Innovex International (INVX)
NYSE:INVX
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Innovex International
(NYSE:INVX)
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Rating:65Neutral
Price Target:
$26.00
▼(-1.55% Downside)
Action:DowngradedDate:03/24/26
The score is driven mainly by solid financial health (strong revenue growth, low leverage, and robust 2025 free cash flow), but is held back by weaker near-term technicals, evidence of profitability normalization versus 2024, and added uncertainty from the patent verdict. Valuation is reasonable but not notably cheap, and the latest guidance points to near-term softness and margin pressure before expected improvements.
Positive Factors
Sustained Revenue Growth
Multi-year revenue expansion to $978M in 2025 demonstrates durable demand, successful cross-selling and M&A integration. A larger, diversified revenue base across U.S. land, offshore and international markets supports scale economics, resilience to regional cyclicality and the capacity to fund strategic investments.
Negative Factors
Margin Compression vs. 2024
A material step-down in margins despite higher revenue signals pressure from mix, costs or normalization after prior peaks. Persistently lower margins reduce return on capital and free cash generation per dollar of sales, making it harder to reach long-term ROCE and margin targets without durable operational improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Multi-year revenue expansion to $978M in 2025 demonstrates durable demand, successful cross-selling and M&A integration. A larger, diversified revenue base across U.S. land, offshore and international markets supports scale economics, resilience to regional cyclicality and the capacity to fund strategic investments.
Read all positive factors
Innovex International (INVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.83B
Dividend YieldN/A
Average Volume (3M)374.19K
Price to Earnings (P/E)18.1
Beta (1Y)1.03
Revenue Growth87.76%
EPS Growth1.77%
CountryUS
Employees2,683
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.33
Shares Outstanding69,138,690
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 Cap0.95
Enterprise Value/Revenue1.79
Enterprise Value/Gross Profit6.42
Enterprise Value/Ebitda8.62
Forecast
1Y Price Target
$25.50Price Target Upside-3.45% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.4
Revenue Forecast (FY)$1.00B
Innovex International Business Overview & Revenue Model
Company Description
Innovex International, Inc. engages in the provision of solutions for both onshore and offshore applications within the oil and gas industry. The company was founded on September 15, 2016 and is headquartered in Humble, TX....
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 Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call portrays a company in a constructive transition: clear operational progress (revenue growth, margin stabilization, strong free cash flow conversion, SG&A reductions, successful M&A integrations and notable subsea wins) balanced against near-term headwinds (legacy low-margin subsea projects, Eldridge exit costs, pulled-forward deliveries creating Q1 softness and slightly elevated CapEx). Management presents these as largely transitional challenges with a credible plan to improve margins and ROCE over 2026–2027.Positive Updates
Quarterly Revenue Growth and Guidance Beat
Q4 2025 revenue of $274.0M, up 14% sequentially and up 9% year-over-year; company exceeded the high end of its Q4 revenue guidance.
Negative Updates
Short-Term Margin Pressure from Subsea Mix and Legacy Projects
Q4 and near-term margins were weighed down by several lower-margin legacy subsea projects and one specific subsea contract (bid post-close) that came in lower margin than expected; company expects these to continue to impact margins in H1 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Revenue Growth and Guidance Beat
Q4 2025 revenue of $274.0M, up 14% sequentially and up 9% year-over-year; company exceeded the high end of its Q4 revenue guidance.
Read all positive updates
Company Guidance
Innovex guided Q1 2026 revenue of $225–$235 million and adjusted EBITDA of $38–$42 million (a sequential decline from Q4 revenue of $274 million and Q4 adjusted EBITDA of $52 million, 19% margin) driven by seasonality, subsea delivery timing (including ~$15 million of deliveries pulled into Q4) and some weather‑related weakness in U.S. land (NAM land was $139 million in Q4); management said Q1 is typically the lowest seasonal free cash flow quarter. They reiterated expectations for margin pressure in the first half from lower‑margin subsea projects and Eldridge exit costs (Eldridge exit expected by end‑Q2 2026), noted CapEx will remain slightly elevated through Q2 (Q4 CapEx $9m, 3.3% of revenue; FY 2025 CapEx $35m, 3.6% of revenue vs historical 2–3%), and reminded investors of 2025 metrics and targets: FY adjusted EBITDA $188m (19% margin), free cash flow $156m with ~83% conversion of adjusted EBITDA, cash ≈$203m and no bank debt, ROCE 10%, subsea on‑time delivery ~80% (target 95%+), and a long‑term margin goal of 25%.Innovex International Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 978.25M | 660.80M | 555.54M | 467.19M | 294.84M |
| Gross Profit | 242.54M | 232.63M | 195.44M | 158.12M | 87.40M |
| EBITDA | 191.85M | 184.77M | 129.93M | 101.92M | 33.59M |
| Net Income | 83.30M | 140.32M | 73.93M | 63.28M | 9.85M |
Balance Sheet | |||||
| Total Assets | 1.27B | 1.20B | 475.30M | 436.29M | 284.89M |
| Cash, Cash Equivalents and Short-Term Investments | 203.41M | 73.28M | 7.41M | 8.42M | 9.74M |
| Total Debt | 120.27M | 91.07M | 84.91M | 114.58M | 39.22M |
| Total Liabilities | 210.61M | 239.33M | 146.38M | 185.01M | 104.34M |
| Stockholders Equity | 1.06B | 958.16M | 328.92M | 251.28M | 180.55M |
Cash Flow | |||||
| Free Cash Flow | 155.78M | 79.84M | 60.38M | -15.39M | -8.47M |
| Operating Cash Flow | 190.91M | 93.44M | 75.86M | -5.81M | -2.02M |
| Investing Cash Flow | -18.74M | 78.44M | -32.43M | -37.52M | -22.06M |
| Financing Cash Flow | -44.92M | -103.07M | -44.56M | 42.28M | 10.05M |
Innovex International Technical Analysis
Positive
26.41
Price Trends
25.39
Positive
24.20
Positive
20.80
Positive
Market Momentum
0.02
Negative
60.44
Neutral
86.24
Negative
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 26.41 is above the 20-day moving average (MA) of 24.72, above the 50-day MA of 25.39, and above the 200-day MA of 20.80, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 60.44 is Neutral, neither overbought nor oversold. The STOCH value of 86.24 is Negative, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.32B | 30.15 | 5.41% | ― | 0.31% | 33.08% | |
73 Outperform | $1.90B | 29.70 | 3.41% | ― | -1.24% | 337.41% | |
67 Neutral | $1.41B | 30.17 | 1.97% | ― | -1.95% | 530.91% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $1.83B | 18.12 | 8.19% | ― | 87.76% | 1.77% | |
60 Neutral | $1.44B | -22.93 | -4.02% | 10.12% | 20.68% | -112.42% |
* Energy Sector Average
INVX
Innovex International
26.51
11.33
74.64%
HLX
Helix Energy
9.56
3.05
46.85%
XPRO
Expro Group Holdings
16.69
8.74
109.94%
NESR
National Energy Services Reunited
23.00
17.04
285.91%
AESI
Atlas Energy Solutions
11.37
-1.87
-14.12%
Innovex International Corporate Events
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.