A Business at a Glance
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IDEX CORP /DE/
IEX
$16.8B
Mkt Cap
$223.27
+0.47%
IDEX CORP /DE/ (IEX) has a current P/E ratio of 34.8, compared to its historical median P/E of 28.2. The stock is currently considered Expensive based on its historical valuation range.
IDEX CORP /DE/ (IEX) has a 5-year average return on invested capital (ROIC) of 13.6%. This indicates solid capital allocation.
IDEX CORP /DE/ (IEX) has a market capitalization of $20.1B. It is classified as a large-cap stock.
Yes, IDEX CORP /DE/ (IEX) pays a dividend with a trailing twelve-month yield of 1.06%. The company also returns capital through share buybacks, with a buyback yield of 1.36%.
Based on historical P/E analysis, IDEX CORP /DE/ (IEX) appears expensive. The current P/E of 34.8 is 23% above its historical median of 28.2. The estimated fair value CAGR (P/E method) is 5.8%.
IDEX CORP /DE/ (IEX) operates in the Pumps & Pumping Equipment industry, within the Industrials sector.
IDEX CORP /DE/ (IEX) reported annual revenue of $3.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
IDEX Corporation is a global applied solutions provider operating through over 50 wholly-owned subsidiaries serving niche markets with mission-critical components across three reportable segments: Health & Science Technologies (HST), Fluid & Metering Technologies (FMT), and Fire & Safety/Diversified Products (FSDP). The HST segment designs and produces precision fluidics, positive displacement pumps, powder and liquid processing technologies, sealing solutions, optical components, and biocompatible medical devices serving life sciences, semiconductor, data center, space and defense, and pharmaceutical markets. The FMT segment manufactures positive displacement pumps, valves, flow meters, and metering technologies for industrial, energy, water, and agriculture end markets, primarily distributed through independent distributors. The FSDP segment provides fire safety equipment, dispensing systems, and diversified products. IDEX's business model emphasizes high-autonomy subsidiaries united by the "IDEX Difference" philosophy and the 80/20 principle, focusing on organic growth, strategic acquisitions, and disciplined capital allocation. The company operates with a rapid fulfillment business model in FMT and FSDP, limiting near-term visibility, while HST benefits from a growing backlog providing greater forward visibility. IDEX maintains a global footprint with operations across North America, Europe, and Asia, targeting customers in mission-critical applications where specialized engineering and quality are essential competitive advantages.
【HST momentum driving growth】 Management expects HST to deliver high single-digit organic growth in 2026, supported by a strong order backlog and secular tailwinds in data center, semiconductor, space and defense, and pharmaceutical markets, with many customer wins featuring long multi-year revenue tails. FMT and FSDP are expected to remain relatively flat, reflecting macro uncertainty and the rapid fulfillment nature of these businesses, though management remains well-positioned to capitalize quickly should demand inflect. The company anticipates continued productivity improvements and positive price-cost dynamics across the portfolio, with HST expected to deliver solid margin expansion while FMT and FSDP face volume deleverage headwinds. Management is maintaining a balanced capital allocation approach, prioritizing bolt-on acquisitions and returning capital to shareholders through dividends and share repurchases, while monitoring tariff impacts and prepared to adjust pricing if sustained cost pressures emerge.
| Metric | Target | Period |
|---|---|---|
| Organic revenue growth | 3%-4% | FY2026 |
| Adjusted EBITDA margin | 26.5%-27% | FY2026 |
| Adjusted EPS | $8.35-$8.55 | FY2026 |
Organic revenue growth (FY2026): “For the full year 2026, we now expect organic growth in the 3%-4% range, an increase over our original 1%-2% organic growth guidance coming into the year.”
Adjusted EBITDA margin (FY2026): “Adjusted EBITDA margin is expected to be in the 26.5%-27% range in 2026, unchanged from our previous guidance.”
