchase during the period, signaling active deployment of cash toward buybacks.
WMDST values the stock as under‑valued based on current cash flows, margin structure, and the firm’s capital deployment posture, but negative free cash flow and a stretched current ratio temper that valuation support.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-30 |
| NEXT REPORT DATE: | 2026-07-30 |
| CASH FLOW | Begin Period Cash Flow | $ 195.0 M |
| Operating Cash Flow | $ -9.00 M | |
| Capital Expenditures | $ -20.00 M | |
| Change In Working Capital | $ -163.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -20.00 M | |
| End Period Cash Flow | $ 175.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 317.0 M | |
| Forward Revenue | $ 113.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 40.0 M | |
| Depreciation | $ 4.0 M | |
| Depreciation and Amortization | $ 4.0 M | |
| Research and Development | $ 16.0 M | |
| Total Operating Expenses | $ 180.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 277.0 M | |
| EBITDA | $ 126.0 M | |
| EBIT | $ 122.0 M | |
| Operating Income | $ 137.0 M | |
| Interest Income | $ 3.0 M | |
| Interest Expense | $ 7.0 M | |
| Net Interest Income | $ -4.00 M | |
| Income Before Tax | $ 115.0 M | |
| Tax Provision | $ 26.0 M | |
| Tax Rate | 23.0 % | |
| Net Income | $ 89.0 M | |
| Net Income From Continuing Operations | $ 89.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.66 | |
| EPS Actual | $ 0.96 | |
| EPS Difference | $ 0.30 | |
| EPS Surprise | 45.455 % | |
| Forward EPS | $ 1.04 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.2 B | |
| Intangible Assets | $ 2.0 M | |
| Net Tangible Assets | $ -146.00 M | |
| Total Current Assets | $ 667.0 M | |
| Cash and Short-Term Investments | $ 175.0 M | |
| Cash | $ 175.0 M | |
| Net Receivables | $ 273.0 M | |
| Inventory | $ 152.0 M | |
| Long-Term Investments | $ 26.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 35.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 779.0 M | |
| Net Debt | $ 311.0 M | |
| Total Debt | $ 509.0 M | |
| Total Liabilities | $ 1.3 B | |
| EQUITY | ||
| Total Equity | $ -144.00 M | |
| Retained Earnings | $ -280.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -1.18 | |
| Shares Outstanding | 122.000 M | |
| Revenue Per-Share | $ 2.60 | |
| VALUATION | Market Capitalization | $ 3.9 B |
| Enterprise Value | $ 4.3 B | |
| Enterprise Multiple | 33.844 | |
| Enterprise Multiple QoQ | -27.945 % | |
| Enterprise Multiple YoY | 110.618 % | |
| Enterprise Multiple IPRWA | high: 186.073 median: 72.06 mean: 66.274 INDV: 33.844 low: -65.796 |
|
| EV/R | 13.452 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -8.312 | |
| Asset To Liability | 0.893 | |
| Debt To Capital | 1.395 | |
| Debt To Assets | 0.425 | |
| Debt To Assets QoQ | 45.497 % | |
| Debt To Assets YoY | 58.025 % | |
| Debt To Assets IPRWA | high: 0.965 INDV: 0.425 median: 0.372 mean: 0.345 low: 0.001 |
|
| Debt To Equity | -3.535 | |
| Debt To Equity QoQ | -0.303 % | |
| Debt To Equity YoY | 173.224 % | |
| Debt To Equity IPRWA | high: 2.857 mean: 1.1 median: 1.071 low: -0.494 INDV: -3.535 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -27.294 | |
| Price To Book QoQ | -35.127 % | |
| Price To Book YoY | 537.63 % | |
| Price To Book IPRWA | high: 15.559 median: 6.931 mean: 6.633 low: -2.867 INDV: -27.294 |
|
| Price To Earnings (P/E) | 33.559 | |
| Price To Earnings QoQ | -17.402 % | |
| Price To Earnings YoY | 29.954 % | |
| Price To Earnings IPRWA | high: 238.884 median: 84.271 mean: 71.169 INDV: 33.559 low: -89.846 |
|
| PE/G Ratio | 1.966 | |
| Price To Sales (P/S) | 12.399 | |
| Price To Sales QoQ | 6.565 % | |
| Price To Sales YoY | 169.394 % | |
| Price To Sales IPRWA | high: 42.912 mean: 25.476 median: 23.386 INDV: 12.399 low: 0.845 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 33.539 | |
| Forward PE/G | 1.964 | |
| Forward P/S | 37.885 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -3.513 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.264 | |
| Asset Turnover Ratio QoQ | -3.366 % | |
| Asset Turnover Ratio YoY | 33.882 % | |
| Asset Turnover Ratio IPRWA | high: 0.28 INDV: 0.264 mean: 0.14 median: 0.13 low: 0.004 |
|
| Receivables Turnover | 1.205 | |
| Receivables Turnover Ratio QoQ | -13.81 % | |
| Receivables Turnover Ratio YoY | 12.603 % | |
