Tearsheet

Innovex International (INVX)

Market Price (6/11/2026): $28.715 | Market Cap: $2.0 BilSector: Energy | Industry: Oil & Gas Equipment & Services

Innovex International (INVX)

Market Price (6/11/2026): $28.715
Market Cap: $2.0 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%

Attractive yield
FCF Yield is 7.4%

Low stock price volatility
Vol 12M is 41%

Megatrend and thematic drivers
Megatrends include Advanced Materials, and Sustainable Resource Management. Themes include Lightweight Composites, Specialty Chemicals for Performance, Show more.

Weak multi-year price returns
3Y Excs Rtn is -52%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -0.6%

Key risks
INVX key risks include [1] complexities tied to its international operations and global expansion strategy and [2] the failure to successfully integrate acquired businesses.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
2	Attractive yield FCF Yield is 7.4%
3	Low stock price volatility Vol 12M is 41%
4	Megatrend and thematic drivers Megatrends include Advanced Materials, and Sustainable Resource Management. Themes include Lightweight Composites, Specialty Chemicals for Performance, Show more.
5	Weak multi-year price returns 3Y Excs Rtn is -52%
6	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -0.6%
7	Key risks INVX key risks include [1] complexities tied to its international operations and global expansion strategy and [2] the failure to successfully integrate acquired businesses.

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	6/11/26	2025	2024	2023	2022	2021
Share Price			$28.71	$21.87	$13.97	$23.27	$27.17	$19.68
Mkt Cap ($ Bil)			2.0	1.5	1.0	1.6	-	-
+ Debt ($ Bil)			0.1	0.1	0.1	0.1	0.0	0.0
- Cash ($ Bil)			0.2	0.2	0.1	0.0	0.0	0.0
TEV ($ Bil)			1.9	1.6	1.1	1.7
Valuation Ratios
P/S	1.8	2.0	2.0	1.5	1.5	-	-	-
P/EBIT	12.0	13.1	14.6	10.9	6.7	-	-	-
P/E	14.9	17.9	38.2	18.1	6.9	-	-	-
P/FCF	—	—	13.6	9.7	12.1	-	-	-
Sector Ratios (* = sector average)
P/S *			1.7	1.4	1.5	1.6	1.3	1.3
P/EBIT *			7.8	6.9	6.7	5.9	4.1	5.0
P/E *			10.1	10.6	10.3	8.3	5.8	4.2
P/FCF *			10.2	7.9	6.9	7.6	5.3	5.5

FYE: 12/31	Forward FYE		Now
	2027	2026	6/11/26
Share Price			$28.71
Mkt Cap ($ Bil)			2.0
+ Debt ($ Bil)			0.1
- Cash ($ Bil)			0.2
TEV ($ Bil)			1.9
Valuation Ratios
P/S	1.8	2.0	2.0
P/EBIT	12.0	13.1	14.6
P/E	14.9	17.9	38.2
P/FCF	—	—	13.6
Sector Ratios (* = sector average)
P/S *			1.7
P/EBIT *			7.8
P/E *			10.1
P/FCF *			10.2

FYE: 12/31	INVX [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$976.9 Mil	—
FY 2026 Sales	$1.0 Bil	—
FY 2027 Sales	$1.1 Bil	—
FY 2026 Sales Growth	2.6%	—
FY 2027 Sales Growth	9.8%	7.7%
EARNINGS
LTM Net Income (GAAP) [3]	$51.9 Mil	—
FY 2026 Net Income (Non-GAAP)	$110.8 Mil	—
FY 2027 Net Income (Non-GAAP)	$132.9 Mil	—
FY 2027 Net Income Growth	19.9%	14.6%
FY 2026 EPS (Non-GAAP)	$1.60	—
FY 2027 EPS (Non-GAAP)	$1.92	—
FY 2027 EPS Growth	19.9%	—
VALUATION
FY 2026 P/S	2.0	3.3
FY 2027 P/S	1.8	—
FY 2026 P/E	17.9	20.4
FY 2027 P/E	14.9	—

