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Side-by-side financial comparison of Traeger, Inc. (COOK) and Innovex International, Inc. (INVX). Click either name above to swap in a different company.
Innovex International, Inc. is the larger business by last-quarter revenue ($273.6M vs $145.4M, roughly 1.9× Traeger, Inc.). Innovex International, Inc. runs the higher net margin — 5.1% vs -11.8%, a 16.9% gap on every dollar of revenue. On growth, Innovex International, Inc. posted the faster year-over-year revenue change (9.1% vs -13.8%). Over the past eight quarters, Innovex International, Inc.'s revenue compounded faster (46.2% CAGR vs 0.2%).
Traeger, Inc. designs, manufactures, and sells premium wood pellet grills, related accessories, and wood pellet fuel for outdoor cooking users. It primarily operates in North America, Europe, and Australia, serving residential consumers and commercial food service clients via retail partners and direct-to-consumer channels.
COOK vs INVX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $145.4M | $273.6M |
| Net Profit | $-17.2M | $14.0M |
| Gross Margin | 37.4% | 28.9% |
| Operating Margin | -8.0% | 9.4% |
| Net Margin | -11.8% | 5.1% |
| Revenue YoY | -13.8% | 9.1% |
| Net Profit YoY | -147.2% | -56.1% |
| EPS (diluted) | $-0.13 | $0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $145.4M | $273.6M | ||
| Q3 25 | $125.4M | $240.0M | ||
| Q2 25 | $145.5M | $224.2M | ||
| Q1 25 | $143.3M | $240.4M | ||
| Q4 24 | $168.6M | $250.7M | ||
| Q3 24 | $122.0M | $151.8M | ||
| Q2 24 | $168.5M | $130.3M | ||
| Q1 24 | $144.9M | $128.0M |
| Q4 25 | $-17.2M | $14.0M | ||
| Q3 25 | $-89.8M | $39.2M | ||
| Q2 25 | $-7.4M | $15.3M | ||
| Q1 25 | $-778.0K | $14.8M | ||
| Q4 24 | $-7.0M | $31.8M | ||
| Q3 24 | $-19.8M | $82.6M | ||
| Q2 24 | $-2.6M | $9.5M | ||
| Q1 24 | $-4.7M | $16.4M |
| Q4 25 | 37.4% | 28.9% | ||
| Q3 25 | 38.7% | 31.6% | ||
| Q2 25 | 39.2% | 32.0% | ||
| Q1 25 | 41.5% | 31.8% | ||
| Q4 24 | 40.9% | 33.9% | ||
| Q3 24 | 42.3% | 34.7% | ||
| Q2 24 | 42.9% | 35.3% | ||
| Q1 24 | 43.2% | 38.4% |
| Q4 25 | -8.0% | 9.4% | ||
| Q3 25 | -66.5% | 26.0% | ||
| Q2 25 | -4.2% | 10.1% | ||
| Q1 25 | 2.4% | 9.1% | ||
| Q4 24 | -0.1% | 10.7% | ||
| Q3 24 | -6.1% | -8.7% | ||
| Q2 24 | 2.8% | 10.0% | ||
| Q1 24 | -0.1% | 17.4% |
| Q4 25 | -11.8% | 5.1% | ||
| Q3 25 | -71.6% | 16.3% | ||
| Q2 25 | -5.1% | 6.8% | ||
| Q1 25 | -0.5% | 6.1% | ||
| Q4 24 | -4.1% | 12.7% | ||
| Q3 24 | -16.2% | 54.4% | ||
| Q2 24 | -1.5% | 7.3% | ||
| Q1 24 | -3.2% | 12.8% |
| Q4 25 | $-0.13 | $0.20 | ||
| Q3 25 | $-0.67 | $0.57 | ||
| Q2 25 | $-0.06 | $0.22 | ||
| Q1 25 | $-0.01 | $0.21 | ||
| Q4 24 | $-0.06 | $-0.03 | ||
| Q3 24 | $-0.15 | $1.99 | ||
| Q2 24 | $-0.02 | $0.30 | ||
| Q1 24 | $-0.04 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $19.6M | — |
