UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of Registrant as specified in its Charter) | Delaware | 74-2162088 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identific ...

分组1 - Innovex International reported quarterly earnings of $0.2 per share, missing the Zacks Consensus Estimate of $0.29 per share, and down from $0.47 per share a year ago [1][2] - The company posted revenues of $273.6 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 14%, compared to year-ago revenues of $250.69 million [3] - Innovex International has outperformed the market with a 16.5% increase in shares since the beginning of the year, compared to the S&P 500's gain of 0.9% [4] 分组2 - The current consensus EPS estimate for the coming quarter is $0.35 on $240 million in revenues, and for the current fiscal year, it is $1.58 on $1 billion in revenues [8] - The Zacks Industry Rank for Oil and Gas - Mechanical and Equipment is in the top 32% of over 250 Zacks industries, indicating a favorable outlook for the industry [9]

Financial Performance - Revenue for Q4 2025 was $274 million, representing a 14% increase quarter over quarter[4] - Net Income for Q4 2025 was $14 million, with a Net Income Margin of 5%[4] - Adjusted EBITDA for Q4 2025 was $52 million, yielding an Adjusted EBITDA Margin of 19%[4] - Free Cash Flow for Q4 2025 was $43 million, and $156 million for the full year 2025[4] - Revenues for the three months ended December 31, 2025, were $273,602 thousand, an increase from $240,000 thousand in the previous quarter, representing a growth of 14%[19] - Net income for the twelve months ended December 31, 2025, was $83,298 thousand, compared to $140,325 thousand in the previous year, reflecting a decrease of 40.6%[19] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $188,285,000, up from $138,501,000 in the previous year, representing a 36% increase[41] - Free Cash Flow for the twelve months ended December 31, 2025, was $155,780,000, compared to $79,845,000 in the previous year, indicating a growth of 95%[40] Cash and Assets - The company ended 2025 with approximately $203 million in cash and no bank debt, providing significant financial flexibility[4] - Cash and cash equivalents increased to $203,407 thousand as of December 31, 2025, from $163,374 thousand at the end of the previous quarter, a rise of 24.5%[21] - Total assets as of December 31, 2025, amounted to $1,268,307 thousand, up from $1,253,910 thousand as of September 30, 2025, indicating a growth of 1.3%[21] Liabilities and Equity - Total liabilities decreased to $210,608 thousand as of December 31, 2025, from $214,956 thousand as of September 30, 2025, a reduction of 2.0%[21] - The company's ending equity as of December 31, 2025, was $1,057,699,000, an increase from $958,156,000 in the previous year[38] Operational Highlights - The company successfully completed its tenth XPak installation in Brazil's pre-salt fields, indicating strong operational momentum[4] - North America Onshore revenue for the three months ended December 31, 2025, was $138,743,000, a 5.7% increase from $131,929,000 in the previous quarter[41] - International & Offshore revenue for the three months ended December 31, 2025, was $134,859,000, a 24.9% increase from $108,071,000 in the previous quarter[41] Future Outlook - Innovex expects Q1 2026 revenue to be between $225 million and $235 million, with Adjusted EBITDA projected at $38 million to $42 million[10] - The company is focused on expanding its addressable market through new product introductions and international growth[6] - Innovex is actively pursuing M&A opportunities to enhance its capital allocation strategy[8] Profitability Metrics - Innovex's Return on Capital Employed (ROCE) for the full year 2025 was 10%[9] - The net income as a percentage of revenue for the three months ended December 31, 2025, was 5%, down from 16% in the previous quarter[41] - The adjusted EBITDA margin for the twelve months ended December 31, 2025, was 19%, compared to 21% in the previous year[41] Costs and Expenses - The company incurred acquisition and integration costs of $17,518 thousand for the twelve months ended December 31, 2025, down from $33,300 thousand in the previous year, indicating a decrease of 47.4%[19]

HOUSTON--(BUSINESS WIRE)--Innovex International, Inc. Schedules Fourth Quarter and Full Year 2025 Earnings Release and Conference Call. ...

Core Viewpoint - The article highlights Innovex International, Inc. (INVX) as a potentially undervalued stock, supported by various financial metrics indicating strong value characteristics [4][5][6][7]. Group 1: Company Overview - Innovex International, Inc. (INVX) currently holds a Zacks Rank of 2 (Buy) and an A for Value, indicating strong investment potential [4]. - The stock is trading at a P/E ratio of 12.61, significantly lower than the industry average of 16.81, suggesting it may be undervalued [4]. - INVX's Forward P/E has fluctuated between 11.45 and 21.70 over the past year, with a median of 17.76, further indicating its current valuation may be attractive [4]. Group 2: Financial Metrics - The P/B ratio for INVX is 1.2, which is favorable compared to the industry average of 1.40, indicating a potentially strong value proposition [5]. - Over the past 52 weeks, INVX's P/B has ranged from 0.60 to 1.34, with a median of 1.12, reinforcing the notion of its undervaluation [5]. - INVX has a P/CF ratio of 5.88, which is significantly lower than the industry average of 10.30, suggesting strong cash flow relative to its market value [6]. - The P/CF for INVX has varied between 2.67 and 7.21 in the past year, with a median of 5.57, indicating a solid cash outlook [6]. Group 3: Investment Outlook - The combination of the aforementioned metrics positions Innovex International, Inc. as one of the strongest value stocks in the market, particularly when considering its earnings outlook [7].

