Innovex International, Inc. (INVX) Stock Price & How to Invest

Innovex International designs, manufactures and rents engineered products used to drill, complete and produce oil and gas wells. The catalogue runs from downhole drilling enhancement tools and fishing and intervention equipment through cementing and casing accessories, and, since the Dril-Quip combination, subsea wellheads and production systems for offshore operators. Revenue arrives in three forms: products, services and rentals, with products the largest at ~$330M of the ~$484M booked in the first half of 2026. The company employs roughly ~2,160 people, is headquartered in Humble, Texas, and is run by Adam Anderson, who led Legacy Innovex before the merger.

The reporting history needs care. Legacy Innovex was the accounting acquirer in the September 2024 deal even though Dril-Quip was the surviving registrant that later took the Innovex name, so everything before September 2024 is Legacy Innovex alone. FY2024 revenue of ~$660.8M carries only about four months of Dril-Quip, and FY2024 net income of ~$140.3M is flattered by a ~$93M bargain purchase gain booked because Dril-Quip's share price fell between signing and closing. FY2025, at ~$978.3M, is the first clean full year of the combined company. Trailing revenue of ~$997.5M is growing high single digits, Q2 2026 adjusted EBITDA margin was ~20%, and the balance sheet holds ~$222M of cash with no revolver borrowings. The complication sits below the operating line: a March 2026 jury verdict against a subsidiary forced a ~$51.6M accrual and pushed Q1 2026 to a reported loss.

The Impulse matter is the live one: on 5 March 2026 a jury in the US District Court for the Southern District of Texas returned a verdict against subsidiary Downhole Well Solutions and awarded approximately ~$47.6M, against which Innovex has accrued ~$51.6M plus a further ~$3.4M for defence costs, and the company says it will pursue post-trial motions and an appeal with no assurance of the outcome. North American drilling and completion activity remains the largest single demand driver, and it is cyclical in a way no product mix fully offsets. Purchase accounting for TCO was still incomplete at the Q2 filing, so pro forma figures and any goodwill or intangible adjustments are deferred to the Q3 report. Share supply is a visible overhang: legacy holders priced a ~5M share secondary sale in August 2026, and further sell-downs are possible. At ~35x reported trailing earnings the stock carries a multiple that leaves little room if activity softens, although that multiple is inflated by the litigation charge and looks materially lower on an adjusted basis.

5 analysts publish price targets on INVX, averaging $33.20 against a $31.24 price as of August 2026, or +6.3%. The published targets run from $27.00 to $35.00, a narrow spread, and the ratings split 4 buy, 1 hold, 0 sell. Over the last six months there have been 4 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full INVX forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Innovex International, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. International and offshore mix. Legacy Dril-Quip brought subsea wellheads and an international footprint to what had been a mostly North American land business, and management has been leaning on it. The most optimistic published target, $35.00, assumes this works close to its best case.

The case against. The Impulse matter is the live one: on 5 March 2026 a jury in the US District Court for the Southern District of Texas returned a verdict against subsidiary Downhole Well Solutions and awarded approximately ~$47.6M, against which Innovex has accrued ~$51.6M plus a further ~$3.4M for defence costs, and the company says it will pursue post-trial motions and an appeal with no assurance of the outcome. The most pessimistic target, $27.00, is roughly what INVX is worth if this bites instead.

Read the full bull and bear case on INVX, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Innovex International, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$997.5M, up ~15% year over year
• Net income (TTM): ~$61.6M, reduced by a ~$51.6M litigation accrual
• Adjusted EBITDA (Q2 2026): ~$48M, ~20% margin
• P/E (TTM, reported): ~35x
• Net cash: ~$155M (~$222M cash, no revolver borrowings)
• Market cap: ~$2.18B at ~$31 per share

The reported P/E is the least useful number here, because trailing net income absorbs a ~$51.6M charge from a patent verdict the company is appealing. Strip that out and the trailing multiple falls closer to the low twenties, which is where the argument about whether Innovex is expensive actually sits. Enterprise value of roughly ~$2.0B against ~$997.5M of revenue works out near ~2x sales, with Q3 2026 guided to ~$260M to ~$270M of revenue and ~$51M to ~$57M of adjusted EBITDA.

Other names that sit close to INVX: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get INVX exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so INVX sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where INVX fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Innovex is a debt-free, cash-generative oilfield products business whose reported earnings currently understate the operating result, priced at a multiple that assumes both the North American cycle and the appeal go its way.

Whether INVX is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is INVX a buy or a sell?, and where the stock could go from here in the INVX stock forecast.

For income investors, whether INVX pays a dividend and how the payout looks is covered in does INVX pay a dividend? And to weigh INVX against a peer, read the full side-by-side comparisons: INVX vs SLB and INVX vs HAL.