Innovex International (INVX)
Market Price (11/6/2026): $24.41 | Market Cap: $1.7 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Innovex International (INVX)
Market Price (11/6/2026): $24.41Market Cap: $1.7 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Attractive yieldFCF Yield is 7.0% Low stock price volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include Advanced Materials, and Sustainable Resource Management. Themes include Lightweight Composites, Specialty Chemicals for Performance, Show more. | Weak multi-year price returns3Y Excs Rtn is -71% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% Key risksINVX key risks include [1] complexities tied to its international operations and global expansion strategy and [2] the failure to successfully integrate acquired businesses. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Attractive yieldFCF Yield is 7.0% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Advanced Materials, and Sustainable Resource Management. Themes include Lightweight Composites, Specialty Chemicals for Performance, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -71% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% |
| Key risksINVX key risks include [1] complexities tied to its international operations and global expansion strategy and [2] the failure to successfully integrate acquired businesses. |
Qualitative Assessment
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Updated on 11/5/2026
Innovex International (INVX) stock has lost about 15% since 7/31/2026 because of the following key factors:
1. Significant Insider Selling Activity. Innovex International (INVX) experienced substantial insider selling in early fiscal Q3 2026. On August 10, 2026, Director Amberjack Capital Partners, L.P. and Director Innovex Co-Invest Fund, L.P. each sold approximately $143.5 million worth of common stock at a price of $28.71 per share, as part of an underwritten secondary offering. These transactions contributed to nearly $286.1 million in insider sales during fiscal Q3 2026, indicating a notable reduction in holdings by major stakeholders.
2. Underwritten Public Offering by Selling Stockholders. Coinciding with the insider selling, Innovex International announced an underwritten offering of 5,000,000 shares of common stock by selling stockholders on August 6, 2026. This offering increased the available supply of shares in the market, likely contributing to downward pressure on the stock price following the considerable volume of shares being divested by large institutional insiders.
Show more
Innovex International (INVX) stock has lost about 15% since 7/31/2026 because of the following key factors:
1. Significant Insider Selling Activity. Innovex International (INVX) experienced substantial insider selling in early fiscal Q3 2026. On August 10, 2026, Director Amberjack Capital Partners, L.P. and Director Innovex Co-Invest Fund, L.P. each sold approximately $143.5 million worth of common stock at a price of $28.71 per share, as part of an underwritten secondary offering. These transactions contributed to nearly $286.1 million in insider sales during fiscal Q3 2026, indicating a notable reduction in holdings by major stakeholders.
2. Underwritten Public Offering by Selling Stockholders. Coinciding with the insider selling, Innovex International announced an underwritten offering of 5,000,000 shares of common stock by selling stockholders on August 6, 2026. This offering increased the available supply of shares in the market, likely contributing to downward pressure on the stock price following the considerable volume of shares being divested by large institutional insiders.
Show more
Updated on 11/5/2026
Innovex International (INVX) stock has lost about 15% since 7/31/2026 because of the following key factors:
1. Significant Insider Selling Activity. Innovex International (INVX) experienced substantial insider selling in early fiscal Q3 2026. On August 10, 2026, Director Amberjack Capital Partners, L.P. and Director Innovex Co-Invest Fund, L.P. each sold approximately $143.5 million worth of common stock at a price of $28.71 per share, as part of an underwritten secondary offering. These transactions contributed to nearly $286.1 million in insider sales during fiscal Q3 2026, indicating a notable reduction in holdings by major stakeholders.
2. Underwritten Public Offering by Selling Stockholders. Coinciding with the insider selling, Innovex International announced an underwritten offering of 5,000,000 shares of common stock by selling stockholders on August 6, 2026. This offering increased the available supply of shares in the market, likely contributing to downward pressure on the stock price following the considerable volume of shares being divested by large institutional insiders.
3. Fiscal Q3 2026 Earnings Miss and Conservative Q4 Outlook. While Innovex International reported strong sequential and year-over-year revenue growth of 8% and 10% respectively, reaching $265 million for fiscal Q3 2026, the company slightly missed analyst expectations. Innovex reported earnings per share (EPS) of $0.37, falling short of the consensus estimate of $0.39, and revenue of $265.05 million, just below analyst estimates of $265.64 million. Furthermore, the company's fiscal Q4 2026 guidance projected revenue between $260 million and $270 million and adjusted EBITDA of $53 million to $58 million. This outlook reflected anticipated headwinds including a modest decline in Saudi Arabia due to lower drilling activity and a slight seasonal decrease in U.S. land production-related product lines.