Core Insights - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] - The Zacks Momentum Style Score helps investors identify stocks with strong momentum, addressing the challenges in defining momentum [2] Company Overview: Innovex International (INVX) - Innovex International currently holds a Momentum Style Score of B, indicating solid momentum potential [3] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for outperformance in the market [4] Performance Metrics - Over the past week, INVX shares increased by 3.7%, outperforming the Zacks Oil and Gas - Mechanical and Equipment industry, which rose by 0.71% [6] - In a longer timeframe, INVX shares have risen by 28.94% over the past quarter and 58.3% over the past year, significantly outperforming the S&P 500's gains of 1.27% and 16.57%, respectively [7] Trading Volume - The average 20-day trading volume for INVX is 360,591 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - Recent earnings estimate revisions for INVX show one upward revision for the full year, increasing the consensus estimate from $1.01 to $1.29 over the past 60 days [10] - For the next fiscal year, there has been one upward revision with no downward revisions, indicating positive earnings momentum [10] Conclusion - Given the strong performance metrics and positive earnings outlook, Innovex International is positioned as a promising investment opportunity with a Momentum Score of B [12]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1]. Company Overview: Innovex International (INVX) - Innovex International currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating strong potential for outperformance [2][3]. - The stock has shown significant price increases, with a 31.25% rise over the past quarter and a 49.59% increase over the last year, outperforming the S&P 500's gains of 6.77% and 21.08% respectively [6]. Price Performance - Over the past week, INVX shares increased by 3.16%, while the Zacks Oil and Gas - Mechanical and Equipment industry rose by 3.19%. The monthly price change for INVX is 3.47%, compared to the industry's 5.62% [5]. - The average 20-day trading volume for INVX is 363,604 shares, which serves as a bullish indicator when combined with rising stock prices [7]. Earnings Outlook - In the last two months, one earnings estimate for INVX has increased, raising the consensus estimate from $1.01 to $1.29. For the next fiscal year, one estimate has also moved upwards without any downward revisions [9][8]. Conclusion - Given the positive momentum indicators and earnings outlook, Innovex International is positioned as a solid momentum pick, meriting attention from investors seeking growth opportunities [11].

Core Insights - Innovex International, Inc. (NYSE:INVX) is recognized as one of the 11 Best Performing Energy Stocks in 2025 [1] - Piper Sandler has raised the price target for Innovex International from $20 to $27, maintaining an 'Overweight' rating, indicating an upside potential of over 22% [3] - The energy industry faced challenges in 2025 but is expected to find new growth avenues, with a recovery anticipated in the offshore sector by 2027 [4] Company Performance - Innovex International has shown resilience in the US Land market, successfully integrating Citadel and outperforming relatively flat land activity [5] - The company reported an 82% year-over-year growth in free cash flow in Q3 2025, supported by a capital-light business model and disciplined cost control [5] - Since the beginning of 2025, Innovex's share price has increased by 52.38%, reflecting strong investor support [6]

Core Insights - Innovex International, Inc. (NYSE:INVX) experienced a significant share price increase of 10.23% from November 7 to November 14, 2025, ranking among the top-performing energy stocks for that week [1] - The stock surged following an upgrade from Barclays, which changed its rating from 'Underweight' to 'Equal Weight' and raised the price target from $14 to $20, citing the company's streamlined operations and strategic achievements since its merger [2][3] Company Performance - Innovex International reached a 52-week high on November 14, 2025, due to the positive analyst upgrade and recognition of its consistent free cash flows and strategic initiatives, including a new manufacturing facility in Saudi Arabia [3] - The company reported mixed Q3 results on November 3, with adjusted EPS of $0.23, which was $0.06 below estimates, while revenue of $240 million exceeded forecasts by $5 million and showed a year-over-year increase of 58% [4] - Free cash flow for Innovex grew by 82% year-over-year, reaching $36.52 million, indicating strong financial health despite the mixed earnings report [4]

Financial Performance - For the nine months ended September 30, 2025, Innovex reported revenues of $704.6 million, a 72% increase from $410.1 million in the same period of 2024[121] - The net income for the nine months ended September 30, 2025, was $69.3 million, down 36% from $108.5 million in the prior year[121] - Innovex's income from operations for the nine months ended September 30, 2025, was $106.8 million, compared to $22.2 million in the same period of 2024, representing an increase of 382%[121] - Innovex's total costs and expenses for the nine months ended September 30, 2025, were $597.8 million, a 54% increase from $388.0 million in the same period of 2024[121] - Total revenue for the nine months ended September 30, 2025 was $704.6 million, an increase of $294.4 million or 72.2% from the same period in 2024, driven by acquisitions and increased market share[134] - Cost of revenues for the nine months ended September 30, 2025 was $480.5 million, an increase of $218.1 million or 83.1% from the same period in 2024, primarily due to increased personnel expenses and product costs[135] - Selling, general and administrative expenses for the nine months ended September 30, 2025 were $96.8 million, an increase of $18.9 million or 24.3% from the same period in 2024, driven by higher salaries, IT, and R&D costs[136] - Net income for the nine months ended September 30, 2025 was $69.3 million, a decrease of $39.2 million or 36.1% from the same period in 2024, impacted by prior gains on bargain purchases[145] - Adjusted EBITDA for the nine months ended September 30, 2025, was $136.2 million, an increase of $46.8 million or 52% from $89.4 million in the same period of 2024[166] Market Segmentation - The North American market accounted for approximately 53% of total revenue, while international and offshore markets contributed 47%[109] - Innovex's international and offshore market revenue for the three months ended September 30, 2025, was $108.1 million, an increase of 102% from the previous year[123] - The company aims to increase revenue from international and offshore markets, which are less cyclical compared to the North American market[109] Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2025 was $138.7 million, an increase of $81.6 million or 143% from the same period in 2024[150] - Net cash used in investing activities for the nine months ended September 30, 2025 was $8.8 million, a decrease of $159.2 million from the previous year, primarily due to acquisitions[151] - Free Cash Flow for the nine months ended September 30, 2025 was $112.5 million, an increase of $61.3 million (120%) from the same period in 2024[170] - The increase in Free Cash Flow indicates improved operational efficiency and cash generation capabilities[170] - The substantial rise in capital expenditures may suggest ongoing investments in growth initiatives[170] Capital Expenditures and Costs - Capital expenditures for the nine months ended September 30, 2025, accounted for 4% of revenue, compared to 1% in the same period of 2024[113] - The company reported a significant increase in depreciation and amortization expenses, which rose by 136% to $45.3 million for the nine months ended September 30, 2025[121] - Capital expenditures rose significantly to $26.2 million, an increase of $20.2 million (339%) from $6.0 million in 2024[170] Acquisitions and Integration - The company acquired Citadel Casing Solutions for $69.7 million in cash on May 30, 2025, enhancing its downhole technology offerings[115] - Acquisition and integration costs for the nine months ended September 30, 2025 were $13.1 million, a decrease of $12.4 million or 48.6% from the same period in 2024[140] - The company incurred acquisition and integration costs of $20.9 million for the twelve months ended September 30, 2025, a decrease of 19% from $25.8 million in 2024[168] Debt and Financing - The company had $12.7 million of borrowings outstanding under the Term Loan as of September 30, 2024, and no borrowings under the revolving credit facility as of September 30, 2025[162] - The company entered into a new Credit Agreement on February 27, 2025, increasing the revolving credit facility from $110 million to $200 million, with a potential increase to $250 million[157] - The company is required to maintain a fixed charge coverage ratio of not less than 1.10 to 1.00 if Excess Availability is less than 20%[160] - The company is subject to various covenants under the Credit Agreement, including limitations on incurring debt and asset sales[160] Other Financial Metrics - As of September 30, 2025, the company had cash and restricted cash of $163.4 million and availability under the Revolver of $132.8 million[146] - Total interest expense for the nine months ended September 30, 2025 was $1.9 million, a slight decrease from $2.1 million in the same period in 2024[141] - Income tax expense for the nine months ended September 30, 2025 was $32.2 million, an increase of $25.3 million or 367.1% from the same period in 2024, due to changes in income mix and non-deductible expenses[144] - The company’s Return on Capital Employed (ROCE) for the twelve months ended September 30, 2025, was 13%, up from 9% for the same period in 2024[168] - The company’s net income as a percentage of revenue was 10% for the nine months ended September 30, 2025, down from 26% in 2024[164] Operational Insights - The company operates in one reportable segment, with performance assessed at a consolidated level[171] - The company continues to focus on financial information at a consolidated level for resource allocation[171] - No significant changes to critical accounting estimates have occurred since the Annual Report[172] - There have been no material changes affecting market risk disclosures since the last Annual Report[175] - Recent accounting pronouncements are discussed in the Summary of Significant Accounting Policies section of the Quarterly Report[173]