INVXInnovex International, Inc.

Oil & Gas Field Machinery & Equipment

Revenue: $978M; 48% YoY
Operating margin: 13.6%; 83% YoY
EBITDA: $193M; 141% YoY
Market cap: $1.9B
Employees: 2,160; $453K revenue each
Net debt / EBITDA: -0.9×; −$167M net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
229% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$453K · 51st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 45th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$615M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$288M	$467M	$556M	$661M	$978M	48%
Operating income	−$125M	$76M	$97M	$49M	$133M	170%
Net income	−$128M	$63M	$74M	$140M	$83M	41%
Operating cash flow	$38M	−$6M	$76M	$93M	$191M	104%
Capex	$10M	$19M	$33M	—	—
Stock-based comp	$15M	$907K	$2M	$13M	$14M	4.2%
Buybacks	$24M	$21M	$0	—	—
Dividends	—	$0	$0	$75M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 10, 2026	Amberjack Capital Fund II, L.P.	SCHEDULE 13D/A	18.8%	Passive
Feb 27, 2026	Amberjack Capital Fund II, L.P.	SCHEDULE 13D/A	24.6%	Passive
Mar 6, 2025	Amberjack Capital Partners, L.P.	SCHEDULE 13D/A	31.4%	Active
Sep 9, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	3.4%	Passive
Sep 4, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	0.1%	Passive
Aug 26, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	6.6%	Passive
Aug 20, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	0.0%	Passive
Aug 15, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	8.3%	Passive
Aug 14, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	8.3%	Passive
Aug 14, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	6.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $615M · 30
Net: −$615M

Pay vs performance

No pay-versus-performance disclosure yet.