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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
Innovex International reported revenue of $978M in the fiscal year ended Dec 2025, up 48.0% from the year before. Operating income was $133M, an operating margin of 13.6%, and net income was $83M. It held more cash than debt (net cash $184M).
Ranks among the 18 oil & gas equipment & services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 288 | 467 | 556 | 661 | 978 |
| Cost of revenue | 309 | 309 | 360 | 428 | 675 |
| Gross profit | −21.4 | 158 | 195 | 233 | 303 |
| Research & development | – | 2.5 | 3.0 | 3.7 | 6.7 |
| Selling, general & admin | 115 | 59.2 | 72.8 | 116 | 129 |
| Operating income | −125 | 75.8 | 97.3 | 49.1 | 133 |
| Net interest incomeBanks | −0.2 | 4.2 | 8.2 | – | – |
| Interest expense | 0.8 | 4.0 | 5.5 | 2.4 | 2.6 |
| Pre-tax income | −126 | 72.9 | 94.4 | 143 | 129 |
| Income tax | 2.9 | 9.7 | 20.4 | 2.5 | 45.2 |
| Net income | −128 | 63.3 | 73.9 | 140 | 83.3 |
| Diluted EPS | −3.63 | 2.01 | 2.29 | 2.77 | 1.20 |
| Diluted shares | 35.3 | 31.4 | 32.3 | 50.6 | 69.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 355 | 259 | 187 | 73.3 | 203 |
| Receivables | 100 | 90.9 | 118 | 240 | 238 |
| Inventory | 146 | 146 | 141 | 271 | 248 |
| Current assets | 745 | 750 | 288 | 641 | 728 |
| Net PP&E | 216 | 181 | 52.4 | 191 | 159 |
| Goodwill | – | 23.9 | 23.9 | 60.2 | 99.7 |
| Total assets | 1,010 | 970 | 475 | 1,197 | 1,268 |
| Payables | 35.2 | 43.0 | 32.0 | 65.2 | 60.7 |
| Deferred revenue | 9.7 | 8.0 | 0.0 | 13.5 | 12.0 |
| Current liabilities | 93.7 | 87.6 | 78.6 | 163 | 148 |
| Long-term debt | – | – | 40.6 | 25.4 | 18.9 |
| Total liabilities | 113 | 97.6 | 146 | 239 | 211 |
| Shareholders' equity | 181 | 251 | 329 | 958 | 1,058 |
| Backlog (remaining obligations) | 65.8 | 75.1 | 43.0 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 38.4 | −5.8 | 75.9 | 93.4 | 191 |
| Capital expenditure | 10.0 | 18.9 | 32.6 | – | – |
| Free cash flow | 28.4 | −24.7 | 43.2 | – | – |
| Depreciation & amortisation | 30.4 | 18.5 | 22.7 | 31.2 | 60.7 |
| Stock-based compensation | 14.9 | 0.9 | 2.0 | 13.2 | 13.8 |
| Acquisitions | 0.0 | 0.0 | 82.3 | – | – |
| Share buybacks | 24.2 | 20.8 | 0.0 | – | – |
| Dividends paid | – | 0.0 | 0.0 | 75.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 62.3% | 18.9% | 18.9% | 48.0% |
| Operating income growth (YoY) | – | – | 28.3% | −49.6% | 170.2% |
| EPS growth (YoY) | – | – | 13.9% | 21.0% | −56.7% |
| Gross margin | −7.4% | 33.8% | 35.2% | 35.2% | 31.0% |
| Operating margin | −43.5% | 16.2% | 17.5% | 7.4% | 13.6% |
| Net margin | −44.6% | 13.5% | 13.3% | 21.2% | 8.5% |
| Return on equityBlank when equity is negative | −71.2% | 25.2% | 22.5% | 14.6% | 7.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −13.7% | 8.6% | 24.5% | 4.7% | 11.8% |
| Free cash flow margin | 9.9% | −5.3% | 7.8% | – | – |
| Cash conversion (CFO ÷ net income) | −0.30x | −0.09x | 1.03x | 0.67x | 2.29x |
| Receivable days | 127 | 71 | 78 | 132 | 89 |
| Inventory days | 172 | 172 | 143 | 231 | 134 |
| Payable days | 42 | 51 | 32 | 56 | 33 |
| Interest cover | −159x | 18.8x | 17.7x | 20.2x | 51.4x |
| Debt ÷ equity | – | – | 0.12x | 0.03x | 0.02x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | −147 | −47.8 | −184 |
| Current ratio | 7.95x | 8.57x | 3.67x | 3.94x | 4.91x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.