[1] INVX forward figures are Financial Modeling Prep analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	INVX	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	1.0
Rev Chg Q	-0.6%	8.8%
Rev Chg LTM	26.3%	7.4%
Rev Chg 3Y Avg	36.4%	5.8%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	11.4%	18.4%
CFO/Rev LTM	18.4%	21.3%
Net Inc Mgn	5.3%	13.0%
VALUATION	MODERATE
P/S	2.0	3.2
P/CFO	11.0	15.0
P/FCF	13.6	19.4
P/E	38.2	23.8
STABILITY	VERY GOOD
Debt/Equity	0.04	0.21
Cash/Assets	0.16	0.07

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Metric	Value	Date	Source
Number of Employees	2683	12312024	Link
Number of Customers	1376	12312024	Link
Total Patent Documents (Applications and Grants)	496	7302025	Link
Percentage of Revenue from Internally Developed Products	Approximately 48%	9162025	Link

Price Chart

No Events

Why The Stock Moved

Qualitative Assessment

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Updated on 6/9/2026

Innovex International (INVX) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. Innovex International (INVX) significantly surpassed earnings expectations for fiscal Q1 2026. The company reported its fiscal Q1 2026 results on May 4, 2026, posting an Earnings Per Share (EPS) of $0.47, which was an 88.00% beat over the analyst estimate of $0.25. Additionally, revenue reached $239 million, exceeding both the high end of the company's guidance range and analyst estimates. This strong financial performance contributed to a 7.7% rise in the stock price following the earnings release.

2. The company's strategic acquisition of Drilling Innovative Solutions (DIS) and significant subsea project awards bolstered investor confidence. Innovex completed the acquisition of Drilling Innovative Solutions, LLC (DIS) for $16 million on April 20, 2026. This acquisition is expected to enhance Innovex's production technologies offerings and strengthen its position in the offshore U.S. market. Further demonstrating growth in its core segments, Innovex secured two subsea projects in Asia, each valued at over $20 million, and delivered its first subsea wellhead order in Southeast Asia under the OneSubsea alliance during fiscal Q1 2026.

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Stock Movement Drivers

Fundamental Drivers

The 9.0% change in INVX stock from 2/28/2026 to 6/10/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.

(LTM values as of)	2282026	6102026	Change
Stock Price ($)	26.35	28.73	9.0%
Change Contribution By:
Total Revenues ($ Mil)	�	977	0.0%
Net Income Margin (%)	�	5.3%	0.0%
P/E Multiple	�	38.2	0.0%
Shares Outstanding (Mil)	67	69	-3.3%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/10/2026

	Return	Correlation
INVX	9.0%
Market (SPY)	6.0%	17.3%
Sector (XLE)	4.8%	33.6%

Fundamental Drivers

The 30.5% change in INVX stock from 11/30/2025 to 6/10/2026 was primarily driven by a 154.8% change in the company's P/E Multiple.

(LTM values as of)	11302025	6102026	Change
Stock Price ($)	22.02	28.73	30.5%
Change Contribution By:
Total Revenues ($ Mil)	955	977	2.3%
Net Income Margin (%)	10.6%	5.3%	-49.8%
P/E Multiple	15.0	38.2	154.8%
Shares Outstanding (Mil)	69	69	-0.2%
Cumulative Contribution			30.5%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/10/2026

	Return	Correlation
INVX	30.5%
Market (SPY)	6.8%	22.7%
Sector (XLE)	30.7%	42.4%

Fundamental Drivers

The 108.2% change in INVX stock from 5/31/2025 to 6/10/2026 was primarily driven by a 168.8% change in the company's P/E Multiple.