4. Analyst Downgrades. The period saw multiple analyst downgrades for INVX, which likely contributed to a negative shift in investor sentiment. Specifically, Zacks Research downgraded the stock from a "strong-buy" to a "hold" rating on July 17, 2026, and Wall Street Zen lowered its rating from "buy" to "hold" on August 17, 2026. These revisions in ratings suggested a more cautious outlook on the company's prospects by key financial analysts.
Show less
Innovex International (INVX) stock has lost about 15% since 7/31/2026 because of the following key factors:
1. Significant Insider Selling Activity. Innovex International (INVX) experienced substantial insider selling in early fiscal Q3 2026. On August 10, 2026, Director Amberjack Capital Partners, L.P. and Director Innovex Co-Invest Fund, L.P. each sold approximately $143.5 million worth of common stock at a price of $28.71 per share, as part of an underwritten secondary offering. These transactions contributed to nearly $286.1 million in insider sales during fiscal Q3 2026, indicating a notable reduction in holdings by major stakeholders.
2. Underwritten Public Offering by Selling Stockholders. Coinciding with the insider selling, Innovex International announced an underwritten offering of 5,000,000 shares of common stock by selling stockholders on August 6, 2026. This offering increased the available supply of shares in the market, likely contributing to downward pressure on the stock price following the considerable volume of shares being divested by large institutional insiders.
3. Fiscal Q3 2026 Earnings Miss and Conservative Q4 Outlook. While Innovex International reported strong sequential and year-over-year revenue growth of 8% and 10% respectively, reaching $265 million for fiscal Q3 2026, the company slightly missed analyst expectations. Innovex reported earnings per share (EPS) of $0.37, falling short of the consensus estimate of $0.39, and revenue of $265.05 million, just below analyst estimates of $265.64 million. Furthermore, the company's fiscal Q4 2026 guidance projected revenue between $260 million and $270 million and adjusted EBITDA of $53 million to $58 million. This outlook reflected anticipated headwinds including a modest decline in Saudi Arabia due to lower drilling activity and a slight seasonal decrease in U.S. land production-related product lines.
4. Analyst Downgrades. The period saw multiple analyst downgrades for INVX, which likely contributed to a negative shift in investor sentiment. Specifically, Zacks Research downgraded the stock from a "strong-buy" to a "hold" rating on July 17, 2026, and Wall Street Zen lowered its rating from "buy" to "hold" on August 17, 2026. These revisions in ratings suggested a more cautious outlook on the company's prospects by key financial analysts.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -13.0% change in INVX stock from 7/31/2026 to 11/5/2026 was primarily driven by a -10.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.08 | 24.43 | -13.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 977 | 1,023 | 4.7% |
| Net Income Margin (%) | 5.3% | 4.8% | -10.5% |
| P/E Multiple | 37.3 | 35.2 | -5.8% |
| Shares Outstanding (Mil) | 69 | 70 | -1.5% |
| Cumulative Contribution | -13.0% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| INVX | -13.0% | |
| Market (SPY) | -1.9% | 31.7% |
| Sector (XLE) | 3.5% | 44.0% |
Fundamental Drivers
The -12.0% change in INVX stock from 4/30/2026 to 11/5/2026 was primarily driven by a -4.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.77 | 24.43 | -12.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 1,023 | 0.0% |
| Net Income Margin (%) | � | 4.8% | 0.0% |
| P/E Multiple | � | 35.2 | 0.0% |
| Shares Outstanding (Mil) | 67 | 70 | -4.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| INVX | -12.0% | |
| Market (SPY) | 2.3% | 22.6% |
| Sector (XLE) | 4.1% | 45.4% |
Fundamental Drivers
The 21.7% change in INVX stock from 10/31/2025 to 11/5/2026 was primarily driven by a 92.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.07 | 24.43 | 21.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 531 | 1,023 | 92.7% |
| Net Income Margin (%) | 11.3% | 4.8% | -57.8% |
| P/E Multiple | 22.4 | 35.2 | 57.1% |
| Shares Outstanding (Mil) | 67 | 70 | -4.7% |
| Cumulative Contribution | 21.7% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| INVX | 21.7% | |
| Market (SPY) | 8.4% | 23.2% |
| Sector (XLE) | 43.0% | 45.2% |
Fundamental Drivers
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Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| INVX | 12.8% | |
| Market (SPY) | 81.3% | 35.2% |
| Sector (XLE) | 58.1% | 58.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INVX Return | -34% | 38% | -14% | -40% | 57% | 12% | -18% |
| Peers Return | -10% | 70% | 16% | 35% | 24% | 34% | 300% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| INVX Win Rate | 50% | 50% | 67% | 25% | 67% | 55% | |
