Here are 1-3 brief analogies for IDEX (IEX):

• Cummins for precision pumps and fluid control systems.

• Bosch for specialized industrial fluidic components and critical equipment.

• A 3M for industrial pumps, valves, and dispensing technologies.

• Fluid & Metering Technologies: Designs and manufactures positive displacement pumps, flow meters, and other fluid handling components for chemical processing, food and beverage, water treatment, and general industrial markets.
• Health & Science Technologies: Provides precision fluidic components, optical filters, and micro-components used in analytical instrumentation, life sciences, medical diagnostics, and semiconductor manufacturing.
• Fire & Safety / Diversified Products: Produces specialized hydraulic rescue tools, fire suppression equipment (pumps and valves for fire trucks), and other mission-critical components for various industrial applications.

IDEX (symbol: IEX) is a global diversified manufacturer that primarily sells its products and solutions to other companies (B2B) across a wide range of industries.

Due to the highly diversified nature of its business and an extensive customer base, IDEX does not disclose specific major customers (i.e., those accounting for 10% or more of consolidated net sales) by name in its public filings, such as its annual 10-K report. Therefore, instead of listing individual company names, we can describe the primary categories of companies and organizations that constitute IDEX's major customers, based on the end markets it serves:

• Industrial and Manufacturing Companies: This broad category encompasses a diverse range of businesses involved in sectors such as water and wastewater treatment, chemical processing, agriculture, food and beverage production, general industrial applications, and energy. These customers often integrate IDEX's specialized pumps, flow meters, valves, and other fluidic and metering technologies into their own manufacturing processes, systems, or equipment.
• Life Sciences, Medical, and Analytical Instrumentation Companies: IDEX serves original equipment manufacturers (OEMs) and end-users within the biotechnology, pharmaceutical, medical diagnostics, and analytical instrumentation industries. Customers in this area utilize IDEX's precision fluidic components, optical filters, and specialty valves for critical applications in drug discovery, patient care, laboratory analysis, and scientific research.
• Public Safety and Specialized Equipment Manufacturers: This segment's customers primarily include fire and rescue departments (who often purchase through OEM partners and distributors), as well as companies operating in the automotive aftermarket and those producing specialized dispensing equipment (e.g., for paints, coatings, and chemicals). IDEX provides essential products such as hydraulic rescue tools, fire suppression equipment, and sophisticated paint mixing and dispensing systems.

Eric D. Ashleman, Chief Executive Officer and President

Eric Ashleman became CEO of IDEX Corporation in December 2020, after serving as President since February 2020. He was previously Chief Operating Officer starting in 2015. He joined IDEX in 2008 as the president of Gast Manufacturing, an operating unit producing niche pneumatics. Prior to IDEX, he was president of Schutt Sports, and before that, he led teams in operations and general management at three business units of Danaher Corporation. He also worked in scalable operations roles at AlliedSignal/Honeywell and began his career at Lincoln Brass Works.

Akhil Mahendra, Vice President, Interim Chief Financial Officer

Akhil Mahendra was appointed interim Chief Financial Officer of IDEX Corporation, effective May 30, 2025. He joined IDEX in June 2023 as Vice President of Corporate Development. Prior to joining IDEX, he held the role of Vice President, Corporate Development at Rivian Automotive, Inc. He also has a background in investment banking, having held leadership roles at Morgan Stanley and Barclays Capital, where he managed M&A and capital market transactions.

Lisa Anderson, Senior Vice President, General Counsel and Corporate Secretary

Lisa Anderson serves as Senior Vice President, General Counsel, and Corporate Secretary at IDEX Corporation.

Melissa Flores, Senior Vice President and Chief Human Resources Officer

Melissa Flores has been the Senior Vice President and Chief Human Resources Officer of IDEX Corporation since February 2021. She previously served as the Vice President of Global Talent from May 2019 to February 2021, and Group Vice President Human Resources for the company's dosing & water businesses, Global Dispensing business, and Micropump business from February 2018 to May 2019. Prior to these roles, she was Vice President of Talent Management and Development and Director of Talent Development at IDEX.

Roopa Unnikrishnan, Senior Vice President and Chief Strategy & Innovation Officer

Roopa Unnikrishnan is the Senior Vice President and Chief Strategy & Innovation Officer at IDEX Corporation.

The addressable markets for IDEX Corporation's main products and services span several global industrial sectors. IDEX operates through three primary segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP).

Fluid & Metering Technologies (FMT)

• Industrial and Fluid Dispensing Systems: The global industrial dispensing system and equipment market was estimated at USD 21.00 billion in 2024 and is projected to grow to approximately USD 36.60 billion by 2034, expanding at a CAGR of 5.71% from 2025 to 2034. The broader global fluid dispensing systems market was valued at USD 42.32 billion in 2024 and is predicted to increase to approximately USD 73.46 billion by 2034, with a CAGR of 5.67% from 2025 to 2034. Asia Pacific held the largest revenue share in 2024 for both industrial dispensing systems (40%) and fluid dispensing systems (46%).
• Water Technology Solutions: The global water and wastewater treatment technologies market is estimated at USD 65.15 billion in 2025 and is expected to reach USD 87.60 billion by 2030, with a CAGR of 6.10%. Another report indicates the global water treatment technology market was valued at USD 168.0 billion in 2020 and is projected to reach USD 265.9 billion by 2030, growing at a CAGR of 4.8% from 2021 to 2030. The global water treatment systems market is expected to reach US$ 85.8 billion by 2032 from USD 44 billion in 2023, at a CAGR of 8.9%. Asia-Pacific accounted for 34.87% of the revenue in 2024 for water and wastewater treatment technologies and is projected to have the fastest growth.

Health & Science Technologies (HST)

• Precision Fluidics and Liquid Handling Systems: The global Precision Fluidics market size is USD 7159.2 million (approximately USD 7.16 billion) in 2024, with expectations to grow to USD 12672.80 million (approximately USD 12.67 billion) by 2031, at a CAGR of 8.50% from 2024 to 2031. North America held the largest market share for precision fluidics in 2024, exceeding 40% of the global revenue, with a market size of approximately USD 2.86 billion. The global liquid handling systems market size is expected to reach approximately USD 6.94 billion by 2034, increasing from USD 4.22 billion in 2025, at a CAGR of 5.69%. North America dominated the liquid handling market with a 44% market share in 2024.

Fire & Safety/Diversified Products (FSDP)

• Fire and Safety Equipment: The global fire safety equipment market size was valued at USD 57.82 billion in 2024 and is estimated to reach USD 94.10 billion by 2033, exhibiting a CAGR of 5.28% during 2025-2033. Another estimate indicates the global market size was USD 49.82 billion in 2022 and is projected to reach USD 82.02 billion by 2030, growing at a CAGR of 6.4% from 2023 to 2030. Furthermore, the market is expected to reach USD 133.4 billion by 2035, growing from USD 55.6 billion in 2024 at a CAGR of 8.5%. North America accounted for the largest market share of 38.9% in 2024.

• Strategic Acquisitions and Portfolio Expansion: IDEX is actively pursuing targeted acquisitions that complement its existing business segments and expand into new, high-growth markets. The acquisition of Mott Corporation, for example, is highlighted for significantly enhancing capabilities in advanced water filtration and positioning the company for growth in energy transition markets, as well as strengthening its presence in health and science technologies. These strategic moves diversify IDEX's product portfolio and open new market opportunities.
• Focus on High-Growth Platforms and End Markets: The company is emphasizing high-growth, technology-driven end markets and has grouped its businesses into several "growth platforms," including advanced water filtration, space/defense optics, pneumatic power solutions, analytical instruments, and fire/rescue systems. Robust demand from sectors such as data centers, municipal water, and pharmaceuticals, particularly within its Health & Science Technologies division and the Intelligent Water platform, are expected to be key drivers.
• New Product Development and Innovation: Future organic sales growth is anticipated to be fueled by new product launches and ramps in areas like semiconductor capital projects, medical diagnostics, and energy infrastructure. IDEX plans to leverage technological advancements and its expertise in fluid and metering technologies to meet evolving customer needs, thereby capturing additional market share.
• Strategic Pricing and Operational Efficiency: The company's ability to implement planned price increases is a significant factor in offsetting cost inflation, such as tariff-related costs. Furthermore, IDEX's "8020 philosophy" is enabling operational improvements, platform optimization, and the rapid integration of acquisitions, which contribute to a leaner cost structure and support sustained profitability, indirectly contributing to revenue growth by maintaining competitive pricing and healthy margins.

Share Repurchases

• IDEX increased its share repurchase authorization to a total of $1 billion, with approximately $440 million remaining from the existing program as of June 30, 2025.
• The company repurchased over $100 million in shares during the first half of 2025.
• IDEX repurchased 461,500 shares for $75 million in the third quarter of 2025.

Share Issuance

No significant dollar amount of share issuances was identified within the last 3-5 years.

Inbound Investments

No large investments made in IDEX by third-parties were identified within the last 3-5 years.

Outbound Investments

• IDEX acquired Micro-LAM, Inc. in July 2025 for $90 million in cash, plus up to $12 million in potential earn-out payments, expanding its materials science expertise within the Health & Science Technologies segment.
• Mott Corporation was acquired in September 2024 for $1 billion in cash (net transaction value of approximately $900 million after expected tax benefits), expanding applied material science technology capabilities.
• STC Material Solutions was acquired in late 2023 for $206 million, specializing in technical ceramics and hermetic sealing products, further enhancing IDEX's material science expertise.

Capital Expenditures

• Expected capital expenditures for the full year 2025 are approximately $90 million.
• Capital expenditures decreased by $5.7 million during the nine months ended September 30, 2025, compared to the prior year period.
• Organic investments are a primary focus, aiming to drive innovation across IDEX's platforms.