At a glance
Innovex International, Inc is worth $2.12B, about 25 times its fiscal 2025 earnings. Revenue grew 48.0% to $978.3M in fiscal 2025, with 8.5% kept as profit; over 3 years it has grown 27.9% a year. It pays no dividend; it spent $54.3M buying back its shares over FY2021–FY2025. The stock returned +46.9% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Innovex International makes and rents engineered tools for oil and gas wells. Most work downhole, meaning inside the well, across its life: construction, completion, production and repair. Many are used up on the job, so demand tracks drilling activity. The company calls its pitch "Big Impact, Small Ticket": parts that cost little next to the time and money they can save on a well. Customers range from international and national oil companies to exploration and production firms and oilfield service companies.
In 2025, revenue was $978.3 million. About 70% came from product sales, 17% from renting tools and 13% from services at the well site. Onshore U.S. and Canada brought in about 52%, and international and offshore markets the other 48%. By location, the U.S. accounted for about 44%, U.S. offshore another 11.5%, Canada about 9% and East and Central Africa about 8%.
The company took the Innovex name in September 2024, when Dril-Quip merged with Innovex Downhole Solutions and renamed itself. It has since taken full ownership of Downhole Well Solutions and bought Citadel Casing Solutions and SCF Machining, which gives it a low-cost machining supplier in Vietnam. Innovex sizes the 2025 market for its products at $8.0 billion and estimates it held about 15% of the onshore U.S. and Canada slice and 10% of the rest.
Price history
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INVX +46.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $685.3M | 70.1% |
| Leasing | $166.7M | 17% |
| Service | $126.3M | 12.9% |
By geography
| US | $428.4M | 43.8% |
| United States Offshore | $112.3M | 11.5% |
| Other MEAP | $102.7M | 10.5% |
| CA | $87.0M | 8.9% |
| East And Central Africa | $81.6M | 8.3% |
| SA | $69.6M | 7.1% |
| BR | $39.7M | 4.1% |
| MX | $38.0M | 3.9% |
| AR | $9.5M | 1% |
| Latin America | $9.4M | 1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $244.9M, up 9.2% from a year earlier, and net income was $25.0M (+63.1%).
- For fiscal 2025, revenue was $978.3M (+48.0% year over year; +27.9% a year from FY2022 to FY2025) with a 8.5% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +27.9% good |
|---|---|
| Operating margin | 13.6% watch |
| Return on equity (FY2025) | 7.9% weak |
| Return on assets (FY2025) | 6.6% watch |
| Net cash (cash minus debt) | $197.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $334.4M | $-30.8M | $-33.0M |
| FY2021 | $287.9M | $-128.5M | $28.4M |
| FY2022 | $467.2M | $63.3M | $-24.7M |
| FY2023 | $555.5M | $73.9M | $43.2M |
| FY2024 | $660.8M | $140.3M | — |
| FY2025 | $978.3M | $83.3M | — |
Valuation snapshot
| Market value | $2.12B |
|---|---|
| P/E ratio | 25.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Innovex International’s market value went from $939.4M at the end of 2024 to $2.12B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is up 41%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.12B | +40.9% |
| 2025 | $1.51B | +60.5% |
| 2024 | $939.4M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| INVX price data to Oct 28, 2026 | +38.9% | +46.9% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +38.9% |
| 2025 | +56.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 30 sales ($614.6M), 18 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 27, 2026 | Amberjack Capital Partners, L.P. Director, 10% owner | sell | $120.6M |
| Feb 27, 2026 | Innovex Co-Invest Fund, L.P. Director, 10% owner | sell (plan) | $120.6M |
| Aug 10, 2026 | Innovex Co-Invest Fund, L.P. Director, 10% owner | sell | $106.4M |
| Aug 10, 2026 | Amberjack Capital Partners, L.P. Director, 10% owner | sell (plan) | $106.4M |
| Feb 27, 2026 | Amberjack Capital Partners, L.P. Director, 10% owner | sell | $28.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.7% | Sep 30, 2026 |
| Brandes Investment Partners, L.P. | 9.38% | Dec 31, 2024 |
| BRANDES INVESTMENT PARTNERS, LP | 8.3% | Jun 30, 2026 |
| Wellington Management Group LLP | 3.9% | Jun 30, 2026 |
ETFs with the most weight in INVX
| PXJ Invesco Oil & Gas Services ETF | 3.04% |
| BSMC Brandes U.S. Small-Mid Cap Value ETF | 2.52% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 1.11% |
| OIH VanEck Oil Services ETF | 0.85% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.47% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.33% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.29% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.28% |
What could go wrong
- Sales track oil and gas drilling activity. Demand depends on how many wells customers drill and complete. Onshore U.S. and Canada brought in about 52% of 2025 revenue, and Rystad Energy forecast spending there would drop about 8% in 2026.