Adjusted EPS (FY2026): “We are increasing our adjusted EPS guidance for 2026 by $0.20 to $8.35-$8.55, representing mid to high single-digit growth year-over-year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.5B | 3.5B | 3.3B | 3.3B | 3.2B | 2.8B |
| Net Income | 508M | 483M | 505M | 596M | 587M | 449M |
| EPS | $5.63 | $6.41 | $6.64 | $7.85 | $7.71 | $5.88 |
| Free Cash Flow | 611M | 617M | 603M | 627M | 489M | 493M |
| ROIC | 10.4% | 10.1% | 11.2% | 13.6% | 16.1% | 17.0% |
| Gross Margin | 44.4% | 44.5% | 44.2% | 44.2% | 44.8% | 44.3% |
| Debt/Equity | 0.46 | 0.48 | 0.55 | 0.41 | 0.52 | 0.46 |
| Dividends/Share | $2.36 | $2.84 | $2.76 | $2.56 | $2.40 | $2.16 |
| Operating Income | 730M | 699M | 677M | 733M | 751M | 637M |
| Operating Margin | 20.7% | 20.2% | 20.7% | 22.4% | 23.6% | 23.0% |
| ROE | 12.5% | 12.4% | 13.8% | 18.1% | 20.1% | 16.8% |
| Shares Outstanding | 90M | 75M | 76M | 76M | 76M | 76M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.1B | 2.0B | 2.1B | 2.3B | 2.5B | 2.5B | 2.4B | 2.8B | 3.2B | 3.3B | 3.3B | 3.5B | 3.5B |
| Gross Margin | 44.2% | 44.8% | 44.0% | 44.9% | 45.0% | 45.1% | 43.7% | 44.3% | 44.8% | 44.2% | 44.2% | 44.5% | 44.4% |
| R&D | 37M | 34M | 39M | 42M | 48M | 56M | 48M | 50M | 61M | 68M | 67M | 70M | 70M |
| SG&A | 504M | 474M | 492M | 525M | 537M | 525M | 495M | 578M | 653M | 704M | 759M | 819M | 828M |
| EBIT | 431M | 437M | 412M | 503M | 569M | 579M | 521M | 637M | 751M | 733M | 677M | 699M | 730M |
| Op. Margin | 20.1% | 21.6% | 19.5% | 22.0% | 22.9% | 23.2% | 22.1% | 23.0% | 23.6% | 22.4% | 20.7% | 20.2% | 20.7% |
| Net Income | 279M | 283M | 271M | 337M | 411M | 426M | 378M | 449M | 587M | 596M | 505M | 483M | 508M |
| Net Margin | 13.0% | 14.0% | 12.8% | 14.7% | 16.5% | 17.1% | 16.1% | 16.3% | 18.4% | 18.2% | 15.4% | 14.0% | 14.4% |
| Non-Recurring | 14M | 30M | -18M | 18M | 24M | 42M | 21M | 18M | 26M | 11M | 9.3M | 22M | 9.8M |
| Returns on Capital | |||||||||||||
| ROIC | 13.5% | 13.8% | 12.2% | 13.1% | 16.1% | 18.8% | 16.3% | 17.0% | 16.1% | 13.6% | 11.2% | 10.1% | 10.4% |
| ROE | 18.3% | 19.3% | 18.2% | 19.7% | 21.2% | 20.0% | 15.7% | 16.8% | 20.1% | 18.1% | 13.8% | 12.4% | 12.5% |
| ROA | 9.7% | 9.9% | 9.1% | 10.3% | 11.9% | 11.7% | 9.2% | 9.6% | 11.3% | 10.5% | 8.0% | 7.1% | 7.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 368M | 360M | 400M | 433M | 479M | 528M | 569M | 565M | 557M | 717M | 668M | 680M | 678M |
| Free Cash Flow | 320M | 317M | 362M | 389M | 423M | 477M | 518M | 493M | 489M | 627M | 603M | 617M | 611M |
| Owner Earnings | 270M | 262M | 293M | 324M | 377M | 429M | 471M | 442M | 416M | 543M | 467M | 447M | -64M |
| CapEx | 48M | 44M | 38M | 44M | 56M | 51M | 52M | 73M | 68M | 90M | 65M | 64M | 67M |
| Maint. CapEx | 77M | 78M | 87M | 84M | 78M | 77M | 84M | 103M | 120M | 152M | 176M | 207M | 713M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 77M | 78M | 87M | 84M | 78M | 77M | 84M | 103M | 120M | 152M | 176M | 207M | 713M |
| CapEx/OCF | 13.0% | 12.1% | N/A | 10.1% | 11.7% | 9.6% | 9.1% | 12.9% | 12.2% | 12.5% | 9.7% | 9.3% | 9.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 86M | 96M | 103M | 111M | 127M | 147M | 152M | 161M | 177M | 191M | 205M | 213M | 213M |
