Innovex International Inc
dril-quip.comWhat Do They Do?
Sells engineered well products and downhole tools to oil and natural gas operators and oilfield service companies.
10-K for FY2025, filed Feb 24, 2026Innovex designs, manufactures, sells and rents mission critical engineered products to the global oil and natural gas industry. Our vision…View ↗
We have a broad customer base, ranging from the largest international oil companies (“IOCs”), national oil companies (“NOCs”) and…View ↗
We view our new technology development and ongoing product advancement initiatives as key to our strategy and believe that we have a…View ↗
Drilling Enhancement Our drilling enhancement tools are designed to optimize drilling performance, increase rate of penetration, and…View ↗
How Do They Make Money?
Customers pay for standard products when they ship; custom long-term product projects may be billed as work progresses. Service charges are based on hours worked, while rental revenue accrues over the lease term.
10-K for FY2025, filed Feb 24, 2026Revenue from product sales is recognized at the point in time when control transfers to the customer, which is dependent on the associated…View ↗
Revenue from services is recognized as hours are incurred. We recognize revenue as the services are performed over time. Our payment terms…View ↗
product requirements cannot be filled directly from our standard inventory; and we have an enforceable right to payment for any work…View ↗
Revenue is recognized as, or when, the performance obligations are satisfied. We generate revenue primarily from three revenue streams: (i)…View ↗
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10-K for FY2025, filed Feb 24, 2026
FY2025 revenue by product or service ↗
$978.3M
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10-K for FY2025, filed Feb 24, 2026
$978.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2025, filed Feb 24, 2026 |
70% |
Product, FY2025
$685.3M Sources
|
Sold outright |
|
Service
Usage-based
10-K for FY2025, filed Feb 24, 2026 |
13% |
Service, FY2025
$126.3M Sources
|
Usage-based |
|
Rental
Recurring
10-K for FY2025, filed Feb 24, 2026 |
17% |
Rental, FY2025
$166.7M Sources
|
Recurring |
Who Are Their Customers?
It principally sells directly to E&P operators; its customer base also includes international and national oil companies and multinational and regional oilfield service companies.
10-K for FY2025, filed Feb 24, 2026
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 24, 2026
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 3, 2026
Acquired TCO Group AS
The cash-and-stock acquisition was valued at $95 million.
Sources
8-K, filed Aug 3, 2026
Closed the acquisition of TCO Group AS (“TCO”) in a cash and stock transaction valued at $95 million on July 1, 2026 (1)View ↗
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May 4, 2026
Acquired Drilling Innovative Solutions
The acquisition adds production technologies that complement its portfolio and strengthen its U.S. offshore position.
Sources
8-K, filed May 4, 2026
Closed the acquisition of Drilling Innovative Solutions, LLC ("DIS") for $16 million at approximately 4x TTM EBITDA (1)View ↗
A broader well-lifecycle focus
The older report presents drilling and production equipment, including offshore rig and subsea systems; the latest frames the portfolio as consumable products used across well construction, completion, production and intervention.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 24, 2026
Who Do They Compete With?
Competes with Baker Hughes, Halliburton, Schlumberger, TechnipFMC, Weatherford International, Aker Solutions, and NOV
10-K for FY2025, filed Feb 24, 2026The markets in which we operate are highly competitive. To be successful, we must provide services and products that meet the specific…View ↗
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