IDEX (IEX)
Market Price (4/5/2026): $190.415 | Market Cap: $14.3 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
IDEX (IEX)
Market Price (4/5/2026): $190.415Market Cap: $14.3 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Water Infrastructure, and Biotechnology & Genomics. Themes include Water Treatment & Delivery, Wastewater Management, Show more. | Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -77% | Key risksIEX key risks include [1] sensitivity to cyclical downturns in its diverse end markets, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, and Biotechnology & Genomics. Themes include Water Treatment & Delivery, Wastewater Management, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -77% |
| Key risksIEX key risks include [1] sensitivity to cyclical downturns in its diverse end markets, Show more. |
Qualitative Assessment
AI Analysis | Feedback
IDEX (IEX) stock has gained about 5% since 12/31/2025 because of the following key factors:
1. Strong Fourth Quarter 2025 Earnings Beat and Positive 2026 Outlook.
IDEX reported robust financial results for Q4 2025 on February 4, 2026, exceeding analyst expectations. The company posted adjusted diluted earnings per share (EPS) of $2.10, surpassing the consensus estimate of $2.04 by $0.06. Additionally, revenue reached $899.1 million, beating analysts' projections of $882 million. This strong performance was partly driven by the Health & Science Technologies (HST) segment, which saw organic orders growth of 34% in Q4 2025, fueled by increasing demand for AI-related projects such as data center power solutions and semiconductor applications. Looking ahead, IDEX provided a favorable outlook for 2026, forecasting full-year organic sales growth of 1% to 2% and adjusted diluted EPS in the range of $8.15 to $8.35.
2. Favorable Analyst Upgrades and Price Target Revisions.
Following the strong earnings report, multiple financial analysts revised their ratings and increased price targets for IDEX. For example, on January 23, 2026, Stifel set a price target of $220.0. In February 2026, TD Cowen raised its price objective from $200.00 to $250.00 with a "buy" rating, and Argus upgraded the stock from a "hold" to a "buy" rating with a $240.00 target price. The current consensus among analysts is a "Moderate Buy" or "Strong Buy," with an average 12-month price target ranging from approximately $226.80 to $234.70, suggesting further upside potential for the stock.
Show more
1. Strong Fourth Quarter 2025 Earnings Beat and Positive 2026 Outlook.
IDEX reported robust financial results for Q4 2025 on February 4, 2026, exceeding analyst expectations. The company posted adjusted diluted earnings per share (EPS) of $2.10, surpassing the consensus estimate of $2.04 by $0.06. Additionally, revenue reached $899.1 million, beating analysts' projections of $882 million. This strong performance was partly driven by the Health & Science Technologies (HST) segment, which saw organic orders growth of 34% in Q4 2025, fueled by increasing demand for AI-related projects such as data center power solutions and semiconductor applications. Looking ahead, IDEX provided a favorable outlook for 2026, forecasting full-year organic sales growth of 1% to 2% and adjusted diluted EPS in the range of $8.15 to $8.35.
2. Favorable Analyst Upgrades and Price Target Revisions.
Following the strong earnings report, multiple financial analysts revised their ratings and increased price targets for IDEX. For example, on January 23, 2026, Stifel set a price target of $220.0. In February 2026, TD Cowen raised its price objective from $200.00 to $250.00 with a "buy" rating, and Argus upgraded the stock from a "hold" to a "buy" rating with a $240.00 target price. The current consensus among analysts is a "Moderate Buy" or "Strong Buy," with an average 12-month price target ranging from approximately $226.80 to $234.70, suggesting further upside potential for the stock.
