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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $978M | $204M | $83M | $156M | 7.9% | 48.0% | -40.6% |
| 2024 | $661M | $185M | $140M | $80M | 14.6% | 18.9% | 89.8% |
| 2023 | $556M | $130M | $74M | $60M | 22.5% | 18.9% | 16.8% |
| 2022 | $467M | $102M | $63M | $-15M | 25.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 467.19 | 555.54 | 660.80 | 978.25 |
| Operating Revenue | - | 467.19 | 555.54 | 660.80 | 978.25 |
| Cost Of Revenue | - | 309.07 | 360.10 | 428.17 | 674.97 |
| Gross Profit | - | 158.12 | 195.44 | 232.63 | 303.28 |
| Operating Expense | - | 77.66 | 95.46 | 147.39 | 189.54 |
| Selling General And Administration | - | 59.19 | 72.80 | 116.18 | 128.79 |
| Total Expenses | - | 386.73 | 455.56 | 575.56 | 864.51 |
| Operating Income | - | 80.46 | 99.98 | 85.24 | 113.74 |
| Total Operating Income As Reported | - | 75.84 | 97.28 | 49.08 | 132.62 |
| EBITDA | - | 101.92 | 129.93 | 184.77 | 204.35 |
| Normalized EBITDA | - | 106.54 | 132.63 | 135.12 | 188.81 |
| EBIT | - | 76.96 | 99.87 | 145.24 | 131.11 |
| Interest Expense | - | 4.03 | 5.51 | 2.43 | 2.58 |
| Net Interest Income | - | -4.03 | -5.51 | -2.43 | -2.58 |
| Other Non Operating Income Expenses | - | 1.12 | -0.38 | -0.30 | 1.83 |
| Other Income Expense | - | -3.49 | -0.11 | 60 | 17.37 |
| Interest Expense Non Operating | - | 4.03 | 5.51 | 2.43 | 2.58 |
| Net Non Operating Interest Income Expense | - | -4.03 | -5.51 | -2.43 | -2.58 |
| Pretax Income | - | 72.93 | 94.37 | 142.81 | 128.53 |
| Tax Provision | - | 9.65 | 20.44 | 2.49 | 45.23 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.61 | -0.59 | 0.84 | 5.47 |
| Net Income Continuous Operations | - | 63.28 | 73.93 | 140.32 | 83.30 |
| Net Income From Continuing And Discontinued Operation | - | 63.28 | 73.93 | 140.32 | 83.30 |
| Net Income From Continuing Operation Net Minority Interest | - | 63.28 | 73.93 | 140.32 | 83.30 |
| Net Income | - | 63.28 | 73.93 | 140.32 | 83.30 |
| Net Income Common Stockholders | - | 63.28 | 73.93 | 140.32 | 83.30 |
| Net Income Including Noncontrolling Interests | - | 63.28 | 73.93 | 140.32 | 83.30 |
| Normalized Income | - | 67.28 | 76.04 | 91.52 | 73.23 |
| Diluted NI Availto Com Stockholders | - | 63.28 | 73.93 | 140.32 | 83.30 |
| Basic Average Shares | - | 15.18 | 15.18 | 49.73 | 69.01 |
| Diluted Average Shares | - | 15.62 | 15.62 | 50.63 | 69.38 |
| Reconciled Depreciation | - | 24.96 | 30.06 | 39.52 | 73.24 |
| Reconciled Cost Of Revenue | - | 302.58 | 352.70 | 419.86 | 662.47 |
| Total Unusual Items | - | -4.61 | -2.70 | 49.64 | 15.54 |
| Total Unusual Items Excluding Goodwill | - | -4.61 | -2.70 | 49.64 | 15.54 |
| Special Income Charges | - | -4.61 | -2.70 | 49.64 | 15.54 |
| Impairment Of Capital Assets | - | 0.96 | 0.27 | 3.52 | 3.43 |
| Restructuring And Mergern Acquisition | - | 2.94 | 2.33 | -52.51 | 20.86 |
| Depreciation Amortization Depletion Income Statement | - | 18.47 | 22.66 | 31.21 | 60.74 |
| Depreciation And Amortization In Income Statement | - | 18.47 | 22.66 | 31.21 | 60.74 |
| Gain On Sale Of Ppe | - | -0.71 | -0.11 | 0.65 | 39.83 |
| Rent Expense Supplemental | - | 11.86 | 9.08 | 13.69 | 53.17 |
| Earnings From Equity Interest | - | 0 | 2.98 | 10.65 | 0 |
| Amortization | 5.32 | 6.39 | - | - | - |
| Amortization Of Intangibles Income Statement | 5.32 | 6.39 | - | - | - |
| Depreciation Income Statement | 12.42 | 12.07 | - | - | - |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Innovex International, Inc.this co. | INVX | $1.9B | 23.39 | 1.84 | 7.9% | 8.93 |
| NextDecade Corporation | NEXT | $2.3B | -7.49 | 24.07 | -321.4% | -32.95 |
| Sable Offshore Corp. | SOC | $2.1B | - | 5.44 | -76.8% | - |
| ProPetro Holding Corp. | PUMP | $2.0B | 2462.81 | 2.43 | 0.1% | 11.21 |
| Expro Group Holdings N.V. | XPRO | $1.9B |
| - |
| - |
| - |
| - |
| - |
| - |
| 36.40 |
| 1.23 |
| 3.4% |
| 6.33 |
| Kosmos Energy Ltd. | KOS | $1.8B | -2.56 | 3.39 | -132.4% | 26.96 |
| Dorian LPG Ltd. | LPG | $1.7B | 8.95 | 1.52 | 17.0% | 7.24 |
| RPC, Inc. | RES | $1.6B | 50.16 | 1.46 | 2.9% | 6.69 |
| FLEX LNG Ltd. | FLNG | $1.6B | 21.41 | 2.23 | 10.4% | 12.30 |
| Peer Median | - | 21.41 | 2.33 | 1.5% | 7.24 | |