Innovex International (INVX)
Market Price (7/9/2026): $25.135 | Market Cap: $1.7 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Innovex International (INVX)
Market Price (7/9/2026): $25.135Market 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.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% Attractive cash flow generationCFO/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 yieldFCF Yield is 8.4% Low stock price volatilityVol 12M is 42% 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 -60% | Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.6% 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. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% |
| Attractive cash flow generationCFO/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 yieldFCF Yield is 8.4% |
| Low stock price volatilityVol 12M is 42% |
| 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 -60% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.6% |
| 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 7/1/2026
Innovex International (INVX) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Earnings and Cautious Fiscal Q2 Guidance. Innovex International reported a diluted loss per share of $0.24 for fiscal Q1 2026 (ending March 31, 2026), which was better than the estimated $0.27 loss per share, with revenue of $239.0 million slightly exceeding consensus estimates of $235.6 million. However, the company also reported a net loss of $16.7 million, a significant decline of 213.0% year-over-year. Following these results, Innovex issued cautious guidance for fiscal Q2 2026 (ending June 30, 2026), projecting revenue of $235 million to $245 million and Adjusted EBITDA of $43 million to $48 million, citing expectations for a marginally less favorable product mix and potential sales disruptions and higher costs stemming from ongoing conflict in the Middle East. This combination of a net loss despite an EPS beat and conservative forward-looking statements likely balanced investor sentiment, contributing to a flat stock movement.
2. Strategic Acquisitions Countered by Institutional Selling. Innovex continued its strategic growth initiatives by completing the acquisition of Drilling Innovative Solutions in April 2026 and entering an agreement in June 2026 to acquire TCO Group AS for $95 million, with the latter expected to enhance corporate margin profile and be accretive to earnings per share. These positive developments were, however, likely offset by significant institutional selling activity during fiscal Q1 2026 (ending March 31, 2026), including SG Americas Securities, LLC removing an estimated $10,137,093 worth of shares from its portfolio. The ongoing impact of a February 2026 follow-on equity offering that diluted shares also likely acted as a headwind.
Show more
Innovex International (INVX) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Earnings and Cautious Fiscal Q2 Guidance. Innovex International reported a diluted loss per share of $0.24 for fiscal Q1 2026 (ending March 31, 2026), which was better than the estimated $0.27 loss per share, with revenue of $239.0 million slightly exceeding consensus estimates of $235.6 million. However, the company also reported a net loss of $16.7 million, a significant decline of 213.0% year-over-year. Following these results, Innovex issued cautious guidance for fiscal Q2 2026 (ending June 30, 2026), projecting revenue of $235 million to $245 million and Adjusted EBITDA of $43 million to $48 million, citing expectations for a marginally less favorable product mix and potential sales disruptions and higher costs stemming from ongoing conflict in the Middle East. This combination of a net loss despite an EPS beat and conservative forward-looking statements likely balanced investor sentiment, contributing to a flat stock movement.
2. Strategic Acquisitions Countered by Institutional Selling. Innovex continued its strategic growth initiatives by completing the acquisition of Drilling Innovative Solutions in April 2026 and entering an agreement in June 2026 to acquire TCO Group AS for $95 million, with the latter expected to enhance corporate margin profile and be accretive to earnings per share. These positive developments were, however, likely offset by significant institutional selling activity during fiscal Q1 2026 (ending March 31, 2026), including SG Americas Securities, LLC removing an estimated $10,137,093 worth of shares from its portfolio. The ongoing impact of a February 2026 follow-on equity offering that diluted shares also likely acted as a headwind.
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Updated on 7/1/2026
Innovex International (INVX) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Earnings and Cautious Fiscal Q2 Guidance. Innovex International reported a diluted loss per share of $0.24 for fiscal Q1 2026 (ending March 31, 2026), which was better than the estimated $0.27 loss per share, with revenue of $239.0 million slightly exceeding consensus estimates of $235.6 million. However, the company also reported a net loss of $16.7 million, a significant decline of 213.0% year-over-year. Following these results, Innovex issued cautious guidance for fiscal Q2 2026 (ending June 30, 2026), projecting revenue of $235 million to $245 million and Adjusted EBITDA of $43 million to $48 million, citing expectations for a marginally less favorable product mix and potential sales disruptions and higher costs stemming from ongoing conflict in the Middle East. This combination of a net loss despite an EPS beat and conservative forward-looking statements likely balanced investor sentiment, contributing to a flat stock movement.