| Peers Win Rate | 47% | 63% | 53% | 48% | 60% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| INVX Max Drawdown | -54% | -52% | -42% | -50% | -30% | -24% | |
| Peers Max Drawdown | -49% | -45% | -32% | -26% | -33% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FTI, HLX, FTK, SLB, BKR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | INVX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.9% | -18.8% |
| % Gain to Breakeven | 24.8% | 23.1% |
| Time to Breakeven | 107 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.5% | -7.8% |
| % Gain to Breakeven | 13.0% | 8.5% |
| Time to Breakeven | 17 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.5% | -9.5% |
| % Gain to Breakeven | 22.7% | 10.5% |
| Time to Breakeven | 771 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.2% | -24.5% |
| % Gain to Breakeven | 11.4% | 32.4% |
| Time to Breakeven | 7 days | 427 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -48.7% | -19.2% |
| % Gain to Breakeven | 94.9% | 23.8% |
| Time to Breakeven | 218 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.1% | -3.7% |
| % Gain to Breakeven | 13.7% | 3.9% |
| Time to Breakeven | 21 days | 6 days |
In The Past
Innovex International's stock fell -19.9% during the 2025 US Tariff Shock. Such a loss loss requires a 24.8% gain to breakeven.
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Asset Allocation
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| Event | INVX | S&P 500 |
|---|---|---|
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -48.7% | -19.2% |
| % Gain to Breakeven | 94.9% | 23.8% |
| Time to Breakeven | 218 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.4% | -17.9% |
| % Gain to Breakeven | 50.2% | 21.8% |
| Time to Breakeven | 134 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -41.2% | -15.4% |
| % Gain to Breakeven | 70.2% | 18.2% |
| Time to Breakeven | 154 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -75.6% | -53.4% |
| % Gain to Breakeven | 309.2% | 114.4% |
| Time to Breakeven | 398 days | 1085 days |
In The Past
Innovex International's stock fell -19.9% during the 2025 US Tariff Shock. Such a loss loss requires a 24.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Innovex International (INVX)
Innovex International (INVX) is a global provider of engineered drilling and production equipment and services, primarily catering to the deepwater, harsh environment, and severe service sectors of the oil and gas industry. The company specializes in designing, manufacturing, selling, and servicing critical components used in offshore oil and gas exploration and production worldwide.
Its extensive product portfolio includes subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and pipes, drilling and production riser systems, liner hangers, wellhead connectors, diverters, safety valves, and various downhole tools. Beyond equipment, Innovex also offers essential technical advisory services, equipment rework and reconditioning, and rental or purchase options for running tools required for product installation and retrieval.
Innovex's products are vital for offshore drilling rigs, including floating and jack-up rigs, and for drilling and production operations on offshore platforms, tension leg platforms, Spars, and moored vessels like Floating Production, Storage, and Offloading (FPSO) units. The company directly sells its solutions to a diverse customer base, including integrated, independent, and foreign national oil and gas companies, as well as drilling contractors and engineering and construction firms globally.
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Here are 1-2 brief analogies for Innovex International (INVX):
- Think of it as the **Caterpillar for deepwater oil and gas equipment.**
- It's like **Baker Hughes, but specializing in subsea drilling and production hardware.**
AI Analysis | Feedback
- Subsea and Surface Wellheads: Equipment designed to control the wellbore at the surface or underwater.
- Subsea and Surface Production Trees: Assemblies of valves and fittings that control the flow of fluids from a well.
- Mudline Hanger Systems: Systems used to support casing strings from the seabed in offshore drilling.
- Specialty Connectors and Associated Pipes: Specialized components for connecting various parts of drilling and production equipment.
- Drilling and Production Riser Systems: Conduits that connect the subsea well to the drilling rig or production platform.
- Liner Hangers: Tools that hang off and seal casing into a previously installed casing string in the well bore.
- Wellhead Connectors: Devices used to join various wellhead components securely.
- Diverters: Systems designed to safely redirect well fluids away from the rig in the event of an uncontrolled influx.
- Safety Valves: Valves designed to automatically shut off flow in emergency situations to prevent blowouts.
