Innovex International, Inc (INVX)

Days of inventory on hand (DOH)

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Inventory turnover		2.14	1.90	1.57	1.18	1.66	1.54	1.59	2.02	1.60	1.75	1.82	1.85	1.84	1.77	1.66	1.26	1.23	1.31	1.27	1.28
DOH	days	170.45	191.91	232.01	308.09	220.48	237.52	230.23	180.52	227.91	208.50	200.39	196.85	198.01	206.64	219.47	289.73	295.85	278.90	287.63	284.09

June 30, 2025 calculation

DOH = 365 ÷ Inventory turnover
= 365 ÷ 2.14
= 170.45

The analysis of Innovex International, Inc.'s days of inventory on hand (DOH) over the specified period reveals notable fluctuations that reflect changes in inventory management efficiency and operational turnover cycles.

From September 30, 2020, to June 30, 2021, the DOH remained relatively elevated, ranging between approximately 284 to 296 days, indicating a long cycle duration in inventory liquidations that could suggest slower turnover or inventory accumulation strategies. A significant reduction is observed by December 31, 2021, where the DOH sharply declined to approximately 219 days, and this downward trend continued into the first quarter of 2022, reaching roughly 207 days. This pattern suggests an improvement in inventory management practices, with inventory turning over more rapidly during this period.

The downward trend persisted through mid-2022, with the DOH hovering around 196 to 198 days by June 30, 2022, and remaining fairly stable through September 2022. Post this period, the DOH experienced minor fluctuations, reaching about 200 days by the end of 2022. In early 2023, the DOH rose slightly to approximately 209 days, before increasing again to around 228 days by June 30, 2023, indicating a potential slowdown or accumulation in inventory levels during this interval.

A substantial decrease is observed by September 30, 2023, with the DOH dropping to approximately 181 days, implying a period of improved inventory turnover. However, towards the end of 2023, the DOH increased again to roughly 230 days, suggesting a temporary accumulation or slower sales cycle. In the early months of 2024, the ratio remained elevated at about 238 days, before improving to approximately 220 days by June 30, 2024.

By September 30, 2024, the DOH sharply increased to over 308 days, indicative of a significant slowdown in inventory turnover, possibly due to operational challenges or changes in inventory strategy. This figure then decreased to around 232 days by the end of 2024. The first half of 2025 shows a continued trend towards efficiency, with the DOH decreasing significantly to approximately 192 days by March 2025 and further dropping to around 170 days by June 2025.

Overall, the data indicates periods of both efficiency and inefficiency in inventory management. The long inventory cycles around 2020 and 2024 suggest periods of potential overstocking or slower sales. Conversely, the dips observed in late 2021 and early 2025 mark phases of improved inventory turnover, highlighting fluctuations driven possibly by strategic adjustments, market conditions, or operational efficiencies within the company.