Start here if you're new
what it is
Innovex makes and rents critical oilfield parts that help customers build, finish, and keep wells producing.
how it gets paid
Last year L made $978M in revenue. well completion was the main engine at $293M, or 30% of sales.
why it's growing
Revenue grew 48.0% last year. SEC data shows the latest quarter up 194% vs. prior year on revenue and 75% on EPS.
what just happened
The latest quarter showed $705M of revenue and $1.00 of EPS, but later reports suggest the easy post-merger comparisons are fading.
At a glance
n/a balance sheet
16.0x trailing p/e — the market's not buying it — or you found a deal
14.4% return on capital — nothing to write home about
$2.77 fy2024 eps est
$661M fy2024 rev est
What they do
Innovex makes and rents critical oilfield parts that help customers build, finish, and keep wells producing.
When a well part fails, your customer does not lose patience. They lose rig time and cash. Innovex sells into that pain across the full well lifecycle, and 55% of revenue comes from the U.S. and Canadian onshore market, where speed and reliability decide who gets the next order. Low debt helps too: long-term debt is just $63 million, or 4% of capital.
How they make money
$978M
annual revenue · their business grew +48.0% last year
well construction
$245M
well completion
$293M
well production
$245M
intervention applications
$195M
The products that matter
subsea and offshore well hardware
Dril-Quip
legacy offshore platform
this is the inherited offshore business from the merger. it matters because offshore projects can support multi-year contracts, but they also come with longer cycles and lumpier timing.
offshore exposure
onshore rental and downhole tools
Innovex Downhole Solutions
tied to U.S. Land demand
more than half of reported revenue exposure sits in U.S. Land at 55%, so this side of the business is where drilling activity shows up fastest in your numbers.
55% revenue share
global oilfield footprint
International
$147M reported segment revenue
the international piece gives the company one more growth lane, but at $147M it is still a support act, not the whole thesis.
secondary driver
Key numbers
16.0x
trailing p/e
P/E → price versus past earnings → so what: you are paying $16 for each $1 of trailing profit in a company with merger noise still in the numbers.
17.6%
operating margin
Operating margin → money left after running the business → so what: Innovex keeps about 18 cents from each sales dollar before interest and taxes.
14.4%
return on capital
Return on capital → profit earned on the cash tied up in the business → so what: this is decent, but it is not yet elite.
$63M
long-term debt
Long-term debt → money owed over years → so what: debt is just 4% of capital, which gives management room if the cycle turns.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $63M (4% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for INVX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter showed $705M of revenue and $1.00 of EPS, but later reports suggest the easy post-merger comparisons are fading.
SEC data shows the latest quarter up 194% vs. prior year on revenue and 75% on EPS. More recent company updates point to softer near-term expectations, which is what your stock chart is actually arguing about.
$705M
revenue
$1.00
eps
31.0%
gross margin
the number that mattered
The number that mattered was $705M because it showed how large the combined company became after the merger, which is now the baseline it has to defend.
source: company earnings report, 2026
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What could go wrong
the top risk here is post-merger execution under a newly diluted share count.
high
secondary offering changed the math
In February 2026, the company sold 5.75M new shares at $25.75 and raised about $148M. That diluted existing holders by roughly 8%.
your slice of the business got smaller immediately
high
the merger still has to prove it works
This is a 2024 combination of Dril-Quip and Innovex Downhole Solutions. Offshore hardware and onshore rentals live on different cycles, and the promised operational coherence is still a work in progress.
if integration slips, the whole thesis slips with it
med
guided revenue step-down after the q4 miss
Management guided Q1 revenue to $225M–$235M after posting $274M in Q4. Even if seasonality is real, a drop of that size keeps pressure on sentiment.
roughly 14–18% sequential revenue decline if guidance lands as given
med
margin is positive, but not protective
An 8.5% net margin means the company is profitable. It also means there is not a giant cushion if activity softens or integration costs stay elevated.
small execution errors can have oversized EPS effects
A weaker quarter, another equity raise, or more evidence that costs are outrunning revenue would hit this story fast. The business is not fragile. The thesis is.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
whether q1 clears the $225M low end of guidance
Management guided to $225M–$235M. After a 31% EPS miss in Q4, even a small miss to that range would matter more than usual.
capital allocation
what the $148M raise actually gets used for
Cash on the balance sheet is not the same as a better business. Watch whether the raise funds operations, integration, or something more credible than a symbolic $15M buyback.
calendar
the next quarterly report
The next earnings release is the first real post-offering scorecard. You want to see whether softer revenue guidance was temporary or the start of a slower stretch.
integration
evidence that offshore and onshore can sell as one platform
The company has not given a clean public integration benefits target in this snapshot. Until it does, the proof has to show up in margins, cleaner guidance, and fewer capital-allocation detours.
Analyst rankings
coverage status
thin
Institutional ranking data is limited here. in human-speak, you are not getting the usual wall of consensus comfort.
what we can say
watch earnings
The stock just posted a 31% EPS miss and guided revenue down to $225M–$235M next quarter. Until that stabilizes, rankings matter less than execution.
source: institutional data
Institutional activity
institutional ownership data for INVX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$24
current price
n/a
target midpoint · n/a from current
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