(LTM values as of)	5312025	6102026	Change
Stock Price ($)	13.80	28.73	108.2%
Change Contribution By:
Total Revenues ($ Mil)	528	977	84.9%
Net Income Margin (%)	12.3%	5.3%	-56.7%
P/E Multiple	14.2	38.2	168.8%
Shares Outstanding (Mil)	67	69	-3.3%
Cumulative Contribution			108.2%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/10/2026

	Return	Correlation
INVX	108.2%
Market (SPY)	24.5%	26.0%
Sector (XLE)	47.5%	52.1%

Fundamental Drivers

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Market Drivers

5/31/2023 to 6/10/2026

	Return	Correlation
INVX	28.5%
Market (SPY)	80.4%	34.3%
Sector (XLE)	67.7%	60.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
INVX Return	-34%	38%	-14%	-40%	57%	30%	-4%
Peers Return	-14%	65%	13%	31%	21%	87%	374%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	97%
Monthly Win Rates [3]
INVX Win Rate	50%	50%	67%	25%	67%	67%
Peers Win Rate	37%	52%	43%	35%	48%	67%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
INVX Max Drawdown	-54%	-52%	-42%	-50%	-30%	-18%
Peers Max Drawdown	-44%	-35%	-28%	-22%	-27%	-16%
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, HMH, SLB.
[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 6/10/2026 (YTD)

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

Compare to FTI, HLX, FTK, HMH, SLB

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.

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

Compare to FTI, HLX, FTK, HMH, SLB

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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Dril-Quip, Inc., together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. The company's principal products include subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and associated pipes, drilling and production riser systems, liner hangers, wellhead connectors, diverters, and safety valves, as well as downhole tools. It also provides technical advisory services, and rework and reconditioning services, as well as rental and purchase of running tools for use in the installation and retrieval of its products; and downhole tools comprise of liner hangers, production packers, safety valves, and specialty downhole tools that are used to hang-off and seal casing into a previously installed casing string in the well bore. The company's products are used to explore for oil and gas from offshore drilling rigs, such as floating rigs and jack-up rigs; and for drilling and production of oil and gas wells on offshore platforms, tension leg platforms, and Spars, as well as moored vessels, such as floating production, storage, and offloading monohull moored vessels. It sells its products directly through its sales personnel, independent sales agents, and representatives to integrated, independent, and foreign national oil and gas companies, as well as drilling contractors, and engineering and construction companies. The company was founded in 1981 and is headquartered in Houston, Texas.

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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.**

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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.

Interactive Breakdown

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Innovex International Stock Pre-Market (-7.1%): Q4 Earnings Miss and Weak Guidance	02/24/2026
2	Innovex International Earnings Notes	12/16/2025
3	How Low Can Innovex International Stock Really Go?	10/17/2025

	Title
0	ARTICLES

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ZVRA	Zevra Therapeutics	0.8	23.2%	50.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ADCT	ADC Therapeutics	0.2	-64.3%	-68.8%
CD	Chaince Digital	0.4	-38.7%	-1.4%
SMCI	Super Micro Computer	17.6	-38.3%	0.0%
NVTS	Navitas Semiconductor	4.7	-33.5%	187.1%
UEC	Uranium Energy	4.6	-33.1%	-19.3%
TE	T1 Energy	2.2	-32.8%	15.7%
AIV	Apartment Investment & Management	0.4	-32.5%	6.5%
NTSK	Netskope	3.4	-31.7%	-51.7%
CIEN	Ciena	61.6	-29.9%	85.9%
WOLF	Wolfspeed	1.7	-29.6%	149.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NVRI	Enviri	1.7	291.6%	312.6%
APPS	Digital Turbine	1.2	156.1%	104.4%
HYLN	Hyliion	1.2	150.7%	276.1%
REPL	Replimune	0.8	126.5%	-12.9%
VPG	Vishay Precision	1.6	83.6%	217.5%
AGL	Agilon Health	1.7	70.6%	490.7%
SWMR	Swarmer	0.9	69.9%	82.1%
PSNL	Personalis	1.0	66.3%	20.7%
AMBQ	Ambiq Micro	1.5	64.5%	163.6%
ALAB	Astera Labs	56.5	59.6%	98.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ADCT	ADC Therapeutics	0.2	-68.4%	-68.8%
VRRM	Verra Mobility	0.7	-66.1%	-79.1%
BTGO	BitGo	0.5	-60.5%	-72.3%
GTM	ZoomInfo Technologies	0.8	-55.3%	-73.5%
FULC	Fulcrum Therapeutics	0.3	-49.9%	-69.0%
PLAB	Photronics	1.7	-47.9%	-10.5%
HYMC	Hycroft Mining	2.1	-47.4%	-3.3%
LWLG	Lightwave Logic	1.4	-45.3%	184.9%
LIFE	Ethos Technologies	0.8	-44.6%	1902.2%
MVST	Microvast	0.4	-44.1%	-59.6%

