Innovex International (INVX)
NYSE:INVX
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Innovex International
(NYSE:INVX)
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Rating:68Neutral
Price Target:
$34.00
▲(32.14% Upside)
Action:Reiterated
Date:05/12/26
The score is driven primarily by solid financial quality (low leverage and good cash generation) and a generally positive earnings-call setup around margins, liquidity, and Subsea momentum. Offsetting factors include a moderating TTM revenue/margin trend, meaningful legal/regional near-term risks highlighted in guidance, and limited valuation support given the negative P/E and no dividend yield provided.
Positive Factors
Balance Sheet Strength
Very low leverage, a sizable equity base and roughly $201M of cash with no bank debt provide durable financial flexibility. This supports capital allocation (M&A, buybacks), cushions cyclical oilfield demand swings, and reduces refinancing risk over the next several quarters.
Negative Factors
TTM Revenue and Margin Weakness
A notable TTM revenue decline alongside margin compression signals weaker pricing, mix or activity versus prior years. That trend reduces incremental returns on a larger equity base and makes hitting long-term ROCE targets harder unless revenue stabilizes or margins sustainably recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage, a sizable equity base and roughly $201M of cash with no bank debt provide durable financial flexibility. This supports capital allocation (M&A, buybacks), cushions cyclical oilfield demand swings, and reduces refinancing risk over the next several quarters.
Read all positive factors
Innovex International Key Performance Indicators (KPIs)
Any
Revenue by Category
Breaks down Innovex International’s sales by product and service lines, revealing which offerings drive top-line growth and which contribute most to profit. Helps spot dependence on a small number of categories, identify underperforming products, and prioritize where the company should allocate resources or expand.
Breaks down Innovex International’s sales by product and service lines, revealing which offerings drive top-line growth and which contribute most to profit. Helps spot dependence on a small number of categories, identify underperforming products, and prioritize where the company should allocate resources or expand.
Data provided by:
The Fly
The FlyInnovex International (INVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.98B
Dividend YieldN/A
Average Volume (3M)374.19K
Price to Earnings (P/E)38.2
Beta (1Y)0.88
Revenue Growth27.99%
EPS Growth-71.64%
CountryUS
Employees2,683
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.75
Shares Outstanding68,759,674
10 Day Avg. Volume410,299
30 Day Avg. Volume374,194
Financial Highlights & Ratios
PEG Ratio-0.32
Price to Book (P/B)1.43
Price to Sales (P/S)1.54
P/FCF Ratio9.69
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue1.75
Enterprise Value/Gross Profit6.48
Enterprise Value/Ebitda8.32
Forecast
1Y Price Target
$31.67Price Target Upside23.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.6
Revenue Forecast (FY)$1.00B
Innovex International Business Overview & Revenue Model
Company Description
With its headquarters in Humble, Texas, Innovex International, Inc. was established on September 15, 2016. The company delivers expert solutions tailored for both land and sea operations within the oil and gas industry....
Innovex International Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial trajectory: Innovex beat guidance, delivered margin expansion (21% adjusted EBITDA margin), generated positive free cash flow, maintained a strong balance sheet with ~$201M cash and no bank debt, executed strategic M&A (DIS) at a reasonable multiple, and won sizable Subsea awards (> $20M each). Key near-term headwinds include a material $49M legal accrual tied to patent litigation, sequential revenue and international/offshore softness (Q1 revenue -13% sequential, international/offshore -24% sequential), Middle East conflict–related disruptions and higher logistics costs, a temporary working capital build, and Q2 EBITDA guidance below Q1 levels. Overall, the highlights (operational execution, margin improvement, cash position, strategic deals, and Subsea momentum) outweigh the lowlights, though the legal exposure and regional risks are notable items to monitor.Positive Updates
Revenue and Guidance Outperformance
Q1 revenue of $239 million exceeded the high end of guidance; Q2 revenue guidance of $235M–$245M. Revenue was down 13% sequentially from Q4 2025 and down 1% year-over-year versus Q1 2025, but still beat guidance.
Negative Updates
Sequential and International/Offshore Revenue Declines
Revenue declined 13% sequentially from Q4 2025 to $239M and international/offshore revenue declined 24% sequentially (from $135M in Q4 to $102M in Q1), driven by lower Subsea deliveries, softer activity in select international markets, and timing.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Guidance Outperformance
Q1 revenue of $239 million exceeded the high end of guidance; Q2 revenue guidance of $235M–$245M. Revenue was down 13% sequentially from Q4 2025 and down 1% year-over-year versus Q1 2025, but still beat guidance.
