Short answer
Innovex International, Inc. (INVX) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $978M (+48.0% year over year) and net income of $83M.
- Top risk flagged: Regulatory risk from exclusion of Iran, Venezuela, Cuba, Russia, China in Rystad Energy upstream spending forecast impacting $200 million credit availability
FY2025 key financial metrics · XBRL
- Revenue
- $978M
- +48.0% YoY
- Net income
- $83M
- −40.6% YoY
- Operating margin
- 13.6%
- +6.1 pp YoY
- EPS (diluted)
- $1.20
- −56.7% YoY
- ROE
- 7.9%
- −6.8 pp YoY
- Operating cash flow
- $191M
- +104.3% YoY
Source: XBRL data from the Innovex International, Inc. (INVX) FY2025 10-K on SEC EDGAR. USD.
Innovex International, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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