2. Strategic Acquisitions Countered by Institutional Selling. Innovex continued its strategic growth initiatives by completing the acquisition of Drilling Innovative Solutions in April 2026 and entering an agreement in June 2026 to acquire TCO Group AS for $95 million, with the latter expected to enhance corporate margin profile and be accretive to earnings per share. These positive developments were, however, likely offset by significant institutional selling activity during fiscal Q1 2026 (ending March 31, 2026), including SG Americas Securities, LLC removing an estimated $10,137,093 worth of shares from its portfolio. The ongoing impact of a February 2026 follow-on equity offering that diluted shares also likely acted as a headwind.
3. Divergent Analyst Sentiment and Profitability Concerns. Wall Street analysts maintained a generally optimistic outlook for INVX, with a consensus "Buy" rating and an average price target ranging from $32.25 to $32.8, indicating a potential upside of approximately 26% to 33% from the stock's price around the end of the period. Several firms initiated or reiterated "Buy" ratings and raised price targets in May and June 2026. Conversely, analysts raised concerns about the company's profitability profile, noting that the trailing twelve-month net profit margin declined from 21.2% to 8.5% in fiscal Q1 2026, alongside negative earnings growth in the most recent year, which challenged narratives about the durability of Innovex International's profitability. This mixed sentiment, with strong buy ratings facing questions about underlying financial trends, contributed to the stock's stability rather than a sustained upward or downward trend.
Show less
Innovex International (INVX) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Earnings and Cautious Fiscal Q2 Guidance. Innovex International reported a diluted loss per share of $0.24 for fiscal Q1 2026 (ending March 31, 2026), which was better than the estimated $0.27 loss per share, with revenue of $239.0 million slightly exceeding consensus estimates of $235.6 million. However, the company also reported a net loss of $16.7 million, a significant decline of 213.0% year-over-year. Following these results, Innovex issued cautious guidance for fiscal Q2 2026 (ending June 30, 2026), projecting revenue of $235 million to $245 million and Adjusted EBITDA of $43 million to $48 million, citing expectations for a marginally less favorable product mix and potential sales disruptions and higher costs stemming from ongoing conflict in the Middle East. This combination of a net loss despite an EPS beat and conservative forward-looking statements likely balanced investor sentiment, contributing to a flat stock movement.
2. Strategic Acquisitions Countered by Institutional Selling. Innovex continued its strategic growth initiatives by completing the acquisition of Drilling Innovative Solutions in April 2026 and entering an agreement in June 2026 to acquire TCO Group AS for $95 million, with the latter expected to enhance corporate margin profile and be accretive to earnings per share. These positive developments were, however, likely offset by significant institutional selling activity during fiscal Q1 2026 (ending March 31, 2026), including SG Americas Securities, LLC removing an estimated $10,137,093 worth of shares from its portfolio. The ongoing impact of a February 2026 follow-on equity offering that diluted shares also likely acted as a headwind.
