Innovex International, Inc (INVX)

Inventory turnover

		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
Cost of revenue (ttm)	US$ in thousands	596,355	512,095	426,603	352,473	338,938	321,420	308,503	283,383	263,490	267,442	265,935	260,565	257,689	249,565	242,357	245,306	249,683	255,081	269,708	281,386
Inventory	US$ in thousands	278,495	269,251	271,173	297,519	204,733	209,160	194,593	140,155	164,523	152,770	146,004	140,530	139,794	141,289	145,724	194,720	202,382	194,911	212,536	219,007
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

June 30, 2025 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $596,355K ÷ $278,495K
= 2.14

The inventory turnover ratio for Innovex International, Inc. exhibits notable fluctuations over the analyzed period from September 30, 2020, through June 30, 2025. Initially, the ratio remained relatively stable at around 1.28 in September 2020 and showed a slight decline to 1.23 by June 2021, indicating a modest slowing in the frequency of inventory replacement during this period.

From December 2021 onward, a significant upward trend became evident. The ratio increased markedly from 1.66 at the end of 2021 to reach a peak of 2.14 in June 2025. This upward movement suggests an improvement in inventory management efficiency, with inventories being sold and replaced more frequently.

Between September 2022 and March 2023, the ratio continued to grow steadily, reaching approximately 1.75 to 1.85, reflecting enhanced inventory turnover. Notably, the ratio experienced volatility in the latter part of 2024, dipping to 1.18 in September 2024 before recovering to 1.57 in December 2024.

Overall, the trend indicates that Innovex International has considerably improved its inventory management over time, with a notable increase in turnover ratios suggesting more effective inventory utilization and potentially better sales performance. The variations in the ratios also highlight periods of adjustments or strategic shifts impacting inventory levels and turnover efficiency.