Show more
Stock Movement Drivers
Fundamental Drivers
The 7.4% change in IEX stock from 12/31/2025 to 4/4/2026 was primarily driven by a 6.2% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 177.29 | 190.47 | 7.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,421 | 3,458 | 1.1% |
| Net Income Margin (%) | 14.0% | 14.0% | 0.0% |
| P/E Multiple | 27.8 | 29.6 | 6.2% |
| Shares Outstanding (Mil) | 75 | 75 | 0.1% |
| Cumulative Contribution | 7.4% |
Market Drivers
12/31/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| IEX | 7.4% | |
| Market (SPY) | -5.4% | 34.1% |
| Sector (XLI) | 5.6% | 67.1% |
Fundamental Drivers
The 18.0% change in IEX stock from 9/30/2025 to 4/4/2026 was primarily driven by a 13.8% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 161.47 | 190.47 | 18.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,341 | 3,458 | 3.5% |
| Net Income Margin (%) | 14.1% | 14.0% | -0.5% |
| P/E Multiple | 26.0 | 29.6 | 13.8% |
| Shares Outstanding (Mil) | 76 | 75 | 0.7% |
| Cumulative Contribution | 18.0% |
Market Drivers
9/30/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| IEX | 18.0% | |
| Market (SPY) | -2.9% | 38.2% |
| Sector (XLI) | 6.5% | 64.9% |
Fundamental Drivers
The 6.9% change in IEX stock from 3/31/2025 to 4/4/2026 was primarily driven by a 10.7% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 178.19 | 190.47 | 6.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,269 | 3,458 | 5.8% |
| Net Income Margin (%) | 15.4% | 14.0% | -9.5% |
| P/E Multiple | 26.7 | 29.6 | 10.7% |
| Shares Outstanding (Mil) | 76 | 75 | 0.9% |
| Cumulative Contribution | 6.9% |
Market Drivers
3/31/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| IEX | 6.9% | |
| Market (SPY) | 16.3% | 58.6% |
| Sector (XLI) | 26.3% | 69.0% |
Fundamental Drivers
The -14.1% change in IEX stock from 3/31/2023 to 4/4/2026 was primarily driven by a -24.2% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 221.83 | 190.47 | -14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,182 | 3,458 | 8.7% |
| Net Income Margin (%) | 18.4% | 14.0% | -24.2% |
| P/E Multiple | 28.5 | 29.6 | 3.7% |
| Shares Outstanding (Mil) | 75 | 75 | 0.5% |
| Cumulative Contribution | -14.1% |
Market Drivers
3/31/2023 to 4/4/2026| Return | Correlation | |
|---|---|---|
| IEX | -14.1% | |
| Market (SPY) | 63.3% | 52.6% |
| Sector (XLI) | 68.8% | 67.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IEX Return | 20% | -2% | -4% | -2% | -14% | 8% | 3% |
| Peers Return | 27% | -8% | 28% | 16% | 8% | -8% | 73% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| IEX Win Rate | 58% | 33% | 58% | 50% | 50% | 75% | |
| Peers Win Rate | 60% | 40% | 52% | 52% | 54% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| IEX Max Drawdown | -6% | -26% | -17% | -11% | -24% | 0% | |
| Peers Max Drawdown | -7% | -30% | -8% | -7% | -21% | -17% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PH, IR, DOV, TTC, GCDT. See IEX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/2/2026 (YTD)
How Low Can It Go
| Event | IEX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -27.7% | -25.4% |
| % Gain to Breakeven | 38.4% | 34.1% |
| Time to Breakeven | 167 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -35.5% | -33.9% |
| % Gain to Breakeven | 55.1% | 51.3% |
| Time to Breakeven | 147 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.3% | -19.8% |
| % Gain to Breakeven | 32.1% | 24.7% |
| Time to Breakeven | 105 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -59.7% | -56.8% |
| % Gain to Breakeven | 147.9% | 131.3% |
| Time to Breakeven | 703 days | 1,480 days |
Compare to PH, IR, DOV, TTC, GCDT
In The Past
IDEX's stock fell -27.7% during the 2022 Inflation Shock from a high on 12/16/2021. A -27.7% loss requires a 38.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About IDEX (IEX)
IDEX Corporation, together with its subsidiaries, provides applied solutions worldwide. The company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP). The FMT segment designs, produces, and distributes positive displacement pumps, small volume provers, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries. The HST segment designs, produces, and distributes precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions, and precision gear and peristaltic pump technologies. This segment serves food and beverage, pharmaceutical and biopharmaceutical, cosmetics, marine, chemical, wastewater and water treatment, life sciences, research, and defense markets. The FSDP segment designs, produces, and distributes firefighting pumps, valves and controls, rescue tools, lifting bags, and other components and systems for the fire and rescue industry; engineered stainless steel banding and clamping devices for various industrial and commercial applications; and precision equipment for dispensing, metering, and mixing colorants and paints used in retail and commercial businesses. IDEX Corporation was incorporated in 1987 and is headquartered in Northbrook, Illinois.
