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INVX, Innovex International Inc.

Oilfield Services & Equipment capital-intensive Cyclical

We are a global company, a nd for the year ended December 31, 2025, the NAM market made up approximately 52% of our revenue, while the International and Offshore markets constituted 48%.

Our products are used across the life cycle of the well (during the construction, completion, production and intervention phases) and are typically utilized downhole and consumable in nature.

Latest annual: FY2025 10-K

INVX · Innovex International Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$978M

+48.0% YoY · 24% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $977M 5-yr avg $597M

Gross margin 32% 5-yr avg 28%

Operating margin 9.1% 5-yr avg 3.2%

ROIC 6% 5-yr avg 18%

Owner-earnings margin 16% 5-yr avg 4%

Free cash flow margin 16% 5-yr avg 4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Products (70%), Rental (17%) and Services (13%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 27% and operating margin about 0.7% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −39% and 21% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 45% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the capital-goods cycle and the aftermarket. On its own account, the filing leans hardest on cyclicality & demand, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 3%, above 15% in 1 of 8 years). By owner earnings: roughly 6% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Products is 70% of revenue, with Rental the other meaningful line at 17%.

Revenue by product line, FY2025

Products70%$685M
Rental17%$167M
Services13%$126M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$539M	$455M	$337M	$375M	$334M	$322M	$467M	$556M	$661M	$978M	$977M	RevenueRevenue
39%	27%	13%	21%	19%	4%	34%	35%	35%	31%	32%	Gross marginGross mgn
10%	25%	30%	26%	28%	36%	13%	13%	18%	13%	14%	SG&A / revenueSG&A/rev
—	—	—	—	—	—	1%	1%	1%	1%	1%	R&D / revenueR&D/rev
$113M	($69M)	($123M)	$3M	($64M)	($125M)	$76M	$97M	$49M	$133M	$89M	Operating incomeOp. inc.
20.9%	−15.2%	−36.4%	0.7%	−19.0%	−38.9%	16.2%	17.5%	7.4%	13.6%	9.1%	Operating marginOp. mgn
$93M	($101M)	($96M)	$2M	($31M)	($128M)	$63M	$74M	$140M	$83M	$52M	Net incomeNet inc.
20%	—	—	—	—	—	13%	22%	2%	35%	39%	Effective tax rateTax rate
											Cash flow & returns
$247M	$108M	$46M	$15M	($21M)	$38M	($6M)	$76M	$93M	$191M	$180M	Operating cash flowOp. cash
$32M	$41M	$35M	$34M	$32M	$30M	$18M	$23M	$31M	$61M	$62M	DepreciationDeprec.
$109M	$153M	$92M	($37M)	($36M)	$122M	($88M)	($23M)	($91M)	$33M	$51M	Working capital & otherWC & other
$26M	$28M	$32M	$12M	$12M	$10M	$19M	$33M	—	—	$28M	CapexCapex
4.8%	6.1%	9.5%	3.1%	3.6%	3.1%	4.0%	5.9%	—	—	2.9%	Capex / revenueCapex/rev
$221M	$80M	$13M	$3M	($33M)	$28M	($25M)	$53M	—	—	$152M	Owner earningsOwner earn.
41.0%	17.6%	4.0%	0.8%	−9.9%	8.8%	−5.3%	9.6%	—	—	15.5%	Owner earnings marginOE mgn
$221M	$80M	$13M	$3M	($33M)	$28M	($25M)	$43M	—	—	$152M	Free cash flowFCF
41.0%	17.6%	4.0%	0.8%	−9.9%	8.8%	−5.3%	7.8%	—	—	15.5%	Free cash flow marginFCF mgn
$132M	$20M	$0	—	—	$0	$0	$82M	$66M	$84M	$66M	AcquisitionsAcquis.
—	—	—	—	—	—	$0	$0	$75M	$0	$0	Dividends paidDiv. paid
$24M	$0	$100M	$27M	$25M	$24M	$21M	$0	—	—	—	BuybacksBuybacks
10%	-7%	-14%	0%	-7%	—	—	40%	5%	10%	6%	ROICROIC
7%	-8%	-9%	0%	-3%	-71%	25%	22%	15%	8%	5%	Return on equityROE
—	—	—	—	—	—	25%	22%	7%	8%	5%	Retained to equityRetained/eq
											Balance sheet
$423M	$493M	$418M	$399M	$346M	$355M	$292M	$213M	$73M	$203M	$201M	Cash & investmentsCash+inv
$214M	$192M	$119M	$108M	$116M	$100M	$91M	$118M	$240M	$238M	$246M	ReceivablesReceiv.
$355M	$291M	$191M	$205M	$213M	$146M	$146M	$141M	$271M	$248M	$253M	InventoryInvent.
$36M	$33M	$27M	$46M	$37M	$35M	$43M	$32M	$65M	$61M	$75M	Accounts payablePayables
$533M	$449M	$283M	$266M	$291M	$211M	$194M	$228M	$445M	$425M	$424M	Operating working capitalOper. WC
$1.1B	$1.0B	$853M	$880M	$863M	$745M	$750M	$288M	$641M	$728M	$753M	Current assetsCur. assets
$101M	$100M	$82M	$97M	$86M	$94M	$88M	$79M	$163M	$148M	$148M	Current liabilitiesCur. liab.
10.4×	10.1×	10.5×	9.1×	10.1×	8.0×	8.6×	3.7×	3.9×	4.9×	5.1×	Current ratioCurr. ratio
$34M	$48M	$8M	$8M	—	—	$24M	$24M	$60M	$100M	$100M	GoodwillGoodwill
$1.5B	$1.4B	$1.2B	$1.2B	$1.2B	$1.0B	$970M	$475M	$1.2B	$1.3B	$1.3B	Total assetsAssets
—	—	—	—	—	—	—	$50M	$35M	$26M	$25M	Total debtDebt
—	—	—	—	—	—	—	($163M)	($38M)	($178M)	($175M)	Net debt / (cash)Net debt
4030.7×	-960.2×	-421.8×	8.9×	-102.3×	-159.3×	18.8×	17.7×	20.2×	51.4×	59.5×	Interest coverageInt. cov.
$1.4B	$1.3B	$1.1B	$1.1B	$1.0B	$181M	$251M	$329M	$958M	$1.1B	$1.0B	Shareholders’ equityEquity
2.3%	3.1%	4.0%	4.2%	3.9%	4.6%	0.2%	0.4%	2.0%	1.4%	1.5%	Stock comp / revenueSBC/rev
											Per share
37.7M	37.5M	37.1M	36.2M	35.3M	35.3M	31.4M	32.3M	50.6M	69.4M	68.9M	Shares out (diluted)Shares
$14.30	$12.16	$9.10	$10.38	$9.48	$9.13	$14.86	$17.18	$13.05	$14.10	$14.17	Revenue / shareRev/sh
$2.47	$-2.69	$-2.58	$0.05	$-0.87	$-3.64	$2.01	$2.29	$2.77	$1.20	$0.75	EPS (diluted)EPS
$5.86	$2.15	$0.36	$0.09	$-0.94	$0.80	$-0.78	$1.65	—	—	$2.20	Owner earnings / shareOE/sh
$5.86	$2.15	$0.36	$0.09	$-0.94	$0.80	$-0.78	$1.34	—	—	$2.20	Free cash flow / shareFCF/sh
—	—	—	—	—	—	$0.00	$0.00	$1.48	$0.00	$0.00	Dividends / shareDiv/sh
$0.68	$0.74	$0.86	$0.32	$0.34	$0.28	$0.60	$1.01	—	—	$0.41	Cap. spending / shareCapex/sh
$36.01	$34.56	$29.57	$30.17	$29.54	$5.11	$7.99	$10.17	$18.93	$15.24	$14.95	Book value / shareBVPS