- Downhole Tools: A category including production packers, safety valves, and other specialty tools used within the wellbore.
- Technical Advisory Services: Expert guidance and consultation on the use and application of drilling and production equipment.
- Rework and Reconditioning Services: Services for repairing, refurbishing, and maintaining existing equipment.
- Running Tool Rental and Purchase: Providing tools necessary for the installation and retrieval of the company's products.
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Adam Anderson, Chief Executive Officer
Adam Anderson has been at the helm of Innovex since its inception in 2016 and continues to lead the business through strategic growth and acquisition, delivering technologies to support upstream onshore and offshore activities worldwide. Previously, Anderson served as CEO of Team Oil Tools. From 2002, he held various senior management positions at Baker Hughes, including Vice President of the Western U.S. Division, President of Latin America, Vice President of the U.S. Completions Division, and Country Manager for Saudi Arabia. He began his career as an engineer with WellDynamics Inc.
Kendal Reed, Chief Financial Officer
Kendal Reed joined Innovex in 2016 as VP of Corporate Development and assumed the role of CFO in early 2019, taking responsibility for the company's financial operations. Prior to joining Innovex, Reed spent seven years with Intervale Capital, a middle-market oilfield services private equity firm, where he was involved in identifying, assessing, and managing oilfield service investments. He also served as Vice President at Amberjack Capital Partners, a specialized private equity firm which became the largest shareholder of Innovex International following its merger.
Mark Reddout, President – North America
Mark Reddout serves as the President of North America for Innovex International.
Dawn Harrington, Senior Vice President – Human Resources & HSE
Dawn Harrington joined Innovex in 2018 and is responsible for leading Human Resources, HSE (Health, Safety, and Environment), and business support teams across the global organization. She previously held leadership roles in Human Resources at prominent global companies in various industries, including Jetstream.
Ben Griffith, Senior Vice President – Manufacturing & Supply Chain
Ben Griffith holds the position of Senior Vice President of Manufacturing & Supply Chain at Innovex International.
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Innovex International (symbol: INVX) faces several key risks inherent to its operations in the global oil and natural gas industry. The company designs, manufactures, sells, and rents engineered drilling and production equipment and provides related services worldwide.
The key risks to Innovex International's business include:
1. **Volatility of Oil and Natural Gas Prices and Industry Spending.** Innovex International's financial performance is highly dependent on the level of activity within the oil and natural gas industry, which is directly influenced by commodity prices. Fluctuations or sustained downturns in oil and natural gas prices can lead to reduced capital expenditure by exploration and production companies, thereby decreasing demand for Innovex's drilling and production equipment and services.
2. **Impact of Energy Transition and Environmental Regulations.** The global movement towards renewable energy sources and increasing environmental concerns present a significant long-term risk. Stricter environmental regulations, policies aimed at decarbonization, and a societal push for cleaner energy alternatives could reduce investment in fossil fuel projects, potentially shrinking the market for Innovex's core products and services over time.
3. **Geopolitical Instability and International Operational Risks.** As a company with global operations across North America, Latin America, Europe, the Middle East, and Asia, Innovex International is exposed to geopolitical risks. Political instability, conflicts, trade barriers, sanctions, or changes in governmental regulations in key operating regions can disrupt supply chains, increase operational costs, limit market access, and expose the company to currency exchange rate fluctuations.
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Innovex International (symbol: INVX) operates in the global oil and natural gas industry, providing a broad suite of well-centric, engineered products and services. The company's management estimates a total addressable market of approximately $8.0 billion for its main products and services.
This market size is global, with the company noting a balance between North America and International/Offshore activities, and a mid-teens market share in North America.
Innovex International's products and services include subsea and surface wellheads, well construction, well completion, production solutions, drilling enhancement tools, and fishing & intervention, supporting upstream onshore and offshore operations.
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Innovex International (symbol: INVX) is expected to drive future revenue growth over the next 2-3 years through several key strategies following its merger with Dril-Quip, Inc. in September 2024. These drivers leverage the newly formed entity's expanded capabilities, comprehensive product offerings, and operational efficiencies.
- Synergies and Enhanced Capabilities from the Merger: The combination of Dril-Quip and Innovex Downhole Solutions created a unique energy industrial platform with an expanded and diverse product portfolio and geographic footprint. This merger is anticipated to lead to superior growth by offering customers a broader range of solutions for both onshore and offshore applications, fostering cross-selling opportunities, and strengthening market presence globally. The company expects the merger to be immediately accretive to earnings and free cash flow.
