INVX

MKT CAP:$2B

Innovex International, Inc.

Market Cap

$2B

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NYSE

Energy·Oil & Gas Equipment & Services·🇺🇸·NYSE

Stock Price

$27.45+$4.67 (+20.50%)

Apr 22, 2026

Company Details

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.

CEO

Adam Anderson

IPO Date

Oct 23, 1997

Website

www.innovex-inc.com

Key Metrics TTM

Revenue

$978M

+48.0% YoY

Net Income

$83M

EPS (Diluted)

$1.20

Free Cash Flow

$156M

Revenue / Share

$14.05

Gross Margin

27.9%

Operating Margin

10.3%

Net Margin

8.5%

FCF Margin

15.9%

P/S

1.9x

P/E

22.9x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 24, 2026

$978M+48.0%EPS $1.20

Q4 2025

Feb 24, 2026

$274M+9.1%EPS $0.20

Q3 2025

Nov 4, 2025

$240M+58.1%EPS $0.57

Q2 2025

Aug 6, 2025

$224M+72.1%EPS $0.22

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$78M	$17M	-$18M
Q1 22	$83M	$19M	-$7M
Q2 22	$94M	$24M	-$903.0K
Q4 22	$128M	$43M	$20M
Q1 23	$91M	$25M	-$621.0K
Q2 23	$90M	$24M	-$3M
Q3 23	$139M	$50M	$24M
Q4 23	$133M	$49M	$23M
Q1 24	$128M	$49M	$22M
Q2 24	$130M	$46M	$13M
Q3 24	$152M	$53M	-$13M
Q4 24	$251M	$85M	$27M
Q1 25	$240M	$77M	$22M
Q2 25	$224M	$72M	$23M
Q3 25	$240M	$61M	$25M
Q4 25	$274M	$64M	$32M

Valuation

Quarter	P/S	P/E
Q4 21	1.9x	—
Q1 22	1.9x	—
Q2 22	1.8x	—
Q4 22	1.6x	—
Q1 23	1.6x	270.5x
Q2 23	1.5x	42.3x
Q3 23	1.4x	17.5x
Q4 23	1.4x	15.7x
Q1 24	1.3x	11.6x
Q2 24	1.2x	10.4x
Q3 24	1.1x	4.7x
Q4 24	1.0x	4.9x
Q1 25	1.2x	6.4x
Q2 25	1.2x	7.5x
Q3 25	1.3x	12.5x
Q4 25	1.6x	18.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$5M	$3M
Q1 22	-$11M	-$13M
Q2 22	-$9M	-$11M
Q4 22	$5M	-$890.0K
Q1 23	-$53M	-$58M
Q2 23	$11M	$1M
Q3 23	$96M	$97M
Q4 23	$21M	$20M
Q1 24	$13M	$10M
Q2 24	$23M	$21M
Q3 24	$22M	$20M
Q4 24	$36M	$29M
Q1 25	$31M	$24M
Q2 25	$59M	$52M
Q3 25	$48M	$37M
Q4 25	$52M	$43M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$2M
Q2 22	$1M
Q4 22	$6M
Q1 23	$5M
Q2 23	$10M
Q3 23	$1M
Q4 23	$1M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$8M
Q1 25	$7M
Q2 25	$7M
Q3 25	$12M
Q4 25	$9M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-10.7%	+1.3%
Q1 22	+2.3%	-0.4%
Q2 22	+16.3%	+0.0%
Q4 22	+54.2%	+18.0%
Q1 23	+16.6%	-4.4%
Q2 23	+7.8%	+2.3%
Q3 23	+48.0%	+21.3%
Q4 23	+4.1%	+1.7%
Q1 24	+40.9%	+15.5%
Q2 24	+45.4%	+27.2%
Q3 24	+9.2%	+43.4%
Q4 24	+88.2%	+103.5%
Q1 25	+87.8%	+106.8%
Q2 25	+72.1%	+71.9%
Q3 25	+58.1%	+30.3%
Q4 25	+9.1%	+8.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$188.0K	0.1%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$470.0K	0.4%
Q1 24	$468.0K	0.4%
Q2 24	$448.0K	0.3%
Q3 24	$11M	7.2%
Q4 24	$1M	0.6%
Q1 25	$2M	0.7%
Q2 25	$4M	1.7%
Q3 25	$3M	1.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$4M	$31M
Q1 22	$4M	$22M
Q2 22	$3M	$22M
Q4 22	—	$17M
Q1 23	$3M	$23M
Q2 23	$3M	$23M
Q3 23	—	$19M
Q4 23	—	$17M
Q1 24	—	$21M
Q2 24	—	$19M
Q3 24	—	$38M
Q4 24	—	$38M
Q1 25	—	$32M
Q2 25	—	$29M
Q3 25	—	$36M
Q4 25	—	$32M

Revenue Segments

Quarter	Leasing	Product	Service
Q1 25	$38M	$167M	$35M
Q2 25	$44M	$149M	$31M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$338M	$0	$338M
Q2 22	$321M	$0	$321M
Q3 22	$290M	$25M	$316M
Q4 22	$8M	$0	$8M
Q1 23	$235M	$19M	$254M
Q2 23	$236M	$19M	$255M
Q3 23	$8M	$0	$8M
Q4 23	$7M	$0	$7M
Q1 24	$202M	$4M	$206M
Q2 24	$10M	$8M	$19M
Q3 24	$100M	$0	$100M
Q4 24	$73M	$0	$73M
Q1 25	$68M	$0	$68M
Q2 25	$69M	$0	$69M
Q3 25	$163M	$5M	$169M
Q4 25	$203M	$0	$203M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	35M	-0.6%	-0.3%
Q1 22	34M	-1.9%	-2.5%
Q2 22	34M	-0.1%	-2.6%
Q4 22	25M	-27.3%	-29.2%
Q1 23	34M	+37.6%	-1.9%
Q2 23	34M	+0.0%	-0.0%
Q3 23	51M	+46.6%	+46.7%
Q4 23	51M	0.0%	+101.8%
Q1 24	51M	0.0%	+46.6%
Q2 24	67M	+31.8%	+93.2%
Q3 24	42M	-37.7%	-17.9%
Q4 24	68M	+63.8%	+34.6%
Q1 25	69M	+2.1%	+37.4%
Q2 25	69M	-0.5%	+3.8%
Q3 25	69M	+0.2%	+66.8%
Q4 25	70M	+0.5%	+2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$58.1K	1K
Q1 22	$62.0K	1K
Q2 22	$70.0K	1K
Q4 22	$94.4K	1K
Q1 23	$67.0K	1K
Q2 23	$66.1K	1K
Q3 23	$102.6K	1K
Q4 23	$80.3K	2K
Q1 24	$77.2K	2K
Q2 24	$78.5K	2K
Q3 24	$91.5K	2K
Q4 24	$93.4K	3K
Q1 25	$89.6K	3K
Q2 25	$83.6K	3K
Q3 25	$89.5K	3K
Q4 25	$126.7K	2K

Revenue / Employee