| Dividend Yield | 1.6% | 1.9% | 1.8% | 1.4% | 1.3% | 1.3% | 1.3% | 1.0% | 1.2% | 1.2% | 1.3% | 1.6% | 1.1% |
| Share Buybacks | 220M | 211M | 57M | 29M | 174M | 55M | 110M | 0 | 148M | 24M | 0 | 248M | 274M |
| Buyback Yield | 4.0% | 4.0% | N/A | 0.3% | 2.0% | 0.4% | 0.8% | N/A | 0.9% | 0.2% | N/A | 1.8% | 1.4% |
| Stock-Based Comp | 21M | 20M | 20M | 24M | 25M | 22M | 15M | 20M | 22M | 22M | 26M | 27M | 30M |
| Debt Repayment | 62M | 334M | 520M | 201M | 11M | 50M | 300M | 350M | 0 | 250M | 50M | 100M | 100M |
| Balance Sheet | |||||||||||||
| Net Debt | 449M | 514M | 780M | 477M | 375M | 292M | 116M | 446M | 1.1B | 887M | 1.5B | 1.4B | 1.3B |
| Cash & Equiv. | 509M | 328M | 236M | 376M | 466M | 633M | 1.0B | 855M | 430M | 534M | 621M | 580M | 586M |
| Long-Term Debt | 760M | 840M | 1.0B | 859M | 848M | 849M | 1.0B | 1.2B | 1.5B | 1.3B | 1.9B | 1.8B | 1.9B |
| Debt/Equity | 0.64 | 0.58 | 0.66 | 0.46 | 0.43 | 0.41 | 0.45 | 0.46 | 0.52 | 0.41 | 0.55 | 0.48 | 0.46 |
| Interest Coverage | 10.3 | 10.5 | 9.0 | 11.2 | 12.9 | 13.1 | 11.6 | 15.5 | 18.5 | 14.2 | 14.3 | 9.7 | 9.7 |
| Equity | 1.5B | 1.4B | 1.5B | 1.9B | 2.0B | 2.3B | 2.5B | 2.8B | 3.0B | 3.5B | 3.8B | 4.0B | 4.0B |
| Total Assets | 2.9B | 2.8B | 3.2B | 3.4B | 3.5B | 3.8B | 4.4B | 4.9B | 5.5B | 5.9B | 6.7B | 6.9B | 6.9B |
| Total Liabilities | 1.4B | 1.4B | 1.6B | 1.5B | 1.5B | 1.6B | 1.9B | 2.1B | 2.5B | 2.3B | 3.0B | 2.9B | 2.9B |
| Intangibles | 271M | 288M | 436M | 415M | 383M | 388M | 416M | 597M | 948M | 1.0B | 1.3B | 1.2B | 1.2B |
| Retained Earnings | 1.5B | 1.7B | 1.8B | 2.1B | 2.3B | 2.6B | 2.8B | 3.1B | 3.5B | 3.9B | 4.2B | 4.5B | 4.6B |
| Working Capital | 664M | 553M | 514M | 643M | 728M | 904M | 1.3B | 1.2B | 856M | 946M | 963M | 1.1B | 1.2B |
| Current Assets | 1.1B | 863M | 823M | 1.0B | 1.1B | 1.3B | 1.7B | 1.7B | 1.4B | 1.4B | 1.6B | 1.6B | 1.7B |
| Current Liabilities | 412M | 310M | 309M | 361M | 365M | 358M | 399M | 480M | 544M | 500M | 630M | 575M | 506M |
| Per Share Data | |||||||||||||
| EPS | 3.45 | 3.62 | 3.53 | 4.36 | 5.29 | 5.56 | 4.94 | 5.88 | 7.71 | 7.85 | 6.64 | 6.41 | 5.63 |
| Owner EPS | 3.34 | 3.36 | 3.81 | 4.19 | 4.86 | 5.61 | 6.16 | 5.78 | 5.47 | 7.15 | 6.14 | 5.92 | -0.71 |
| Book Value | 18.36 | 18.47 | 20.10 | 24.39 | 25.70 | 29.57 | 33.21 | 36.68 | 39.93 | 46.64 | 49.89 | 53.43 | 44.95 |
| Cash Flow/Share | 4.54 | 4.61 | 5.21 | 5.59 | 6.18 | 6.90 | 7.44 | 7.40 | 7.32 | 9.44 | 8.78 | 9.03 | 13.55 |
| Dividends/Share | 1.12 | 1.28 | 1.36 | 1.48 | 1.72 | 2.00 | 2.00 | 2.16 | 2.40 | 2.56 | 2.76 | 2.84 | 2.36 |
| Shares Out. | 81.0M | 78.1M | 76.8M | 77.4M | 77.6M | 76.5M | 76.5M | 76.4M | 76.1M | 75.9M | 76.1M | 75.4M | 90.1M |
| Valuation | |||||||||||||
| P/E Ratio | 19.6 | 18.7 | N/A | 27.5 | 21.5 | 28.7 | 37.2 | 37.8 | 28.2 | 26.8 | 31.2 | 28.0 | 39.6 |
| P/FCF | 17.1 | 16.7 | 17.0 | 23.8 | 20.8 | 25.6 | 27.1 | 34.5 | 33.8 | 25.5 | 26.1 | 22.0 | 32.9 |
| EV/EBIT | 12.6 | 12.7 | N/A | 18.6 | 15.3 | 20.4 | 25.0 | 25.9 | 22.8 | 22.2 | 24.5 | 20.3 | 29.3 |
