Innovex International, Inc (INVX)
Cash ratio
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | US$ in thousands | 68,781 | 68,116 | 73,278 | 99,895 | 189,219 | 202,300 | 191,400 | 8,307 | 236,490 | 235,343 | 264,804 | 290,279 | 320,784 | 338,008 | 355,451 | 375,172 | 370,481 | 362,213 | 345,955 | 359,171 |
| Short-term investments | US$ in thousands | — | — | — | — | — | 4,016 | 25,908 | 8,911 | 18,795 | 18,921 | 32,232 | 25,287 | — | — | — | — | — | — | — | — |
| Total current liabilities | US$ in thousands | 145,745 | 145,819 | 162,658 | 174,805 | 126,429 | 133,556 | 117,703 | 103,143 | 88,124 | 83,360 | 87,555 | 89,287 | 84,856 | 70,321 | 93,663 | 91,826 | 106,535 | 95,307 | 85,512 | 100,982 |
| Cash ratio | 0.47 | 0.47 | 0.45 | 0.57 | 1.50 | 1.54 | 1.85 | 0.17 | 2.90 | 3.05 | 3.39 | 3.53 | 3.78 | 4.81 | 3.79 | 4.09 | 3.48 | 3.80 | 4.05 | 3.56 |
June 30, 2025 calculation
Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($68,781K
+ $—K)
÷ $145,745K
= 0.47
The cash ratio of Innovex International, Inc. demonstrates notable fluctuations over the examined period from September 2020 to June 2025. Initially, the ratio was relatively high, with values exceeding 3.5, indicating a strong liquidity position in the form of readily available cash relative to current liabilities. Specifically, the ratio peaked at 4.81 on March 31, 2022, suggesting an ample cash buffer at that time.
However, beginning in the latter part of 2022, a consistent decline in the cash ratio is observed, dropping from approximately 3.53 in September 2022 down to 0.47 by June 2025. This downward trend signals a significant reduction in cash holdings relative to current liabilities, potentially reflecting changes in the company's liquidity management, operational needs, or strategic shifts in cash reserves. The steepest decline occurs between March 2023 and September 2023, when the ratio plummeted from 3.05 to 0.17, indicating a critical reduction in cash availability.
In summary, while Innovex International maintained a robust liquidity position throughout most of 2022, the rapid decrease in the cash ratio over the subsequent years suggests increased reliance on other current assets or possibly increased short-term liabilities, leading to a diminished cash cushion by mid-2025. This trend warrants further examination into the company's operational strategies, cash management policies, and overall liquidity risk profile.
Peer comparison
Jun 30, 2025