Innio N.v. (INIO)

Price$20.77Cached quoteAs of 2026-09-05 05:42 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth already carries a demanding valuation.

At the observed quote, INNIO’s equity is worth about $16.8 billion. Adding roughly $1.58 billion of net debt gives an enterprise value, meaning the value of the whole operating business, near $18.4 billion. That is about 25 times the midpoint of 2026 adjusted operating-profit guidance and about 4.8 times guided sales. The multiple is expensive for an industrial business, but record backlog makes rapid growth credible. Getting the multiple down to 15 times would require roughly $1.23 billion of adjusted operating profit, about 68% above 2026 guidance.

Big pictureCash generation is improving, but recent growth has depended heavily on customer advances and rapid expansion.

Supplied SEC-derived history shows operating cash flow rising from $149.3 million in 2023 to $392.0 million in 2024 and $547.9 million in 2025. First-half 2026 operating cash flow reached $443.6 million; after $101.6 million of capital spending, free cash flow, meaning cash left after running and investing in the business, was about $342 million. That looks strong, but customer prepayments added $594.5 million to cash flow while inventories absorbed $379.7 million. Cash therefore should not simply be annualized as permanent earning power.

Business strengthA large service base and record backlog improve visibility, while debt weakens downside protection.

Second-quarter service revenue rose 21% to $368.4 million, with a 29.8% adjusted segment margin, providing recurring income alongside equipment sales. Equipment backlog reached $6.6 billion, up 279%, while quarterly order intake reached $2.3 billion. Against that strength, INNIO carried $2.62 billion of debt and $1.04 billion of cash, or about $1.58 billion net debt. Most major loans mature in 2031, limiting near-term refinancing pressure. However, shareholder equity was only $209 million versus $1.65 billion of goodwill, leaving little tangible asset-value cushion.

What could change the storyFaster margin recovery could unlock upside; slower data-center orders or heavy spending would expose the premium.

The bull case needs the $6.6 billion backlog to convert smoothly, services to keep expanding, and adjusted margins to recover toward 2025’s roughly 21% from 18.4% in the latest quarter. The bear case is that equipment demand normalizes while capacity spending stays high; INNIO has already announced more than $300 million for its Waukesha expansion. Capital allocation also deserves attention: the IPO sold existing-owner shares and raised no cash for INNIO, 660 million locked-up shares may later become sale-eligible, while 1.7 million new restricted-share awards represent only modest direct dilution.

AI: News

Strong Nasdaq debutThe June listing drew strong demand, but it raised no new cash for INNIO itself.

On June 4, INNIO began Nasdaq trading after its principal shareholder sold 90 million shares in an upsized $2.43 billion secondary offering. Reuters reported that the shares closed 23% above the offering level on their first day, reflecting strong enthusiasm for data-center power infrastructure. Because INNIO itself received none of the proceeds, the transaction improved liquidity and public-market access but did not directly reduce debt or fund new capacity.

Record orders, thinner marginsRecord orders and a major data-center contract boosted visibility, while lower margins tempered the celebration.

On July 28, second-quarter revenue rose 42% to $937.7 million, equipment orders jumped 316% to $2.3 billion, and backlog reached $6.6 billion. INNIO also disclosed a 1.1-gigawatt data-center order involving more than 200 engines. Adjusted operating profit rose 20%, but its margin fell to 18.4% from 21.8%. Reported net income turned negative largely because of $81.2 million of listing-related costs. Contemporary reporting showed shares falling after the release; margin concerns were a plausible contributor, not a proven sole cause.

Wisconsin capacity expansionA large Wisconsin expansion supports future capacity, but it also raises the capital bill investors must fund.

INNIO announced on August 19 that it plans to invest more than $300 million in Waukesha, Wisconsin, adding engine assembly capacity, an engine-testing facility exceeding 80,000 square feet, and more than 500 jobs. The investment supports the bull case that demand is strong enough to justify materially higher production. Shares declined around the announcement and fell further the next session, but timing alone cannot establish that investors were reacting specifically to spending concerns rather than broader trading factors.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024	2023
Revenue	$2.64B	$2.16B	$2.02B
Research & development	$103.5M	$89.7M	$83.7M
Operating expenses	$565.3M	$473.6M	$434.7M
Operating income	$346.5M	$297.8M	$238.7M
Operating margin	13.14%	13.79%	11.85%
EBITDA	$501.3M	$443.8M	$375.2M
EBITDA margin	19.01%	20.55%	18.62%
Net income	$0	−$2.5	$0
Net profit margin	0.00%	−0.00%	0.00%
Basic EPSper basic share	$0.19	$0.12	$0.10
Diluted EPSper diluted share	$2,025.00	$31.00	$2,024.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

44.65%of listed shares

Advent International, L.P.334.87M shares · Jun 30, 2026

View holders

Top 20 reported holders of INIO
Holder	% owned
Advent International, L.P.	44.65%334.87M shares
JPMORGAN CHASE & CO	1.65%12.35M shares
Capital Research Global Investors	1.14%8.59M shares
Aspex Management (HK) Ltd	0.91%6.85M shares
PRICE T ROWE ASSOCIATES INC /MD/	0.79%5.89M shares
Capital International Investors	0.76%5.69M shares
Jupiter Topco LLC	0.67%5.03M shares
GF FUND MANAGEMENT CO. LTD.	0.66%4.97M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	0.66%4.96M shares
Point72 Asset Management, L.P.	0.60%4.51M shares
BlackRock, Inc.	0.52%3.92M shares
CITADEL ADVISORS LLC	0.50%3.78M shares
Balyasny Asset Management L.P.	0.39%2.95M shares
Capital World Investors	0.38%2.87M shares
Dragoneer Investment Group, LLC	0.38%2.85M shares
Alyeska Investment Group, L.P.	0.30%2.27M shares
FMR LLC	0.29%2.18M shares
MARSHALL WACE, LLP	0.28%2.1M shares
Freestone Grove Partners LP	0.28%2.08M shares
JANE STREET GROUP, LLC	0.25%1.89M shares

Percentages use 750M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$4.56M disclosed value

Sells (SEC code S)1$2.69B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 5, 2026Form 4	LINEBARGER NORMAN THOMASDirector	BuyCommon Shares	92.6K	$27.00	$2.50M	181.5K
Jun 5, 2026Form 4	Giadrossi NicolettaDirector	BuyCommon Shares · indirect	2.2K	$27.00	$60.0K	2.2K
Jun 5, 2026Form 4	BANKS LEE CDirector	BuyCommon Shares · indirect	37.0K	$27.00	$1000.0K	37.0K
Jun 5, 2026Form 4	Yetman ChristopherDirector	BuyCommon Shares · indirect	37.0K	$27.00	$1000.0K	37.0K
Jun 5, 2026Form 4	ADVENT INTERNATIONAL, L.P. +4TenPercentOwner	SellCommon Shares	103.50M	$25.99	$2.69B	646.50M

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat21 days ago
INNIO books 450-megawatt order for North American data centers
INNIO ($INIO) secured a 450-megawatt order from an unnamed US energy company to supply power equipment for next-generation data centers. The order was booked in the third quarter and covers containerized Jenbacher J624 gas-engine systems. D ...
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Innio N.v. (INIO)

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INNIO books 450-megawatt order for North American data centers