MeritValue

Inventiva S.A.

IVAdata completeness 50%7 fiscal years on file
The thesis, from the filings

Inventiva S.A. earns about -56% on equity, but has diluted owners by 148% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue€372,0001€4.19M2€12.2M3€17.5M3€9.2M3
Net income—−€49.6M4———
Operating cash flow−€30.6M5−€47.6M6−€44.9M7−€81.6M7−€85.9M7
Capital expenditure—————
Free cash flow (derived)—————
Total debt€10.1M8€10.1M8€44.4M8€54.1M8—
Cash & equivalents€105.7M9€86.6M10€86.7M10€26.9M10€96.6M10
Diluted shares38.6M40.9M42.1M52.1M95.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
—
your share of equity
Profit it earned you last year
—
Free cash flow it threw off
—
Debt you’d be carrying
—
iii. Is this a good business?
Moat signal · return on equity
-56% avg · 5y
FY20 —FY21 -56%FY22 —FY23 —FY24 —

It earned an average -56% 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
+148% shares · 5y

Share count is up 148% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 438% over the same window.

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 v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 1 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 20-F filed 2023-03-30 · period ending 2020-12-31 · accession 0001104659-23-038571 (Revenue)
  2. 20-F filed 2024-04-03 · period ending 2021-12-31 · accession 0001104659-24-042817 (Revenue)
  3. 20-F filed 2025-04-15 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0001104659-25-035122 (Revenue)
  4. 20-F filed 2022-03-11 · period ending 2021-12-31 · accession 0001104659-22-032953 (ProfitLoss)
  5. 20-F filed 2023-03-30 · period ending 2020-12-31 · accession 0001104659-23-038571 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F filed 2024-04-03 · period ending 2021-12-31 · accession 0001104659-24-042817 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F filed 2025-04-15 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0001104659-25-035122 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F filed 2024-04-03 · periods ending 2020-12-31, 2021-12-31, 2022-12-31, 2023-12-31 · accession 0001104659-24-042817 (Borrowings)
  9. 20-F filed 2024-04-03 · period ending 2020-12-31 · accession 0001104659-24-042817 (CashAndCashEquivalents)
  10. 20-F filed 2025-04-15 · periods ending 2021-12-31, 2022-12-31, 2023-12-31, 2024-12-31 · accession 0001104659-25-035122 (CashAndCashEquivalents)