Innovex International Inc INVX

EnergyOil & Gas Related Equipment and ServicesUnited States of America

Last close 30.00 USD on Nov 1, 2026, +28.4% year to date

Quant rating

Quant rating C Rank 77 of 167 in Energy

Growth B 35 of 167
Valuation C 84 of 167
Quality B 36 of 167
Revisions C 116 of 167
Momentum C 100 of 167

Wall Street consensus Buy (2.00)Average target 34.17 USD +13.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.0B
Enterprise value: 1.8B
52-week range: 19.29 – 33.68
3-year range: 12.54 – 33.68
Dividend yield: –
Beta (5 years): 0.99
Shares outstanding: 69.9M
Next earnings: Feb 24, 2027

About the company

Innovex International, Inc. designs, manufactures, sells and rents a broad suite of well-centric, engineered products to the global oil and natural gas industry. The Company’s products are sold and rented to international oil companies, national oil companies, independent exploration and production companies and multinational service companies. The products it provides have applications across the well lifecycle for both onshore and offshore oil and natural gas wells, including well construction, well completion, and well production and intervention applications. The Company's products include subsea wellheads, subsea wellhead connectors, subsea services, surface/platform unitized systems, drilling wellheads, frac solutions, production wellheads, thermal wellheads, reamers & stabilizers, drilling enhancement tools, penetrators & connectors, surefire power charges, casing flotation subs, gas lift systems, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	978	661	424	362	322	–
Revenue growth	48.0%	55.8%	17.2%	12.2%	−11.7%	21.8%
EPS (basic, normalized)	1.18	0.92	−0.17	−0.28	−1.54	–
EPS growth	28.3%	–	–	–	–	–
Gross margin	31.0%	35.2%	27.3%	26.5%	24.8%	29.0%
Net margin	8.5%	21.2%	0.1%	−0.4%	−39.8%	−2.1%
ROE	8.3%	15.3%	0.1%	−0.2%	−13.3%	2.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	189
Current ratio	4.43x
Long-term debt (mil)	18.3
Net debt (mil)	−165
Total equity (mil)	1,117
Net debt / equity	−0.15x
Net debt / EBITDA	−0.87x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	978	+48.0%	1.8x	188	+219.1%	9.6x	1.18	+28.3%	25.4x
2026	1,018	+4.1%	1.8x	205	+8.9%	8.8x	1.69	+43.6%	17.7x
2027	1,117	+9.7%	1.6x	245	+19.7%	7.3x	1.87	+10.5%	16.0x
2028	1,182	+5.8%	1.5x	272	+11.0%	6.6x	2.25	+20.3%	13.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,018	0.0%	+1.8%	+3.8%	1.69	−2.2%	+3.9%	+18.7%
2027	1,117	−0.1%	+3.1%	+8.1%	1.87	−1.7%	−6.7%	+2.7%
2028	1,182	−0.2%	+1.8%	+9.5%	2.25	−0.6%	−6.7%	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	120	152	251	–	224	240	274	239	245
Sales mean (mil)	–	121	135	–	–	230	217	–	231	241
Surprise	–	−0.5%	+12.5%	–	–	−2.5%	+10.6%	–	+3.5%	+1.7%
EPS reported	−0.62	0.10	−0.17	0.35	0.25	0.23	0.12	0.36	0.55	0.40
EPS mean	0.09	0.22	0.26	0.23	0.32	0.30	0.31	0.33	0.27	0.31
Surprise	−796.6%	−54.5%	−166.7%	+52.2%	−21.1%	−22.6%	−61.8%	+10.1%	+105.6%	+28.3%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
INVX Innovex International Inc	2.0B	−0.87x	8.5%	1.76x	17.7x	16.0x	8.8x	7.3x
SLB SLB N.V.	79.3B	1.29x	9.4%	3.04x	21.9x	17.4x	11.2x	9.8x
BKR Baker Hughes Company	54.8B	2.75x	9.3%	2.72x	21.4x	18.9x	13.0x	11.3x
HAL Halliburton Company	29.9B	1.27x	5.8%	2.69x	15.5x	12.4x	8.8x	7.6x
FTI TechnipFMC PLC	26.7B	−0.31x	9.7%	8.05x	23.7x	19.2x	11.9x	10.8x
NE Noble Corporation PLC	7.8B	1.42x	6.6%	1.82x	171.3x	24.5x	10.7x	8.4x
Mean		0.93x	8.2%	3.35x	45.3x	18.1x	10.7x	9.2x
Median		1.28x	8.9%	2.71x	21.7x	18.2x	10.9x	9.1x

