Revenue growth has stalled into a 0.6% contraction as of 2026Q1, while operating margins have simultaneously compressed to 11.1% from a 17.4% peak in 2024.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 976.87M | 978.25M | 660.8M | 555.54M | 467.19M | 294.84M | 364.97M | 414.81M | 384.63M | 455.47M | 538.73M | 844.31M | 930.96M | 872.37M | 733.03M | 601.34M | 566.25M | 540.2M | 542.77M | 495.56M | 442.74M | 340.83M | 221.59M |
| Revenue Growth % | 26.34% | 48.04% | 18.95% | 18.91% | 58.45% | -19.22% | -12.01% | 7.85% | -15.55% | -15.46% | -36.19% | -9.31% | 6.72% | 19.01% | 21.9% | 6.2% | 4.82% | -0.47% | 9.53% | 11.93% | 29.9% | 53.81% | - |
| Cost of Goods Sold | 696.4M | 735.71M | 428.17M | 360.1M | 309.07M | 207.44M | 269.88M | 295.37M | 271.5M | 305.39M | 328.4M | 459.29M | 513.53M | 513.91M | 451.67M | 361.85M | 322.61M | 310.29M | 312.3M | 285.28M | 256.69M | 229.85M | 153.43M |
| COGS % of Revenue | - | 75.21% | 64.8% | 64.82% | 66.16% | 70.36% | 73.95% | 71.21% | 70.59% | 67.05% | 60.96% | 54.4% | 55.16% | 58.91% | 61.62% | 60.17% | 56.97% | 57.44% | 57.54% | 57.57% | 57.98% | 67.44% | 69.24% |
| Gross Profit | 280.46M | 242.54M | 232.63M | 195.44M | 158.12M | 87.4M | 95.09M | 119.44M | 113.13M | 150.07M | 210.33M | 385.02M | 417.43M | 358.47M | 281.37M | 239.49M | 243.64M | 229.91M | 230.47M | 210.28M | 186.05M | 110.98M | 68.15M |
| Gross Margin % | 28.71% | 24.79% | 35.2% | 35.18% | 33.84% | 29.64% | 26.05% | 28.79% | 29.41% | 32.95% | 39.04% | 45.6% | 44.84% | 41.09% | 38.38% | 39.83% | 43.03% | 42.56% | 42.46% | 42.43% | 42.02% | 32.56% | 30.76% |
| Gross Profit Growth % | - | 4.26% | 19.03% | 23.6% | 80.92% | -8.09% | -20.39% | 5.58% | -24.62% | -28.65% | -45.37% | -7.76% | 16.45% | 27.4% | 17.48% | -1.7% | 5.97% | -0.24% | 9.6% | 13.02% | 67.65% | 62.84% | - |
| Operating Expenses | 158.38M | 128.79M | 183.56M | 98.16M | 82.27M | 73.32M | 113.79M | 113.75M | 144.46M | 158.41M | 123.07M | 140.09M | 143.18M | 134.92M | 119.67M | 109.86M | 90.27M | 87.87M | 88.76M | 74.89M | 65.17M | 61.78M | 50.48M |
| OpEx % of Revenue | - | 13.17% | 27.78% | 17.67% | 17.61% | 24.87% | 31.18% | 27.42% | 37.56% | 34.78% | 22.84% | 16.59% | 15.38% | 15.47% | 16.33% | 18.27% | 15.94% | 16.27% | 16.35% | 15.11% | 14.72% | 18.13% | 22.78% |
| Selling, General & Admin | 138.19M | 128.79M | 116.18M | 72.8M | 59.19M | 55.58M | 94.87M | 96.42M | 105.04M | 116.25M | 78.74M | 91.94M | 97.26M | 94.81M | 82.22M | 75.23M | 61.07M | 60.7M | 62.39M | 52.31M | 45.62M | 40.92M | 33.38M |
| SG&A % of Revenue | - | 13.17% | 17.58% | 13.1% | 12.67% | 18.85% | 25.99% | 23.24% | 27.31% | 25.52% | 14.62% | 10.89% | 10.45% | 10.87% | 11.22% | 12.51% | 10.78% | 11.24% | 11.49% | 10.56% | 10.3% | 12% | 15.07% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 18.92M | 17.33M | 39.42M | 42.16M | 44.33M | 48.15M | 45.92M | 40.12M | 37.45M | 34.63M | 29.2M | 27.17M | 26.37M | 22.58M | 19.56M | 20.87M | 17.09M |
| R&D % of Revenue | - | - | - | - | - | - | 5.18% | 4.18% | 10.25% | 9.26% | 8.23% | 5.7% | 4.93% | 4.6% | 5.11% | 5.76% | 5.16% | 5.03% | 4.86% | 4.56% | 4.42% | 6.12% | 7.71% |
