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Makes wellhead, production and downhole tools for onshore and offshore oil & gas drilling and completions.
Makes wellhead, production and downhole tools for onshore and offshore oil & gas drilling and completions.
Under the 2024 merger of Innovex Downhole Solutions and Dril-Quip, it combines onshore downhole tools, which are consumed and re-bought as each well is drilled, with offshore wellheads and subsea equipment ordered on project timelines. Orders follow oil and gas operators' drilling budgets.
Moat: narrow (IP / patents, installed base). Engineered, qualified equipment for specific well designs, but a competitive, cyclical equipment market.
Headquarters: Houston, Texas, United States · Founded: 2024 · Employees: 2,160
Size Innovex International (INVX) is a United States Energy company (Oilfield Services/Equipment) with a market value of $1.76B, the 1879th largest of 3,117 United States companies the cockpit tracks. Shares closed at $25.13 on 6 Nov 2026.
Performance Over six months the shares fell 5.5%, against -15.5% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +9.4%); the operating margin is 11.9% (peer median 7.6%).
Valuation It trades at 14.7× forward earnings against a peer median of 16.3× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 6% 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 0.0 points below its cost of capital (9.6% WACC).
Backlog Backlog (remaining performance obligations) was $2.40M at 30 Sep 2024, down 94% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 4.3% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.02B | $978M | $661M | $556M | $362M |
| Revenue growth | — | +48% | +19% | +53% | — |
| Gross profit | $279M | $243M | $201M | $173M | $95.9M |
| EBITDA | $196M | $187M | $125M | $130M | $19.6M |
| Net income | $48.6M | $83.3M | $140M | $73.9M | -$1.62M |
| Free cash flow | n/a | $156M | $79.8M | $60.4M | -$55.6M |
| Capital expenditure | n/a | $35.1M | $13.6M | $15.5M | $18.9M |
| Total debt | $75.1M | $79.3M | $91.1M | $84.9M | $5.00M |
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 |
|---|---|---|---|---|---|---|
| Innovex International INVX | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% |
| Baker Hughes BKR | $47.5B | -25% | +4% | 12% | 17.4× | 10.0% |
| NOV NOV | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% |
| Schlumberger SLB | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% |
| Weatherford International WFRD | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% |
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 | INVX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.9% | -15.4% | 7th highest of 21 |
| 6-month return | -5.5% | -15.5% | 5th highest of 20 |
| Distance from 52-week high | -25.4% | -35.5% | 5th highest of 21 |
| Revenue growth (TTM) | +7.0% | +9.4% | 10th lowest of 21 |
| Operating margin | 11.9% | 7.6% | 7th highest of 21 |
| Forward P/E | 14.7× | 16.3× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 5.7% | 3.6% | 7th most demanding of 15 |
| Growth delivered (Del g) | +21.8% | +9.7% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -16.1 pp | -7.7 pp | 3rd least demanding of 15 |
| ROIC minus cost of capital | -0.0 pp | -3.1 pp | 6th highest of 21 |
| EV / EBITDA | 8.4× | 6.6× | 6th most expensive of 17 |
| Net debt / EBITDA | -0.6× | 1.0× | least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |
| Expro XPRO | United States | $1.47B | -14% | -5% | 4% | 18.0× | 13.9% | +18.9% |
| BW Energy BWE.OL | Norway | $1.30B | -15% | -25% | 26% | 13.1× | n/a | n/a |
| Hornbeck Offshore Services HOS | United States | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% | +12.0% |
| RPC RES | United States | $1.18B | -22% | +18% | 3% | 17.9× | 12.2% | +22.1% |
| Jiangsu Hongtian Technology 603800.SS | China | $1.11B | -32% | -27% | -15% | 62.3× | 32.4% | +5.1% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |
| Flotek Industries FTK | United States | $886M | +45% | +59% | 13% | 21.9× | n/a | n/a |
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| Total Energy Services TOT.TO | Canada | $851M | +41% | +22% | 9% | 9.7× | 3.7% | +23.8% |
| Bomesc Offshore Engineering 603727.SS | China | $823M | +6% | -12% | -7% | 249.4× | -9.1% | -6.1% |
| Forum Energy Technologies FET | United States | $800M | +30% | +11% | 7% | 12.9× | 3.5% | +9.1% |
| ProPetro PUMP | United States | $785M | -59% | -6% | 0% | 35.1× | n/a | n/a |
| Viridien VIRI.PA | France | $763M | -16% | -14% | 11% | 22.9× | -2.9% | +4.1% |
| Kodiak Gas Services KGS | United States | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% | +19.7% |
| Hunting HTG.L | United Kingdom | $714M | -25% | -12% | 7% | 14.3× | 17.8% | +9.6% |
| Toyo Engineering 6330.T | Japan | $711M | -16% | -31% | -10% | 14.2× | -2.1% | -0.1% |
| Shandong Molong Petroleum Machinery 002490.SZ | China | $704M | -33% | +51% | 0% | n/a | n/a | n/a |
Innovex International reported $2.40M of remaining performance obligations at 30 Sep 2024, down 94% from a year earlier and down 94% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.75.