Innovex International Inc
F:DQU0
Innovex International Inc
Innovex International, Inc. designs, manufactures, sells and rents a broad suite of well-centric, engineered products to the global oil and natural gas industry. The Company’s products are sold and rented to international oil companies, national oil companies, independent exploration and production companies and multinational service companies. The products it provides have applications across the well lifecycle for both onshore and offshore oil and natural gas wells, including well construction, well completion, and well production and intervention applications. The Company's products include subsea wellheads, subsea wellhead connectors, subsea services, surface/platform unitized systems, drilling wellheads, frac solutions, production wellheads, thermal wellheads, reamers & stabilizers, drilling enhancement tools, penetrators & connectors, surefire power charges, casing flotation subs, gas lift systems, and others.
Innovex International, Inc. designs, manufactures, sells and rents a broad suite of well-centric, engineered products to the global oil and natural gas industry. The Company’s products are sold and rented to international oil companies, national oil companies, independent exploration and production companies and multinational service companies. The products it provides have applications across the well lifecycle for both onshore and offshore oil and natural gas wells, including well construction, well completion, and well production and intervention applications. The Company's products include subsea wellheads, subsea wellhead connectors, subsea services, surface/platform unitized systems, drilling wellheads, frac solutions, production wellheads, thermal wellheads, reamers & stabilizers, drilling enhancement tools, penetrators & connectors, surefire power charges, casing flotation subs, gas lift systems, and others.
Revenue Beat: Q4 revenue reached $274 million, exceeding the high end of guidance and up 14% sequentially.
Margin Pressure: Margins were impacted by low-margin legacy subsea projects and Eldridge facility exit costs, with improvement expected in the second half of 2026.
Strong Cash Flow: Free cash flow conversion was 83% for the quarter and full year, well above the typical 50–60% target.
M&A Synergies: Recent acquisitions like Citadel and DWS are delivering cross-selling benefits and driving revenue synergies.
Positive Outlook: Management expects continued share gains, a strong subsea pipeline, and long-term margin expansion toward a 25% target.
Q1 Guidance: Revenue expected to decline seasonally to $225–235 million and adjusted EBITDA to $38–42 million.