| Other Operating Expenses | 1000K | 0 | 67.38M | 25.36M | 23.08M | 17.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 105.86M | 113.75M | 49.08M | 97.28M | 75.84M | 14.08M | -18.7M | 5.69M | -31.33M | -8.34M | 87.26M | 244.94M | 274.25M | 223.54M | 161.69M | 129.64M | 153.37M | 142.04M | 141.71M | 135.38M | 120.88M | 49.2M | 17.68M |
| Operating Margin % | 10.84% | 11.63% | 7.43% | 17.51% | 16.23% | 4.77% | -5.12% | 1.37% | -8.15% | -1.83% | 16.2% | 29.01% | 29.46% | 25.62% | 22.06% | 21.56% | 27.09% | 26.29% | 26.11% | 27.32% | 27.3% | 14.43% | 7.98% |
| Operating Income Growth % | - | 131.78% | -49.55% | 28.27% | 438.77% | 175.27% | -428.8% | 118.15% | -275.89% | -109.55% | -64.37% | -10.69% | 22.68% | 38.25% | 24.72% | -15.47% | 7.98% | 0.23% | 4.67% | 12% | 145.7% | 178.3% | - |
| EBITDA | 176.07M | 174.49M | 88.6M | 127.34M | 100.8M | 31.81M | 13.69M | 39.71M | 3.98M | 32.64M | 119.12M | 275.41M | 305.4M | 252.88M | 187.92M | 152.65M | 174.25M | 160.04M | 158.57M | 151.04M | 135.97M | 62.62M | 29.46M |
| EBITDA Margin % | 18.02% | 17.84% | 13.41% | 22.92% | 21.58% | 10.79% | 3.75% | 9.57% | 1.03% | 7.17% | 22.11% | 32.62% | 32.81% | 28.99% | 25.64% | 25.39% | 30.77% | 29.63% | 29.21% | 30.48% | 30.71% | 18.37% | 13.29% |
| EBITDA Growth % | 77.26% | 96.94% | -30.42% | 26.33% | 216.87% | 132.42% | -65.53% | 898.19% | -87.81% | -72.6% | -56.75% | -9.82% | 20.77% | 34.57% | 23.1% | -12.39% | 8.88% | 0.93% | 4.98% | 11.09% | 117.12% | 112.59% | - |
| D&A (Non-Cash Add-back) | 70.21M | 60.74M | 39.52M | 30.06M | 24.96M | 17.73M | 32.39M | 34.02M | 35.31M | 40.97M | 31.86M | 30.48M | 31.16M | 29.34M | 26.22M | 23.01M | 20.88M | 18M | 16.85M | 15.65M | 15.09M | 13.43M | 11.78M |
| EBIT | 135.59M | 131.11M | 145.24M | 99.87M | 76.96M | 15.85M | -61.43M | 10.74M | -114.99M | -65.64M | 115.87M | 249.77M | 279.38M | 224.13M | 162.15M | 130.06M | 139.03M | 142.55M | 145.17M | 146.66M | 126.04M | 49.2M | 18.31M |
| Net Interest Income | -1.49M | -2.58M | -2.43M | -5.51M | -4.03M | -2.15M | 1.51M | 7.63M | 0 | 0 | 0 | 0 | 0 | 552K | 430K | 365K | 190K | 351K | 3.27M | 7.91M | 2.96M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 2.13M | 7.94M | 8.04M | 3.56M | 3.04M | 948K | 667K | 587K | 462K | 418K | 321K | 507K | 3.45M | 8.28M | 3.63M | 0 | 0 |
| Interest Expense | 1.49M | 2.58M | 2.43M | 5.51M | 4.03M | 2.15M | 621K | 314K | 0 | 0 | 0 | 0 | 0 | 35K | 32K | 53K | 131K | 156K | 182K | 370K | 669K | 1.79M | 1.1M |
| Other Income/Expense | -20.29M | 14.78M | 93.74M | -2.92M | -2.91M | -382K | -43.35M | 4.74M | -83.66M | -57.31M | 28.61M | 4.84M | 5.13M | 552K | 430K | 365K | -14.47M | 351K | 3.27M | 10.9M | 4.49M | -1.79M | -464K |
| Pretax Income | 85.57M | 128.53M | 142.81M | 94.37M | 72.93M | 13.7M | -62.05M | 10.43M | -114.99M | -65.64M | 115.87M | 249.77M | 279.38M | 224.1M | 162.12M | 130M | 138.9M | 142.39M | 144.98M | 146.29M | 125.37M | 47.41M | 17.21M |
| Pretax Margin % | 8.76% | 13.14% | 21.61% | 16.99% | 15.61% | 4.64% | -17% | 2.51% | -29.9% | -14.41% | 21.51% | 29.58% | 30.01% | 25.69% | 22.12% | 21.62% | 24.53% | 26.36% | 26.71% | 29.52% | 28.32% | 13.91% | 7.77% |