Technical analysis

1M−2.7%
3M+9.6%
1Y+35.8%
3Y+23.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Innovex International Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	978	661	424	362	322	365
Cost of revenue	675	428	309	266	242	270
Gross profit	303	233	116	96.0	80.1	95.3
Selling, general & administrative expenses	122	112	101	94.1	115	94.9
Research & development	6.7	3.7	12.6	11.7	15.1	18.9
Depreciation/amortization	60.7	31.2	0.1	0.1	0.1	0.2
Interest expense (income), operating	–	–	−2.5	−3.8	0.8	2.3
Unusual expense (income)	−15.5	−49.6	0.9	−6.7	74.5	42.5
Other operating expenses	0	0	−2.3	0	0	0
Operating income	129	135	5.3	0.5	−125	−63.6
Net interest income (expense)	−2.6	8.2	8.2	4.2	−0.2	1.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.8	−0.3	0	0	0	0
Net income before taxes	129	143	13.5	4.7	−126	−62.0
Provision for taxes	45.2	2.5	12.9	6.3	2.9	−31.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	83.3	140	0.6	−1.6	−128	−30.8
Extraordinary items	–	–	–	–	–	–
Net income	83.3	140	0.6	−1.6	−128	−30.8
EBIT, normalized	114	88.2	3.7	−10.0	−50.0	−18.7
EBITDA, normalized	174	119	34.1	19.5	−19.7	13.7
Basic EPS, normalized	1.18	0.92	−0.17	−0.28	−1.54	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Innovex International Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	203	73.3	213	297	355	346
Receivables	261	253	284	235	204	257
Total inventory	248	271	195	146	146	213
Prepaid expenses	12.8	34.1	14.1	19.9	40.8	48.2
Other current assets	2.4	9.9	13.8	51.8	0	0
Total current assets	728	641	720	750	746	863
Property, plant & equipment	211	246	235	186	222	242
Goodwill	99.7	60.2	16.7	0	–	–
Intangibles	116	108	41.9	23.3	26.4	29.4
Long-term investments	–	0	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	113	142	14.8	10.4	16.8	16.5
Total assets	1,268	1,197	1,028	970	1,010	1,151
Liabilities
Accounts payable	60.7	65.2	65.7	43.0	35.2	37.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	60.7	70.0	38.0	31.6	43.0	31.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	6.7	10.5	0.2	–	0.1	0.1
Other current liabilities	20.1	17.0	13.8	12.9	15.3	16.7
Total current liabilities	148	163	118	87.6	93.7	85.5
Long-term debt	18.9	24.9	0.9	0	0.1	0.1
Minority interest	–	–	–	–	–	–
Other liabilities	43.5	51.8	28.3	10.0	19.6	24.0
Total liabilities	211	239	147	97.6	113	110
Shareholders' equity
Preferred stock	0	–	–	0	0	–
Common stock	0.7	0.7	0.3	0.3	0.4	0.4
Additional paid-in capital	768	755	100	90.5	80.3	65.6
Retained earnings (accumulated deficit)	285	211	951	950	973	1,125
Treasury stock	–	–	–	–	–	–
Other equity	4.1	−8.9	−170	−169	−157	−150
Total equity	1,058	958	881	872	897	1,042
Total liabilities & shareholders' equity	1,268	1,197	1,028	970	1,010	1,151

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Innovex International Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	83.3	140	0.6	0.4	−128	−30.8
Depreciation, depletion & amortization	60.7	31.2	30.3	29.4	30.4	32.4
Deferred taxes	34.3	−4.6	−2.9	6.4	−8.7	5.0
Non-cash items	−6.7	−68.8	3.5	−1.8	85.6	55.4
Changes in working capital	19.3	−4.7	−23.8	−71.2	59.1	−83.1
Cash from operations	191	93.4	7.7	−36.8	38.4	−21.1
Investing activities
Capital expenditures	−35.1	−13.6	−32.6	−18.9	−10.0	−11.9
Other investing cash flows	16.4	92.0	−47.2	−11.2	6.8	6.3
Cash from investing	−18.7	78.4	−79.8	−30.1	−3.2	−5.6
Financing activities
Financing cash flow items	−2.7	−10.2	−0.1	−0.1	−0.1	−0.2
Cash dividends paid	0	−75.0	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−42.2	−17.9	0	−20.8	−24.2	−25.0
Cash from financing	−44.9	−103	−0.1	−20.9	−24.3	−25.2
Foreign exchange effects	2.9	−2.9	−1.2	−2.9	−1.4	−1.1
Net change in cash	130	65.9	−73.4	−90.6	9.5	−53.0
Free cash flow	156	79.8	−24.9	−55.6	28.4	−33.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.