Innovex International vs Tidewater
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The short version
- Tidewater is the larger business, with $1.4B of revenue in fiscal 2025 against $978M for Innovex International.
- Innovex International grew revenue faster (48.0%, against 0.5%).
- Tidewater kept more of each dollar of sales as operating profit (20.9% operating margin, against 13.6%).
- Investors pay more for each dollar of Innovex International’s earnings: a P/E of 33.6x against 17.6x for Tidewater.
| Latest fiscal year | INVX · FY25 | TDW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | $4.3B |
| Revenue | $978M | $1.4B |
| Free cash flow | — | $353M |
| Net income | $83.3M | $335M |
| Growth | ||
| Revenue growth | 48.0% | 0.5% |
| 5-year growth | 21.8% | 27.8% |
| Share count change | 37.0% | −5.0% |
| Profitability | ||
| Gross margin | 31.0% | — |
| Operating margin | 13.6% | 20.9% |
| Net margin | 8.5% | 24.7% |
| FCF margin | — | 26.1% |
| Return on capital | — | 19.4% |
| Return on equity | 8.3% | 27.0% |
| Balance sheet | ||
| Net debt | −$178M | $116M |
| Net debt / EBITDA | −0.9x | 0.3x |
| Dividends and buybacks | $9.3M | $90.1M |
| Valuation & quality | ||
| P/E | 33.6x | 17.6x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
INVX $539M
TDW $979M
FY17
INVX $456M
TDW $602M
FY18
INVX $385M
TDW $407M
FY19
INVX $415M
TDW $487M
FY20
INVX $365M
TDW $397M
FY21
INVX $322M
TDW $371M
FY22
INVX $362M
TDW $648M
FY23
INVX $424M
TDW $1.0B
FY24
INVX $661M
TDW $1.3B
FY25
INVX $978M
TDW $1.4B
INVX
TDW
Operating margin
FY16
INVX 21.0%
TDW −7.1%
FY17
INVX −15.2%
TDW −96.1%
FY18
INVX −31.9%
TDW −26.4%
FY19
INVX 0.7%
TDW −17.8%
FY20
INVX −17.4%
TDW −47.1%
FY21
INVX −38.9%
TDW −25.6%
FY22
INVX 21.0%
TDW 4.1%
FY23
INVX 22.9%
TDW 18.0%
FY24
INVX 7.4%
TDW 23.1%
FY25
INVX 13.6%
TDW 20.9%
INVX
TDW
Free cash flow
FY16
INVX $221M
TDW $58.9M
FY17
INVX $80.4M
TDW $4.3M
FY18
INVX $13.4M
TDW −$17.5M
FY19
INVX $3.2M
TDW −$49.4M
FY20
INVX −$33.0M
TDW −$10.9M
FY21
INVX $28.4M
TDW $6.1M
FY22
INVX −$24.7M
TDW $23.6M
FY23
INVX $43.2M
TDW $72.6M
FY24
INVX —
TDW $255M
FY25
INVX —
TDW $353M
INVX
TDW
Return on capital
FY16
INVX —
TDW −1.4%
FY17
INVX —
TDW —
FY18
INVX —
TDW —
FY19
INVX —
TDW −6.0%
FY20
INVX —
TDW −15.0%
FY21
INVX —
TDW −9.5%
FY22
INVX —
TDW 2.7%
FY23
INVX —
TDW 10.6%
FY24
INVX —
TDW 16.6%
FY25
INVX —
TDW 19.4%
INVX
TDW
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.