Peer Comparisons

Peers to compare with:

Financials

	INVX	FTI	HLX	FTK	HMH	SLB	Median
Name	Innovex .	TechnipF.	Helix En.	Flotek I.	HMH	SLB
Mkt Price	28.73	69.95	9.63	23.64	21.00	55.51	26.19
Mkt Cap	2.0	28.0	1.4	0.9	0.9	83.2	1.7
Rev LTM	977	10,192	1,301	252	795	35,940	1,139
Op Inc LTM	111	1,483	62	30	91	5,189	101
FCF LTM	146	1,344	167	-2	65	4,412	157
FCF 3Y Avg	-	1,105	162	-3	-	4,591	634
CFO LTM	180	1,655	182	-0	82	6,316	181
CFO 3Y Avg	-	1,379	181	-1	-	6,628	780

Growth & Margins

	INVX	FTI	HLX	FTK	HMH	SLB	Median
Name	Innovex .	TechnipF.	Helix En.	Flotek I.	HMH	SLB
Rev Chg LTM	26.3%	9.9%	-2.9%	24.7%	-6.3%	-0.4%	4.8%
Rev Chg 3Y Avg	-	14.2%	11.6%	14.0%	-	6.5%	12.8%
Rev Chg Q	-0.6%	11.6%	3.6%	26.5%	-13.7%	2.7%	3.1%
QoQ Delta Rev Chg LTM	-0.1%	2.6%	0.8%	6.2%	-3.3%	0.6%	0.7%
Op Inc Chg LTM	21.4%	37.3%	-55.0%	94.3%	-21.1%	-17.2%	2.1%
Op Inc Chg 3Y Avg	-	86.5%	1,478.7%	819.7%	-	5.3%	453.1%
Op Mgn LTM	11.4%	14.6%	4.7%	12.0%	11.5%	14.4%	11.7%
Op Mgn 3Y Avg	13.8%	11.4%	7.7%	6.7%	-	16.2%	11.4%
QoQ Delta Op Mgn LTM	-0.3%	0.5%	-1.7%	0.1%	0.4%	-0.8%	-0.1%
CFO/Rev LTM	18.4%	16.2%	14.0%	-0.0%	10.3%	17.6%	15.1%
CFO/Rev 3Y Avg	-	14.8%	13.6%	-0.5%	-	18.8%	14.2%
FCF/Rev LTM	14.9%	13.2%	12.9%	-1.0%	8.1%	12.3%	12.6%
FCF/Rev 3Y Avg	-	11.8%	12.3%	-1.4%	-	13.0%	12.0%

Valuation

	INVX	FTI	HLX	FTK	HMH	SLB	Median
Name	Innovex .	TechnipF.	Helix En.	Flotek I.	HMH	SLB
Mkt Cap	2.0	28.0	1.4	0.9	0.9	83.2	1.7
P/S	2.0	2.7	1.1	3.4	1.1	2.3	2.2
P/Op Inc	17.8	18.9	23.0	28.3	9.9	16.0	18.4
P/EBIT	14.6	19.0	25.6	33.4	9.9	17.7	18.3
P/E	38.2	25.9	98.8	28.6	157.3	25.0	33.4
P/CFO	11.0	16.9	7.8	-9,697.8	11.0	13.2	11.0
Total Yield	2.6%	4.2%	1.0%	3.5%	0.6%	6.0%	3.1%
Dividend Yield	0.0%	0.3%	0.0%	0.0%	0.0%	2.0%	0.0%
FCF Yield 3Y Avg	-	7.0%	11.0%	-2.5%	-	6.6%	6.8%
D/E	0.0	0.0	0.4	0.1	0.4	0.1	0.1
Net D/E	-0.1	0.0	0.1	0.1	0.3	0.1	0.1

