Innovex International, Inc (INVX)
Payables 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 |
| Payables | US$ in thousands | 65,321 | 76,391 | 65,201 | 83,613 | 60,833 | 62,907 | 65,696 | 39,718 | 54,416 | 47,212 | 43,019 | 46,484 | 46,267 | 36,599 | 35,232 | 40,007 | 47,610 | 38,495 | 37,424 | 51,186 |
| 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 |
June 30, 2025 calculation
Payables turnover = Cost of revenue (ttm) ÷ Payables
= $596,355K ÷ $65,321K
= 9.13
The payables turnover ratio of Innovex International, Inc. has exhibited notable fluctuations over the analyzed period from September 2020 through June 2025. Initially, the ratio stood at 5.50 in September 2020, indicating the company’s ability to settle its accounts payable approximately 5.5 times within a year. Throughout the subsequent quarters, the ratio experienced variability, peaking at 7.21 in December 2020 and reaching a high of 9.13 in June 2025, suggesting periods of faster payment cycles or improvements in payables management.
Conversely, the ratio experienced periods of decline, such as dropping to 4.22 in September 2024, implying extended payment periods or possible delays in accounts payable disbursements. The data demonstrates a pattern of cyclical increases and decreases, with some significant fluctuations between quarterly reports. Notably, the ratio increased sharply from 4.70 in December 2023 to 6.70 in March 2025, reflecting a possible acceleration in payment frequency over that timeframe.
Overall, there is an upward trend in the higher ratios observed towards the latter part of the period, with the ratio reaching above 9.0 in mid-2025. This trend could indicate improved efficiency in settling liabilities, a change in supplier terms, or alterations in the company's purchasing and payment policies. The significant variability in the ratios across the periods warrants further investigation into the company's working capital management strategies and their implications for liquidity and supplier relationships.
Peer comparison
Jun 30, 2025