- Amberjack's influence and large share sales. Amberjack and its affiliates can sway major decisions and may compete with Innovex. Amberjack Capital Partners sold large blocks of shares in February and August 2026; the company warns big stake reductions could hurt it.
- Integrating the merger and acquisitions. Innovex merged with Dril-Quip in September 2024, then took full ownership of Downhole Well Solutions and bought SCF Machining and Citadel Casing Solutions. If integrating these businesses goes poorly, future results could suffer.
- Foreign markets bring trade and sanctions risks. Innovex operates across the Middle East, Africa, Latin America, Europe and Asia. That brings exposure to sanctions, export controls, anti-corruption laws, currency swings and U.S. tariffs that could disrupt its supply chain.
- Tough competition and consolidating customers. Innovex faces significant competition and must keep developing new products and protecting patents to hold market share. Customers are also consolidating, so a merger between two clients could shrink orders.
- Fracking limits and the shift from fossil fuels. Limits on hydraulic fracturing (fracking), climate rules and a move toward other energy sources could cut oil and gas drilling. Innovex's products serve that industry, so lower activity would hit sales directly.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed
- Quarterly results released; Investor presentation or announcement
- Unregistered sale of shares
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Major agreement signed
- Quarterly results released; Investor presentation or announcement
- Executive or board change
For income and retirement investors
Innovex does not pay a dividend. The only dividend in its records for fiscal 2021 through 2025 was about $75 million in 2024, and nothing was paid in 2025, so there is no streak of increases. For an income investor, any return would have to come from the share price, and cash would have to come from trimming shares. Share repurchases (buybacks) totaled about $54 million over those five years, including about $9 million in 2025.
The share price record covers only about 2.1 years, so it says nothing about how the shares held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. In the year to October 28, 2026, the share price rose 46.9%, but at one point it was 24% below an earlier high; the deepest fall over the full record was about 29.5%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Innovex make money?
Innovex makes most of its money by supplying engineered tools used inside oil and gas wells. Of its $978.3 million in 2025 revenue, about 70% came from product sales, 17% from renting tools to customers and 13% from services tied to putting its products to work at the well site. Onshore U.S. and Canada supplied about 52% of revenue, and international and offshore markets 48%. Customers include international and national oil companies, exploration and production firms and oilfield service companies.
Is Innovex the same company as Dril-Quip?
Yes, legally it is the renamed Dril-Quip. On September 6, 2024, Dril-Quip completed a merger with Innovex Downhole Solutions, which became its wholly owned subsidiary, and Dril-Quip changed its name to Innovex International, Inc. Innovex Downhole Solutions shareholders received 2.0125 shares of the company for each share they held, or 32,183,966 shares in total. The combined company trades on the New York Stock Exchange under the ticker INVX.
Does Innovex (INVX) pay a dividend?
No. Innovex does not pay a dividend, and it paid none in 2025. The only dividend in its records for fiscal 2021 through 2025 was about $75 million in 2024, so there is no history of regular or rising payments. The company did spend about $9 million on share repurchases in 2025. Investors who rely on their portfolio for steady income would need to cash in shares to get money from this stock.
Is Innovex profitable?
Yes. Innovex earned $83.3 million in 2025 on $978.3 million of revenue, keeping about 8.5 cents of each revenue dollar as profit. Revenue grew 48% from 2024, but net income fell 40.6%. In the quarter ended June 30, 2026, revenue rose 9.2% year over year to $244.9 million, and net income rose 63.1% to $25.0 million. At quarter-end it held $222.1 million in cash and investments against $25.1 million of debt. Its price-to-earnings ratio, the share price divided by 2025 earnings per share, was 25.3 as of October 28, 2026.
How has Innovex stock performed?
The share price has climbed over a short record, with sharp swings along the way. As of October 28, 2026, it was up 46.9% over one year and 38.9% since the start of 2026, after a 56.6% gain in calendar 2025. The price record covers only about 2.1 years, so there are no five- or ten-year figures. Over the past year the shares fell as much as 24% from a high, and the deepest drop over the full record was about 29.5%.