3. Divergent Analyst Sentiment and Profitability Concerns. Wall Street analysts maintained a generally optimistic outlook for INVX, with a consensus "Buy" rating and an average price target ranging from $32.25 to $32.8, indicating a potential upside of approximately 26% to 33% from the stock's price around the end of the period. Several firms initiated or reiterated "Buy" ratings and raised price targets in May and June 2026. Conversely, analysts raised concerns about the company's profitability profile, noting that the trailing twelve-month net profit margin declined from 21.2% to 8.5% in fiscal Q1 2026, alongside negative earnings growth in the most recent year, which challenged narratives about the durability of Innovex International's profitability. This mixed sentiment, with strong buy ratings facing questions about underlying financial trends, contributed to the stock's stability rather than a sustained upward or downward trend.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 3.0% change in INVX stock from 3/31/2026 to 7/8/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.39 | 25.13 | 3.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 977 | 0.0% |
| Net Income Margin (%) | � | 5.3% | 0.0% |
| P/E Multiple | � | 33.4 | 0.0% |
| Shares Outstanding (Mil) | 67 | 69 | -3.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 7/8/2026| Return | Correlation | |
|---|---|---|
| INVX | 3.0% | |
| Market (SPY) | 14.6% | 2.1% |
| Sector (XLE) | -9.2% | 43.3% |
Fundamental Drivers
The 14.9% change in INVX stock from 12/31/2025 to 7/8/2026 was primarily driven by a 124.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.87 | 25.13 | 14.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 955 | 977 | 2.3% |
| Net Income Margin (%) | 10.6% | 5.3% | -49.8% |
| P/E Multiple | 14.9 | 33.4 | 124.4% |
| Shares Outstanding (Mil) | 69 | 69 | -0.2% |
| Cumulative Contribution | 14.9% |
Market Drivers
12/31/2025 to 7/8/2026| Return | Correlation | |
|---|---|---|
| INVX | 14.9% | |
| Market (SPY) | 9.6% | 15.8% |
| Sector (XLE) | 25.2% | 42.5% |
Fundamental Drivers
The 60.9% change in INVX stock from 6/30/2025 to 7/8/2026 was primarily driven by a 107.7% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.62 | 25.13 | 60.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 528 | 977 | 84.9% |
| Net Income Margin (%) | 12.3% | 5.3% | -56.7% |
| P/E Multiple | 16.1 | 33.4 | 107.7% |
| Shares Outstanding (Mil) | 67 | 69 | -3.3% |
| Cumulative Contribution | 60.9% |
Market Drivers
6/30/2025 to 7/8/2026| Return | Correlation | |
|---|---|---|
| INVX | 60.9% | |
| Market (SPY) | 21.7% | 23.3% |
| Sector (XLE) | 34.2% | 52.0% |
Fundamental Drivers
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Market Drivers
6/30/2023 to 7/8/2026| Return | Correlation | |
|---|---|---|
| INVX | 8.0% | |
| Market (SPY) | 74.1% | 33.1% |
| Sector (XLE) | 49.7% | 60.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INVX Return | -34% | 38% | -14% | -40% | 57% | 10% | -19% |
| Peers Return | -17% | 81% | 16% | 39% | 27% | 28% | 288% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| INVX Win Rate | 50% | 50% | 67% | 25% | 67% | 43% | |
| Peers Win Rate | 46% | 65% | 54% | 44% | 60% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| INVX Max Drawdown | -54% | -52% | -42% | -50% | -30% | -24% | |
| Peers Max Drawdown | -54% | -44% | -35% | -28% | -34% | -20% | |
| 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, EROK, 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 7/8/2026 (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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| 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.**
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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.
AI Analysis | Feedback
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.
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 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 24.11 |
| Mkt Cap | 1.7 |
| Rev LTM | 1,301 |
| Op Inc LTM | 111 |
| FCF LTM | 167 |
| FCF 3Y Avg | 634 |
| CFO LTM | 182 |
| CFO 3Y Avg | 780 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.9% |
| Rev Chg 3Y Avg | 12.8% |
| Rev Chg Q | 3.6% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | 21.4% |
| Op Inc Chg 3Y Avg | 453.1% |
| Op Mgn LTM | 12.0% |
| Op Mgn 3Y Avg | 11.4% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 16.2% |
| CFO/Rev 3Y Avg | 14.2% |
| FCF/Rev LTM | 12.9% |
| FCF/Rev 3Y Avg | 12.0% |
