# Indivior PLC Ordinary Shares (INDV.US)

Canonical: https://gigainvestors.com/s/INDV

Analysis as of: 2026-10-16T07:29:19.906Z. Financial observations: FY2016–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $33.62 per share; close as of 2026-10-15.

Estimated value: low $1.86 per share, central $1.89 per share, high $1.93 per share. Buy at or below the central value $1.89 per share. Valuation as of 2026-10-16T07:29:19.906Z; scenarios are not confidence intervals.

Expected annual return: 3.0% at the stated quote. About 3.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 1.62×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.35×

- FY2017: 0.37×

- FY2018: 0.33×

- FY2019: 0.23×

- FY2020: -0.24×

- FY2021: 0.27×

- FY2022: -0.09×

- FY2023: -0.14×

- FY2024: 0.03×

- FY2025: 0.21×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 53.5%

- ROIC, second-lowest year: -33.6%

- Typical minus recent gross margin: 3.9 pp

- Typical gross margin (annual median): 84.0%

- Recent gross margin (lower of latest and 3-year median): 80.1%

- Years with nonpositive capital: 9

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 91.5%

- FY2017: 98.6%

- FY2018: >100%

- FY2019: 26.4%

- FY2020: -33.6%

- FY2021: 52.3%

- FY2022: -24.4%

- FY2023: -124.5%

- FY2024: 54.7%

- FY2025: >100%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $200M

- Net income, five-year total: $244M

- Return on incremental invested capital: 5.3%

- Working capital / revenue, annual change: 2.1 pp

- Working capital / revenue, change between three-year averages: 4.8 pp

- Working capital / revenue, final three-year average: 30.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.75×

- FY2023: 1.11×

- FY2024: 1.00×

- FY2025: 0.80×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 98.6% vs 54.7%

- Per-share earnings: 0.42 to 0.02 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -3.6%

- Market cap gain: $4.1B

- Cumulative retained earnings: -$1.2B

- Diluted shares, 5-year annual growth: -3.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -37.9%

- Per-share value change: -$0.41

- Per-share value, starting three-year median: $0.42

- Per-share value, ending three-year median: $0.02

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 6.9%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: $586M

- ROIC, first three-year median: 98.6%

- ROIC, last three-year median: 54.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.22

- FY2017: $0.42

- FY2018: $1.75

- FY2019: $0.89

- FY2020: -$0.96

- FY2021: $1.35

- FY2022: -$0.32

- FY2023: -$0.94

- FY2024: $0.02

- FY2025: $1.64

### accounting: fail

- Sloan accruals exceed 10%

- earnings not backed by cash

- Sloan accruals: 19.7%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.13×

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2016: -31.0%

- FY2017: -16.2%

- FY2018: -2.6%

- FY2019: -1.0%

- FY2020: 2.9%

- FY2021: -8.1%

- FY2022: -2.2%

- FY2023: 9.7%

- FY2024: -2.6%

- FY2025: 19.7%

## Holders

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 71.8% a year for ten years · sales +4.3%

Story as of 2026-10-16T09:58:56.938Z; price observation 2026-10-15.

Price needs cash profits to grow 71.8% a year for ten years

- 2025-06-02: Drugmaker Indivior drops London listing to cut costs ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/indivior-delist-london-stock-exchange-063348234.html))

- 2025-08-03: Indivior Plc (INDV) Jumps 22.8% on Impressive Earnings, Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/indivior-plc-indv-jumps-22-163204788.html))

- 2026-06-12: Is Indivior Stock a Buy After Higher 2026 Guidance? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/indivior-stock-buy-higher-2026-141500052.html))

### Sales · FY2024–2025

sales +4.3%; source https://www.sec.gov/Archives/edgar/data/1625297/000162828026012237/indv-20251231.htm; observed 2026-02-26.

- FY2016: $969M 

- FY2017: $1.1B 

- FY2018: $960M 

- FY2019: $785M 

- FY2020: $647M 

- FY2021: $791M 

- FY2022: $901M 

- FY2023: $1.1B 

- FY2024: $1.2B 

- FY2025: $1.2B 

### Gross margin · FY2025

gross margin 80.1%; source https://www.sec.gov/Archives/edgar/data/1625297/000162828026012237/indv-20251231.htm; observed 2026-02-26.

