Detailed financial statements for Identiv, Inc. (INVE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Identiv, Inc. is a technology enterprise specializing in security, dedicated to protecting objects, information, and physical environments across the Americas, Europe, the Middle East, and Asia-Pacific regions. The company operates through two distinct divisions: Identity and Premises.
Analysis Summary
Identiv, Inc. reported revenue of $21.5M in the most recent fiscal year, growing at a 5-year CAGR of -24.4%.
Trailing-twelve-month margins: gross margin 15.9%, operating margin -80.5%, net margin -63.8%.
At the current price of $2.56, INVE has negative trailing earnings (P/E not meaningful) and an ROE of -11.17%. Market capitalisation stands at $61M.
Balance sheet quality for INVE: current ratio of 15.2, net cash position of $127.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $56.2M | $60.2M | $78.1M | $83.8M | $86.9M | $103.8M | $112.9M | $43.4M | $26.6M | $21.5M |
| Cost of Revenue | $32.4M | $38.1M | $44.8M | $47.1M | $53.2M | $66.7M | $72.0M | $37.4M | $26.3M | $20.2M |
| Gross Profit | $23.7M | $22.2M | $33.3M | $36.7M | $33.7M | $37.1M | $40.9M | $6.0M | $340000 | $1.3M |
| Research & Development | $6.5M | $6.1M | $7.2M | $8.6M | $9.8M | $8.7M | $9.9M | $4.4M | $3.9M | $3.3M |
| Selling, General & Admin | $25.3M | $20.7M | $27.2M | $27.6M | $25.9M | $28.9M | $31.2M | $15.0M | $23.9M | $18.7M |
| Operating Expenses | $31.9M | $26.8M | $34.5M | $36.8M | $37.1M | $38.4M | $41.3M | $19.5M | $28.3M | $21.9M |
| Operating Income | -$11.2M | -$4.6M | -$1.9M | -$109000 | -$3.4M | -$1.3M | -$333000 | -$13.5M | -$28.0M | -$20.6M |
| EBITDA | -$8.0M | -$3.0M | $137000 | $3.7M | -$257000 | $4.1M | $2.1M | -$10.7M | -$24.6M | -$16.2M |
| Interest Expense | $2.4M | $2.6M | $1.5M | $917000 | $1.5M | $483000 | $143000 | $427000 | 0 | 0 |
| Pre-tax Income | -$13.6M | -$8.4M | -$4.5M | -$825000 | -$5.0M | $1.6M | -$291000 | -$13.8M | -$25.8M | -$18.3M |
| Income Tax | $132000 | -$214000 | $155000 | $326000 | $73000 | $28000 | $101000 | $65000 | $90000 | -$268000 |
| Net Income | -$13.7M | -$8.1M | -$4.7M | -$1.2M | -$5.1M | $1.6M | -$392000 | -$5.5M | $74.8M | -$18.0M |
| EPS | $-1.25 | $-0.61 | $-0.30 | $-0.07 | $-0.34 | $0.02 | $-0.07 | $-0.29 | $3.14 | $-0.76 |
| EPS (Diluted) | $-1.25 | $-0.61 | $-0.30 | $-0.07 | $-0.34 | $0.02 | $-0.07 | $-0.29 | $3.14 | $-0.76 |
| Shares Outstanding (Diluted) | $10.9M | $13.3M | $15.7M | $17.0M | $18.0M | $21.3M | $22.7M | $23.1M | $23.6M | $23.8M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.1M | $19.1M | $10.9M | $9.4M | $11.4M | $28.6M | $16.6M | $23.3M | $135.6M | $128.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $9.4M | $12.3M | $15.0M | $18.4M | $18.9M | $20.0M | $24.8M | $7.2M | $4.2M | $4.1M |
