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Innovex International
(NYSE:INVX)
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Rating:75Outperform
Price Target:
$31.00
▲(2.96% Upside)
Action:Reiterated
Date:08/04/26
INVX scores well on financial quality and strength (low leverage, strong equity base, solid profitability) and is supported by constructive technical momentum (price above key moving averages with positive MACD). The latest earnings call reinforced near-term outlook with Q3 guidance, strong free cash flow, and acquisition contribution, partially offset by margin/logistics headwinds and quarter-to-quarter variability. The biggest constraint on the overall score is valuation, with a high P/E and no dividend yield provided.
Positive Factors
Conservative Balance Sheet
Very low leverage and more than $1 billion of equity give Innovex substantial resilience through oilfield cycles. This financial capacity can support acquisitions, technology investment, and customer commitments without relying heavily on debt financing.
Negative Factors
Margin Compression
Recent margin compression shows that revenue growth is not fully converting into operating profit at prior levels. If this persists, it could limit earnings growth, reduce the benefit of commercial expansion, and require integration and efficiency gains to restore profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage and more than $1 billion of equity give Innovex substantial resilience through oilfield cycles. This financial capacity can support acquisitions, technology investment, and customer commitments without relying heavily on debt financing.
Read all positive factors
Innovex International Key Performance Indicators (KPIs)
Any
Revenue by Category
Breaks down Innovex International’s sales by product and service lines, revealing which offerings drive top-line growth and which contribute most to profit. Helps spot dependence on a small number of categories, identify underperforming products, and prioritize where the company should allocate resources or expand.
Breaks down Innovex International’s sales by product and service lines, revealing which offerings drive top-line growth and which contribute most to profit. Helps spot dependence on a small number of categories, identify underperforming products, and prioritize where the company should allocate resources or expand.
Data provided by:
The Fly
The FlyInnovex International (INVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.89B
Dividend YieldN/A
Average Volume (3M)753.37K
Price to Earnings (P/E)31.0
Beta (1Y)0.83
Revenue Growth15.03%
EPS Growth-69.48%
CountryUS
Employees2,160
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.89
Shares Outstanding69,935,830
10 Day Avg. Volume847,912
30 Day Avg. Volume753,370
Financial Highlights & Ratios
PEG Ratio-0.32
Price to Book (P/B)1.43
Price to Sales (P/S)1.54
P/FCF Ratio9.69
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$32.67Price Target Upside8.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.68
Revenue Forecast (FY)$1.03B
Innovex International Business Overview & Revenue Model
Company Description
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 penet...
Innovex International Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized multiple commercial wins (subsea awards, Mexico momentum), successful product deployments, a completed strategic acquisition (TCO), strong free cash flow and a clean balance sheet, and an encouraging Q3 guide — all outweighing the modest margin compression, Canada seasonality, logistic headwinds from the Middle East conflict, and project timing variability. Management expects further margin improvement through integration benefits, revenue mix shifts and operational efficiencies.Positive Updates
Revenue and Adjusted EBITDA at High End of Guidance
Q2 revenue of $245M (up 2% sequentially, up 9% year-over-year) and adjusted EBITDA of $48M, both at the high end of guidance; adjusted EBITDA margin of 20%.
Negative Updates
Adjusted EBITDA Margin Pressure
Adjusted EBITDA margin at 20% in Q2, down from 21% in Q1 2026 and Q2 2025, indicating modest margin compression quarter-over-quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Adjusted EBITDA at High End of Guidance
Q2 revenue of $245M (up 2% sequentially, up 9% year-over-year) and adjusted EBITDA of $48M, both at the high end of guidance; adjusted EBITDA margin of 20%.
