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) Beneish M-score
Innovex International, Inc.'s Beneish M-score for fiscal 2025 is −2.64; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.64 | (1.38) |
| FY2024 | −1.26 | (0.22) |
| FY2023 | −1.04 | 1.31 |
| FY2022 | −2.35 | (1.62) |
| FY2021 | −0.73 | 1.76 |
| FY2020 | −2.49 | (0.01) |
| FY2019 | −2.48 | 0.48 |
| FY2018 | −2.96 | 0.23 |
| FY2017 | −3.19 | (2.96) |
| FY2016 | −0.23 | 2.33 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.67 | — | 0.62 | |
| Gross margin index | 1.14 | — | 0.60 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.48 | — | 1.32 | |
| Depreciation index | 0.55 | — | 0.06 | |
| SG&A index | 0.75 | — | −0.13 | |
| Total accruals to total assets | (0.08) | — | −0.40 | |
| Leverage index | 0.84 | — | −0.28 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.64 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| WTTR Select Water Solutions, Inc. compare | −3.2× |
| LBRT Liberty Energy Inc. compare | −3.0× |
| XPRO Expro Group Holdings N.V. compare | −2.9× |
| FLOC Flowco Holdings Inc. compare | −2.9× |
| RES RPC, Inc. compare | −2.7× |
| NESR National Energy Services Reunited compare | −2.7× |
| INVX Innovex International, Inc. | −2.6× |
| HOS Hornbeck Offshore Services Inc compare | −2.3× |
| NEXT NextDecade Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI