Quality Investor

Innovex International, Inc.

Rank #314Hypergrowth

INVX · NYSE · Energy

Innovex International, Inc. (INVX) — Rank #314 by gross profitability (GP/assets 0.23) · ROE 7.9% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001042893 · all metrics point-in-time as of the filing date.

About

Innovex International, Inc. designs, manufactures, sells, and rents mission critical engineered products to the oil and natural gas industry worldwide.

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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.

Industry
Oil & Gas Equipment & Services
Sector
Energy
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

INVX+23.8% · +4.4% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$2.08B

P/E (annual)

24.8

P/S (annual)

2.1

P/B

2.0

P/OCF (annual)

10.9

Shareholder Yield

-120.7%

Employees

2,160

Industry

Oil & Gas Equipment & Services

Exchange

NYSE

Signal Flags

3 green2 yellow1 red
Revenue growth acceleratingGrowth rate increasing year over year
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass
GP / assets
0.23
Return on equity
7.9%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.25
Current ratio
5.01×
Net cash

Cash Flow

1/1 pass
Positive FCF
N/A
Cash-backed earnings
N/A
Accruals healthy
PASS
SBC / revenue
1.4%

Growth

1/2 pass
Revenue growth
170.3%
Piotroski F-Score
N/A
Share dilution
120.7%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

1176.0xExpensive
10.0xmed 344.1x3394.0x

P / S

Price / revenue per share

1.9xCheap
1.9xmed 3.2x4.3x

P / B

Price / book value per share

0.9xCheap
0.9xmed 1.3x2.3x

P / GP

Price / gross profit per share

7.0xCheap
5.0xmed 11.0x14.2x

P / FCF

Price / free cash flow per share

N/A
10.5xmed 27.4x377.5x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.23

Primary signal (Novy-Marx).

31st pctl of 36 SIC 35 peers

Return on equity

7.9%

Gross margin

31.0%

20th pctl of 36 SIC 35 peers

Revenue growth (YoY)

170.3%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2020202120222023
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

Revenue CAGR (5Y)

Earnings CAGR (3Y)

9.6%

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.25

97th pctl of 36 SIC 35 peers (best = lowest)

Current ratio

5.01×

100th pctl of 36 SIC 35 peers

Quick ratio

2.93×

Net cash

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 16 years of history

Weak
2008-2009 (GFC)
-0.5%Mild decline
2020 (COVID)
-12.0%Significant decline
Worst year on record(any fiscal year, not recession-limited)
-36.2%Significant decline

Cash-flow health

Free cash flow

Operating cash flow minus capex.

Positive free cash flow

N/A

FCF / net income

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

N/A

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.4%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20182023
Decline
Capital Return
Op. Leverage