- FY2016: 88.6% 

- FY2017: 89.3% 

- FY2018: 86.0% 

- FY2019: 82.2% 

- FY2020: 85.0% 

- FY2021: 83.9% 

- FY2022: 83.2% 

- FY2023: 84.1% 

- FY2024: 80.6% 

- FY2025: 80.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are USD 1.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1625297/000162828026012237/indv-20251231.htm (filed 2026-02-26); FY2025: revenue 1239000000; grossProfit 993000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INDV.US: Indivior Pharmaceuticals, Inc., together with its subsidiaries, engages in the development, manufacture, and sale of buprenorphine-based prescription drugs for the treatment of opioid dependence and related disorders in the United States, Europe, Canada, Australia, and internationally. It develops medicines to treat substance use disorders. The company's core marketed products include SUBLOCADE buprenorphine extended-release monthly injections; and SUBOXONE Film, a buprenorphine and naloxone sublingual film. It also manufactures SUBOXONE Tablet, a buprenorphine and naloxone sublingual tablet; and SUBUTEX Tablet, a buprenorphine sublingual tablet for the treatment of opioid use disorder (OUD). In addition, the company is developing INDV-2000, a selective orexin-1 receptor antagonist that is in Phase 2 clinical trial for the treatment of moderate to severe OUD; and INDV-6001, a buprenorphine-based long-acting injectable for the treatment of OUD in collaboration with Alar Pharmaceuticals Inc. The company was formerly known as Indivior PLC. and changed its name to Indivior Pharmaceuticals, Inc. in January 2026. Indivior Pharmaceuticals, Inc. was incorporated in 2014 and is headquartered in North Chesterfield, Virginia.

### Why customers stay

Margins ranged from 80.1% to 84.1% during 2023–25; it earns 53.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 84.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 80.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1625297/000162828026012237/indv-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 80.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.9151987953544931],[2017,0.986224680412946],[2018,1.0217832042147337],[2019,0.26396635679504205],[2020,-0.3358038147138965],[2021,0.5233415233415234],[2022,-0.24423664122137403],[2023,-1.2448484848484849],[2024,0.5473684210526316],[2025,4.157949790794978]]; median 0.5353549721970775. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 83% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1625297/000162828026012237/indv-20251231.htm (filed 2026-02-26); Gross margin observations: [[2021,0.8394437420986094],[2022,0.832408435072142],[2023,0.8408051235132662]]; range within 2 percentage points.

### Where the cash goes

Spends 3.5% of cash earnings on expansion; earns 5.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 35000000; owner earnings 9872766. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 6711882.046163164; upkeep 36288117.953836836; owner earnings 38291464.046163164. Growth capex / owner earnings = 0.1752840277423579.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 41000000; owner earnings 236948335. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 7000000; owner earnings 155000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 12000000; upkeep 22000000; owner earnings 205000000. Growth capex / owner earnings = 0.05853658536585366.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 3000000; upkeep 28000000; owner earnings 2000000. Growth capex / owner earnings = 1.5.

- Source: https://www.sec.gov/Archives/edgar/data/1625297/000162828026012237/indv-20251231.htm (filed 2026-02-26); FY2025: growth capex 5942627.596708715; upkeep 61057372.403291285; owner earnings 168942627.59670871. Growth capex / owner earnings = 0.0351754183135748.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Incremental return on capital 0.053202659536461416, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,69000000],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1625297/000162828026012237/indv-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 11000000 USD.

### Are managers owners

Insiders own 1.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INDV.US SharesStats.PercentInsiders = 1.802 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 71.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 1.0800481079469644. Price 33.62; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $3.88 per share

