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DNOW vs Innovex International: revenue, profit, margins and growth compared

DNOW brought in $2.8B of revenue in fiscal 2025, Innovex International $978.3M in fiscal 2025. Revenue changed by +18.8% at DNOW and +48.0% at Innovex International on the year before, so Innovex International grew faster. DNOW kept -3.2% of its revenue as net profit, Innovex International 8.5%.

Side by side, latest fiscal year

DNOWINVX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.8B$978.3M
Revenue growth+18.8%+48.0%
Net income-$89M$83.3M
Net margin-3.2%8.5%
Free cash flow$134Mn/a
Free cash flow margin4.8%n/a
Earnings per share (diluted)-$0.76$1.20
Cash$164M$203.4M
Debt$411M$25.6M
Price to earningsn/a23.8
Market value$2.9B$2B
Dividend yieldn/an/a
Rank by revenue in sector#300 of 778 · Consumer discretionary#464 of 778 · Consumer discretionary

Over the years

Revenue
DNOW FY2018: $3.1BDNOW FY2019: $3BDNOW FY2020: $1.6BDNOW FY2021: $1.6BDNOW FY2022: $2.1BDNOW FY2023: $2.3BDNOW FY2024: $2.4BDNOW FY2025: $2.8BINVX FY2018: $384.6MINVX FY2019: $414.8MINVX FY2020: $365MINVX FY2021: $322.4MINVX FY2022: $467.2MINVX FY2023: $555.5MINVX FY2024: $660.8MINVX FY2025: $978.3MFY18FY19FY20FY21FY22FY23FY24FY25
DNOW $2.8BINVX $978.3M
Net income
DNOW FY2018: $52MDNOW FY2019: -$97MDNOW FY2020: -$427MDNOW FY2021: $5MDNOW FY2022: $128MDNOW FY2023: $250MDNOW FY2024: $78MDNOW FY2025: -$89MINVX FY2018: -$95.7MINVX FY2019: $1.7MINVX FY2020: -$30.8MINVX FY2021: -$128.5MINVX FY2022: $63.3MINVX FY2023: $73.9MINVX FY2024: $140.3MINVX FY2025: $83.3MFY18FY19FY20FY21FY22FY23FY24FY25
DNOW -$89MINVX $83.3M
Net margin
DNOW FY2018: 1.7%DNOW FY2019: -3.3%DNOW FY2020: -26.4%DNOW FY2021: 0.3%DNOW FY2022: 6.0%DNOW FY2023: 10.8%DNOW FY2024: 3.3%DNOW FY2025: -3.2%INVX FY2018: -24.9%INVX FY2019: 0.4%INVX FY2020: -8.4%INVX FY2021: -39.8%INVX FY2022: 13.5%INVX FY2023: 13.3%INVX FY2024: 21.2%INVX FY2025: 8.5%FY18FY19FY20FY21FY22FY23FY24FY25
DNOW -3.2%INVX 8.5%
Revenue growth
DNOW FY2019: -5.6%DNOW FY2020: -45.1%DNOW FY2021: +0.8%DNOW FY2022: +30.9%DNOW FY2023: +8.7%DNOW FY2024: +2.2%DNOW FY2025: +18.8%INVX FY2019: +7.8%INVX FY2020: -12.0%INVX FY2021: -11.7%INVX FY2022: +44.9%INVX FY2023: +18.9%INVX FY2024: +18.9%INVX FY2025: +48.0%FY19FY20FY21FY22FY23FY24FY25
DNOW +18.8%INVX +48.0%
Free cash flow
DNOW FY2018: $62MDNOW FY2019: $212MDNOW FY2020: $181MDNOW FY2021: $25MDNOW FY2022: -$9MDNOW FY2023: $171MDNOW FY2024: $289MDNOW FY2025: $134MINVX FY2018: $13.4MINVX FY2019: $3.2MINVX FY2020: -$33MINVX FY2021: $28.4MINVX FY2022: -$24.7MINVX FY2023: $43.2MFY18FY19FY20FY21FY22FY23FY24FY25
DNOW $134MINVX $43.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about DNOW and Innovex International

Which is bigger by revenue, DNOW or Innovex International?

DNOW is bigger by revenue: $2.8B in fiscal 2025, against $978.3M for Innovex International in fiscal 2025.

Which keeps more of its revenue as profit, DNOW or Innovex International?

DNOW had a net margin of -3.2% in fiscal 2025; Innovex International had 8.5% in fiscal 2025.

Which grew revenue faster, DNOW or Innovex International?

In their latest fiscal years revenue changed by +18.8% at DNOW and +48.0% at Innovex International.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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