| Total DebtLower is stronger | $403.3M | $18.9M |
| Stockholders' EquityBook value | $170.8M | $1.1B |
| Total Assets | $676.0M | $1.3B |
| Debt / EquityLower = less leverage | 2.36× | 0.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.6M | — | ||
| Q3 25 | $5.9M | — | ||
| Q2 25 | $10.3M | — | ||
| Q1 25 | $12.0M | — | ||
| Q4 24 | $15.0M | — | ||
| Q3 24 | $16.9M | — | ||
| Q2 24 | $18.0M | $185.6M | ||
| Q1 24 | $23.6M | $202.2M |
| Q4 25 | $403.3M | $18.9M | ||
| Q3 25 | — | $20.1M | ||
| Q2 25 | — | $34.8M | ||
| Q1 25 | — | $19.7M | ||
| Q4 24 | $403.6M | $24.9M | ||
| Q3 24 | — | $12.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $170.8M | $1.1B | ||
| Q3 25 | $186.1M | $1.0B | ||
| Q2 25 | $274.2M | $995.6M | ||
| Q1 25 | $279.6M | $978.4M | ||
| Q4 24 | $276.4M | $958.2M | ||
| Q3 24 | $279.8M | $904.4M | ||
| Q2 24 | $297.3M | $352.5M | ||
| Q1 24 | $294.6M | $344.3M |
| Q4 25 | $676.0M | $1.3B | ||
| Q3 25 | $689.6M | $1.3B | ||
| Q2 25 | $780.6M | $1.2B | ||
| Q1 25 | $825.6M | $1.2B | ||
| Q4 24 | $830.7M | $1.2B | ||
| Q3 24 | $818.1M | $1.1B | ||
| Q2 24 | $842.4M | $1.0B | ||
| Q1 24 | $862.1M | $1.0B |
| Q4 25 | 2.36× | 0.02× | ||
| Q3 25 | — | 0.02× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.02× | ||
| Q4 24 | 1.46× | 0.03× | ||
| Q3 24 | — | 0.01× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $15.5M | $52.2M |
| Free Cash FlowOCF − Capex | $14.2M | — |
| FCF MarginFCF / Revenue | 9.8% | — |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | — | 3.74× |
| TTM Free Cash FlowTrailing 4 quarters | $13.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.5M | $52.2M | ||
| Q3 25 | $7.6M | $48.4M | ||
| Q2 25 | $18.3M | $59.2M | ||
| Q1 25 | $-20.8M | $31.1M | ||
| Q4 24 | $7.5M | $36.3M | ||
| Q3 24 | $15.1M | $21.7M | ||
| Q2 24 | $13.9M | $22.8M | ||
| Q1 24 | $-12.6M | $12.6M |
| Q4 25 | $14.2M | — | ||
| Q3 25 | $6.4M | — | ||
| Q2 25 | $15.7M | — | ||
| Q1 25 | $-22.7M | — | ||
| Q4 24 | $5.5M | — | ||
| Q3 24 | $12.8M | — | ||
| Q2 24 | $11.8M | $16.6M | ||
| Q1 24 | $-18.3M | $7.8M |
| Q4 25 | 9.8% | — | ||
| Q3 25 | 5.1% | — | ||
| Q2 25 | 10.8% | — | ||
| Q1 25 | -15.8% | — | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | 10.5% | — | ||
| Q2 24 | 7.0% | 12.7% | ||
| Q1 24 | -12.6% | 6.1% |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 1.2% | 4.7% | ||
| Q1 24 | 3.9% | 3.7% |
| Q4 25 | — | 3.74× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | — | 3.86× | ||
| Q1 25 | — | 2.11× | ||
| Q4 24 | — | 1.14× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 2.39× | ||
| Q1 24 | — | 0.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
COOK
| Grills | $60.6M | 42% |
| Accessories | $49.2M | 34% |
| Consumables | $35.5M | 24% |
INVX
| Products | $202.7M | 74% |
| Leasing | $42.3M | 15% |
| Services | $28.6M | 10% |