| Price/Book | 3.7 | 3.7 | 4.0 | 4.9 | 4.4 | 5.4 | 5.5 | 6.1 | 5.4 | 4.5 | 4.2 | 3.4 | 5.0 |
| Price/Sales | 2.4 | 2.5 | 490.7 | 3.4 | 4.0 | 4.4 | 5.1 | 5.6 | 4.7 | 4.8 | 4.9 | 3.9 | 5.7 |
| FCF Yield | 5.8% | 6.0% | 5.9% | 4.2% | 4.8% | 3.9% | 3.7% | 2.9% | 3.0% | 3.9% | 3.8% | 4.6% | 3.0% |
| Market Cap | 5.5B | 5.3B | 6.1B | 9.3B | 8.8B | 12.2B | 14.0B | 17.0B | 16.6B | 16.0B | 15.8B | 13.5B | 20.1B |
| Avg. Price | 64.26 | 65.95 | 75.01 | 99.18 | 127.79 | 143.99 | 156.74 | 204.24 | 194.90 | 206.30 | 210.90 | 177.03 | 223.27 |
| Year-End Price | 67.62 | 67.69 | 79.88 | 119.68 | 113.52 | 159.81 | 183.58 | 222.37 | 217.56 | 210.32 | 207.20 | 179.66 | 223.27 |
IDEX CORP /DE/ passes 5 of 9 quality checks, suggesting mixed fundamentals.
IDEX CORP /DE/ trades at 34.8x trailing earnings, compared to its 15-year median P/E of 28.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 26.9x vs a median of 25.6x. The company's 5-year average ROIC is 13.6% with a gross margin of 44.4%. Total shareholder yield (dividends + buybacks) is 2.4%. At current prices, the estimated annualized return to fair value is +5.4%.
IDEX CORP /DE/ (IEX) has a net profit margin of 14.0%. This is a healthy margin.
IDEX CORP /DE/ (IEX) generated $617 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
IDEX CORP /DE/ (IEX) has a debt-to-equity ratio of 0.48. This indicates a conservatively financed balance sheet.
IDEX CORP /DE/ (IEX) reported earnings per share (EPS) of $6.41 in its most recent fiscal year.
IDEX CORP /DE/ (IEX) has a return on equity (ROE) of 12.4%. This indicates moderate shareholder returns.
IDEX CORP /DE/ (IEX) has a 5-year average gross margin of 44.4%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for IDEX CORP /DE/ (IEX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
IDEX CORP /DE/ (IEX) has a book value per share of $53.43, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects HST to deliver high single-digit organic growth in 2026, supported by a strong order backlog and secular tailwinds in data center, semiconductor, space and defense, and pharmaceutical markets, with many customer wins featuring long multi-year revenue tails. FMT and FSDP are expected to remain relatively flat, reflecting macro uncertainty and the rapid fulfillment nature of these businesses, though management remains well-positioned to capitalize quickly should demand inflect. The company anticipates continued productivity improvements and positive price-cost dynamics across the portfolio, with HST expected to deliver solid margin expansion while FMT and FSDP face volume deleverage headwinds. Management is maintaining a balanced capital allocation approach, prioritizing bolt-on acquisitions and returning capital to shareholders through dividends and share repurchases, while monitoring tariff impacts and prepared to adjust pricing if sustained cost pressures emerge.
Based on recent SEC filings and earnings calls, IDEX CORP /DE/ (IEX) has provided the following forward guidance: Organic revenue growth: 3%-4% (FY2026); Adjusted EBITDA margin: 26.5%-27% (FY2026); Adjusted EPS: $8.35-$8.55 (FY2026).
No recent press releases.