AI Analysis | Feedback
IDEX is like a smaller, more specialized **Dover Corporation**, providing precision fluid handling, advanced pumping systems, and critical safety solutions for a wide range of industrial, scientific, and safety markets.
IDEX is like the **Parker Hannifin** of precision pumps, fluid systems, and specialized industrial components, serving businesses in industrial, scientific, and safety sectors.
IDEX is like a **Danaher Corporation** focused heavily on precision fluidics, advanced pumping technologies, and scientific components for medical, life sciences, and industrial applications.
AI Analysis | Feedback
- Fluid Handling Systems: Designs and distributes positive displacement pumps, flow meters, injectors, and other fluid-handling pump modules and systems for various industries.
- Flow Monitoring & Related Services: Offers flow monitoring and other specialized services for fluid management.
- Precision Fluidics & Pumps: Provides precision fluidics, rotary lobe, centrifugal, positive displacement, gear, and peristaltic pumps for health, science, and industrial markets.
- Sealing & Pneumatic Solutions: Develops pneumatic components, high-performance molded and extruded sealing components, and custom mechanical and shaft seals.
- Biopharmaceutical & Medical Devices: Produces roll compaction and drying systems, engineered hygienic mixers and valves, and biocompatible medical devices and implantables.
- Optical & Laboratory Equipment: Supplies optical components and coatings, laboratory and commercial equipment, and precision photonic solutions.
- Air Compressors & Blowers: Manufactures air compressors and blowers for various applications.
- Fire & Rescue Equipment: Designs and distributes firefighting pumps, valves, controls, rescue tools, lifting bags, and other components for the fire and rescue industry.
- Engineered Banding & Clamping Devices: Provides engineered stainless steel banding and clamping devices for diverse industrial and commercial applications.
- Paint & Colorant Dispensing Equipment: Produces precision equipment for dispensing, metering, and mixing colorants and paints in retail and commercial businesses.
AI Analysis | Feedback
IDEX Corporation (IEX) sells primarily to other companies (B2B).
Due to the diversified nature of its business across numerous industries and a lack of significant customer concentration (no single customer accounts for 10% or more of its consolidated net sales), IDEX does not publicly disclose a list of specific major customer companies.
Instead, IDEX serves a broad base of industrial and commercial customers within the following categories:
- Industrial and Manufacturing Companies: These customers are found in sectors such as food and beverage, chemical, general industrial, agricultural, energy, and marine. They utilize IDEX's positive displacement pumps, flow meters, fluid-handling systems, and various industrial components and applications like engineered banding and clamping devices.
- Health, Science, and Life Sciences Organizations: This category includes pharmaceutical and biopharmaceutical companies, medical device manufacturers, research institutions, and entities in the cosmetics and defense markets. They rely on IDEX's precision fluidics, specialty pumps, sealing solutions, biocompatible medical devices, optical components, and laboratory equipment.
- Public Safety and Infrastructure Providers: This segment includes fire and rescue departments (for firefighting pumps, valves, and rescue tools), as well as water and wastewater treatment facilities. Additionally, commercial businesses that require precision equipment for dispensing, metering, and mixing colorants and paints for retail and industrial use are also customers.
AI Analysis | Feedback
nullAI Analysis | Feedback
Eric Ashleman, Chief Executive Officer and President
Eric Ashleman became Chief Executive Officer of IDEX Corporation in December 2020 after serving as President since February 2020 and Chief Operating Officer beginning in 2015. He joined IDEX in 2008 as the president of Gast Manufacturing. Prior to IDEX, he was the president of Schutt Sports, a leading company in protective equipment for American football. Before Schutt, he held operational and general management roles at three Danaher Corporation business units, where he gained experience in turnaround situations. He also worked at AlliedSignal/Honeywell and began his career at Lincoln Brass Works. Ashleman serves as a director of Modine Manufacturing Co.
