Innovex International vs Cactus
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The short version
- Cactus is the larger business, with $1.1B of revenue in fiscal 2025 against $978M for Innovex International.
- Innovex International grew revenue faster (48.0%, against β4.5%).
- Cactus kept more of each dollar of sales as operating profit (23.2% operating margin, against 13.6%).
| Latest fiscal year | INVX Β· FY25 | WHD Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | β |
| Revenue | $978M | $1.1B |
| Free cash flow | β | β |
| Net income | $83.3M | $166M |
| Growth | ||
| Revenue growth | 48.0% | β4.5% |
| 5-year growth | 21.8% | 25.4% |
| Share count change | 37.0% | β |
| Profitability | ||
| Gross margin | 31.0% | 37.0% |
| Operating margin | 13.6% | 23.2% |
| Net margin | 8.5% | 15.4% |
| FCF margin | β | β |
| Return on capital | β | 17.1% |
| Return on equity | 8.3% | 14.5% |
| Balance sheet | ||
| Net debt | β$178M | β$107M |
| Net debt / EBITDA | β0.9x | β0.3x |
| Dividends and buybacks | $9.3M | $43.3M |
| Valuation & quality | ||
| P/E | 33.6x | β |
| Piotroski F-score | 5 | β |
Revenue
FY16
INVX $539M
WHD $155M
FY17
INVX $456M
WHD $341M
FY18
INVX $385M
WHD $544M
FY19
INVX $415M
WHD $628M
FY20
INVX $365M
WHD $349M
FY21
INVX $322M
WHD $439M
FY22
INVX $362M
WHD $688M
FY23
INVX $424M
WHD $1.1B
FY24
INVX $661M
WHD $1.1B
FY25
INVX $978M
WHD $1.1B
INVX
WHD
Operating margin
FY16
INVX 21.0%
WHD 6.9%
FY17
INVX β15.2%
WHD 26.0%
FY18
INVX β31.9%
WHD 32.7%
FY19
INVX 0.7%
WHD 29.1%
FY20
INVX β17.4%
WHD 20.1%
FY21
INVX β38.9%
WHD 17.2%
FY22
INVX 21.0%
WHD 25.4%
FY23
INVX 22.9%
WHD 24.1%
FY24
INVX 7.4%
WHD 25.6%
FY25
INVX 13.6%
WHD 23.2%
INVX
WHD
Free cash flow
FY16
INVX $221M
WHD β
FY17
INVX $80.4M
WHD β
FY18
INVX $13.4M
WHD β
FY19
INVX $3.2M
WHD β
FY20
INVX β$33.0M
WHD β
FY21
INVX $28.4M
WHD β
FY22
INVX β$24.7M
WHD β
FY23
INVX $43.2M
WHD β
FY24
INVX β
WHD β
FY25
INVX β
WHD β
INVX
WHD
Return on capital
FY16
INVX β
WHD β
FY17
INVX β
WHD β
FY18
INVX β
WHD 61.9%
FY19
INVX β
WHD 48.1%
FY20
INVX β
WHD 19.9%
FY21
INVX β
WHD 23.7%
FY22
INVX β
WHD 42.1%
FY23
INVX β
WHD 32.7%
FY24
INVX β
WHD 23.9%
FY25
INVX β
WHD 17.1%
INVX
WHD
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.