Innovex International, Inc.
INVX Energy Oil & Gas Equipment & Services
In the quarter to June 2026, revenue grew 9.21%, EPS grew 63.6%, free cash flow fell 39.8% and total debt fell 38.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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Innovex International, Inc. (INVX) Altman Z-score
Innovex International, Inc.'s Altman Z-score for fiscal 2025 is 6.28, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.28 | 3.12 |
| FY2024 | 3.16 | (2.60) |
| FY2023 | 5.75 | (2.28) |
| FY2022 | 8.03 | 2.32 |
| FY2021 | 5.71 | (2.32) |
| FY2020 | 8.03 | (3.18) |
| FY2019 | 11.21 | 2.10 |
| FY2018 | 9.11 | (3.41) |
| FY2017 | 12.52 | (3.21) |
| FY2016 | 15.73 | (0.83) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.46 | — | 0.55 | |
| Retained earnings / total assets | 0.22 | — | 0.31 | |
| EBIT / total assets | 0.10 | — | 0.35 | |
| Market value of equity / total liabilities | 7.17 | — | 4.30 | |
| Sales / total assets | 0.77 | — | 0.77 | |
| Altman Z-score | Safe zone | 6.28 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 9.71 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| INVX Innovex International, Inc. | 6.3× |
| RES RPC, Inc. compare | 4.6× |
| LBRT Liberty Energy Inc. compare | 2.9× |
| XPRO Expro Group Holdings N.V. compare | 2.1× |
| NESR National Energy Services Reunited compare | 2.0× |
| WTTR Select Water Solutions, Inc. compare | 2.0× |
| HOS Hornbeck Offshore Services Inc compare | 1.6× |
| FLOC Flowco Holdings Inc. compare | 1.2× |
| NEXT NextDecade Corporation compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets