Latest Ratios: P/E Ratio 20.0x · EV/EBITDA 9.0x · ROE 8.3%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.5B | $707M | — | — | — | — | — | — | — | — |
| Enterprise Value | $1.6B | $1.4B | $725M | — | — | — | — | — | — | — | — |
| P/E Ratio → | 20.04 | 18.23 | 5.04 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.69 | 1.55 | 1.07 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.58 | 1.43 | 0.74 | — | — | — | — | — | — | — | — |
| P/FCF | 10.59 | 9.74 | 8.86 | — | — | — | — | — | — | — | — |
| P/OCF | 8.64 | 7.95 | 7.57 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.47 | 1.10 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 8.97 | 8.22 | 8.18 | — | — | — | — | — | — | — | — |
| EV / EBIT | 13.77 | 10.94 | 4.99 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 9.21 | 9.08 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.8% | 24.8% | 35.2% | 35.2% | 33.8% | 29.6% | 26.1% | 28.8% | 29.4% | 32.9% | 39.0% |
| Operating Margin | 11.6% | 11.6% | 7.4% | 17.5% | 16.2% | 4.8% | -5.1% | 1.4% | -8.1% | -1.8% | 16.2% |
| Net Profit Margin | 8.5% | 8.5% | 21.2% | 13.3% | 13.5% | 3.3% | -8.4% | 0.4% | -24.9% | -22.1% | 17.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.3% | 8.3% | 21.8% | 25.5% | 29.3% | 1.6% | -2.9% | 0.2% | -8.0% | -7.6% | 7.0% |
| ROA | 6.8% | 6.8% | 16.8% | 16.2% | 17.5% | 1.4% | -2.6% | 0.1% | -7.4% | -7.0% | 6.5% |
| ROIC | 8.7% | 8.7% | 5.3% | 19.1% | 20.0% | 2.3% | -2.0% | 0.6% | -3.2% | -0.7% | 7.0% |
| ROCE | 10.6% | 10.6% | 6.9% | 26.0% | 26.8% | 2.2% | -1.7% | 0.5% | -2.6% | -0.6% | 6.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.10 | 0.26 | 0.46 | 0.22 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | 0.69 | 0.69 | 1.03 | 0.67 | 1.14 | 1.23 | 0.53 | 0.14 | — | — | — |
| Net Debt / Equity | — | -0.08 | 0.02 | 0.24 | 0.42 | 0.16 | -0.33 | -0.36 | -0.38 | -0.38 | -0.31 |
| Net Debt / EBITDA | -0.48 | -0.48 | 0.20 | 0.61 | 1.05 | 0.93 | -24.75 | -9.91 | -105.10 | -15.11 | -3.56 |
| Debt / FCF | — | -0.53 | 0.22 | 1.28 | — | — | — | -123.82 | -31.10 | -6.14 | -1.92 |
| Interest Coverage | 50.78 | 50.78 | 59.77 | 18.14 | 19.08 | 7.35 | -98.92 | 34.21 | — | — | — |
Net cash position: cash ($203M) exceeds total debt ($120M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.91 | 4.91 | 3.94 | 3.67 | 3.32 | 2.77 | 10.09 | 9.08 | 10.37 | 10.09 | 10.41 |
| Quick Ratio | 3.24 | 3.24 | 2.28 | 1.87 | 1.71 | 1.45 | 7.61 | 6.97 | 8.05 | 7.18 | 6.91 |
| Cash Ratio | 1.37 | 1.37 | 0.45 | 0.09 | 0.10 | 0.14 | 4.05 | 4.12 | 5.08 | 4.94 | 4.17 |
| Asset Turnover | — | 0.77 | 0.55 | 1.17 | 1.07 | 1.03 | 0.32 | 0.34 | 0.32 | 0.33 | 0.37 |
| Inventory Turnover | 2.96 | 2.96 | 1.58 | 2.55 | 2.26 | 2.25 | 1.27 | 1.44 | 1.42 | 1.05 | 0.92 |
| Days Sales Outstanding | — | 88.72 | 147.12 | 80.25 | 98.62 | 102.34 | 256.54 | 218.36 | 191.85 | 153.57 | 144.66 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 10.6% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 53.4% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 5.5% | 19.8% | — | — | — | — | — | — | — | — |
| FCF Yield | 9.4% | 10.3% | 11.3% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 10.6% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $69M | $51M | $51M | $16M | $35M | $35M | $36M | $37M | $37M | $38M |
Cyclical Revenue Volatility
According to current market data, INVX trades at a forward P/E of 15.92, suggesting that investors are pricing in a significant deceleration in growth compared to historical peaks, while the EV/EBITDA multiple of 9.52 indicates a valuation discount relative to more diversified, mature industrial peers.
The current valuation appears to reflect a market that is struggling to reconcile the company's high-growth history with the recent stagnation in US land activity. Investors should monitor whether the forward multiple remains compressed, as it may indicate a lack of confidence in the company's ability to maintain margins during the current integration phase.
Based on reported figures, ROIC has trended downward from 4.3% in 2023Q4 to 2.1% in 2026Q1, indicating that recent inorganic growth strategies and increased goodwill have yet to generate the expected incremental returns on invested capital required to justify the company's recent acquisition-heavy capital allocation strategy.
The compression in ROIC suggests that the company is currently struggling to deploy capital efficiently within a softening demand environment. This trend warrants further investigation into whether the recent merger with Dril-Quip will eventually provide the scale necessary to improve returns or if it will continue to dilute capital efficiency.
As reported in financial statements, the cash conversion cycle has expanded significantly, reaching 198 days in 2026Q1, which is driven by elevated days inventory outstanding of 146 days, suggesting that the company is holding excessive inventory levels relative to the current pace of customer demand.
The inability to compress the cash conversion cycle implies that the company's inventory management is not yet optimized for the current, more volatile drilling environment. This inefficiency ties up significant liquidity and may continue to pressure free cash flow margins until inventory levels are better aligned with actual project throughput.
Based on quarterly filings, INVX maintains a robust liquidity position with a current ratio of 5.10 as of 2026Q1, providing a substantial buffer that significantly exceeds industry norms and protects the firm against potential working capital shocks or sudden, unforeseen declines in project-based revenue streams.
This liquidity profile is a clear outlier in the oilfield services sector and suggests a management team that is prioritizing balance sheet resilience over aggressive leverage. While this provides safety, investors should monitor whether this excess cash is being deployed effectively or if it remains a drag on overall return metrics.
The P/E ratio is frequently misapplied to INVX, as it obscures the impact of lumpy 'lost-in-hole' revenue and acquisition-related amortization that distort net income, making the EV/EBITDA multiple a far more reliable metric for assessing the underlying cash-generative capacity of this specialized oilfield equipment business.
Relying on P/E ratios in this context ignores the significant non-cash charges and volatile revenue recognition patterns inherent in the company's business model. Analysts should instead focus on EV/EBITDA and free cash flow yields to better understand the true operational performance of the core downhole tool portfolio.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying INVX stock.
Innovex International, Inc.'s current P/E ratio is 20.0x. The historical average is 11.6x. This places it at the 100th percentile of its historical range.
Innovex International, Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
Innovex International, Inc.'s return on equity (ROE) is 8.3%. The historical average is 11.5%.
Based on historical data, Innovex International, Inc. is trading at a P/E of 20.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Innovex International, Inc. has 24.8% gross margin and 11.6% operating margin. Operating margin between 10-20% is typical for established companies.
Innovex International, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.