# Inventiva (IVA.PA)

Canonical: https://gigainvestors.com/s/IVA.PA

Analysis as of: 2026-10-16T07:45:09.406Z. Financial observations: FY2013–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## 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: EUR 2.84 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 10

- Operating margin variation: 1.43×

Chart: Operating margin; fiscal year observations.

- FY2016: -1.38×

- FY2017: -3.21×

- FY2018: -10.40×

- FY2019: -4.33×

- FY2020: -79.89×

- FY2021: -12.43×

- FY2022: -4.69×

- FY2023: -5.88×

- FY2024: -6.63×

- FY2025: -30.41×

### moat: fail

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

- ROIC median below threshold

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

- Recent gross margin fell 47.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: -317.4%

- ROIC, second-lowest year: -422.7%

- Typical minus recent gross margin: 47.6 pp

- Typical gross margin (annual median): 82.7%

- Recent gross margin (lower of latest and 3-year median): 35.1%

- Years with nonpositive capital: 4

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: -342.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -89.6%

- FY2017: -303.8%

- FY2018: -369.6%

- FY2019: -422.7%

- FY2020: -150.7%

- FY2021: -331.1%

- FY2022: -56.4%

- FY2023: -1486.9%

- FY2024: 0.0%

- FY2025: -343.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -744M

- Net income, five-year total: EUR -753M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -48.4 pp

- Working capital / revenue, change between three-year averages: -281.6 pp

- Working capital / revenue, final three-year average: -213.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -49M

- FY2022: EUR -53M

- FY2023: EUR -110M

- FY2024: EUR -180M

- FY2025: EUR -352M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -303.8% vs -343.7%

- Per-share earnings: -0.88 to -2.43 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 34.0%

- Ordinary dilution, 5-year annual growth: 37.3%

- Market cap gain: EUR 656M

- Cumulative retained earnings: EUR -337M

- Diluted shares, 10-year annual growth: 34.0%

- Diluted shares, 5-year annual growth: 37.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -1.56

- Per-share value, starting three-year median: EUR -0.88

- Per-share value, ending three-year median: EUR -2.43

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 135K

- Cumulative net income, 10 years: EUR -872M

- ROIC, first three-year median: -303.8%

- ROIC, last three-year median: -343.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -0.70

- FY2017: EUR -1.05

- FY2018: EUR -1.51

- FY2019: EUR -1.13

- FY2020: EUR -0.83

- FY2021: EUR -1.25

- FY2022: EUR -1.31

- FY2023: EUR -2.43

- FY2024: EUR -3.08

- FY2025: EUR -1.90

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -99.9%

- Receivables to sales index (DSRI): 2.46×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2016: 16.0%

- FY2017: -0.3%

- FY2018: 0.7%

- FY2019: -3.2%

- FY2020: -0.7%

- FY2021: -1.6%

- FY2022: -8.1%

- FY2023: -41.4%

- FY2024: -82.6%

- FY2025: -99.9%

## Holders

## Price story

Down 78% since Oct 2021 · sales -69.6%

Story as of 2026-10-16T10:00:13.311Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -69.6%; source https://www.sec.gov/Archives/edgar/data/1756594/000110465926040704/iva-20251231x20f.htm; observed 2026-04-08.

- FY2016: EUR 9.4M 

- FY2017: EUR 6.5M 

- FY2018: EUR 3.2M 

- FY2019: EUR 7.0M 

- FY2020: EUR 372K 

- FY2021: EUR 4.2M 

- FY2022: EUR 12M 

- FY2023: EUR 17M 

- FY2024: EUR 15M 

- FY2025: EUR 4.5M 

### Gross margin · FY2025

gross margin 35.1%; source https://www.sec.gov/Archives/edgar/data/1756594/000110465926040704/iva-20251231x20f.htm; observed 2026-04-08.

- FY2016: 84.3% 

- FY2017: 81.0% 

- FY2018: 69.8% 

- FY2021: 75.8% 

- FY2024: 62.5% 

- FY2025: 35.1% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are EUR 4.5 million.

- Source: https://www.sec.gov/Archives/edgar/data/1756594/000110465926040704/iva-20251231x20f.htm (filed 2026-04-08); FY2025: revenue 4483000; grossProfit 1572000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IVA.PA: Inventiva S.A., a clinical-stage biopharmaceutical company, focuses on the development of oral small molecule therapies for the treatment of metabolic dysfunction-associated steatohepatitis (MASH) and other diseases in France and internationally. It develops Lanifibranor, a novel peroxisome proliferator-activated receptor agonist that is in the NATiV3 Phase 3 clinical trial to treat adult patients with MASH; and Odiparcil for the treatment of patients with mucopolysaccharidoses. The company also develops TGF-ß, a pre-clinical program for the treatment of idiopathic pulmonary fibrosis. Inventiva S.A. was incorporated in 2011 and is headquartered in Daix, France.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-08); Dividend observations: [[2016,0],[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.

### Are managers owners

Insiders own 12.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IVA.PA SharesStats.PercentInsiders = 12.577 percentage points; cache date 2026-10-16.

### What the price says

The price is 118.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-08); Closing price 2.835 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 0.023998699113122; price multiple 118.13140314967654. FY2025 cash earnings/share -1.8828309741268434. Closing-price date 2026-10-15.