| Receivables Turnover Ratio IPRWA | high: 2.066 median: 1.262 mean: 1.244 INDV: 1.205 low: 0.109 |
|
| Inventory Turnover | 0.261 | |
| Inventory Turnover Ratio QoQ | -39.326 % | |
| Inventory Turnover Ratio YoY | 0.98 % | |
| Inventory Turnover Ratio IPRWA | high: 1.256 mean: 0.448 median: 0.408 INDV: 0.261 low: 0.115 |
|
| Days Sales Outstanding (DSO) | 75.706 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 228.243 | |
| Cash Conversion Cycle Days QoQ | 21.513 % | |
| Cash Conversion Cycle Days YoY | -16.608 % | |
| Cash Conversion Cycle Days IPRWA | high: 391.822 INDV: 228.243 mean: 168.857 median: 107.221 low: -17.659 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.83 | |
| CapEx To Revenue | -0.063 | |
| CapEx To Depreciation | -5.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 342.0 M | |
| Net Invested Capital | $ 342.0 M | |
| Invested Capital | $ 342.0 M | |
| Net Tangible Assets | $ -146.00 M | |
| Net Working Capital | $ -112.00 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.225 | |
| Current Ratio | 0.856 | |
| Current Ratio QoQ | 20.029 % | |
| Current Ratio YoY | -2.547 % | |
| Current Ratio IPRWA | high: 3.853 mean: 1.189 median: 1.025 INDV: 0.856 low: 0.276 |
|
| Quick Ratio | 0.661 | |
| Quick Ratio QoQ | 21.579 % | |
| Quick Ratio YoY | -7.722 % | |
| Quick Ratio IPRWA | high: 2.818 mean: 0.879 median: 0.773 INDV: 0.661 low: 0.069 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.04 | |
| Cost Of Debt | 1.26 % | |
| Interest Coverage Ratio | 17.429 | |
| Interest Coverage Ratio QoQ | 20.197 % | |
| Interest Coverage Ratio YoY | 194.567 % | |
| Interest Coverage Ratio IPRWA | high: 54.443 mean: 24.24 median: 18.769 INDV: 17.429 low: -48.677 |
|
| Operating Cash Flow Ratio | 0.081 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 56.521 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.333 % | |
| Revenue Growth | -11.453 % | |
| Revenue Growth QoQ | -181.731 % | |
| Revenue Growth YoY | 3.769 % | |
| Revenue Growth IPRWA | high: 23.323 % mean: -0.062 % median: -1.387 % INDV: -11.453 % low: -33.244 % |
|
| Earnings Growth | 17.073 % | |
| Earnings Growth QoQ | 22.925 % | |
| Earnings Growth YoY | -8.944 % | |
| Earnings Growth IPRWA | high: 80.0 % INDV: 17.073 % median: 3.509 % mean: -4.566 % low: -171.429 % |
|
| MARGINS | ||
| Gross Margin | 87.382 % | |
| Gross Margin QoQ | 7.501 % | |
| Gross Margin YoY | 4.701 % | |
| Gross Margin IPRWA | high: 88.738 % INDV: 87.382 % mean: 75.569 % median: 75.423 % low: 7.704 % |
|
| EBIT Margin | 38.486 % | |
| EBIT Margin QoQ | 58.366 % | |
| EBIT Margin YoY | 44.186 % | |
| EBIT Margin IPRWA | high: 72.336 % INDV: 38.486 % mean: 31.814 % median: 30.292 % low: -182.835 % |
|
| Return On Sales (ROS) | 43.218 % | |
| Return On Sales QoQ | 86.413 % | |
| Return On Sales YoY | 61.914 % | |
| Return On Sales IPRWA | high: 61.574 % INDV: 43.218 % mean: 31.213 % median: 30.056 % low: -113.597 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -29.00 M | |
| Free Cash Flow Yield | -0.738 % | |
| Free Cash Flow Yield QoQ | -87.453 % | |
| Free Cash Flow Yield YoY | -112.907 % | |
| Free Cash Flow Yield IPRWA | high: 8.308 % mean: 0.937 % median: 0.33 % INDV: -0.738 % low: -13.44 % |
|
| Free Cash Growth | -88.163 % | |
| Free Cash Growth QoQ | -127.966 % | |
| Free Cash Growth YoY | -79.655 % | |
| Free Cash Growth IPRWA | high: 242.307 % mean: -6.799 % median: -44.294 % INDV: -88.163 % low: -213.333 % |
|
| Free Cash To Net Income | -0.326 | |
| Cash Flow Margin | 19.874 % | |
| Cash Flow To Earnings | 0.708 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 7.423 % | |
| Return On Assets QoQ | -4.772 % | |
| Return On Assets YoY | 112.754 % | |
| Return On Assets IPRWA | high: 8.812 % INDV: 7.423 % mean: 3.469 % median: 2.751 % low: -20.654 % |
|
| Return On Capital Employed (ROCE) | 29.187 % | |
| Return On Equity (ROE) | -0.618 | |
| Return On Equity QoQ | -40.012 % | |
| Return On Equity YoY | 276.086 % | |
| Return On Equity IPRWA | high: 0.239 mean: 0.116 median: 0.082 low: -0.557 INDV: -0.618 |
|
| DuPont ROE | -73.253 % | |
| Return On Invested Capital (ROIC) | 27.607 % | |
| Return On Invested Capital QoQ | -11.632 % | |
| Return On Invested Capital YoY | -79.449 % | |
| Return On Invested Capital IPRWA | INDV: 27.607 % high: 14.677 % mean: 6.556 % median: 4.272 % low: -9.485 % |
|