Returns

	INVX	FTI	HLX	FTK	HMH	SLB	Median
Name	Innovex .	TechnipF.	Helix En.	Flotek I.	HMH	SLB
1M Rtn	6.2%	-1.6%	-3.4%	39.5%	-0.8%	1.6%	0.4%
3M Rtn	10.1%	8.8%	6.1%	36.7%	247.7%	15.8%	13.0%
6M Rtn	25.0%	51.4%	32.8%	41.6%	247.7%	40.6%	41.1%
12M Rtn	77.7%	113.1%	39.2%	56.0%	247.7%	60.5%	69.1%
3Y Rtn	13.6%	378.4%	32.1%	419.7%	247.7%	26.0%	139.9%
1M Excs Rtn	8.1%	0.3%	-1.4%	41.4%	1.2%	3.6%	2.4%
3M Excs Rtn	2.8%	1.6%	-1.2%	29.5%	240.4%	8.6%	5.7%
6M Excs Rtn	19.0%	48.4%	25.8%	36.2%	241.5%	40.6%	38.4%
12M Excs Rtn	58.3%	97.0%	20.2%	30.4%	226.7%	46.1%	52.2%
3Y Excs Rtn	-52.3%	323.6%	-32.7%	470.4%	177.6%	-39.7%	72.5%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021
Filing Date	5/5/2026	2/24/2026	3/3/2025	2/24/2026	1/5/2024	1/5/2024
Key Financials
Total Revenue	977	978	661	556	467	295
Gross Profit	311	303	233	195	158	87
EBITDA	210	204	185	130	102	34
Operating Income	111	114	85	100	80	14
Net Income	52	83	140	74	63	10
EPS	0.75	1.21	2.82	1.11	0.95	0.15
Growth Rates
Total Revenue Growth	26.3%	48.0%	18.9%	18.9%	58.5%	-
EBITDA Growth	3.7%	10.6%	42.2%	27.5%	203.5%	-
Operating Income Growth	21.4%	33.4%	-14.7%	24.3%	471.5%	-
Net Income Growth	-62.6%	-40.6%	89.8%	16.8%	542.2%	-
Margins
Gross Margin	31.9%	31.0%	35.2%	35.2%	33.8%	29.6%
EBITDA Margin	21.5%	20.9%	28.0%	23.4%	21.8%	11.4%
Operating Income Margin	11.4%	11.6%	12.9%	18.0%	17.2%	4.8%
Net Income Margin	5.3%	8.5%	21.2%	13.3%	13.5%	3.3%
Cash & Debt
Total Cash	201	203	73	7	8	10
Total Debt	76	79	91	85	115	39
Net Debt / (Cash)	-125	-124	18	78	106	29
Cash Flows & CapEx
Net Cash from Operations	180	191	93	76	-6	-2
Total CapEx	-34	-35	-14	-15	-10	-6
Free Cash from Operations	146	156	80	60	-15	-8
Returns to Shareholders
Dividends	0	-0	75	-0	-0	-0
Share Repurchases	23	9	-0	-0	1	0