The diluted share count moved ×1.57 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−0.2%/yr	+8.3%/yr
Owner earnings / share	−16.6%/yr (7-yr)	+35.3%/yr
EPS	−7.7%/yr	—
Capital spending / share	+5.7%/yr (7-yr)	+3.1%/yr
Book value / share	−9.1%/yr	−12.4%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

69Mpeak FY2025

ROIC

10%low FY2018

Gross margin

31%low FY2021

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$53Mowner earningsvs.$74Mnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2019–FY2023cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2023 the business earned $53M of owner earnings, the operating cash left after the $23M it takes just to hold its position. It put $10M more into growth; free cash flow, after that spending, was $43M.

Reported net income$74M

Owner earnings$53M · 10% of revenue

	FY2023	FY2022	FY2021	FY2020	FY2019
Reported net income	$74M	$63M	($128M)	($31M)	$2M
Depreciation & amortizationnon-cash charge added back	+$23M	+$18M	+$30M	+$32M	+$34M
Stock-based compensationreal costnon-cash, but a real cost	+$2M	+$907K	+$15M	+$13M	+$16M
Working capital & othertiming of cash in and out, other non-cash items	−$23M	−$88M	+$122M	−$36M	−$37M
Cash from operations	$76M	($6M)	$38M	($21M)	$15M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$23M	−$19M	−$10M	−$12M	−$12M
Owner earnings	$53M	($25M)	$28M	($33M)	$3M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$10M	—	—	—	—
Free cash flow	$43M	($25M)	$28M	($33M)	$3M
Owner-earnings marginowner earnings ÷ revenue	10%	-5%	9%	-10%	1%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $23M, roughly its depreciation, the rate its assets wear out). The other $10M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $2M), owner earnings is nearer $51M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 51.4×

Comfortable

Operating income $133M ÷ interest expense $3M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$204M

Net cash

Cash $203M + ST investments $26M − debt $26M

What this means
Cash and short-term investments exceed every dollar of debt by $204M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 190d

Long (60+ days)

DSO 89 + DIO 134 − DPO 33 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 0%

Below average through the cycle

8-yr median, range -14%–40%; 10% latest = NOPAT $86M ÷ invested capital $880M

Industry peers: median 5%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 4%

