Innovex International, Inc (INVX)

Number of days of payables

		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
Payables turnover		9.13	6.70	6.54	4.22	5.57	5.11	4.70	7.13	4.84	5.66	6.18	5.61	5.57	6.82	6.88	6.13	5.24	6.63	7.21	5.50
Number of days of payables	days	39.98	54.45	55.79	86.58	65.51	71.44	77.73	51.16	75.38	64.43	59.04	65.11	65.53	53.53	53.06	59.53	69.60	55.08	50.65	66.40

June 30, 2025 calculation

Number of days of payables = 365 ÷ Payables turnover
= 365 ÷ 9.13
= 39.98

The analysis of Innovex International, Inc.'s number of days of payables over the specified period reveals notable fluctuations that reflect changes in the company's payment practices and possibly its working capital management.

Initially, the period ending September 30, 2020, shows a payables period of approximately 66.40 days. This period decreased significantly by the end of 2020, reaching 50.65 days as of December 31, 2020, indicating a reduction in the average time taken to settle accounts payable. The reduction continued into the first quarter of 2021, with the number slightly increasing to 55.08 days by March 31, 2021.

From mid-2021 through late 2022, there was a discernible upward trend, with payables days increasing to 69.60 days by June 30, 2021, and maintaining elevated levels thereafter, reaching 65.53 days by June 30, 2022, and further to 65.11 days as of September 30, 2022. During this period, the company was extending its payment periods, possibly to conserve cash or optimize cash flow management.

Subsequently, a decline is observed, with the payables period decreasing to 59.04 days on December 31, 2022, and slightly increasing again to 64.43 days as of March 31, 2023. The longest recorded payables period occurs on December 31, 2023, at 77.73 days, indicating that in late 2023, the company extended its payable cycle considerably compared to prior periods.

Moving into 2024, the number of days of payables shows some variability, decreasing to 71.44 days by March 31, 2024, then declining further to 65.51 days by June 30, 2024. A significant increase occurs again in the third quarter of 2024, with the period reaching 86.58 days, suggesting an extension of payment terms or strategic delaying of payables during this period. By the end of 2024, the period reduces to 55.79 days.

In 2025, the trend continues downward, with the number of days decreasing to 54.45 days on March 31, 2025, and further down to 39.98 days by June 30, 2025, indicating a shortening of the average payment cycle as the period progresses.

Overall, the data illustrates that Innovex International, Inc. has experienced considerable variability in its accounts payable cycle, with periods of both extension and contraction. These fluctuations may reflect tactical financial decisions related to cash flow management, supplier negotiations, or operational strategies, and suggest responsiveness to internal and external financial conditions over time.