vs
Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) 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 $202.2M, roughly 1.4× FORUM ENERGY TECHNOLOGIES, INC.). Innovex International, Inc. runs the higher net margin — 5.1% vs 1.0%, a 4.1% gap on every dollar of revenue. On growth, Innovex International, Inc. posted the faster year-over-year revenue change (9.1% vs 0.6%). Over the past eight quarters, Innovex International, Inc.'s revenue compounded faster (46.2% CAGR vs -0.0%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
FET vs INVX — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $202.2M | $273.6M |
| Net Profit | $2.1M | $14.0M |
| Gross Margin | 30.2% | 28.9% |
| Operating Margin | 6.3% | 9.4% |
| Net Margin | 1.0% | 5.1% |
| Revenue YoY | 0.6% | 9.1% |
| Net Profit YoY | 102.0% | -56.1% |
| EPS (diluted) | $0.25 | $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 | $202.2M | $273.6M | ||
| Q3 25 | $196.2M | $240.0M | ||
| Q2 25 | $199.8M | $224.2M | ||
| Q1 25 | $193.3M | $240.4M | ||
| Q4 24 | $201.0M | $250.7M | ||
| Q3 24 | $207.8M | $151.8M | ||
| Q2 24 | $205.2M | $130.3M | ||
| Q1 24 | $202.4M | $128.0M |
| Q4 25 | $2.1M | $14.0M | ||
| Q3 25 | $-20.6M | $39.2M | ||
| Q2 25 | $7.7M | $15.3M | ||
| Q1 25 | $1.1M | $14.8M | ||
| Q4 24 | $-103.5M | $31.8M | ||
| Q3 24 | $-14.8M | $82.6M | ||
| Q2 24 | $-6.7M | $9.5M | ||
| Q1 24 | $-10.3M | $16.4M |
| Q4 25 | 30.2% | 28.9% | ||
| Q3 25 | 20.5% | 31.6% | ||
| Q2 25 | 29.7% | 32.0% | ||
| Q1 25 | 30.2% | 31.8% | ||
| Q4 24 | 31.1% | 33.9% | ||
| Q3 24 | 31.6% | 34.7% | ||
| Q2 24 | 30.7% | 35.3% | ||
| Q1 24 | 31.5% | 38.4% |
| Q4 25 | 6.3% | 9.4% | ||
| Q3 25 | -3.1% | 26.0% | ||
| Q2 25 | 7.4% | 10.1% | ||
| Q1 25 | 4.6% | 9.1% | ||
| Q4 24 | -53.1% | 10.7% | ||
| Q3 24 | 4.3% | -8.7% | ||
| Q2 24 | 3.9% | 10.0% | ||
| Q1 24 | 1.6% | 17.4% |
| Q4 25 | 1.0% | 5.1% | ||
| Q3 25 | -10.5% | 16.3% | ||
| Q2 25 | 3.9% | 6.8% | ||
| Q1 25 | 0.6% | 6.1% | ||
| Q4 24 | -51.5% | 12.7% | ||
| Q3 24 | -7.1% | 54.4% | ||
| Q2 24 | -3.3% | 7.3% | ||
| Q1 24 | -5.1% | 12.8% |
| Q4 25 | $0.25 | $0.20 | ||
| Q3 25 | $-1.76 | $0.57 | ||
| Q2 25 | $0.61 | $0.22 | ||
| Q1 25 | $0.09 | $0.21 | ||
| Q4 24 | $-8.41 | $-0.03 | ||
| Q3 24 | $-1.20 | $1.99 | ||
| Q2 24 | $-0.54 | $0.30 | ||
| Q1 24 | $-0.85 | $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 | $34.7M | — |
| Total DebtLower is stronger | $135.9M | $18.9M |
| Stockholders' EquityBook value | $291.1M | $1.1B |
| Total Assets | $752.5M | $1.3B |
| Debt / EquityLower = less leverage | 0.47× | 0.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.7M | — | ||
