Innovex International, Inc.
INVXdata completeness 75%18 fiscal years on fileInnovex International, Inc. earns about 27% on invested capital, far above its ~9% cost of capital, but has diluted owners by 96% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $10.21 and $11.04 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $287.9M1 | $467.2M2 | $555.5M3 | $660.8M3 | $978.3M3 |
| Net income | −$128.5M4 | $63.3M5 | $73.9M6 | $140.3M6 | $83.3M6 |
| Operating cash flow | $38.4M7 | −$5.81M8 | $75.9M9 | $93.4M9 | $190.9M9 |
| Capital expenditure | $9.99M10 | $18.9M10 | $32.6M10 | — | — |
| Free cash flow (derived) | $28.4M7 | −$24.7M8 | $43.2M9 | — | — |
| Total debt | — | — | — | $25.4M11 | — |
| Cash & equivalents | $355.5M12 | $259.4M13 | $187.3M13 | $73.3M14 | $203.4M14 |
| Diluted shares | 35.3M | 31.4M | 32.3M | 50.6M | 69.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $152.45 of net worth that earned you $12.01 last year.
It earned about 27% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 96% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $10.21 and $11.04 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$28.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$28.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$73.9M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $8.79 |
| Base | 5.0% | $10.21 |
| Bull | 10.0% | $11.9 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0000950170-23-005506 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-031003 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-067228 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K/A · period ending 2021-12-31 · accession 0000950170-24-082104 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-031003 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-067228 (NetIncomeLoss)
- 10-K/A · period ending 2021-12-31 · accession 0000950170-24-082104 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-031003 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-067228 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2021-12-31 · accession 0000950170-24-082104 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0000950170-25-031003 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-005506 (CashAndCashEquivalentsAtCarryingValue)
- 10-K/A · period ending 2022-12-31 · accession 0000950170-24-082104 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-067228 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)