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	5/5/2026	2/24/2026	11/4/2025	8/6/2025	5/7/2025	3/3/2025	11/8/2024	8/6/2025	5/7/2025	2/24/2026	1/5/2024
Key Financials Quarterly
Total Revenue	239	274	240	224	240	251	152	130	128	133	139
Ebitda	46	46	77	41	47	42	90	23	29	32	31
Operating Income	27	32	25	28	29	35	7	21	23	24	25
Net Income	-17	14	39	15	15	32	83	10	16	18	15
EPS	-0.24	0.20	0.57	0.22	0.21	0.47	2.03	0.14	0.25	0.28	0.23
Key Financials TTM
Total Revenue TTM	977	978	955	867	773	661	543	531	528	-	-
Ebitda TTM	210	211	208	221	203	185	175	115	124	-	-
Operating Income TTM	111	114	117	99	91	85	74	92	95	-	-
Net Income TTM	52	83	101	144	139	140	127	60	65	-	-
Growth Rates Quarterly
Total Revenue Growth	-0.6%	9.1%	58.1%	72.1%	87.8%	88.2%	9.2%	1.8%	-	-	-
EBITDA Growth	-2.2%	9.4%	-14.6%	77.7%	62.7%	31.5%	196.4%	-27.9%	-	-	-
Operating Income Growth	-9.1%	-8.5%	261.9%	34.0%	27.2%	45.9%	-72.3%	-12.6%	-	-	-
Net Income Growth	-213.0%	-56.1%	-52.5%	61.0%	-10.1%	72.3%	437.5%	-34.2%	-	-	-
Margins Quarterly
EBITDA Margin	19.3%	16.9%	32.2%	18.2%	19.6%	16.9%	59.6%	17.6%	22.6%	24.2%	22.0%
Operating Income Margin	11.1%	11.6%	10.4%	12.4%	12.1%	13.8%	4.6%	16.0%	17.9%	17.8%	17.9%
Net Income Margin	-7.0%	5.1%	16.3%	6.8%	6.1%	12.7%	54.4%	7.3%	12.8%	13.9%	11.0%
Cash & Debt
Total Cash	201	203	163	69	68	73	100	-	-	7	8
Total Debt	76	79	82	99	83	91	71	0	0	85	104
Net Debt / (Cash)	-125	-124	-81	30	15	18	-28	-	-	78	96
Cash Flows Quarterly
FCF from Operations	20	52	48	59	31	36	22	23	13	21	-
Cash Flows TTM
FCF from Operations TTM	180	191	175	148	112	93	78	-	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	14	-0	-0	9	1	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	12.6%	10.1%	9.9%	9.7%	10.5%	18.1%	4.0%	-	-	28.6%	23.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.3%	11.4%	13.3%	11.9%	11.6%	11.0%	9.8%	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Single Segment	661	556	467
Product revenues				255
Rental revenues				20
Service revenues				19
Total	661	556	467	295

Price Behavior

Price Behavior

Market Price	$28.73
Market Cap ($ Bil)	2.0
First Trading Date	10/23/1997
Distance from 52W High	-7.5%
	50 Days	200 Days
DMA Price	$27.34	$23.28
DMA Trend	up	up
Distance from DMA	5.1%	23.4%
	3M	1YR
Volatility	42.7%	41.6%
Downside Capture	78.25	52.22
Upside Capture	92.92	109.83
Correlation (SPY)	20.4%	25.9%

INVX Betas & Captures as of 5/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.63	-0.42	0.24	0.58	0.84	0.98
Up Beta	0.93	-0.19	-0.09	0.46	0.74	1.00
Down Beta	-1.84	-2.13	0.20	0.24	1.04	1.16
Up Capture	-72%	16%	32%	89%	117%	55%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	8	22	35	70	136	382
Down Capture	-81%	-130%	50%	65%	55%	98%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	12	19	28	54	113	362

[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	82.8%	41.6%	1.56	-
Sector ETF (XLE)	44.1%	20.6%	1.67	51.8%
Equity (SPY)	22.5%	12.2%	1.37	25.0%
Gold (GLD)	22.3%	27.2%	0.72	13.8%
Commodities (DBC)	34.8%	19.0%	1.44	28.4%
Real Estate (VNQ)	12.9%	13.5%	0.65	9.7%
Bitcoin (BTCUSD)	-44.1%	42.1%	-1.26	17.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with INVX
INVX	-4.8%	46.4%	0.05	-
Sector ETF (XLE)	20.4%	26.0%	0.71	64.2%
Equity (SPY)	13.2%	17.1%	0.60	33.6%
Gold (GLD)	16.4%	18.2%	0.73	15.1%
Commodities (DBC)	9.1%	19.4%	0.36	44.7%
Real Estate (VNQ)	2.9%	18.8%	0.05	25.2%
Bitcoin (BTCUSD)	9.5%	54.6%	0.37	12.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with INVX
INVX	-7.0%	46.6%	0.02	-
Sector ETF (XLE)	10.1%	29.6%	0.38	65.2%
Equity (SPY)	15.0%	17.9%	0.72	41.3%
Gold (GLD)	12.4%	16.1%	0.64	6.9%
Commodities (DBC)	7.0%	18.0%	0.31	44.2%
Real Estate (VNQ)	5.7%	20.7%	0.24	29.4%
Bitcoin (BTCUSD)	60.8%	66.8%	1.00	9.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	5292026
Short Interest: Shares Quantity	3.2 Mil
Short Interest: % Change Since 5152026	12.0%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	5.5 days
Basic Shares Quantity	68.9 Mil
Short % of Basic Shares	4.6%