| Q3 25 | $31.7M | — | ||
| Q2 25 | $39.0M | — | ||
| Q1 25 | $31.1M | — | ||
| Q4 24 | $44.7M | — | ||
| Q3 24 | $33.3M | — | ||
| Q2 24 | $31.8M | $185.6M | ||
| Q1 24 | $48.5M | $202.2M |
| Q4 25 | $135.9M | $18.9M | ||
| Q3 25 | $140.0M | $20.1M | ||
| Q2 25 | $159.3M | $34.8M | ||
| Q1 25 | $171.4M | $19.7M | ||
| Q4 24 | $188.4M | $24.9M | ||
| Q3 24 | $231.5M | $12.4M | ||
| Q2 24 | $252.9M | — | ||
| Q1 24 | $287.5M | — |
| Q4 25 | $291.1M | $1.1B | ||
| Q3 25 | $297.3M | $1.0B | ||
| Q2 25 | $334.2M | $995.6M | ||
| Q1 25 | $320.0M | $978.4M | ||
| Q4 24 | $319.9M | $958.2M | ||
| Q3 24 | $443.5M | $904.4M | ||
| Q2 24 | $442.0M | $352.5M | ||
| Q1 24 | $446.2M | $344.3M |
| Q4 25 | $752.5M | $1.3B | ||
| Q3 25 | $770.1M | $1.3B | ||
| Q2 25 | $810.1M | $1.2B | ||
| Q1 25 | $790.1M | $1.2B | ||
| Q4 24 | $816.0M | $1.2B | ||
| Q3 24 | $973.7M | $1.1B | ||
| Q2 24 | $976.8M | $1.0B | ||
| Q1 24 | $1.0B | $1.0B |
| Q4 25 | 0.47× | 0.02× | ||
| Q3 25 | 0.47× | 0.02× | ||
| Q2 25 | 0.48× | 0.03× | ||
| Q1 25 | 0.54× | 0.02× | ||
| Q4 24 | 0.59× | 0.03× | ||
| Q3 24 | 0.52× | 0.01× | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.64× | — |
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 | $22.4M | $52.2M |
| Free Cash FlowOCF − Capex | $20.9M | — |
| FCF MarginFCF / Revenue | 10.3% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | 10.83× | 3.74× |
| TTM Free Cash FlowTrailing 4 quarters | $64.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $52.2M | ||
| Q3 25 | $22.9M | $48.4M | ||
| Q2 25 | $15.8M | $59.2M | ||
| Q1 25 | $9.3M | $31.1M | ||
| Q4 24 | $38.5M | $36.3M | ||
| Q3 24 | $25.6M | $21.7M | ||
| Q2 24 | $23.1M | $22.8M | ||
| Q1 24 | $5.0M | $12.6M |
| Q4 25 | $20.9M | — | ||
| Q3 25 | $21.5M | — | ||
| Q2 25 | $14.8M | — | ||
| Q1 25 | $7.2M | — | ||
| Q4 24 | $36.1M | — | ||
| Q3 24 | $24.3M | — | ||
| Q2 24 | $21.6M | $16.6M | ||
| Q1 24 | $2.1M | $7.8M |
| Q4 25 | 10.3% | — | ||
| Q3 25 | 10.9% | — | ||
| Q2 25 | 7.4% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 10.5% | 12.7% | ||
| Q1 24 | 1.0% | 6.1% |
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.7% | 4.7% | ||
| Q1 24 | 1.4% | 3.7% |
| Q4 25 | 10.83× | 3.74× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | 2.05× | 3.86× | ||
| Q1 25 | 8.31× | 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
FET
| Drilling And Completions Segment | $127.2M | 63% |
| Artificial Lift And Downhole Segment | $75.5M | 37% |
INVX
| Products | $202.7M | 74% |
| Leasing | $42.3M | 15% |
| Services | $28.6M | 10% |
