MeritValue

Indivior Pharmaceuticals, Inc.

INDVdata completeness 100%5 fiscal years on file
The thesis, from the filings

Indivior Pharmaceuticals, Inc. earns about 169% on equity, and has bought back 12% of its shares over 5 years. The applicable estimate puts fair value near $0.57 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$791M1$901M2$1.09B3$1.19B3$1.24B3
Net income$205M4−$44M5−$126M6$7M6$210M6
Operating cash flow$353M7−$4M8−$300M9$36M9−$27M9
Capital expenditure$4M10$5M11$8M12$29M12$66M12
Free cash flow (derived)$349M7−$9M8−$308M9$7M9−$93M9
Total debt$316M13$324M13$551M14$333M15$319M15
Cash & equivalents$1.1B16$774M17$316M18$319M19$195M19
Diluted shares145.7M139.0M137.0M133.0M128.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$7.66
your share of equity
Profit it earned you last year
$16.41
Free cash flow it threw off
−$7.27
Debt you’d be carrying
$24.92

10 shares is a claim on −$7.66 of net worth that earned you $16.41 and generated −$7.27 of cash last year, against $24.92 of debt.

iii. Is this a good business?
Moat signal · return on equity
169% avg · 5y
FY21 169%FY22 —FY23 —FY24 —FY25 —

It earned an average 169% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−12% shares · 5y

Share count is down 12% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$0.57
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$7M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001625297-24-000017 (RevenueFromContractsWithCustomers)
  2. 10-K · period ending 2022-12-31 · accession 0001625297-25-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-012237 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001625297-24-000017 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001625297-25-000016 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-012237 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001625297-24-000017 (CashFlowsFromUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001625297-25-000016 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-012237 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001625297-24-000017 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001625297-25-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-012237 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001625297-24-000017 (Borrowings)
  14. 10-K · period ending 2023-12-31 · accession 0001625297-25-000016 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-012237 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001625297-25-000016 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2022-12-31 · accession 0001628280-26-012237 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-12-31 · accession 0001625297-25-000016 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001628280-26-012237 (CashAndCashEquivalentsAtCarryingValue)