Innovex International, Inc.

Listed Company

INVXCIK 0001042893NYSELarge AcceleratedOil & Gas Field Machinery & EquipmentDelawareFY ends Dec 31

Period

FY 2025

Revenue

$978.25M

Net Income

$83.30M

Total Assets

$1.27B

Equity

$1.06B

Shares Out

69.14M

Op. Cash Flow

$190.91M

Business

Innovex International, Inc. designs, manufactures, sells and rents mission-critical engineered products for the global oil and natural gas industry across the lifecycle of a well. Its main offerings include consumable downhole products, rental tools to deploy those products, and well-site services such as installation and supervision. The company operates through integrated product, rental and service activities and pursues organic product development alongside strategic acquisitions to expand its portfolio. It serves North American onshore and international and offshore markets via direct sales, global distribution, manufacturing sites and strategic partners.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	978	661	556	467	288
Total cost of revenues	675	428	360	309	242
Selling, general and administrative expenses	129	116	73	59	115
(Gain) loss on sale of assets	−40	−654,000	106,000	709,000	—
Depreciation and amortization	61	31	23	18	—
Impairment of long-lived assets	3	4	266,000	964,000	—
Acquisition and integration costs	18	33	2	—	—
Income from operations	133	49	97	76	−125
Interest expense	3	2	6	4	−787,000
Other (income) expense, net	−2	298,000	385,000	−1	—
Equity method earnings	0	−3	−3	0	—
Bargain purchase loss (gain)	3	−86	0	0	—
Gain on consolidation of equity method investment	0	−8	0	0	—
Income before income taxes	129	143	94	73	−126
Income tax expense	45	3	20	10	3
Net income	83	140	74	63	−128
Foreign currency translation adjustment	13	−11	−2	463,000	—
Comprehensive income	96	129	72	64	—
Basic (per share)	1.21	2.82	2.39	2.07	−3.63
Diluted (per share)	1.2	2.77	2.29	2.01	−3.63
Basic (shares)	69	50	31	31	35
Diluted (shares)	69	51	32	31	35

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and restricted cash	203	73	7	—	—
Trade receivables, net of allowance of $19,752 and $63,875 at December 31, 2025 and December 31, 2024, respectively	238	240	118	91	100
Contract assets	3	5	0	—	—
Inventories	248	271	141	146	146
Assets held for sale	0	5	0	19	0
Prepaid expenses and other current assets	36	48	21	—	—
Total current assets	728	641	288	750	745
Property and equipment, net	159	191	52	181	216
Right of use assets - operating	52	55	33	5	5
Goodwill	100	60	24	24	—
Intangibles, net	116	108	42	—	—
Deferred tax asset, net	102	135	14	4	11
Other long-term assets	11	7	2	6	6
Total noncurrent assets	540	556	187	—	—
Total assets	1,268	1,197	475	970	1,010
Accounts payable	61	65	32	43	35
Accrued expenses	49	61	29	—	—
Operating lease liabilities	13	11	7	1	1
Contract liabilities	12	13	0	—	—
Current portion of long-term debt and finance lease obligations	7	10	10	—	—
Other current liabilities	7	2	670,000	—	—
Total current liabilities	148	163	79	88	94
Long-term debt and finance lease obligations	19	25	41	—	—
Operating lease liabilities	41	45	27	4	4
Deferred income taxes	500,000	624,000	0	4	4
Other long-term liabilities	2	6	31,000	2	2
Total noncurrent liabilities	62	77	68	—	—
Total liabilities	211	239	146	98	113
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock: 10,000,000 shares authorized at $0.01 par value (none issued)	0	0	—	0	0
Common stock: $0.01 par value, 200,000,000 and 100,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; 69,077,237 and 69,178,263 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	691,000	692,000	309,000	343,000	352,000
Additional paid-in capital	768	755	181	90	80
Accumulated other comprehensive income (loss)	4	−9	2	—	—
Retained earnings	285	211	146	950	973
Total stockholders' equity	1,058	958	329	251	181
Total liabilities and stockholders' equity	1,268	1,197	475	970	1,010

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	83	140	74	63	—
Deferred debt issuance cost amortization	317,000	409,000	332,000	312,000	—
Amortization of operating lease ROU asset	12	8	7	6	—
Stock based compensation expense	14	13	2	907,000	15
(Gain) loss on sale of property, equipment and lease terminations	−40	−939,000	533,000	−771,000	—
Deferred tax, net	34	−5	−7	−7	−9
Equity method earnings, net of dividends	0	495,000	−2	0	—
Trade receivables, net	18	13	5	−38	14
Inventories	47	8	−5	−44	−5
Prepaid expenses and other current assets	11	−8	−8	−3	—
Other long-term assets	−4	−2	1	−2	—
Accounts payable	−13	−22	−10	2	—
Accrued expenses and other current liabilities	−19	651,000	792,000	3	—
Other operating assets and liabilities, net	−20	6	−8	−5	—
Net cash provided by operating activities	191	93	76	−6	38
Payments on acquisitions, net of cash acquired	−84	−66	0	−29	—
Capital expenditures	−35	−14	−15	−10	—
Proceeds from sale of property and equipment	100	3	1	967,000	—
Equity method investment	0	0	−18	0	—
Cash acquired in stock based business combination	0	154	0	0	—
Net cash (used in) provided by investing activities	−19	78	−32	−38	−3
Deferred debt issuance cost	−1	0	393,000	−719,000	—
Revolving credit facility borrowings	144	187	255	132	—
Revolving credit facility payments	−158	−197	−278	−102	—
Term loan payments	−11	−6	−5	−3	—
Subordinated note payments	0	0	−12	0	—
Payments on finance leases	−8	−6	−4	−2	—
Common stock repurchased and retired	−9	0	0	−1	—
Dividend payment	0	−75	0	0	—
Proceeds from exercise of options	0	3	0	0	0
Taxes paid related to net share settlement of equity awards	−1	−10	0	0	—
Net cash used in financing activities	−45	−103	−45	42	−24
Effect of exchange rate changes	3	−3	118,000	−272,000	—
Net change in cash and restricted cash	130	66	−1	−1	9
Cash paid for interest	1	2	6	3	—
Property and equipment purchases in accounts payable	14,000	2	243,000	—	—
Operating lease assets obtained in exchange for lease obligations	11	32	13	—	—
Finance lease assets obtained in exchange for lease obligations	23	6	6	—	—

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