Innovex International, Inc. (INVX) FY2025 10-K Annual Report
Innovex International, Inc. (INVX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Innovex International, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: Designs, manufactures, sells, rents engineered well-centric products for global oil and gas industry lifecycle
- • New segments: Completed merger with Dril-Quip to form Innovex International, plus acquired Downhole Well Solutions (80%), SCF Machining, Citadel Casing Solutions
- • Strategic shift: Expanded inorganic growth via multiple acquisitions enhancing low-cost manufacturing and downhole technology capabilities
- • Quantitative highlight: Total addressable market estimated at $8.0 billion with 52% revenue from North America and 48% International/Offshore in 2025
- • Noteworthy fact: Merger share conversion ratio was 2.0125 Innovex shares per Dril-Quip share, indicating significant restructuring and capitalization changes
Management Discussion & Analysis
- • Revenue $978.3M, up 48% YoY (+$317.4M), driven by NAM $511.2M (+$150.1M) and International/Offshore $467.1M (+$167.4M) growth
- • Income from operations $132.6M, up 170% YoY; net income $83.3M, down 41% YoY; adjusted EBITDA margin 19% vs 21% prior year
- • Best segment by growth: Subsea Solutions revenue 24% of total, up from 15%; worst decline: Well Completion revenue 22% of total, down from 28%
- • Free cash flow $155.8M, up 95% YoY; capital expenditures $35.1M; share repurchases $9.3M under $100M program; no dividends paid in 2025
- • Management highlights Credit Agreement extension to 2030, $200M revolver increased to $250M potential; risk from drilling activity decline and geographic market fluctuations
Risk Factors
- • Regulatory risk from exclusion of Iran, Venezuela, Cuba, Russia, China in Rystad Energy upstream spending forecast impacting $200 million credit availability
- • Geopolitical exposure in Middle East growth, specifically Saudi Arabia, driving increasing international & offshore revenue (48% total)
- • Supply chain vulnerability with reliance on SCF Machining Vietnam for low-cost machined goods following $17.7 million acquisition in 2025
- • Competitive risk from larger rivals countering Innovex’s speed and innovation culture in proprietary downhole technologies after $69.7 million Citadel acquisition
- • Financial risk from credit facility leverage with $200 million revolver extended to 2030, max borrowing base increase from $110 million to $200 million
Innovex International, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$978M
▲ +48.0% YoY
Net Income
$83M
▼ -40.6% YoY
Operating Margin
13.6%
▲ +613bp YoY
Net Margin
8.5%
▼ -1272bp YoY
ROE
7.9%
▼ -677bp YoY
Total Assets
$1.3B
▲ +5.9% YoY
EPS (Diluted)
$1.20
▼ -56.7% YoY
Operating Cash Flow
$191M
▲ +104.3% YoY
Source: XBRL data from Innovex International, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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