Innovex Q2 revenue, adjusted EBITDA beat estimates on international activity
INVX•Outlook
- Innovex expects Q3 2026 revenue between $260 mln and $270 mln
- Company sees Q3 2026 Adjusted EBITDA of $51 mln to $57 mln
- Company says improving offshore market fundamentals expected to support subsea business momentum
Drivers of the quarter
- INTERNATIONAL ACTIVITY - Co said improving activity in key international markets, including Latin America, Middle East, and Asia Pacific, supported Q2 results
- SUBSEA MOMENTUM - Co cited a $20 mln subsea award in Malaysia, successful XPak trial in Asia Pacific and ArgoLATCH deployment in Brazil
- OPERATIONAL EXECUTION - Co said improved efficiency and competitiveness across the business contributed to delivering revenue at the high end of guidance
Analyst coverage and valuation
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
- The average consensus recommendation for the oil related services and equipment peer group is "buy"
- Wall Street's median 12-month price target for Innovex International Inc is $35.00, about 24.6% above its July 31 closing price of $28.08
- The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 18 three months ago