Thin through the cycle

8-yr median margin, range -10%–41%; latest $158M = operating cash $191M − maintenance capex $33M

Industry peers: median 6%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 16% of revenue this year, a 4% median across 8 years. Treating stock comp as the real expense it is (less $14M of SBC) leaves $144M.
Are earnings backed by cash? 2.29×

Cash-backed

Cash from ops $191M ÷ net income $83M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 0%

Reinvests most of it

Dividends + buybacks $0 ÷ Owner Earnings $158M

What this means
Of $158M Owner Earnings, $0 (0%) went back to shareholders, $0 dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.54×

Harvesting

Capex $33M ÷ depreciation $61M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $978M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 4.91×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $26M vs $580M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 1 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.44/share (latest year $1.21), the averaged base the calculator's gate runs on, and book value is $15.38/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 10

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 3 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −10% → 13% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −10% early to 13% lately, median 1% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −29%/yr

What this means
Owner earnings shrank about 29% a year over the record.
Worst year 2021 · −38.9% op. margin

What this means
Operations went underwater in 2021, understand why before trusting the good years.
Dividend record paid

What this means
Paid a dividend in 1 of the years on record.
How management talks about it Owner’s terms

What this means
Returns have thinned, but the filing discusses it in an owner’s vocabulary rather than selling past it — candor about a hard stretch counts for more than an adjective.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$753M

Cash & short-term investments$201M
Receivables$246M
Inventory$253M
Other current assets$54M

Current liabilities$148M

Debt due within a year$46K
Accounts payable$75M
Other current liabilities$73M

Current ratio5.10×all current assets ÷ what's due · Graham looked for 2×

Quick ratio3.38×stricter: inventory excluded

Cash ratio1.36×strictest: cash alone against what's due

Working capital$605Mthe cushion left after near-term bills

Debt due this year vs. cash$46K due · $201M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago−0.6%the freshest read on whether the business is still growing

Current ratio, recent quarters5.6× → 5.1×

Deeper floors

Tangible book value$819Mequity stripped of goodwill & intangibles

Net current asset value$496MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$77M$52M of it operating leases

Deferred revenue$11Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2023

Over the record, the business generated $502M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$170M · 34%
Buybacks$221M · 44%
Retained (debt / cash)$111M · 22%

Returned to owners$221M
65% of the owner earnings the business produced over the span, $0 as dividends and $221M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments fell $223M.
Average price paid for buybacks$37.98
Across the years where the filing reports a share count, 6M shares were bought for $221M, about $37.98 each. Year to year the price paid ranged from $21.81 (2021) to $60.43 (2016); its heaviest year, 2018, paid $50.22 ($100M).
Net change in share count83.0%
The diluted count rose from 38M to 69M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.00/sh
Paid no dividend over the span; it returns cash through buybacks or retains it.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$216M17% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity9%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$384Mover 10 years buying other businesses, against $170M of capital spent building

$46M written down across 2 years (2018, 2020): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$6.1M	−$166k	$28M
2022	$4.1M	$3.2M	($25M)
2023	$3.7M	$2.0M	$53M
2024	$2.9M	$1.8M	—
2025	$3.3M	$4.0M	—

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership34.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$14M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 10% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Innovex International Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

3 of the 5 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?4.4% vs 20.9%
The owner-earnings margin averaged 20.9% early in the record and 4.4% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?83.0%
Diluted shares grew 83.0% over 2016–2023, even as the company spent $221M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereAre "one-time" charges a yearly habit?5 of 10 years
Management took an impairment or write-down in 5 of the last 10 years, $80M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Oilfield Services & Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
ASTEAstec Industries Inc.	$1.4B	23%	2.9%	5%	1%
CMCOColumbus McKinnon Corporation	$1.2B	34%	8.0%	5%	7%
WHDCactus	$1.1B	37%	24.7%	41%	—
INVXInnovex International Inc.	$978M	29%	4.1%	3%	6%
FETForum Energy Technologies Inc.	$791M	25%	-14.0%	-7%	0%
FLOCFlowco Holdings Inc.	$760M	54%	21.8%	—	17%
OISOil States International Inc.	$669M	22%	-10.5%	-5%	6%
PLOWDouglas Dynamics Inc.	$656M	27%	12.6%	12%	9%
Group median	—	28%	6.1%	5%	6%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Innovex International Inc. has delivered.

Innovex International Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Innovex International Inc. earns about $86M on its 8.8% median owner-earnings margin. This year’s 16.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($86M) Net of stock comp (−$15M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’16→’23−33%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $152M on 69M shares outstanding, per the 10-Q cover, as of 2026-04-29; net cash $175M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh INVX against another business →

The owners of INVX: the meeting and the votes →

Cite: Owner Scorecard, "Innovex International Inc. (INVX), the owner's record," https://ownerscorecard.com/c/INVX, data as of 2026-07-09.

Manual order: ← INVH its page in the Manual IONQ →

Industry order: ← HPK the Oilfield Services & Equipment chapter LBRT →