INVX · CIK 1042893
What Innovex International, Inc. told the SEC could break it.
Innovex's fortunes track the oil-and-gas drilling cycle: its demand is driven by operators' upstream capital spending, and it flags Rystad's forecast of an roughly 8% decline in North American upstream investment in 2026, which would pressure its core market. Its cost side is exposed to trade policy — it is already seeing increased duties and tariffs on certain products and components imported from China, Mexico and Canada, which it is working with its supply chain to mitigate. It is also substantially international, earning about 48% of 2025 revenue from International and Offshore markets such as the Middle East, Latin America and Europe, which brings currency, geopolitical and trade risk, though no single country topped 10% of revenue.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- Oil & gas upstream capital-spending cyclemedium
Innovex's demand is driven by oil & gas operators' upstream capital spending and drilling activity; Rystad forecasts a ~8% decline in NAM upstream investment in 2026, pressuring its core market.
“In the NA M market, Rystad Energy is forecasting a slight decline in upstream investments of approximately 8% in 2026 relative to 2025.”
Regulatory & policy
- Import duties/tariffs on products and components (China, Mexico, Canada)medium
Innovex faces increased duties and tariffs on certain products and product components imported from China, Mexico and Canada, raising input costs that it is working with its supply chain to mitigate.
“we are experiencing and/or may experience in the future increased duties or tariffs on certain of our products and product components from China, Mexico and Canada.”
SEC filing →As of 2026
Geographic concentration
- International & Offshore markets (~48% of revenue)low
Innovex earned ~48% of 2025 revenue from International and Offshore markets (Middle East, Latin America, Europe and others), exposing it to FX, geopolitical and trade risks (though no single country exceeded 10%).
“We have significant operations in several key International and Offshore markets, including the Middle East, Latin America and Europe, among others, where we earned approximately 48% of our revenues in 2025.”
SEC filing →As of 2026
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