- Comprehensive Solutions Across the Well Lifecycle: Innovex International provides an extensive suite of well-centric, engineered products and services that span the entire well lifecycle, including well construction, completion, production, and intervention applications for both onshore and offshore oil and gas wells. This integrated approach drives efficiency, lowers costs, and reduces the rig site service footprint for customers, which is expected to capture a larger share of customer spending.
- Operational Efficiency and Cost Reduction: The company is actively pursuing strategic consolidation and operational efficiencies, such as the sale of its Eldridge facility, to lower costs, simplify operations, and drive overall efficiencies. These improvements are aimed at maintaining a lean and flexible cost structure, enhancing competitiveness, and positioning the company to capture market opportunities more effectively.
- Focus on Innovative, Mission-Critical Engineered Products: Innovex International designs, manufactures, sells, and rents mission-critical engineered products for deepwater, harsh environment, and severe service applications. The company's commitment to innovative product integration is designed to enhance efficiency and reduce costs for its customers, thereby increasing demand for its specialized, high-value equipment and services.
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Share Repurchases
- Innovex International had approximately $90.7 million remaining under its share repurchase authorization as of November 2025.
- In February 2026, Innovex announced its intent to repurchase up to $15 million of its common stock as part of an existing share repurchase program, conditioned on the closing of a public offering by selling stockholders.
Share Issuance
- Innovex International was established in 2024 through the merger of Dril-Quip, Inc. and Innovex Downhole Solutions, Inc., with Legacy Innovex stockholders receiving 32,183,966 shares of the new company's common stock.
- In November 2024, Innovex issued 1,918,558 shares of its common stock as part of the consideration for acquiring an 80% stake in Downhole Well Solutions, LLC (DWS).
- In February 2026, Innovex International completed a follow-on equity offering of 5,750,000 common shares, raising approximately US$148.06 million, which diluted existing shareholders.
Outbound Investments
- Innovex International was formed in 2024 through the merger of Legacy Innovex and Dril-Quip, Inc., creating a larger, more diversified oilfield technology business.
- The company acquired an 80% stake in Downhole Well Solutions, LLC (DWS) in November 2024, for $75.1 million in cash and 1,918,558 shares of common stock.
- Innovex also bought majority stakes in SCF Machining and Citadel Casing Solutions through cash-and-share funded deals during 2024–2025, expanding its downhole portfolio and manufacturing footprint.
Capital Expenditures
- For the full year 2025, capital expenditures totaled $35 million, representing 3.6% of revenue.
- In the third quarter of 2025, capital expenditures were $12 million, primarily directed towards short-term facility consolidation efforts.
- Capital expenditures for the fourth quarter of 2025 were $9 million, and elevated spending is anticipated to continue through the second quarter of 2026 due to ongoing facility integration efforts.
Peer Outperformance in Oil & Gas Equipment & Services
INVX has trailed 72% of its 32 Oil & Gas Equipment & Services peers over 5Y. Oil & Gas Equipment & Services ranks 4th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Oil & Gas Equipment & Services constituents that INVX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
68%
of 38 industry peers · 24.0% return
3Y
47%
of 36 industry peers · 8.0% return
5Y
28%
of 32 industry peers · 3.4% return