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

- 2017-02: EUR 8.30 per share

- 2017-03: EUR 7.50 per share

- 2017-04: EUR 7.21 per share

- 2017-05: EUR 7.60 per share

- 2017-06: EUR 7.65 per share

- 2017-07: EUR 7.56 per share

- 2017-08: EUR 7.39 per share

- 2017-09: EUR 6.81 per share

- 2017-10: EUR 6.57 per share

- 2017-11: EUR 5.90 per share

- 2017-12: EUR 4.95 per share

- 2018-01: EUR 6.04 per share

- 2018-02: EUR 6.04 per share

- 2018-03: EUR 7.96 per share

- 2018-04: EUR 7.22 per share

- 2018-05: EUR 7.56 per share

- 2018-06: EUR 7.22 per share

- 2018-07: EUR 7.88 per share

- 2018-08: EUR 8.60 per share

- 2018-09: EUR 7.86 per share

- 2018-10: EUR 6.00 per share

- 2018-11: EUR 5.90 per share

- 2018-12: EUR 5.62 per share

- 2019-01: EUR 6.40 per share

- 2019-02: EUR 3.65 per share

- 2019-03: EUR 3.09 per share

- 2019-04: EUR 2.43 per share

- 2019-05: EUR 2.23 per share

- 2019-06: EUR 2.00 per share

- 2019-07: EUR 1.86 per share

- 2019-08: EUR 2.04 per share

- 2019-09: EUR 2.23 per share

- 2019-10: EUR 2.33 per share

- 2019-11: EUR 2.96 per share

- 2019-12: EUR 3.67 per share

- 2020-01: EUR 3.89 per share

- 2020-02: EUR 3.15 per share

- 2020-03: EUR 3.60 per share

- 2020-04: EUR 4.25 per share

- 2020-05: EUR 4.05 per share

- 2020-06: EUR 11.34 per share

- 2020-07: EUR 8.39 per share

- 2020-08: EUR 10.16 per share

- 2020-09: EUR 10.12 per share

- 2020-10: EUR 9.98 per share

- 2020-11: EUR 10.88 per share

- 2020-12: EUR 11.72 per share

- 2021-01: EUR 12.54 per share

- 2021-02: EUR 12.76 per share

- 2021-03: EUR 12.26 per share

- 2021-04: EUR 11.30 per share

- 2021-05: EUR 11.64 per share

- 2021-06: EUR 11.62 per share

- 2021-07: EUR 11.46 per share

- 2021-08: EUR 11.14 per share

- 2021-09: EUR 11.86 per share

- 2021-10: EUR 12.90 per share

- 2021-11: EUR 11.74 per share

- 2021-12: EUR 11.74 per share

- 2022-01: EUR 10.78 per share

- 2022-02: EUR 11.04 per share

- 2022-03: EUR 10.34 per share

- 2022-04: EUR 9.27 per share

- 2022-05: EUR 8.53 per share

- 2022-06: EUR 5.70 per share

- 2022-07: EUR 4.74 per share

- 2022-08: EUR 4.67 per share

- 2022-09: EUR 3.65 per share

- 2022-10: EUR 4.71 per share

- 2022-11: EUR 4.18 per share

- 2022-12: EUR 4.48 per share

- 2023-01: EUR 5.65 per share

- 2023-02: EUR 4.66 per share

- 2023-03: EUR 3.15 per share

- 2023-04: EUR 2.17 per share

- 2023-05: EUR 3.24 per share

- 2023-06: EUR 3.69 per share

- 2023-07: EUR 3.78 per share

- 2023-08: EUR 3.37 per share

- 2023-09: EUR 4.11 per share

- 2023-10: EUR 3.59 per share

- 2023-11: EUR 3.80 per share

- 2023-12: EUR 4.10 per share

- 2024-01: EUR 3.54 per share

- 2024-02: EUR 3.23 per share

- 2024-03: EUR 3.32 per share

- 2024-04: EUR 2.96 per share

- 2024-05: EUR 3.31 per share

- 2024-06: EUR 2.79 per share

- 2024-07: EUR 2.24 per share

- 2024-08: EUR 2.18 per share

- 2024-09: EUR 1.69 per share

- 2024-10: EUR 2.56 per share

- 2024-11: EUR 2.37 per share

- 2024-12: EUR 2.18 per share

- 2025-01: EUR 2.33 per share

- 2025-02: EUR 2.89 per share

- 2025-03: EUR 2.73 per share

- 2025-04: EUR 3.17 per share

- 2025-05: EUR 2.89 per share

- 2025-06: EUR 2.62 per share

- 2025-07: EUR 2.85 per share

- 2025-08: EUR 4.90 per share

- 2025-09: EUR 4.85 per share

- 2025-10: EUR 3.60 per share

- 2025-11: EUR 3.66 per share

- 2025-12: EUR 3.95 per share

- 2026-01: EUR 5.00 per share

- 2026-02: EUR 5.49 per share

- 2026-03: EUR 4.75 per share

- 2026-04: EUR 4.31 per share

- 2026-05: EUR 4.29 per share

- 2026-06: EUR 3.22 per share

- 2026-07: EUR 3.80 per share

- 2026-08: EUR 4.05 per share

- 2026-09: EUR 3.30 per share

- 2026-10: EUR 2.65 per share

## Annual estimated value (EUR 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 20-F filing](https://www.sec.gov/Archives/edgar/data/1756594/000110465926040704/iva-20251231x20f.htm); period 2025-12-31, filed 2026-04-08.

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.

## Reported holder observations