Innovex International, Inc. INVX
Innovex designs, manufactures, sells and rents mission critical engineered products to the global oil and natural gas industry. Our vision has been to create a global leader in well-centric products and technologies through organic, customer-linked innovations and disciplined acquisitions to drive leading returns for our investors.
On September 6, 2024, the transactions contemplated in the Merger Agreement, dated as of March 18, 2024 (the "Merger Agreement"), between Innovex Downhole Solutions, Inc. ("Legacy Innovex") and Dril-Quip, Inc. ("Dril-Quip") (the "Merger") were consummated. Following the Merger, Legacy Innovex became a wholly owned subsidiary of Dril-Quip, and the name "Dril-Quip, Inc." was changed to "Innovex International, Inc.". In connection with the consummation of the Merger, the outstanding shares of common stock, par value $0.01 per share, of Legacy Innovex (the "Legacy Innovex Common Stock") were converted into the right to receive 32,183,966 shares of common stock, par value $0.01 per share, of the Company (the "Company Common Stock"). The number of shares of Company Common Stock received for each share of Legacy Innovex Common Stock by the Legacy Innovex stockholders was equal to 2.0125.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $978.3M | $660.8M | $555.5M | $467.2M | $322.4M | $334.4M | $414.8M | $384.6M | $455.5M | $538.7M |
| Cost of revenue | $675.0M | $428.2M | $360.1M | $309.1M | $309.3M | $269.7M | $295.0M | $293.6M | $330.2M | $328.4M |
| Gross profit | $303.3M | $232.6M | $195.4M | $158.1M | $13.2M | $64.7M | $119.8M | $91.1M | $125.2M | $210.3M |
| R&D | $6.7M | $3.7M | $3.0M | $2.5M | — | — | — | — | — | — |
| SG&A | $128.8M | $116.2M | $72.8M | $59.2M | $115.0M | $95.1M | $98.4M | $102.1M | $113.6M | $53.2M |
| Total operating expenses | — | — | $418.8M | $361.5M | $447.8M | $428.5M | $412.0M | $507.4M | $524.6M | $425.9M |
| Operating income | $132.6M | $49.1M | $97.3M | $75.8M | -$125.3M | -$63.6M | $2.8M | -$122.7M | -$69.1M | $112.9M |
| Interest expense | $2.6M | $2.4M | $5.5M | $4.0M | $212.0K | $621.0K | $314.0K | $291.0K | $72.0K | $28.0K |
| Pre-tax income | $128.5M | $142.8M | $94.4M | $72.9M | -$125.5M | -$62.0M | $10.4M | -$115.0M | -$65.6M | $115.9M |
| Income tax | $45.2M | $2.5M | $20.4M | $9.7M | $2.9M | $31.3M | $8.7M | $19.3M | $35.0M | $22.6M |
| Net income | $83.3M | $140.3M | $73.9M | $63.3M | -$128.5M | -$30.8M | $1.7M | -$95.7M | -$100.6M | $93.2M |
| EPS, basic | 1.21 | 2.82 | 2.39 | 2.07 | -3.63 | -0.87 | 0.05 | -2.58 | -2.69 | 2.48 |
| EPS, diluted | 1.20 | 2.77 | 2.29 | 2.01 | -3.63 | -0.87 | 0.05 | -2.58 | -2.69 | 2.47 |
| Shares, diluted (wtd. avg.) | $69.4M | $50.6M | $32.3M | $31.4M | $35.3M | $35.3M | $36.2M | $37.1M | $37.5M | $37.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $203.4M | $73.3M | $7.4M | $259.4M | $355.5M | $346.0M | $398.9M | $418.1M | $493.2M | $423.5M |
| Short-term investments | — | — | $25.9M | $32.2M | $0 | — | — | — | — | — |
| Receivables | $237.8M | $239.5M | $118.4M | $90.9M | $100.5M | $116.2M | $107.6M | $118.7M | $191.6M | $213.5M |
| Inventory | $248.4M | $271.2M | $141.2M | $146.0M | $145.7M | $212.5M | $205.1M | $191.2M | $291.1M | $355.4M |
| Total current assets | $728.0M | $641.4M | $288.3M | $750.0M | $745.1M | $863.2M | $880.5M | $853.0M | $1.01B | $1.06B |
| Property, plant and equipment | $158.9M | $190.8M | $52.4M | $181.3M | $216.2M | $234.8M | $258.5M | $274.1M | $284.2M | $323.1M |
| Goodwill | $99.7M | $60.2M | $23.9M | $23.9M | — | — | $7.9M | $7.7M | $47.6M | $34.4M |
| Other intangibles | $116.2M | $108.4M | $41.8M | $23.3M | $26.4M | $29.4M | $32.2M | $35.0M | $38.4M | $29.6M |
| Total assets | $1.27B | $1.20B | $475.3M | $970.0M | $1.01B | $1.15B | $1.21B | $1.19B | $1.40B | $1.46B |
| Accounts payable | $60.7M | $65.2M | $32.0M | $43.0M | $35.2M | $37.4M | $46.3M | $26.7M | $33.5M | $36.1M |
| Total current liabilities | $148.2M | $162.7M | $78.6M | $87.6M | $93.7M | $85.5M | $96.9M | $81.5M | $99.9M | $101.5M |
| Long-term debt | — | $25.4M | — | — | — | — | — | — | — | — |
| Total liabilities | $210.6M | $239.3M | $146.4M | $97.6M | $113.3M | $109.6M | $115.9M | $96.3M | $105.3M | $105.0M |
| Retained earnings | $285.3M | $211.2M | $145.9M | $950.2M | $973.1M | $1.13B | $1.18B | $1.21B | $1.40B | $1.50B |
| Total equity | $1.06B | $958.2M | $328.9M | $251.3M | $180.6M | $1.04B | $1.09B | $1.10B | $1.29B | $1.36B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $190.9M | $93.4M | $75.9M | -$5.8M | $38.4M | -$21.1M | $14.7M | $45.5M | $108.0M | $246.5M |
| Depreciation and amortisation | $60.7M | $31.2M | $22.7M | $18.5M | $30.4M | $32.4M | $34.0M | $35.3M | $41.0M | $31.9M |
| Stock-based compensation | $13.8M | $13.2M | $2.0M | $907.0K | $14.9M | $12.9M | $15.7M | $13.5M | $14.3M | $12.2M |
| Capital expenditure | — | — | $32.6M | $18.9M | $10.0M | $11.9M | $11.5M | $32.1M | $27.6M | $25.8M |
| Investing cash flow | -$18.7M | $78.4M | -$32.4M | -$37.5M | -$3.2M | -$5.6M | -$8.5M | -$15.2M | -$44.9M | -$157.8M |
| Financing cash flow | -$44.9M | -$103.1M | -$44.6M | $42.3M | -$24.3M | -$25.2M | -$24.6M | -$99.2M | $560.0K | -$21.9M |
| Dividends paid | $0 | $75.0M | $0 | $0 | — | — | — | — | — | — |
| Buybacks | — | — | $0 | $20.8M | $24.2M | $25.0M | $26.6M | $100.0M | $0 | $24.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-067228.
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