No Oil & Gas Equipment & Services peer with a comparable growth profile has beaten INVX by more than 20pp over 5Y.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Equipment & Services is INVX's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 82.5% | 105.8% | 280.9% | MPC 541% · VLO 426% · PBF 423% |
| Oil & Gas Storage & Transportation | 18 | 35.6% | 101.1% | 159.7% | INSW 749% · TRGP 434% · DHT 394% |
| Integrated Oil & Gas | 7 | 44.6% | 64.2% | 150.3% | IMO 319% · SU 223% · XOM 203% |
| Oil & Gas Equipment & Services ← | 33 | 4.8% | 13.5% | 51.2% | FTI 749% · SEI 616% · TDW 453% |
| Oil & Gas Drilling | 7 | 37.8% | -3.3% | 42.5% | VAL 122% · NE 88% · RIG 42% |
| Oil & Gas Exploration & Production | 50 | 20.7% | 0.8% | 41.2% | BTE 767% · PR 224% · CNQ 188% |
| Coal & Consumable Fuels | 14 | -44.3% | -4.4% | 25.1% | CNR 248% · CCJ 156% · UEC 41% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Innovex International Stock Pre-Market (-7.1%): Q4 Earnings Miss and Weak Guidance | 02/24/2026 | |
| Innovex International Earnings Notes | 12/16/2025 | |
| How Low Can Innovex International Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 46.50 |
| Mkt Cap | 12.9 |
| Rev LTM | 5,986 |
| Op Inc LTM | 898 |
| FCF LTM | 914 |
| FCF 3Y Avg | 749 |
| CFO LTM | 1,059 |
| CFO 3Y Avg | 900 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.6% |
| Rev Chg 3Y Avg | 6.2% |
| Rev Chg Q | 12.5% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 13.7% |
| Op Inc Chg 3Y Avg | 47.2% |
| Op Mgn LTM | 12.7% |
| Op Mgn 3Y Avg | 12.4% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 16.5% |
| CFO/Rev 3Y Avg | 15.1% |
| FCF/Rev LTM | 11.7% |
| FCF/Rev 3Y Avg | 12.5% |
Price Behavior
Price Behavior
| Market Price | $24.43 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 10/23/1997 | |
| Distance from 52W High | -22.8% | |
| 50 Days | 200 Days | |
| DMA Price | $28.66 | $27.20 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -14.7% | -10.2% |
| 3M | 1YR | |
| Volatility | 44.2% | 44.7% |
| Downside Capture | 106.77 | 56.81 |
| Upside Capture | 54.52 | 79.63 |
| Correlation (S&P 500) | 21.2% | 21.1% |
INVX Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.86 | 0.76 | 1.35 | 0.74 | 0.73 | 1.03 |
| Up Beta | 3.53 | -2.92 | 2.18 | 0.06 | 0.37 | 0.96 |
| Down Beta | 3.83 | 2.39 | 2.69 | 1.55 | 1.06 | 1.29 |
| Up Capture | 149% | 51% | 74% | 58% | 82% | 68% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 21 | 34 | 64 | 134 | 391 |
| Down Capture | 72% | 113% | 82% | 71% | 67% | 100% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 22 | 30 | 62 | 117 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVX | |
|---|---|---|---|---|
| INVX | 24.7% | 44.7% | 0.61 | - |
| Sector ETF (XLE) | 44.8% | 23.4% | 1.50 | 45.1% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 22.5% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 12.6% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | 22.6% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | -1.1% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 5.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVX | |
|---|---|---|---|---|
| INVX | 0.7% | 46.5% | 0.17 | - |
| Sector ETF (XLE) | 20.4% | 25.6% | 0.70 | 61.7% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 33.0% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 13.5% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 41.8% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 23.7% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 12.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVX | |
|---|---|---|---|---|
| INVX | -7.3% | 47.2% | 0.01 | - |
| Sector ETF (XLE) | 10.2% | 29.7% | 0.38 | 64.3% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 40.6% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 6.9% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 42.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 28.5% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 9.2% |
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Returns Analyses
