Innovex International, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Innovex International, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	539	455	385	415	365	322	467	556	661	978
Cost of revenue	328	330	294	295	270	309	309	360	428	675
Gross profit	210	125	91.1	120	95.3	13.2	158	195	233	303
Research and development							2.5	3	3.7	6.7
Selling, general and administrative	53.2	114	102	98.4	95.1	115	59.2	72.8	116	129
Operating income	113	-69.1	-123	2.8	-63.6	-125	75.8	97.3	49.1	133
Interest expense	0.03	0.07	0.29	0.31	0.62	0.79	4.03	5.51	2.43	2.58
Interest income	3.04	3.56	8.04	7.94	2.13	0.58	4.47
Other non-operating income							1.12	-0.39	-0.3	1.83
Pre-tax income	116	-65.6	-115	10.4	-62	-126	72.9	94.4	143	129
Income tax	22.6	35	-19.3	8.71	-31.3	2.95	9.65	20.4	2.49	45.2
Net income	93.2	-101	-95.7	1.72	-30.8	-128	63.3	73.9	140	83.3
EBITDA	145	-28.2	-87.4	36.8	-31.2	-95	94.3	120	80.3	193
EPS, basic	283.96	-308.01	-295.41	5.73	-99.62	-415.64	2.07	2.39	2.82	1.21
EPS, diluted	282.82	-308.01	-295.41	5.73	-99.62	-415.64	2.01	2.29	2.77	1.20
Shares, basic (weighted)	0.33	0.33	0.32	0.31	0.31	0.31	30.5	30.9	49.7	69
Shares, diluted (weighted)	0.33	0.33	0.32	0.32	0.31	0.31	31.4	32.3	50.6	69.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	423	493	418	399	346	355	259	187	73.3	203
Short-term investments						0	32.2	25.9
Receivables	214	192	119	108	116	100	90.9	118	240	238
Inventory	355	291	191	205	213	146	146	141	271	248
Other current assets	39.8	32.7	41.5	28.3	48.2	31.2	32.4	4.95	5.13	2.38
Total current assets	1,057	1,009	853	880	863	745	750	288	641	728
Property, plant and equipment	323	284	274	258	235	216	181	52.4	191	159
Lease right-of-use assets				5.14	6.96	5.26	4.87	32.7	54.9	52.2
Goodwill	34.4	47.6	7.71	7.95			23.9	23.9	60.2	99.7
Intangible assets	29.6	38.4	35	32.2	29.4	26.4	23.3	41.9	108	116
Other non-current assets	15.9	15.6	14.7	13.3	11	5.59	5.95	2.15	7.35	10.9
Total assets	1,461	1,400	1,193	1,207	1,151	1,010	970	475	1,197	1,268
Accounts payable	36.1	33.5	26.7	46.3	37.4	35.2	43	32	65.2	60.7
Accrued liabilities	10.8	11.4	10.5	13.6	5.02	6.29	11.3	28.7	60.6	49.1
Deferred revenue		4.77						0	13.5	12
Short-term debt								9.82	10.5	6.71
Total current liabilities	101	99.9	81.5	96.9	85.5	93.7	87.6	78.6	163	148
Long-term debt								40.6	24.9	18.9
Lease liabilities				3.8	5.85	4.17	3.81	27.2	45.2	41
Other non-current liabilities	0	2	2.72	2.11	2.13	1.93	1.66	0.03	5.99	2.04
Total liabilities	105	105	96.3	116	110	113	97.6	146	239	211
Total debt								50.4	25.4	25.6
Paid-in capital	5.47	20.1	35	52.9	65.6	80.3	90.5	181	755	768
Retained earnings	1,501	1,400	1,206	1,181	1,125	973	950	146	211	285
Treasury stock		0
Other comprehensive income								2.07	-8.86	4.08
Shareholders' equity	1,356	1,294	1,096	1,091	1,042	181	251	329	958	1,058
Total equity	1,356	1,294	1,096	1,091	1,042	181	251	329	958	1,058
Total liabilities and equity	1,461	1,400	1,193	1,207	1,151	1,010	970	475	1,197	1,268
Shares outstanding	0.33	0.33	0.32	0.31	0.31	0.3	34.2	30.9	69.2	69.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	93.2	-101	-95.7	1.72	-30.8	-128	63.3	73.9	140	83.3
Depreciation and amortization	31.9	41	35.3	34	32.4	30.4	18.5	22.7	31.2	60.7
Stock-based compensation	12.2	14.3	13.5	15.7	12.9	14.9	0.91	1.96	13.2	13.8
Deferred income tax	-3.4	17.2	-4.09	0.6	4.95	-8.7	-6.71	-7.41	-4.6	34.3
Change in receivables	107	6.2	18	10.8	-9.52	14	-37.6	5.27	13.2	17.6
Change in inventory	7.87	37.6	49.9	-14.1	-28.3	61.4	-44.2	-4.53	7.87	46.6
Change in payables	-11.4	1.77	-18.8	15.3	-20.4	3.02	2.41	-9.62	-22.3	-12.7
Cash from operations	247	108	45.5	14.7	-21.1	38.4	-5.81	75.9	93.4	191
Capital expenditures	-25.8	-27.6	-32.1	-11.5	-11.9	-9.99	-18.9	-32.6
Acquisitions	-132	-20.4	0			0	0	-82.3	-65.5	-83.7
Purchases of investments					0	0	-32.2	-48.9
Cash from investing	-158	-44.9	-15.2	-8.47	-5.63	-3.21	-37.5	-32.4	78.4	-18.7
Stock issued	2.21	0.56	1.62	2.18	0	0	0	0	3.33	0
Share buybacks	-24.2	0	-100	-26.6	-25	-24.2	-20.8	0	0	-9.28
Dividends paid							0	0	-75	0
Cash from financing	-21.9	0.56	-99.2	-24.6	-25.2	-24.3	42.3	-44.6	-103	-44.9
Exchange rate effect	-24.6	6.02	-6.21	-0.79	-1.09	-1.43	-2.88	-1.19
Net change in cash	42.2	69.7	-75.1	-19.2	-53	9.5	-1.32	-1.01	65.9	130
Free cash flow	221	80.4	13.4	3.18	-33	28.4	-24.7	43.2
Interest paid							3.15	5.75	1.99	1.02
Income taxes paid	23	8.4	3.8	10.9	18.2	2	15	28.4	5.6	10