Sean M. Gillen, Senior Vice President and Chief Financial Officer
Sean M. Gillen assumed the role of Senior Vice President and Chief Financial Officer of IDEX Corporation on January 5, 2026. He joined IDEX from AAR Corp. (NYSE: AIR), where he served as Senior Vice President and Chief Financial Officer since January 2019. During his tenure at AAR, the company's earnings per share grew at an estimated 9% compound annual rate, and adjusted EBITDA margins expanded. He also played a key role in several acquisitions, including HAECO's parts unit, ADI American Distributors, and Trax. Before AAR, Gillen was Vice President and Treasurer at USG Corporation, a building materials manufacturer, starting in 2017. His career also includes nine years in investment banking at Goldman Sachs, where he was a Vice President in the Global Industrial Investment Banking Division, focusing on mergers and acquisitions, corporate spin-offs, and capital return programs. His experience in portfolio management and M&A aligns with IDEX's strategic priorities.
Lisa M Anderson, Senior Vice President, General Counsel and Corporate Secretary
Lisa M Anderson serves as Senior Vice President, General Counsel, and Corporate Secretary at IDEX Corporation.
Daniel J. Salliotte, Senior Vice President, Corporate Development
Daniel J. Salliotte holds the position of Senior Vice President, Corporate Development at IDEX Corporation.
AI Analysis | Feedback
The key risks to IDEX Corporation (IEX) include:
- Cyclical Downturns in End Markets: IDEX's financial performance is significantly influenced by industrial activity and overall economic conditions. A slowdown in the global economy or specific industries that IDEX serves, such as semiconductors, energy, agriculture, automotive, or general industrial and chemical segments, can lead to reduced capital spending, lower order rates, and decreased revenues.
- Supply Chain Vulnerabilities and Input Cost Pressures: The company faces risks associated with global supply chain disruptions, which can lead to extended lead times and challenges in delivering products efficiently. Additionally, volatility in raw material and component costs, alongside the impact of trade tariffs, can increase operating expenses and put pressure on profit margins.
- Foreign Currency Fluctuations: With substantial international operations, IDEX is exposed to the risk of adverse currency movements. A strengthening U.S. dollar, in particular, can necessitate higher prices or result in contracted profit margins in regions outside the United States, thereby impacting sales and overall financial results.
AI Analysis | Feedback
null
AI Analysis | Feedback
IDEX Corporation (IEX) participates in diverse global markets through its three operating segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP).
Fluid & Metering Technologies (FMT)
- Positive Displacement Pumps: The global positive displacement pumps market was valued at an estimated USD 20.72 billion in 2025 and is projected to reach USD 31.30 billion by 2033. Another estimate places the global market at USD 29.38 billion in 2025, forecast to reach USD 37.53 billion by 2031.
- Fluid Handling Systems (including flow meters, injectors, and pump modules): The global fluid handling systems market was valued at USD 71.35 billion in 2024 and is predicted to increase to approximately USD 113.59 billion by 2034.
Health & Science Technologies (HST)
- Precision Fluidics (Liquid Handling Systems): The global liquid handling system market size is estimated at USD 5.9 billion in 2026 and is projected to reach USD 8.68 billion by 2031.
- Rotary Lobe Pumps: The global rotary lobe pump market was valued at USD 0.89 billion in 2025 and is estimated to increase to USD 1.40 billion by 2034.
- Air Compressors and Blowers: The global air compressor market size was valued at USD 18.96 billion in 2025 and is projected to grow to USD 33.82 billion by 2034. Separately, the global blowers market is expected to grow from USD 9.09 billion in 2026 to USD 11.39 billion by 2031. The industrial fans and blowers market was valued at USD 10.6 billion in 2024, expected to grow to USD 16.4 billion in 2034.