| Income Tax | 33.7M | 45.23M | 2.49M | 20.44M | 9.65M | 3.84M | -31.28M | 8.71M | -19.29M | 34.99M | 22.65M | 57.76M | 70.67M | 54.27M | 42.91M | 34.74M | 36.68M | 37.25M | 39.4M | 38.35M | 38.48M | 14.84M | 4.74M |
| Effective Tax Rate % | 39.38% | 35.19% | 1.74% | 21.66% | 13.23% | 28.05% | 50.41% | 83.51% | 16.78% | -53.31% | 19.55% | 23.13% | 25.29% | 24.22% | 26.47% | 26.72% | 26.4% | 26.16% | 27.17% | 26.21% | 30.69% | 31.31% | 27.54% |
| Net Income | 51.87M | 83.3M | 140.32M | 73.93M | 63.28M | 9.85M | -30.77M | 1.72M | -95.69M | -100.64M | 93.22M | 192.01M | 208.71M | 169.83M | 119.21M | 95.27M | 102.23M | 105.14M | 105.58M | 107.94M | 86.89M | 32.57M | 12.47M |
| Net Margin % | 5.31% | 8.52% | 21.24% | 13.31% | 13.54% | 3.34% | -8.43% | 0.41% | -24.88% | -22.1% | 17.3% | 22.74% | 22.42% | 19.47% | 16.26% | 15.84% | 18.05% | 19.46% | 19.45% | 21.78% | 19.63% | 9.56% | 5.63% |
| Net Income Growth % | -62.59% | -40.64% | 89.82% | 16.83% | 542.22% | 132.02% | -1888.84% | 101.8% | 4.91% | -207.96% | -51.45% | -8% | 22.9% | 42.46% | 25.13% | -6.81% | -2.77% | -0.42% | -2.18% | 24.23% | 166.81% | 161.1% | - |
| Net Income (Continuing) | 51.87M | 83.3M | 140.32M | 73.93M | 63.28M | 9.85M | -30.77M | 1.72M | -95.69M | -100.64M | 93.22M | 192.01M | 208.71M | 169.83M | 119.21M | 95.27M | 102.23M | 105.14M | 105.58M | 107.94M | 86.89M | 32.57M | 12.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.75 | 1.20 | 2.77 | 1.46 | 4.05 | 0.28 | -0.87 | 0.05 | -2.58 | -2.69 | 2.47 | 4.98 | 5.19 | 4.16 | 2.94 | 2.36 | 2.55 | 2.66 | 2.62 | 2.63 | 2.15 | 0.90 | 0.36 |
| EPS Growth % | -73.31% | -56.68% | 89.73% | -63.95% | 1346.43% | 132.18% | -1927.73% | 101.85% | 4.09% | -208.91% | -50.4% | -4.05% | 24.76% | 41.5% | 24.58% | -7.45% | -4.14% | 1.53% | -0.38% | 22.33% | 138.89% | 150% | - |
| EPS (Basic) | - | 1.21 | 2.82 | 2.07 | 4.17 | 0.28 | -0.87 | 0.05 | -2.58 | -2.69 | 2.48 | 5.00 | 5.22 | 4.18 | 2.96 | 2.38 | 2.57 | 2.68 | 2.65 | 2.67 | 2.21 | 0.93 | 0.36 |
| Diluted Shares Outstanding | 68.94M | 69.38M | 50.63M | 50.56M | 15.62M | 35.28M | 35.26M | 36.15M | 37.08M | 37.46M | 37.67M | 38.53M | 40.19M | 40.87M | 40.52M | 40.32M | 40.06M | 39.54M | 40.29M | 41.01M | 40.34M | 36.21M | 34.74M |
| Basic Shares Outstanding | 68.94M | 69.01M | 49.73M | 35.78M | 15.18M | 35.28M | 35.26M | 35.84M | 37.08M | 37.46M | 37.54M | 38.36M | 39.96M | 40.65M | 40.33M | 40.07M | 39.83M | 39.16M | 39.92M | 40.45M | 39.34M | 35.28M | 34.59M |
| Dividend Payout Ratio | - | - | 53.44% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical Revenue Volatility
As reported in recent financial statements, INVX experienced a sharp deceleration in top-line expansion, moving from peak quarterly growth rates of 88.2% in 2024Q4 to a contraction of 0.6% by 2026Q1, signaling a potential exhaustion of the previous demand cycle for specialized downhole tools.
The rapid revenue growth observed throughout 2024 and early 2025 appears to have been driven by aggressive market share capture in the Permian Basin. However, the recent shift to negative growth suggests that the company's reliance on US land-based drilling activity is becoming a significant constraint as rig counts stabilize or decline.