- 2016-11: $4.08 per share

- 2016-12: $3.55 per share

- 2017-01: $3.64 per share

- 2017-02: $4.32 per share

- 2017-03: $3.97 per share

- 2017-04: $4.12 per share

- 2017-05: $4.20 per share

- 2017-06: $4.08 per share

- 2017-07: $5.10 per share

- 2017-08: $5.40 per share

- 2017-09: $4.45 per share

- 2017-10: $5.00 per share

- 2017-11: $4.85 per share

- 2017-12: $5.50 per share

- 2018-01: $5.66 per share

- 2018-02: $5.17 per share

- 2018-03: $5.60 per share

- 2018-04: $6.30 per share

- 2018-05: $6.41 per share

- 2018-06: $5.04 per share

- 2018-07: $4.00 per share

- 2018-08: $3.52 per share

- 2018-09: $2.42 per share

- 2018-10: $2.37 per share

- 2018-11: $1.25 per share

- 2018-12: $1.35 per share

- 2019-01: $1.49 per share

- 2019-02: $1.37 per share

- 2019-03: $1.20 per share

- 2019-04: $0.48 per share

- 2019-05: $0.54 per share

- 2019-06: $0.51 per share

- 2019-07: $0.64 per share

- 2019-08: $0.71 per share

- 2019-09: $0.57 per share

- 2019-10: $0.54 per share

- 2019-11: $0.56 per share

- 2019-12: $0.52 per share

- 2020-01: $0.50 per share

- 2020-02: $0.53 per share

- 2020-03: $0.60 per share

- 2020-04: $0.63 per share

- 2020-05: $0.80 per share

- 2020-06: $1.03 per share

- 2020-07: $1.75 per share

- 2020-08: $1.54 per share

- 2020-09: $1.40 per share

- 2020-10: $1.35 per share

- 2020-11: $1.38 per share

- 2020-12: $1.47 per share

- 2021-01: $1.75 per share

- 2021-02: $1.80 per share

- 2021-03: $1.73 per share

- 2021-04: $2.12 per share

- 2021-05: $2.15 per share

- 2021-06: $2.11 per share

- 2021-07: $2.32 per share

- 2021-08: $2.65 per share

- 2021-09: $2.91 per share

- 2021-10: $3.39 per share

- 2021-11: $3.14 per share

- 2021-12: $3.45 per share

- 2022-01: $2.94 per share

- 2022-02: $3.60 per share

- 2022-03: $3.75 per share

- 2022-04: $4.05 per share

- 2022-05: $4.12 per share

- 2022-06: $3.70 per share

- 2022-07: $3.77 per share

- 2022-08: $3.47 per share

- 2022-09: $3.00 per share

- 2022-10: $19.86 per share

- 2022-11: $21.03 per share

- 2022-12: $21.75 per share

- 2023-01: $24.28 per share

- 2023-02: $18.81 per share

- 2023-03: $16.76 per share

- 2023-04: $18.75 per share

- 2023-05: $18.13 per share

- 2023-06: $23.80 per share

- 2023-07: $22.23 per share

- 2023-08: $22.24 per share

- 2023-09: $23.07 per share

- 2023-10: $18.38 per share

- 2023-11: $16.92 per share

- 2023-12: $15.27 per share

- 2024-01: $17.64 per share

- 2024-02: $21.43 per share

- 2024-03: $21.42 per share

- 2024-04: $17.56 per share

- 2024-05: $18.32 per share

- 2024-06: $16.12 per share

- 2024-07: $13.75 per share

- 2024-08: $12.50 per share

- 2024-09: $9.75 per share

- 2024-10: $9.01 per share

- 2024-11: $11.21 per share

- 2024-12: $12.43 per share

- 2025-01: $11.90 per share

- 2025-02: $9.24 per share

- 2025-03: $9.53 per share

- 2025-04: $11.51 per share

- 2025-05: $12.86 per share

- 2025-06: $14.74 per share

- 2025-07: $20.20 per share

- 2025-08: $24.28 per share

- 2025-09: $24.11 per share

- 2025-10: $29.37 per share

- 2025-11: $33.60 per share

- 2025-12: $35.88 per share

- 2026-01: $35.38 per share

- 2026-02: $32.72 per share

- 2026-03: $30.48 per share

- 2026-04: $36.78 per share

- 2026-05: $36.02 per share

- 2026-06: $41.03 per share

- 2026-07: $40.01 per share

- 2026-08: $34.93 per share

- 2026-09: $35.85 per share

- 2026-10: $33.62 per share

## Annual estimated value (USD per share)

- FY2020: low $7.02 per share, central $7.23 per share, high $7.51 per share

- FY2021: low $18.38 per share, central $19.93 per share, high $22.00 per share

- FY2022: low $20.32 per share, central $22.25 per share, high $24.82 per share

- FY2025: low $1.51 per share, central $1.53 per share, high $1.57 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1625297/000162828026012237/indv-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.