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | -6.4% | -18.6% | |
| 8/3/2026 | 11.8% | 3.1% | 6.9% |
| 5/4/2026 | -2.7% | -1.3% | -0.3% |
| 2/23/2026 | 6.4% | -2.4% | -9.0% |
| 11/3/2025 | -4.0% | 1.6% | 15.6% |
| 8/5/2025 | -3.1% | -2.9% | 3.9% |
| 5/6/2025 | 2.7% | 1.1% | 0.7% |
| 2/26/2025 | 0.9% | -7.1% | -4.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 10 |
| # Negative | 13 | 13 | 13 |
| Median Positive | 4.8% | 5.0% | 6.1% |
| Median Negative | -4.2% | -4.5% | -8.0% |
| Max Positive | 12.4% | 22.1% | 39.8% |
| Max Negative | -9.7% | -18.6% | -19.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | -6.4% | -18.6% | |
| 8/3/2026 | 11.8% | 3.1% | 6.9% |
| 5/4/2026 | -2.7% | -1.3% | -0.3% |
| 2/23/2026 | 6.4% | -2.4% | -9.0% |
| 11/3/2025 | -4.0% | 1.6% | 15.6% |
| 8/5/2025 | -3.1% | -2.9% | 3.9% |
| 5/6/2025 | 2.7% | 1.1% | 0.7% |
| 2/26/2025 | 0.9% | -7.1% | -4.1% |
| 11/7/2024 | -3.1% | -0.1% | -10.1% |
| 8/1/2024 | -6.1% | -9.7% | 0.6% |
| 5/2/2024 | 0.3% | 6.3% | -4.4% |
| 2/26/2024 | 10.2% | 5.4% | 7.8% |
| 10/26/2023 | -5.3% | -2.8% | -6.2% |
| 7/31/2023 | 4.8% | 5.0% | 5.4% |
| 5/8/2023 | -2.5% | -8.2% | -3.0% |
| 2/27/2023 | 12.4% | 6.4% | -9.0% |
| 10/27/2022 | -9.7% | -4.5% | -11.8% |
| 7/28/2022 | -0.0% | -13.8% | -8.0% |
| 4/28/2022 | -5.9% | 0.1% | 3.7% |
| 2/23/2022 | 8.6% | 22.1% | 39.8% |
| 10/28/2021 | 0.1% | -1.5% | -19.9% |
| 7/29/2021 | -4.2% | -8.4% | -17.1% |
| 4/29/2021 | 2.6% | 14.3% | 11.6% |
| 2/25/2021 | -8.3% | 0.0% | -7.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 10 |
| # Negative | 13 | 13 | 13 |
| Median Positive | 4.8% | 5.0% | 6.1% |
| Median Negative | -4.2% | -4.5% | -8.0% |
| Max Positive | 12.4% | 22.1% | 39.8% |
| Max Negative | -9.7% | -18.6% | -19.9% |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 260.00 Mil | 265.00 Mil | 270.00 Mil | 0.0% | Same New | Guidance: 265.00 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | Reported | 53.00 Mil | 55.50 Mil | 58.00 Mil | 2.8% | Higher New | Guidance: 54.00 Mil for Q3 2026 | |
Prior: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 260.00 Mil | 265.00 Mil | 270.00 Mil | 10.4% | Higher New | Guidance: 240.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA | Reported | 51.00 Mil | 54.00 Mil | 57.00 Mil | 18.7% | Higher New | Guidance: 45.50 Mil for Q2 2026 | |
Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 235.00 Mil | 240.00 Mil | 245.00 Mil | 4.3% | Higher New | Guidance: 230.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | Reported | 43.00 Mil | 45.50 Mil | 48.00 Mil | 13.8% | Higher New | Guidance: 40.00 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 2/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 225.00 Mil | 230.00 Mil | 235.00 Mil | -4.2% | Lower New | Guidance: 240.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | Reported | 38.00 Mil | 40.00 Mil | 42.00 Mil | -10.1% | Lower New | Guidance: 44.50 Mil for Q4 2025 | |
Insider Activity
Updated 9/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Innovex, Co-Invest Fund, LP | Amberjack Capital Fund II, L.P. | Sell | 8102026 | 28.71 | 3,706,801 | 106,422,257 | 377,954,891 | Form | |
| 2 | Innovex, Co-Invest Fund, LP | Innovex Co-Invest Fund II, L.P. | Sell | 8102026 | 28.71 | 865,508 | 24,848,735 | 88,249,430 | Form | |
| 3 | Innovex, Co-Invest Fund, LP | Innovex Co-Invest Fund, L.P. | Sell | 8102026 | 28.71 | 205,126 | 5,889,167 | 20,915,178 | Form | |
| 4 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund II, L.P. | Sell | 8102026 | 28.71 | 176,944 | 5,080,062 | 18,041,680 | Form | |
| 5 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund II-A, L.P. | Sell | 8102026 | 28.71 | 88 | 2,526 | 8,929 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Innovex, Co-Invest Fund, LP | Amberjack Capital Fund II, L.P. | Sell | 8102026 | 28.71 | 3,706,801 | 106,422,257 | 377,954,891 | Form | |
| 2 | Innovex, Co-Invest Fund, LP | Innovex Co-Invest Fund II, L.P. | Sell | 8102026 | 28.71 | 865,508 | 24,848,735 | 88,249,430 | Form | |