Based on reported figures, gross margins have trended downward from a high of 38.4% in 2024Q1 to 35.4% in 2026Q1, indicating that the company is struggling to maintain pricing power amidst a more competitive and cost-sensitive environment for oilfield equipment and services.
The erosion in gross margin suggests that the company may be facing increased input costs or a shift in product mix toward lower-margin rental services. Investors should monitor whether the company can successfully pass through material surcharges to E&P customers to stabilize these structural profitability levels.
According to quarterly income statement data, operating margins have fluctuated significantly, dropping from 17.4% in early 2024 to 11.1% in 2026Q1, which implies that the company is failing to achieve meaningful operating leverage as revenue growth stalls and fixed costs remain relatively sticky.
The inability to scale operating income in proportion to revenue suggests that the company's cost structure is heavily weighted toward fixed overheads. This lack of operating leverage may exacerbate earnings volatility during periods of industry-wide CAPEX contraction.
As indicated by the reported net income figures, earnings quality appears inconsistent, with significant swings ranging from a $82.6 million profit in 2024Q3 to a $16.7 million loss in 2026Q1, largely driven by non-operating items and lumpy revenue recognition patterns.
The wide variance in net income suggests that headline EPS may not accurately reflect the underlying operational health of the business. Analysts should adjust for these non-recurring items to better understand the core profitability of the company's specialized tool portfolio.
Based on an analysis of the income statement, the primary risk to the current valuation is the potential for sustained margin compression, as the company's high variable cost structure leaves it vulnerable to rapid earnings degradation if US drilling activity continues to soften.
Short-sellers may focus on the company's geographic concentration and the potential for inventory obsolescence as completion techniques evolve. The recent merger integration also introduces execution risk that could further weigh on margins if operational synergies fail to materialize as expected.
Quick answers to the most common questions about buying INVX stock.
For fiscal year 2025, Innovex International, Inc. (INVX) reported total revenue of $978.3M. This represents a 341.5% increase compared to $221.6M in 2004.
Innovex International, Inc. (INVX) is profitable, generating $83.3M in net income for the fiscal year ending 2025 with a net profit margin of 8.5%.
Innovex International, Inc. (INVX) reported an operating income of $113.7M, resulting in an operating profit margin of 11.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Innovex International, Inc. (INVX) generated $242.5M in gross profit for the year, representing a gross profit margin of 24.8%. This demonstrates the company's core pricing power and production efficiency.