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $28.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.4%	Gross profit / revenue.
Operating margin	10.0%	Operating income / revenue.
EBITDA margin	16.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.9%	Pre-tax income / revenue.
Net margin	6.2%	Net income / revenue.
Operating cash flow margin	15.8%	Cash from operations / revenue.
Effective tax rate	37.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.6%	Net income / average total assets.
Return on invested capital (ROIC)	7.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	14.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	48.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	30.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	24.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	170.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	140.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	27.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-40.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-56.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-15.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	104.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	10.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	61.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	37.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	30.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	195.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.01x	Current assets / current liabilities.
Quick ratio	2.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.41x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.9%	Total debt / total assets.
Liabilities / assets	20.3%	Total liabilities / total assets.
Net debt	-$197.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.21x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	345x	Operating income / interest expense.
Working capital	$631.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	16.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$837.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.75x	Revenue / average total assets.
Fixed asset turnover	5.88x	Revenue / average property, plant and equipment.
Inventory turnover	2.55x	Cost of revenue / average inventory.
Days inventory	143 days	365 x average inventory / cost of revenue.
Receivables turnover	4.15x	Revenue / average receivables.
Days sales outstanding	88 days	365 x average receivables / revenue.
Days payables	42 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	189 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.35	Revenue / diluted weighted shares.
Operating cash flow per share	$2.27	Cash from operations / diluted weighted shares.
Book value per share	$15.37	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.15	Tangible book value / shares outstanding.
Cash per share	$3.22	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.99B	Share price x shares outstanding.
Enterprise value	$1.80B	Market cap + total debt - cash - short-term investments.
P/E	32.4x	Market cap / net income. Only when net income is positive.
P/S	2.00x	Market cap / revenue.
P/B	1.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.38x	Market cap / tangible book value, when positive.
P/OCF	12.7x	Market cap / cash from operations, when positive.
EV/Sales	1.80x	Enterprise value / revenue.
EV/EBIT	18.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.0x	Enterprise value / EBITDA, when both are positive.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.7%	(Dividends paid + share buybacks) / market cap.

What was Innovex International, Inc.'s revenue in fiscal 2025?

Innovex International, Inc. reported revenue of $978.3M for fiscal 2025, 48% higher than the year before.

Was Innovex International, Inc. profitable in fiscal 2025?

Yes. Net income was $83.3M, a net margin of 8.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Innovex International, Inc.