| 3 | Innovex, Co-Invest Fund, LP | Innovex Co-Invest Fund, L.P. | Sell | 8102026 | 28.71 | 205,126 | 5,889,167 | 20,915,178 | Form | |
| 4 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund II, L.P. | Sell | 8102026 | 28.71 | 176,944 | 5,080,062 | 18,041,680 | Form | |
| 5 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund II-A, L.P. | Sell | 8102026 | 28.71 | 88 | 2,526 | 8,929 | Form | |
| 6 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund III, L.P. | Sell | 8102026 | 28.71 | 45,533 | 1,307,252 | 4,642,608 | Form | |
| 7 | Amberjack, Capital Partners, LP | Amberjack Capital Fund II, L.P. | Sell | 8102026 | 28.71 | 3,706,801 | 106,422,257 | 377,954,891 | Form | |
| 8 | Amberjack, Capital Partners, LP | Innovex Co-Invest Fund II, L.P. | Sell | 8102026 | 28.71 | 865,508 | 24,848,735 | 88,249,430 | Form | |
| 9 | Amberjack, Capital Partners, LP | Innovex Co-Invest Fund, L.P. | Sell | 8102026 | 28.71 | 205,126 | 5,889,167 | 20,915,178 | Form | |
| 10 | Amberjack, Capital Partners, LP | Intervale Capital Fund II, L.P. | Sell | 8102026 | 28.71 | 176,944 | 5,080,062 | 18,041,680 | Form | |
| 11 | Amberjack, Capital Partners, LP | Intervale Capital Fund II-A, L.P. | Sell | 8102026 | 28.71 | 88 | 2,526 | 8,929 | Form | |
| 12 | Amberjack, Capital Partners, LP | Intervale Capital Fund III, L.P. | Sell | 8102026 | 28.71 | 45,533 | 1,307,252 | 4,642,608 | Form | |
| 13 | Reddout, Mark | President of North America | Direct | Sell | 8052026 | 30.00 | 10,000 | 300,000 | 3,729,360 | Form |
| 14 | Reddout, Mark | President of North America | Direct | Sell | 6032026 | 28.00 | 10,750 | 301,000 | 3,760,736 | Form |
| 15 | Amberjack, Capital Partners, LP | Amberjack Capital Fund II, L.P. | Sell | 2272026 | 24.59 | 4,902,244 | 120,552,553 | 414,889,019 | Form | |
| 16 | Amberjack, Capital Partners, LP | Innovex Co-Invest Fund II, L.P. | Sell | 2272026 | 24.59 | 1,144,635 | 28,148,063 | 96,873,246 | Form | |
| 17 | Amberjack, Capital Partners, LP | Innovex Co-Invest Fund, L.P. | Sell | 2272026 | 24.59 | 271,279 | 6,671,103 | 22,959,028 | Form | |
| 18 | Amberjack, Capital Partners, LP | Intervale Capital Fund II, L.P. | Sell | 2272026 | 24.59 | 234,009 | 5,754,586 | 19,804,726 | Form | |
| 19 | Amberjack, Capital Partners, LP | Intervale Capital Fund II-A, L.P. | Sell | 2272026 | 24.59 | 116 | 2,853 | 9,812 | Form | |
| 20 | Amberjack, Capital Partners, LP | Intervale Capital Fund III, L.P. | Sell | 2272026 | 24.59 | 60,217 | 1,480,814 | 5,096,301 | Form | |
| 21 | Innovex, Co-Invest Fund, LP | Amberjack Capital Fund II, L.P. | Sell | 2272026 | 24.59 | 4,902,244 | 120,552,553 | 414,889,019 | Form | |
| 22 | Innovex, Co-Invest Fund, LP | Innovex Co-Invest Fund II, L.P. | Sell | 2272026 | 24.59 | 1,144,635 | 28,148,063 | 96,873,246 | Form | |
| 23 | Innovex, Co-Invest Fund, LP | Innovex Co-Invest Fund, L.P. | Sell | 2272026 | 24.59 | 271,279 | 6,671,103 | 22,959,028 | Form | |
| 24 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund II, L.P. | Sell | 2272026 | 24.59 | 234,009 | 5,754,586 | 19,804,726 | Form | |
| 25 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund II-A, L.P. | Sell | 2272026 | 24.59 | 116 | 2,853 | 9,812 | Form | |
| 26 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund III, L.P. | Sell | 2272026 | 24.59 | 60,217 | 1,480,814 | 5,096,301 | Form | |
| 27 | Anderson, Adam | Chief Executive Officer | Direct | Sell | 2252026 | 28.50 | 18,837 | 536,854 | 13,302,204 | Form |
| 28 | Anderson, Adam | Chief Executive Officer | Direct | Sell | 2242026 | 27.00 | 13,241 | 357,507 | 13,110,687 | Form |
| 29 | Reddout, Mark | President of North America | Direct | Sell | 1152026 | 25.00 | 20,000 | 500,000 | 3,235,900 | Form |
| 30 | Anderson, Adam | Chief Executive Officer | Direct | Sell | 1152026 | 25.00 | 13,241 | 331,025 | 12,470,550 | Form |
Investor Activity (13F)
Updated Nov 6, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 11/5/2026