Innovex International, Inc (INVX)

Gross profit margin

		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
Gross profit (ttm)	US$ in thousands	270,798	251,166	206,540	156,327	135,289	122,072	115,557	111,147	101,937	102,356	96,135	82,603	80,335	75,278	80,588	86,961	90,882	95,133	95,265	104,806
Revenue (ttm)	US$ in thousands	867,153	763,261	633,143	508,800	474,227	443,492	424,060	394,530	365,427	369,798	362,070	343,168	338,024	324,843	322,945	332,267	340,565	350,214	364,973	386,192
Gross profit margin		31.23%	32.91%	32.62%	30.72%	28.53%	27.53%	27.25%	28.17%	27.90%	27.68%	26.55%	24.07%	23.77%	23.17%	24.95%	26.17%	26.69%	27.16%	26.10%	27.14%

June 30, 2025 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $270,798K ÷ $867,153K
= 31.23%

The gross profit margin of Innovex International, Inc. has demonstrated a general upward trend over the analyzed period from September 30, 2020, through June 30, 2025. Initially, the margin hovered around the high 20s, starting at 27.14% in September 2020, with slight fluctuations observed through the following quarters. Throughout 2021, the gross profit margin experienced minor decreases, reaching its lowest point at approximately 24.95% at the end of December 2021. The subsequent quarters of 2022 showed a modest recovery, with the margin rising to 26.55% in December 2022 and further increasing in 2023, culminating at 27.90% by June 2023 and reaching 28.17% in September 2023.

The most significant upward movement is observed from December 2023 onward, where the gross profit margin increased notably, reaching 32.62% by December 2024, and further rising to 32.91% by March 2025. Although there was a slight reduction to 31.23% in June 2025, the overall trend over the period suggests an enhancement in profitability at the gross level.

This pattern indicates improving efficiency in managing production and direct costs relative to sales over time, reflecting either better cost controls, product mix optimizations, or pricing strategies. The steady increase in gross profit margins in the recent years suggests a positive outlook on the company's core profitability capacity, with margins strengthening as of the last reported periods.