Returns Analyses

	Title
0	How Low Can Innovex International Stock Really Go?

Earnings Returns History

Updated 6/5/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	11	12	10
# Negative	13	12	14
Median Positive	4.8%	4.1%	6.6%
Median Negative	-4.0%	-3.7%	-7.9%
Max Positive	12.4%	22.1%	39.8%
Max Negative	-9.7%	-13.8%	-19.9%

	Forward Returns
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%
10/29/2020	7.8%	2.5%	18.3%
7/30/2020	-4.0%	3.1%	-2.0%
SUMMARY STATS
# Positive	11	12	10
# Negative	13	12	14
Median Positive	4.8%	4.1%	6.6%
Median Negative	-4.0%	-3.7%	-7.9%
Max Positive	12.4%	22.1%	39.8%
Max Negative	-9.7%	-13.8%	-19.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/05/2026	10-Q
12/31/2025	02/24/2026	10-K
09/30/2025	11/04/2025	10-Q
06/30/2025	08/06/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	03/03/2025	10-K
09/30/2024	11/08/2024	10-Q
09/30/2023	01/05/2024	S-1

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/4/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2026 Revenue	235.00 Mil	240.00 Mil	245.00 Mil	4.3%		Raised	Guidance: 230.00 Mil for Q1 2026
Q2 2026 Adjusted EBITDA	43.00 Mil	45.50 Mil	48.00 Mil	13.8%		Raised	Guidance: 40.00 Mil for Q1 2026

Prior: Q4 2025 Earnings Reported 2/23/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Revenue	225.00 Mil	230.00 Mil	235.00 Mil	-4.2%		Lowered	Guidance: 240.00 Mil for Q4 2025
Q1 2026 Adjusted EBITDA	38.00 Mil	40.00 Mil	42.00 Mil	-10.1%		Lowered	Guidance: 44.50 Mil for Q4 2025

Insider Activity

Updated 6/3/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Reddout, Mark	President of North America	Direct	Sell	6032026	28.00	10,750	301,000	3,760,736	Form
2	Amberjack, Capital Partners, LP		Amberjack Capital Fund II, L.P.	Sell	2272026	24.59	4,902,244	120,552,553	414,889,019	Form
3	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
4	Amberjack, Capital Partners, LP		Innovex Co-Invest Fund, L.P.	Sell	2272026	24.59	271,279	6,671,103	22,959,028	Form
5	Amberjack, Capital Partners, LP		Intervale Capital Fund II, L.P.	Sell	2272026	24.59	234,009	5,754,586	19,804,726	Form

INVX Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing INVX?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What INVX Makes & Who Pays

TTM figures based on

INVX Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Core Cache Last Updated: 6/10/2026

Innovex International (INVX)

Market Price (6/11/2026): $28.715 | Market Cap: $2.0 BilSector: Energy | Industry: Oil & Gas Equipment & Services

Innovex International (INVX)

Market Price (6/11/2026): $28.715Market Cap: $2.0 BilSector: EnergyIndustry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Innovex International (INVX)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Innovex International (INVX)

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FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

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Recent Forward Guidance

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INVX Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

Market Price (6/11/2026): $28.715
Market Cap: $2.0 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services