- Optical Components and Coatings: The global optical coating market size was valued at USD 18.01 billion in 2025 and is projected to grow to USD 38.61 billion by 2034. The precision optics market size is valued at USD 29.0 billion in 2024 and is predicted to reach USD 92.9 billion by 2034.
- Laboratory and Commercial Equipment: The global laboratory equipment market size was estimated at USD 35.90 billion in 2025 and is predicted to increase to approximately USD 74.22 billion by 2035.
- Precision Photonic Solutions (Photonics Market): The global photonics market size was valued at USD 1,049.50 billion in 2025 and is projected to grow to USD 1,870.10 billion by 2034.
Fire & Safety/Diversified Products (FSDP)
- Fire & Rescue Industry Equipment (Fire Protection Systems): The global fire protection system market size was valued at USD 71.97 billion in 2025 and is projected to grow to USD 131.97 billion by 2034. Separately, the global firefighting equipment market size is estimated at USD 2.90 billion in 2026 and is expected to reach USD 3.51 billion by 2035. The global fire safety equipment market size was estimated at USD 60.48 billion in 2025, and is projected to reach USD 96.82 billion by 2033.
- Engineered Stainless Steel Banding and Clamping Devices: The global stainless steel clamps market size was approximately USD 4.7 billion in 2023, projected to reach USD 7.2 billion by 2032.
- Precision Equipment for Dispensing, Metering, and Mixing Colorants and Paints: The global paint dispenser market size will be USD 654.96 million by 2028. The global paint spraying equipment market size was valued at USD 12.8 billion in 2025 and is projected to reach USD 20.9 billion by 2033.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for IDEX (symbol: IEX) over the next 2-3 years:
- Strategic Acquisitions: IDEX actively uses mergers and acquisitions (M&A) to expand its operations and enhance organic growth. Notably, the company acquired Micro-LAM, Inc. in July 2025 to expand its optics technologies offerings, and Mott Corp. in September 2024 to bolster its applied materials science technology capabilities across key markets like semiconductor fabrication, medical technologies, and water purification. IDEX has also allocated a significant acquisition budget of $1.5 billion to $2.0 billion to further strengthen its Health & Science segment.
- Growth in Health & Science Technologies (HST) Segment: The HST segment is consistently identified as a primary driver of organic revenue growth for IDEX. This segment is experiencing strong momentum across various markets, including pharma, life science, semiconductor consumables, and data centers, as well as in the space and defense sectors. Management anticipates mid-single-digit organic growth for the HST segment in 2026, supported by a robust order book and broad-based demand.
- New Product Innovation and Research & Development: IDEX is committed to driving growth through innovation, allocating approximately 4.5% of its annual revenue to research and development (R&D). The company plans to launch over 75 new products in 2025, including IIoT-enabled equipment and hydrogen technologies, across all its business segments. This continuous pipeline of high-value solutions is expected to address complex customer challenges and fuel future revenue.
- Expansion into High-Growth Asia-Pacific Markets: IDEX is strategically expanding its manufacturing and commercial presence in the Asia-Pacific region, aiming to increase sales from this area from 22% to 30% by 2027. This expansion includes establishing regional engineering centers to develop tailored solutions, such as water treatment pumps, for local markets.
- Increasing Recurring Revenue from Consumables and Services: A strategic focus for IDEX is to grow its recurring revenue streams from proprietary consumables and services. This initiative aims to enhance revenue stability and predictability by building deeper relationships with customers through ongoing product and service needs.
AI Analysis | Feedback
Share Repurchases
- In September 2025, IDEX's Board of Directors increased the share repurchase authorization to $1 billion, up from approximately $440 million remaining as of June 30, 2025.
- For the full year 2025, IDEX utilized $248 million for share repurchases.
- During the first half of 2025, the company repurchased over $100 million in shares.
Share Issuance
- No significant share issuances have been identified for IDEX (IEX) over the last 3-5 years.
Inbound Investments
- No large inbound investments from third parties (e.g., strategic partners or private equity firms) have been identified for IDEX (IEX) over the last 3-5 years.
