Innovex International (INVX) financial statements
Innovex International reported revenue of $978M in fiscal 2025, up 6.9% a year over 9 years.
Net income was $83M and the operating margin 13.6%, against 20.9% in 2016.
Free cash flow was $156M.
The diluted share count rose 84% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Innovex International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $539M | $455M | $337M | $375M | $334M | $288M | $467M | $556M | $661M | $978M |
| Cost of revenue | $328M | $330M | $294M | $295M | $270M | $309M | $309M | $360M | $428M | $675M |
| Gross profit | $210M | $125M | $44M | $80M | $65M | -$21M | $158M | $195M | $233M | $303M |
| Research and development | — | — | — | — | — | — | $2M | $3M | $4M | $7M |
| Selling, general and admin | $53M | $114M | $102M | $98M | $95M | $115M | $59M | $73M | $116M | $129M |
| Operating income | $113M | -$69M | -$123M | $3M | -$64M | -$125M | $76M | $97M | $49M | $133M |
| Interest expense | $28,000 | $72,000 | $291,000 | $314,000 | $621,000 | $787,000 | $4M | $6M | $2M | $3M |
| Pre-tax income | $116M | -$66M | -$115M | $10M | -$62M | -$126M | $73M | $94M | $143M | $129M |
| Income tax | $23M | $35M | -$19M | $9M | -$31M | $3M | $10M | $20M | $2M | $45M |
| Net income | $93M | -$101M | -$96M | $2M | -$31M | -$128M | $63M | $74M | $140M | $83M |
| EPS (diluted) | $2.47 | -$2.69 | -$2.58 | $0.05 | -$0.87 | -$3.63 | $2.01 | $2.29 | $2.77 | $1.20 |
| Diluted shares | 38M | 37M | 37M | 36M | 35M | 35M | 31M | 32M | 51M | 69M |
| Gross margin | 39.0% | 27.5% | 13.0% | 21.4% | 19.4% | -7.4% | 33.8% | 35.2% | 35.2% | 31.0% |
| Operating margin | 20.9% | -15.2% | -36.4% | 0.7% | -19.0% | -43.5% | 16.2% | 17.5% | 7.4% | 13.6% |
| Net margin | 17.3% | -22.1% | -28.4% | 0.5% | -9.2% | -44.6% | 13.5% | 13.3% | 21.2% | 8.5% |
Balance sheet
Fiscal years, from Innovex International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $423M | $493M | $418M | $399M | $346M | $355M | $292M | $213M | $73M | $203M |
| Receivables | $214M | $192M | $119M | $108M | $116M | $100M | $91M | $118M | $240M | $238M |
| Inventory | $355M | $291M | $191M | $205M | $213M | $146M | $146M | $141M | $271M | $248M |
| Total current assets | $1.1B | $1.0B | $853M | $880M | $863M | $745M | $750M | $288M | $641M | $728M |
| Property, plant and equipment | $323M | $284M | $274M | $258M | $235M | $216M | $181M | $52M | $191M | $159M |
| Goodwill | $34M | $48M | $8M | $8M | — | — | $24M | $24M | $60M | $100M |
| Total assets | $1.5B | $1.4B | $1.2B | $1.2B | $1.2B | $1.0B | $970M | $475M | $1.2B | $1.3B |
| Total current liabilities | $101M | $100M | $82M | $97M | $86M | $94M | $88M | $79M | $163M | $148M |
| Long-term debt | — | — | — | — | — | — | — | $41M | $25M | $19M |
| Total liabilities | $105M | $105M | $96M | $116M | $110M | $113M | $98M | $146M | $239M | $211M |
| Shareholders' equity | $1.4B | $1.3B | $1.1B | $1.1B | $1.0B | $181M | $251M | $329M | $958M | $1.1B |
| Net debt | -$423M | -$493M | -$418M | -$399M | -$346M | -$355M | -$259M | -$147M | -$48M | -$184M |
Cash flow
Fiscal years, from Innovex International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $247M | $108M | $46M | $15M | -$21M | $38M | -$6M | $76M | $93M | $191M |
| Capital spending | $26M | $28M | $32M | $12M | $12M | $10M | $19M | $33M | $14M | $35M |
| Free cash flow | $221M | $80M | $13M | $3M | -$33M | $28M | -$25M | $43M | $80M | $156M |
| Stock-based compensation | $12M | $14M | $13M | $16M | $13M | $15M | $907,000 | $2M | $13M | $14M |
| Dividends paid | — | — | — | — | — | — | $0 | $0 | $75M | $0 |
| Share buybacks (net) | -$24M | $0 | -$100M | -$27M | -$25M | -$24M | -$21M | $0 | — | — |
| Free cash flow margin | 41.0% | 17.6% | 4.0% | 0.8% | -9.9% | 9.9% | -5.3% | 7.8% | 12.1% | 15.9% |
| Dividends per share | — | — | — | — | — | — | — | — | $1.48 | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for INVX.
Open INVX in InvestinglyQuestions
What was Innovex International's revenue in 2025?
$978M in fiscal 2025, from its 10-K filing.
How much free cash flow does Innovex International generate?
$156M in fiscal 2025 (operating cash flow minus capital spending).
From Innovex International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.