Price Behavior
Price Behavior
| Market Price | $25.13 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 10/23/1997 | |
| Distance from 52W High | -19.1% | |
| 50 Days | 200 Days | |
| DMA Price | $27.07 | $24.04 |
| DMA Trend | up | up |
| Distance from DMA | -7.2% | 4.6% |
| 3M | 1YR | |
| Volatility | 43.0% | 41.7% |
| Downside Capture | 47.86 | 64.44 |
| Upside Capture | 19.04 | 101.53 |
| Correlation (SPY) | 4.0% | 23.6% |
INVX Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.46 | 0.22 | 0.16 | 0.55 | 0.80 | 0.96 |
| Up Beta | -3.90 | -2.35 | -1.05 | -0.43 | 0.25 | 0.88 |
| Down Beta | 1.03 | 1.07 | 1.10 | 0.60 | 1.18 | 1.16 |
| Up Capture | 108% | 16% | 38% | 93% | 107% | 58% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 17 | 32 | 67 | 135 | 382 |
| Down Capture | 164% | 113% | 76% | 88% | 73% | 100% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 24 | 31 | 58 | 116 | 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 | 60.8% | 41.7% | 1.24 | - |
| Sector ETF (XLE) | 32.2% | 20.9% | 1.23 | 51.9% |
| Equity (SPY) | 21.2% | 12.5% | 1.26 | 23.0% |
| Gold (GLD) | 21.9% | 27.8% | 0.70 | 11.9% |
| Commodities (DBC) | 25.0% | 18.7% | 1.06 | 27.7% |
| Real Estate (VNQ) | 12.7% | 13.9% | 0.62 | 12.1% |
| Bitcoin (BTCUSD) | -41.4% | 42.8% | -1.13 | 17.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVX | |
|---|---|---|---|---|
| INVX | -5.5% | 46.3% | 0.03 | - |
| Sector ETF (XLE) | 20.0% | 25.9% | 0.69 | 63.9% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 33.0% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 14.3% |
| Commodities (DBC) | 7.8% | 19.5% | 0.30 | 44.7% |
| Real Estate (VNQ) | 2.8% | 18.9% | 0.05 | 25.1% |
| Bitcoin (BTCUSD) | 12.1% | 53.5% | 0.41 | 13.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVX | |
|---|---|---|---|---|
| INVX | -7.6% | 46.6% | 0.00 | - |
| Sector ETF (XLE) | 9.9% | 29.6% | 0.37 | 65.1% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 40.9% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 6.9% |
| Commodities (DBC) | 6.4% | 18.0% | 0.28 | 44.0% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 29.4% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 9.6% |
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Returns Analyses
Earnings Returns History
Updated 6/5/2026| 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 | |||
|---|---|---|---|
| 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% |
| 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% |
Recent Forward Guidance
Updated 6/1/2026Latest: 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 | |
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 235.00 Mil | 240.00 Mil | 245.00 Mil | 2.1% | Raised | Guidance: 235.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA | 42.00 Mil | 44.50 Mil | 47.00 Mil | 4.7% | Raised | Guidance: 42.50 Mil for Q3 2025 | |
Insider Activity
Updated 6/3/2026| # | 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 |
| # | 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 | |
| 6 | Amberjack, Capital Partners, LP | Intervale Capital Fund II-A, L.P. | Sell | 2272026 | 24.59 | 116 | 2,853 | 9,812 | Form | |
| 7 | Amberjack, Capital Partners, LP | Intervale Capital Fund III, L.P. | Sell | 2272026 | 24.59 | 60,217 | 1,480,814 | 5,096,301 | Form | |
| 8 | 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 | |
| 9 | 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 | |
| 10 | Innovex, Co-Invest Fund, LP | Innovex Co-Invest Fund, L.P. | Sell | 2272026 | 24.59 | 271,279 | 6,671,103 | 22,959,028 | Form | |
| 11 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund II, L.P. | Sell | 2272026 | 24.59 | 234,009 | 5,754,586 | 19,804,726 | Form | |
| 12 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund II-A, L.P. | Sell | 2272026 | 24.59 | 116 | 2,853 | 9,812 | Form | |
| 13 | Innovex, Co-Invest Fund, LP | Intervale Capital Fund III, L.P. | Sell | 2272026 | 24.59 | 60,217 | 1,480,814 | 5,096,301 | Form | |
| 14 | Anderson, Adam | Chief Executive Officer | Direct | Sell | 2252026 | 28.50 | 18,837 | 536,854 | 13,302,204 | Form |
| 15 | Anderson, Adam | Chief Executive Officer | Direct | Sell | 2242026 | 27.00 | 13,241 | 357,507 | 13,110,687 | Form |
| 16 | Reddout, Mark | President of North America | Direct | Sell | 1152026 | 25.00 | 20,000 | 500,000 | 3,235,900 | Form |
| 17 | Anderson, Adam | Chief Executive Officer | Direct | Sell | 1152026 | 25.00 | 13,241 | 331,025 | 12,470,550 | Form |
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: 7/8/2026