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Maker of Jenbacher and Waukesha gas engines used for distributed power generation, gas compression and backup power.
Maker of Jenbacher and Waukesha gas engines used for distributed power generation, gas compression and backup power.
Sells new gas engines in lumpy orders, then earns years of higher-margin parts, repair and engine-monitoring service on the engines already running, which is why the installed base matters. Advent International bought the business from GE in 2018.
In one line: A gas-engine specialist spun from GE's Distributed Power business.
Moat: narrow (installed base, IP / patents, switching costs). Large installed engine base drives recurring parts/service revenue; engines can run hydrogen blends.
Headquarters: Jenbach, Austria · Founded: 2018 · Employees: 4,925
Size Innio (INIO) is a United States Industrials company (Electrical Products) with a market value of $10.3B, the 758th largest of 3,117 United States companies the cockpit tracks. Shares closed at $13.77 on 6 Nov 2026.
Growth Revenue grew 22.1% over the last twelve months (peer median +11.7%); the operating margin is 13.5% (peer median 12.2%).
Valuation It trades at 17.5× forward earnings against a peer median of 17.0× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.9 points above its cost of capital (6.2% WACC).
Backlog Backlog (remaining performance obligations) was $10.9B at 30 Sep 2026. Backlog detail →
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | n/a | $2.64B | $2.16B | $2.02B |
| Revenue growth | — | +22% | +7% | — |
| Gross profit | n/a | $912M | $771M | $673M |
| EBITDA | n/a | $509M | $436M | $388M |
| Net income | n/a | $144M | $92.0M | $78.7M |
| Free cash flow | n/a | $397M | $324M | $85.3M |
| Capital expenditure | n/a | $171M | $86.6M | $78.2M |
| Total debt | $2.71B | $2.73B | $1.77B | $1.85B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Innio INIO | $10.3B | n/a | +22% | 13% | 17.5× | 6.5% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Cummins CMI | $62.0B | -34% | +3% | 11% | 13.8× | 11.6% |
| Wartsila Oyj Abp WRT1V.HE | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INIO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.3% | -14.2% | 6th lowest of 21 |
| Distance from 52-week high | -67.9% | -40.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +22.1% | +11.7% | 3rd highest of 20 |
| Operating margin | 13.5% | 12.2% | 8th highest of 20 |
| Forward P/E | 17.5× | 17.0× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.5% | 7.5% | 8th least demanding of 17 |
| Growth delivered (Del g) | +22.1% | +10.9% | 2nd highest of 16 |
| Hurdle (Req g minus delivered) | -15.6 pp | -1.3 pp | 4th least demanding of 16 |
| ROIC minus cost of capital | +8.9 pp | +11.0 pp | 10th highest of 19 |
| EV / EBITDA | 23.3× | 13.3× | 3rd most expensive of 11 |
| Net debt / EBITDA | 3.0× | 0.2× | 3rd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Innio INIO | United States | $10.3B | n/a | +22% | 13% | 17.5× | 6.5% | +22.1% |
| China Shipbuilding Industry Group Power 600482.SS | China | $10.3B | -21% | +13% | 7% | 23.4× | -19.6% | +16.5% |
| Goneo Group Co., Ltd.Class A 603195.SS | China | $10.4B | -15% | -2% | 25% | 17.4× | -2.1% | +9.8% |
| Generac GNRC | United States | $10.4B | -34% | +6% | 13% | 14.6× | 20.1% | +11.1% |
| Siemens Energy India ENRIN.NS | India | $10.6B | -11% | n/a | 20% | 60.1× | 27.3% | n/a |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Hd Hyundai Electric 267260.KS | South Korea | $9.71B | -71% | +21% | 25% | 15.0× | 0.7% | +17.6% |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |
| Acuity AYI | United States | $9.59B | +10% | +7% | 16% | 15.1× | 6.6% | +6.0% |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| Smiths SMIN.L | United Kingdom | $9.45B | +5% | -34% | 16% | 22.6× | 15.2% | -4.2% |
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Anker Innovations Technology 300866.SZ | China | $8.83B | -11% | +22% | 11% | 19.5× | 5.8% | +26.7% |
| Shanghai Electric 2727.HK | Hong Kong | $12.2B | -40% | +22% | n/a | 21.7× | -2.8% | -2.3% |
| Furukawa Electric 5801.T | Japan | $8.75B | -54% | +13% | 6% | 11.9× | n/a | n/a |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| Goldwind Science & Technology 002202.SZ | China | $8.58B | -45% | +11% | 6% | 16.6× | n/a | n/a |
| SUPCON Technology 688777.SS | China | $8.58B | -9% | -6% | -3% | 116.4× | n/a | n/a |
Innio reported $10.9B of remaining performance obligations at 30 Sep 2026 and up 24% from the previous quarter. Book-to-bill last quarter: 2.80.