| Inventory | $11.6M | $11.1M | $13.6M | $16.1M | $20.3M | $19.9M | $29.0M | $12.6M | $7.5M | $7.4M |
| Total Current Assets | $31.7M | $44.2M | $42.2M | $46.2M | $53.4M | $72.7M | $75.1M | $79.5M | $152.8M | $142.7M |
| Property, Plant & Equipment | $2.4M | $2.0M | $2.6M | $6.7M | $6.2M | $6.2M | $11.1M | $14.5M | $9.7M | $8.2M |
| Goodwill | 0 | 0 | $9.3M | $10.2M | $10.3M | $10.3M | $10.2M | $10.2M | 0 | 0 |
| Intangible Assets | $5.8M | $4.4M | $11.0M | $10.1M | $7.6M | $6.4M | $5.3M | $4.3M | 0 | 0 |
| Total Assets | $40.6M | $51.4M | $66.3M | $74.3M | $78.7M | $96.7M | $102.8M | $113.0M | $163.2M | $151.3M |
| Accounts Payable | $6.0M | $5.9M | $5.7M | $8.8M | $11.0M | $10.5M | $15.2M | $5.4M | $2.7M | $3.6M |
| Short-term Debt | $8.1M | $9.8M | $2.0M | $14.2M | $20.1M | 0 | 0 | $9.9M | 0 | 0 |
| Total Current Liabilities | $22.6M | $21.2M | $29.5M | $34.5M | $41.6M | $20.8M | $23.4M | $30.8M | $8.0M | $9.4M |
| Long-term Debt | 0 | $5.9M | $1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $36.7M | $27.5M | $32.6M | $38.9M | $44.5M | $22.2M | $27.4M | $38.7M | $9.2M | $10.6M |
| Retained Earnings | -$391.5M | -$399.6M | -$404.4M | -$405.5M | -$410.6M | -$409.0M | -$409.4M | -$414.9M | -$340.1M | -$358.1M |
| Total Equity | $3.9M | $23.9M | $33.7M | $35.5M | $34.2M | $74.5M | $75.4M | $74.3M | $154.1M | $140.7M |
| Total Debt | $9.8M | $2.9M | $2.0M | $19.0M | $23.6M | $2.2M | $4.6M | $12.2M | $2.0M | $856000 |
| Net Debt | $663000 | -$16.1M | -$8.9M | $9.6M | $12.2M | -$26.3M | -$12.1M | -$11.1M | -$133.6M | -$127.8M |
| Working Capital | $9.1M | $23.0M | $12.7M | $11.7M | $11.9M | $51.9M | $51.7M | $48.7M | $144.9M | $133.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$13.7M | -$8.2M | -$4.7M | -$1.2M | -$5.1M | $1.6M | -$392000 | -$5.5M | $74.8M | -$18.0M |
| Depreciation & Amortization | $3.2M | $2.8M | $3.2M | $3.6M | $3.3M | $2.0M | $2.3M | $2.7M | $2.9M | $2.5M |
| Stock-based Compensation | $2.8M | $2.5M | $2.6M | $2.6M | $3.0M | $2.6M | $3.2M | $4.0M | $8.7M | $3.2M |
| Change in Working Capital | -$67000 | -$6.8M | -$8.2M | -$4.8M | -$4.7M | -$4.4M | -$12.9M | $32000 | $638000 | $4.2M |
| Operating Cash Flow | -$6.2M | -$7.8M | -$5.2M | $427000 | -$1.8M | $1.2M | -$7.8M | $1.2M | -$15.4M | -$6.7M |
| Capital Expenditure | -$549000 | -$967000 | -$1.3M | -$289000 | -$1.6M | -$2.1M | -$3.9M | -$4.3M | -$1.5M | -$1.1M |
| Acquisitions | 0 | 0 | -$2.0M | -$1.3M | 0 | 0 | 0 | 0 | $143.0M | 0 |
| Stock Repurchased | -$221000 | 0 | -$668000 | 0 | 0 | 0 | 0 | 0 | -$1.9M | 0 |
