Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 9, 2026
Innovex International, Inc. (INVX)
A forensic read on Innovex International, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
9.7
Distress distance
Clean
Earnings quality
3
Forensic signals
8.3%
ROE
48.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Innovex International, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.7, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+46.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +115% over the last 2 years to FY2025 (+46.5%/yr). The count is growing — 32.3M shares in FY2023, 69.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~46.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~53%.
9.1%
FY2025
Return on invested capital.Return on invested capital is 9.1% in the latest fiscal year, against 34.8% in FY2023, having run between 7.4% and 34.8% across FY2023–FY2025 with no direction held. After-tax operating profit was $76M in FY2023 and $86M in FY2025, with operating income at 22.9% of revenue in FY2023, 7.4% in FY2024 and 13.6% in FY2025. The capital base behind it grew +334% across FY2023–FY2025, from $219M to $952M, while the return fell 25.7 points, so the dollars added over that window earned less than the 34.8% the older base was already earning.
1.4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.4% of revenue in FY2025 — about $0.20 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 46.5% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$978.3M
Revenue Growth YoY+48.0%
Revenue CAGR (2yr)+51.9%
Net Margin8.5%
Return on Equity8.3%
Debt / Equity0.02x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Innovex International, Inc.'s actual 10-K/10-Q/8-K filings?