Outbound Investments
- In September 2024, IDEX acquired Mott Corp. and its subsidiaries for a cash consideration of $1 billion, expanding the company's applied materials science technology capabilities.
- IDEX acquired Micro-LAM, Inc. in July 2025 to expand its optics technologies offerings, integrating it into the Health & Science Technologies (HST) segment.
- The company is allocating up to $2.0 billion for acquisitions from 2024 to 2026, with a focus on the high-growth Health & Science Technologies segment.
Capital Expenditures
- Capital expenditures for the fourth quarter of 2025 were $63.6 million, compared to $65.1 million in the fourth quarter of 2024.
- IDEX made a $160 million investment in research and development in 2024 to drive its innovation pipeline.
- Near-term capital allocation is expected to involve reinvestment into businesses to drive organic growth and continued execution to improve operational performance.
Latest Trefis Analyses
Trade Ideas
Select ideas related to IEX.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | NSP | Insperity | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | TNC | Tennant | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | ADP | Automatic Data Processing | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.0% | 1.0% | 0.0% |
| 03272026 | HURN | Huron Consulting | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.0% | 4.0% | 0.0% |
| 03272026 | TRU | TransUnion | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.2% | 5.2% | 0.0% |
| 03312025 | IEX | IDEX | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -9.7% | 6.4% | -12.3% |
| 03312022 | IEX | IDEX | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.1% | 22.0% | -9.4% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 141.59 |
| Mkt Cap | 27.9 |
| Rev LTM | 7,651 |
| Op Inc LTM | 1,373 |
| FCF LTM | 1,113 |
| FCF 3Y Avg | 949 |
| CFO LTM | 1,334 |
| CFO 3Y Avg | 1,139 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.5% |
| Rev Chg 3Y Avg | 2.8% |
| Rev Chg Q | 8.8% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 19.7% |
| Op Mgn 3Y Avg | 19.3% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 17.7% |
| CFO/Rev 3Y Avg | 17.8% |
| FCF/Rev LTM | 15.9% |
| FCF/Rev 3Y Avg | 15.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 27.9 |
| P/S | 4.0 |
| P/EBIT | 20.5 |
| P/E | 29.6 |
| P/CFO | 21.0 |
| Total Yield | 4.9% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 4.0% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.1% |
| 3M Rtn | 3.5% |
| 6M Rtn | 17.2% |
| 12M Rtn | 27.1% |
| 3Y Rtn | 19.2% |
| 1M Excs Rtn | -4.2% |
| 3M Excs Rtn | 8.3% |
| 6M Excs Rtn | 20.8% |
| 12M Excs Rtn | -4.6% |
| 3Y Excs Rtn | -51.3% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Health & Science Technologies (HST) | 4,143 | 3,262 | 2,931 | 2,138 | 1,576 |
| Fluid & Metering Technologies (FMT) | 1,609 | 1,675 | 1,677 | 1,459 | 1,387 |
| Fire & Safety/Diversified Products (FSDP) | 794 | 793 | 772 | 892 | 892 |
| Corporate and Other | 199 | 136 | 132 | 428 | 559 |
| Total | 6,745 | 5,865 | 5,512 | 4,917 | 4,414 |
Price Behavior
Price Behavior
| Market Price | $190.47 | |
| Market Cap ($ Bil) | 14.3 | |
| First Trading Date | 06/30/1989 | |
| Distance from 52W High | -11.2% | |
| 50 Days | 200 Days | |
| DMA Price | $199.63 | $177.92 |
| DMA Trend | up | up |
| Distance from DMA | -4.6% | 7.1% |
| 3M | 1YR | |
