Innovex International (INVX) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NYSE•Energy•Oil & Gas Equipment & Services

GoodMetricSide Score: 67/100

ProfitabilityProfit8/25

GrowthGrowth14/25

Balance Sheet & Red FlagsBalance21/25

Cash & Earnings QualityCash24/25

Strongest: Cash & Earnings Quality (24/25); weakest: Profitability (8/25).

Price & Volume

Market Cap $1.95B

Innovex International, Inc. designs, manufactures, sells, and rents mission critical engineered products to the oil and natural gas industry worldwide. It provides drilling enhancement tools to optimize drilling performance, increase rate of penetration, and mitigate downhole challenges; and fishing and intervention which supports workover, intervention, drilling and completion activities, as well as manufactures and sells products including external catch tools, internal catch tools, and other related fishing and remedial tools. The company also offers well production solutions comprising products and services that enable artificial lift in wells and provides artificial lift accessory products and services, as well as wellhead penetrators, tubing hangers and adapters, ESP cable management, and spooling services; service, mileage, and others; subsea equipment and engineered systems for offshore applications, including subsea wellheads, subsea connectors, casing connectors, deepwater centralization solutions, and diverter systems; and surface wellhead systems. In addition, it provides well completion portfolio comprising products used to enable a well to be stimulated and put on production, such as liner hanger systems, toe initiation products, frac plugs, completion packers, casing flotation products, and related completion accessories; and well construction portfolio that consists of products designed to ensure the structural integrity of the wellbore. Further, the company offers products utilized to support effective cement placement between the wellbore and casing. It sells and rents its products to international and national oil companies, independent exploration and production companies, and multinational service companies. Its products have applications in the onshore and offshore oil and natural gas wells, including well construction, well completion, and well production and intervention. The company was founded in 2016 and is headquartered in Humble, Texas.

Moat Signals

Competitive analysis based on 63 quarters of fundamental data

Pricing Power

Weak Moat

Operating margins are under pressure, averaging 8.0%. The business may lack pricing power or face rising costs.'

Competitive Advantage

Weak Moat

ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.

Risk Signals

Data-driven red flags and warnings across 63 quarters

Some Concerns

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Healthy

FCF covers net income by 2.3x on average — earnings are well-supported by cash generation.

Leverage Risk

Healthy

D/E ratio is 0.0 — conservative capital structure with low financial risk.

Revenue Decline

Healthy

Revenue is stable or growing over recent quarters — demand appears durable.

Cash Burn

Healthy

Free cash flow is consistently positive — the business self-funds without external capital reliance.

Share Dilution

Red Flag

Shares outstanding increased 100.2% — significant dilution, likely from stock compensation or capital raises.

Metrics at a Glance

as of March 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $976.87M
Q. Revenue: $239.03M
TTM EBITDA: $150.96M
TTM Op. Income: $88.94M
Q. Op. Income: $-21.83M
TTM Net Income: $51.87M
Q. Net Income: $-16.67M
EPS: $-0.24
Shares Out.: $68.94M

$976.87M in TTM revenue grew 23.5% YoY, reaching $239.03M last quarter. TTM EBITDA of $150.96M and TTM operating income of $88.94M shows growth is flowing through. Net income of $51.87M TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a deteriorating trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -2.3%
Op. Margin: -9.1%
Net Margin: -7.0%

Op. margin of -9.1% is down 18.2% YoY — costs are rising relative to revenue. Net margin at -7.0%. Across the last 8 quarters, Operating margin has fallen for 2 consecutive quarters — a deteriorating trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 37.6x
P/S Ratio: 2.0x
P/B Ratio: 1.9x

At 37.6x P/E, the stock trades at a premium — the market expects above-average growth. P/S of 2.0x and P/B of 1.9x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory. Across the last 7 quarters, P/E has risen for 3 consecutive quarters — a deteriorating trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.29B
Cash: $200.71M
Long-Term Debt: $18.04M
Book Value: $1.03B
D/E Ratio: 0.0
Debt/EBITDA: N/A

With $1.29B in assets and $18.04M in long-term debt, the D/E of 0.0and book value of $1.03B — shows a conservative capital structure — the company has a strong financial cushion to weather downturns. Across the last 7 quarters, Debt/equity has fallen for 3 consecutive quarters — a improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $19.84M
TTM Free Cash Flow: $145.76M
FCF Margin: 14.9%
FCF / Net Income: 2.8

TTM FCF of $145.76M on $19.84M in operating cash flow. The FCF / Net Income ratio of 2.8x means earnings are well backed by actual cash — high-quality earnings. Over the past year, Free cash flow is up 29% — a deteriorating trend.