| Dividends Paid | 0 | 0 | -$833000 | -$1.0M | -$1.1M | 0 | 0 | -$1.3M | 0 | 0 |
| Free Cash Flow | -$6.8M | -$8.8M | -$6.5M | $138000 | -$3.3M | -$859000 | -$11.7M | -$3.1M | -$16.9M | -$7.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.2% | +29.8% | +7.2% | +3.8% | +19.4% | +8.8% | -61.5% | -38.7% | -19.3% | |
| Net Income Growth (YoY) | +40.6% | +42.1% | +75.6% | -343.5% | +131.7% | -124.2% | -1300.3% | +1463.1% | -124.1% | |
| EPS Growth (YoY) | +51.2% | +50.8% | +77.4% | -401.5% | +106.5% | -419.0% | -311.3% | +1182.8% | -124.2% | |
| Shares Change (YoY) | +21.6% | +17.9% | +8.5% | +5.9% | +18.7% | +6.2% | +1.8% | +2.2% | +0.9% | |
| FCF Growth (YoY) | -30.0% | +25.7% | +102.1% | -2513.0% | +74.2% | -1263.1% | +73.3% | -441.3% | +53.9% | |
| Gross Margin | 42.2% | 36.8% | 42.7% | 43.8% | 38.7% | 35.7% | 36.3% | 13.8% | 1.3% | 6.1% |
| Operating Margin | -20.0% | -7.7% | -2.4% | -0.1% | -4.0% | -1.3% | -0.3% | -31.1% | -105.0% | -96.0% |
| EBITDA Margin | -14.3% | -5.0% | 0.2% | 4.4% | -0.3% | 4.0% | 1.9% | -24.5% | -92.2% | -75.6% |
| Net Margin | -24.4% | -13.5% | -6.0% | -1.4% | -5.9% | 1.6% | -0.3% | -12.6% | 281.0% | -83.8% |
| FCF Margin | -12.0% | -14.6% | -8.4% | 0.2% | -3.8% | -0.8% | -10.4% | -7.2% | -63.6% | -36.4% |
| Effective Tax Rate | -1.0% | 2.6% | -3.4% | -39.5% | -1.5% | 1.7% | -34.7% | -0.5% | -0.3% | 1.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.62 | $-0.66 | $-0.42 | $0.01 | $-0.19 | $-0.04 | $-0.52 | $-0.14 | $-0.72 | $-0.33 |
| Dividends Per Share | $0.00 | $0.00 | $0.05 | $0.06 | $0.06 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $10.9M | $13.3M | $15.7M | $17.0M | $18.0M | $21.3M | $22.7M | $23.1M | $23.6M | $23.8M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -11.17% |
| Return on Invested Capital | -14.19% |
| Return on Assets | -11.01% |
| Gross Margin | 15.89% |
| Operating Margin | -80.52% |
| Net Margin | -63.80% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 20.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.54 | -5.48 | -12.00 | -83.19 | -25.00 | 1273.30 | -102.70 | -28.41 | 1.17 | -5.05 |
| P/B | 8.83 | 1.86 | 1.67 | 2.70 | 4.47 | 8.06 | 2.18 | 2.56 | 0.56 | 0.65 |
| P/S | 0.62 | 0.74 | 0.72 | 1.14 | 1.76 | 5.79 | 1.45 | 4.38 | 3.24 | 4.25 |
| Gross Margin | 42.2% | 36.8% | 42.7% | 43.8% | 38.7% | 35.7% | 36.3% | 13.8% | 1.3% | 6.1% |
| Operating Margin | -20.0% | -7.7% | -2.4% | -0.1% | -4.0% | -1.3% | -0.3% | -31.1% | -105.0% | -96.0% |
| Net Margin | -24.4% | -13.5% | -6.0% | -1.4% | -5.9% | 1.6% | -0.3% | -12.6% | 281.0% | -83.8% |
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