Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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.

D · Weak — demands caution

Forensic grade

Safe

Financial health

14.5

Distress distance

Clean

Earnings quality

Forensic signals

32.5

P / E (ttm)

7.9%

ROE

$2.0B

Market cap

0.00%

Dividend yield

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 (red flags, auditor quality, say on pay, board independence). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 14.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+30.2%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +121% over the last 3 years to FY2025 (+30.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~30.2% 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 FY2022 has been diluted ~55%.

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. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 32.1% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.

7.7%

FY2025

Return on invested capital. Return on invested capital is 7.7% in the latest fiscal year and slipping from 11% — around its ~9% cost of capital, so growth is roughly value-neutral.

$8M

FY2020–FY2020

Goodwill impairments. Took $8M of goodwill writedowns across 1 year (FY2020 ($8M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$978.3M

Revenue Growth YoY+48.0%

Revenue CAGR (3yr)+39.3%

Net Margin8.5%

Return on Equity7.9%

Debt / Equity0.02x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.