Read all positive updates
Company Guidance
Innovex guided third-quarter 2026 revenue of $260–$270 million and adjusted EBITDA of $51–$57 million (implying a margin slightly above 20% at the midpoint), and said it included a full quarter contribution from the July 1 TCO acquisition of roughly $15 million of revenue and $3 million of EBITDA (leaving ~ $250 million implied from legacy Innovex), against a Q2 FY2026 baseline of $245 million revenue and $48 million adjusted EBITDA (20% margin), free cash flow of $30 million (63% of adjusted EBITDA), cash of ~$222 million and no bank debt; management reiterated capex of $7 million in Q2 (~2.7% of revenue; target 2–3%), trailing‑12‑month ROCE of 12% (long‑term target: high‑teens), and highlighted upside drivers for beating guidance including subsea awards converting, TCO cross‑selling, Canada seasonality reversing, and margin relief if ~$1.5 million of Middle East logistics headwinds ease.Innovex International Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
83
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 997.53M | 978.25M | 660.80M | 555.54M | 467.19M | 294.84M |
| Gross Profit | 276.17M | 242.54M | 232.63M | 195.44M | 158.12M | 87.40M |
| EBITDA | 168.10M | 191.85M | 184.77M | 129.93M | 101.92M | 33.59M |
| Net Income | 61.56M | 83.30M | 140.32M | 73.93M | 63.28M | 9.85M |
Balance Sheet | ||||||
| Total Assets | 1.33B | 1.27B | 1.20B | 475.30M | 436.29M | 284.89M |
| Cash, Cash Equivalents and Short-Term Investments | 222.06M | 203.41M | 73.28M | 7.41M | 8.42M | 9.74M |
| Total Debt | 74.55M | 120.27M | 91.07M | 84.91M | 114.58M | 39.22M |
| Total Liabilities | 269.25M | 210.61M | 239.33M | 146.38M | 185.01M | 104.34M |
| Stockholders Equity | 1.06B | 1.06B | 958.16M | 328.92M | 251.28M | 180.55M |
Cash Flow | ||||||
| Free Cash Flow | 124.23M | 155.78M | 79.84M | 60.38M | -15.39M | -8.47M |
| Operating Cash Flow | 157.48M | 190.91M | 93.44M | 75.86M | -5.81M | -2.02M |
| Investing Cash Flow | 48.75M | -18.74M | 78.44M | -32.43M | -37.52M | -22.06M |
| Financing Cash Flow | -53.26M | -44.92M | -103.07M | -44.56M | 42.28M | 10.05M |
Innovex International Technical Analysis
Negative
30.11
Price Trends
29.03
Negative
27.99
Negative
26.55
Positive
Market Momentum
-0.46
Positive
42.05
Neutral
17.27
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INVX, the sentiment is Negative. The current price of 30.11 is above the 20-day moving average (MA) of 28.91, above the 50-day MA of 29.03, and above the 200-day MA of 26.55, indicating a neutral trend. The MACD of -0.46 indicates Positive momentum. The RSI at 42.05 is Neutral, neither overbought nor oversold. The STOCH value of 17.27 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INVX.
Innovex International Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $1.89B | 31.00 | 5.88% | ― | 15.03% | -69.48% | |
66 Neutral | $2.57B | 26.69 | 9.43% | ― | 23.55% | 21.73% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $1.77B | 90.09 | 1.37% | 4.67% | -7.11% | -70.32% | |
51 Neutral | $1.50B | -12.55 | -10.04% | 2.08% | -8.11% | -822.25% |
* Energy Sector Average
INVX
Innovex International
27.52
9.08
49.24%
XPRO
Expro Group Holdings
16.30
4.43
37.32%
NESR
National Energy Services Reunited
24.94
14.77
145.42%
AESI
Atlas Energy Solutions
11.69
0.42
3.73%
Innovex International Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Innovex International completes secondary common stock offering
Neutral
Aug 10, 2026
On August 6, 2026, Innovex International entered into an underwriting agreement with affiliates of Amberjack Capital Partners and Barclays Capital for a secondary offering of 5,000,000 shares of its common stock by the selling stockholders at $28....
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Innovex International Reports Strong Q2 Results and Outlook
Positive
Aug 3, 2026
Innovex International reported on August 3, 2026, that second-quarter 2026 revenue rose to $245 million, up 2% sequentially and 9% year-on-year, with net income of $25 million and a 10% margin, Adjusted EBITDA of $48 million at a 20% margin, and F...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.