| Volatility | 26.3% | 27.3% |
| Downside Capture | 0.11 | 0.61 |
| Upside Capture | 69.33 | 92.19 |
| Correlation (SPY) | 31.8% | 54.5% |
IEX Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.01 | 0.53 | 0.68 | 0.68 | 0.88 | 0.83 |
| Up Beta | 0.61 | -0.54 | -0.04 | -0.05 | 0.76 | 0.78 |
| Down Beta | 0.91 | 1.27 | 1.39 | 1.08 | 0.94 | 0.86 |
| Up Capture | 80% | 36% | 71% | 92% | 88% | 46% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 7 | 14 | 26 | 61 | 115 | 353 |
| Down Capture | 125% | 53% | 28% | 49% | 102% | 99% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 15 | 28 | 37 | 64 | 136 | 396 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IEX | |
|---|---|---|---|---|
| IEX | 6.8% | 28.6% | 0.23 | - |
| Sector ETF (XLI) | 25.7% | 19.5% | 1.05 | 69.1% |
| Equity (SPY) | 16.1% | 19.0% | 0.67 | 58.6% |
| Gold (GLD) | 50.5% | 28.0% | 1.46 | 6.4% |
| Commodities (DBC) | 16.2% | 17.7% | 0.77 | 19.0% |
| Real Estate (VNQ) | 3.6% | 16.5% | 0.04 | 55.5% |
| Bitcoin (BTCUSD) | -21.5% | 44.0% | -0.42 | 18.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IEX | |
|---|---|---|---|---|
| IEX | -0.4% | 23.7% | -0.04 | - |
| Sector ETF (XLI) | 12.4% | 17.2% | 0.56 | 71.9% |
| Equity (SPY) | 11.6% | 17.0% | 0.53 | 60.7% |
| Gold (GLD) | 21.7% | 17.8% | 1.00 | 6.6% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 14.1% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 54.2% |
| Bitcoin (BTCUSD) | 3.9% | 56.5% | 0.29 | 19.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IEX | |
|---|---|---|---|---|
| IEX | 10.2% | 24.1% | 0.41 | - |
| Sector ETF (XLI) | 13.4% | 19.9% | 0.60 | 74.7% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 67.1% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | 2.5% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 25.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 55.5% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 15.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/4/2026 | 5.3% | 6.4% | 0.9% |
| 10/29/2025 | 3.9% | 0.5% | 4.1% |
| 7/30/2025 | -11.3% | -12.6% | -10.3% |
| 5/1/2025 | 0.7% | 3.5% | 4.4% |
| 2/4/2025 | -9.6% | -10.9% | -14.3% |
| 10/30/2024 | 7.2% | 10.2% | 13.4% |
| 8/1/2024 | -5.8% | -8.6% | -1.6% |
| 4/24/2024 | -3.3% | -5.1% | -5.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 16 | 14 |
| # Negative | 12 | 8 | 10 |
| Median Positive | 3.0% | 2.4% | 4.8% |
| Median Negative | -3.9% | -7.4% | -4.8% |
| Max Positive | 7.2% | 10.2% | 13.4% |
| Max Negative | -11.3% | -12.6% | -14.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Organic Sales Growth | 1.0% | ||||||
| Q1 2026 Adjusted Diluted EPS | 1.73 | 1.75 | 1.78 | ||||
| 2026 Organic Sales Growth | 1.0% | 1.5% | 2.0% | 50.0% | 0.5% | Raised | Guidance: 1.0% for 2025 |
| 2026 Adjusted Diluted EPS | 8.15 | 8.25 | 8.35 | 4.6% | Raised | Guidance: 7.88 for 2025 | |
Prior: Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 GAAP Diluted EPS | 6.35 | 6.38 | 6.4 | 0.1% | Raised | Guidance: 6.37 for 2025 | |
| 2025 Adjusted Diluted EPS | 7.86 | 7.88 | 7.91 | ||||
| 2025 Organic Sales Growth | 1.0% | 0 | 0 | Affirmed | Guidance: 1.0% for 2025 | ||
| 2025 Free Cash Flow Conversion | 1 | ||||||
| 2025 Net Sales | 3.45 Bil | 3.45 Bil | 3.46 Bil | 0.4% | Raised | Guidance: 3.44 Bil for 2025 | |
| 2025 Adjusted EBITDA | 921.20 Mil | 923.65 Mil | 926.10 Mil | ||||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.