Read all positive updates
Company Guidance
Innovex guided Q2 2026 revenue of $235–245 million and adjusted EBITDA of $43–48 million, noting the outlook assumes a less‑favorable product mix and the potential for sales disruptions and higher logistics/costs tied to the Middle East conflict; management reiterated confidence in margin improvement and growing Subsea momentum in the back half of 2026 with a goal of being consistently north of 20% adjusted EBITDA margin. For context, Q1 results were revenue $239 million and adjusted EBITDA $49 million (21% margin), with revenue down 13% sequentially and down 1% year‑over‑year; Q1 capex was $6 million (~2.4% of revenue), free cash flow was $14 million (~28% conversion of adjusted EBITDA), cash was ~$201 million with no bank debt, share repurchases exceeded $14 million at $24.59/share, the DIS acquisition closed for $16 million (~4x TTM EBITDA), a $49 million legal accrual was recorded, and 12‑month ROCE was 12% (target: high‑teens).Innovex International Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
86
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 976.87M | 978.25M | 660.80M | 555.54M | 467.19M | 294.84M |
| Gross Profit | 264.24M | 242.54M | 232.63M | 195.44M | 158.12M | 87.40M |
| EBITDA | 205.80M | 191.85M | 184.77M | 129.93M | 101.92M | 33.59M |
| Net Income | 51.87M | 83.30M | 140.32M | 73.93M | 63.28M | 9.85M |
Balance Sheet | ||||||
| Total Assets | 1.29B | 1.27B | 1.20B | 475.30M | 436.29M | 284.89M |
| Cash, Cash Equivalents and Short-Term Investments | 200.71M | 203.41M | 73.28M | 7.41M | 8.42M | 9.74M |
| Total Debt | 76.20M | 120.27M | 91.07M | 84.91M | 114.58M | 39.22M |
| Total Liabilities | 256.77M | 210.61M | 239.33M | 146.38M | 185.01M | 104.34M |
| Stockholders Equity | 1.03B | 1.06B | 958.16M | 328.92M | 251.28M | 180.55M |
Cash Flow | ||||||
| Free Cash Flow | 145.76M | 155.78M | 79.84M | 60.38M | -15.39M | -8.47M |
| Operating Cash Flow | 179.66M | 190.91M | 93.44M | 75.86M | -5.81M | -2.02M |
| Investing Cash Flow | -900.00K | -18.74M | 78.44M | -32.43M | -37.52M | -22.06M |
| Financing Cash Flow | -48.43M | -44.92M | -103.07M | -44.56M | 42.28M | 10.05M |
Innovex International Technical Analysis
Positive
25.73
Price Trends
27.34
Positive
26.38
Positive
23.28
Positive
Market Momentum
0.17
Positive
53.90
Neutral
74.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INVX, the sentiment is Positive. The current price of 25.73 is below the 20-day moving average (MA) of 28.55, below the 50-day MA of 27.34, and above the 200-day MA of 23.28, indicating a bullish trend. The MACD of 0.17 indicates Positive momentum. The RSI at 53.90 is Neutral, neither overbought nor oversold. The STOCH value of 74.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INVX.
Innovex International Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.37B | 36.73 | 6.70% | ― | 8.99% | -19.14% | |
68 Neutral | $1.98B | 38.18 | 5.03% | ― | 27.99% | -71.64% | |
68 Neutral | $1.42B | 98.77 | 0.91% | ― | -2.91% | -82.51% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $1.86B | 50.80 | 2.41% | ― | -7.93% | -45.80% | |
60 Neutral | $2.13B | -21.48 | -8.11% | 10.12% | -8.41% | -356.38% |
* Energy Sector Average
INVX
Innovex International
28.73
11.97
71.42%
HLX
Helix Energy
9.63
2.56
36.21%
XPRO
Expro Group Holdings
16.41
6.90
72.56%
NESR
National Energy Services Reunited
23.53
17.46
287.64%
AESI
Atlas Energy Solutions
17.03
2.93
20.78%
Innovex International Corporate Events
Executive/Board ChangesShareholder Meetings
Innovex Shareholders Back Board, Auditor and Pay Policies
Positive
May 11, 2026
At Innovex International, Inc.’s annual stockholder meeting held on May 7, 2026, shareholders elected three directors, John Lovoi, Angie Sedita and Will Donnell, to three-year terms expiring at the 2029 annual meeting, reinforcing continuity...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Innovex International Reports Q1 Results and Strategic Updates
Positive
May 4, 2026
On May 4, 2026, Innovex reported first-quarter 2026 results showing revenue of $239 million, down 13% sequentially and 1% year-on-year, with a net loss of $17 million but an improved Adjusted EBITDA margin of 21%. The company generated $20 million...
Legal Proceedings
Innovex Subsidiary Faces Major Patent Infringement Verdict
Negative
Mar 12, 2026
On March 5, 2026, a jury in the U.S. District Court for the Southern District of Texas returned a verdict against Innovex’s wholly owned subsidiary Downhole Well Solutions, LLC in a patent infringement case brought in 2023 by Impulse Downhol...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Innovex International Prices Secondary Offering, Executes Share Buyback
Positive
Feb 27, 2026
On February 25, 2026, Innovex International, Inc. entered into an underwriting agreement with affiliates of Amberjack Capital Partners, L.P. as selling stockholders and J.P. Morgan Securities LLC as representative of the underwriters for a seconda...
Business Operations and StrategyFinancial Disclosures
Innovex International Posts Strong Q4 Results, Boosts Cash Position
Positive
Feb 23, 2026
Innovex International reported fourth-quarter and full-year 2025 results on February 23, 2026, highlighting Q4 revenue of $274 million, up 14% sequentially, net income of $14 million, and an adjusted EBITDA margin of 19%. For 2025, the company gen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.